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@tom section A was hard ….B was kindah owk but time issues I remember for question 1 A A D D C
my answers for section A (i hope are correct – most of them):
1) C
2) D
3) D
4) B
5) D
6) B
7) B
8) C
9) A
10) D
11) D
12) B
13) C
14) A
15) CI think I put ADDDD which I felt was most likely wrong due to the amount of D’s ?
The part that confused me is if there is analytical procedures for depreciation
@tomlloyd393 said:
I think I put ADDDD which I felt was most likely wrong due to the amount of D’s ?Mine was ADDDD too (I think?). Pretty sure they were right. Fingers crossed.
For the materiality question on trade payables and accrual, anyone said that the understatement was material? I almost said that it was immaterial, but the misstatement represented 1% of total revenue and 3% of total liabilities after all. Seemed like material to me, but this has been bugging me since the exam.
If you mean for the 5 marks question it was given also the Revenue figure which for that was material.
For the question 10 regarding the adovacy threat I have understandfrom the statement that the client was promoting the services of the Audit firm!
Section A was horrible!!! I got 3 Ds in a row for 3-5, I went back at the end and changed one of my answers because I 2nd guessed myself due to the amount of Ds
For the materiality question, a part of the question said materiality was based on revenue, since it was 1.2% of revenue I said it was material, but not pervasive.
Fingers crossed for everyone. Hope everyone does well.
@andreashat said:
If you mean for the 5 marks question it was given also the Revenue figure which for that was material.For the question 10 regarding the adovacy threat I have understandfrom the statement that the client was promoting the services of the Audit firm!
For that marketing scenario in question 10, I believe it was self-interest threat, rather than advocacy threat.
Yeah i did the same with regards to the material question I put a qualified opinion as i concluded it was material but not pervasive. I think we have got that one wrong though as I think it actually was unfortunately immaterial.
@tomlloyd393 said:
Yeah i did the same with regards to the material question I put a qualified opinion as i concluded it was material but not pervasive. I think we have got that one wrong though as I think it actually was unfortunately immaterial.Why do you think that that was immaterial?
Loads of questions relating to inventory and completeness. Didn’t have enough timeto complete mcq
@tomlloyd393 said:
Yeah i did the same with regards to the material question I put a qualified opinion as i concluded it was material but not pervasive. I think we have got that one wrong though as I think it actually was unfortunately immaterial.Nah was material. Was over 1% of revenue and the question even stated that the audit materiality was based on revenue.
On another note, how grim were the McQ’s! Averaged 20/30 in most of the past papers but don’t think I was 100% on any of the ones I put.
Ahh cool think you guys might me right! Did you all day material but not pervasive?
I said it was immaterial because the accepted materiality of revenue is 1-2% of revenue and the difference represented 1.28% of revenue & and 3.2% of PBIT, I said the impact on the audit report would be unmodified I hope I was right
Horrible paper and questions compared to previous years’ papers.
Paper verged towards a lot of procedure based questions and technical knowledge, and didn’t at all mention corporate governance or audit frameworks (such as strategy, etc.)
Risk assessment – hard to find 7 risks in there but I managed it.
Q16 – the 18 marker was simple, lots of deficiencies (I could find about 8-9)
Overall, I found the paper okay but a lot of curveballs. Hope I passed it because audit is incredibly boring.
@samthomas901 said:
Nah was material. Was over 1% of revenue and the question even stated that the audit materiality was based on revenue.On another note, how grim were the McQ’s! Averaged 20/30 in most of the past papers but don’t think I was 100% on any of the ones I put.
I agree. The MCQs in this sitting were quite thought provoking. They were usually very straightforward in the past papers but in this exam I had to think thoroughly before answering them. Luckily the section B made up for it.
And yes it was material. It was above the revenue threshold of 0.5-1% and and above the assets threshold.
Either way, they are never ask that question if the report stays unmodified, that would be the easiest answer in the world (I.e. subsequent event is not material, leave everything as it is)
ACCA want to test us!! So get in their heads!!
Hi there,
I thought I would do better but even MCQs were tricky for me especially the way they were written.
My answers:
1. A
2. D
3. D
4. A
5. D
6. B
7. B
8. C
9. A
10. D
11. C
12. B
13. C
14. D
15. CI wrote it was material a qualified except for paragraph to b added above the opinion
Same approach. Due to the benchmark for materiality lever on revenue is flactuating between 0.5%-1% and the balance was above 1, hence stated the modified audit report, qualified opinion with “except for” (the amount not was materially misstated but not pervasive)
@april04 said:
Hi there,I thought I would do better but even MCQs were tricky for me especially the way they were written.
My answers:
1. A
2. D
3. D
4. A
5. D
6. B
7. B
8. C
9. A
10. D
11. C
12. B
13. C
14. D
15. CHi April, looks like we have almost the same answers! Mine were:
Hey guys! My answers:
1) A
2) D
3) D
4) A
5) A
6) B
7) A
8) B
9) D
10) D
11) C
12) B
13) C
14) D
15) C
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