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what did u guys answerd where the question asked for audit report, where the financial manger lady was unwilling to modify the financial statments because the inventory was not material 3.2% i guess… i cant remember the question properly ……
i answerd that question with unmodified audit report with an “Emphasis on matter” paraghaph …
@evanslawlor15 said:
How does anyone even remember what they picked for mcqs??
I sat the afternoon paper today- found the mcqs quite tricky and I practiced a fair few of them but I definitely ended up spending too much time on them- I always find time management hard in these exams
I found part B a lot easier but I ended up having to quickly fly through the last few questions due to running out of time and I wasn’t even able to answer the 14 marker on audit risk because of running out of time, was gutted.
Just glad it’s over- I definitely preferred the computer based to paper, no fiddling around with an answer booklet and I preferred having to type quickly rather than write quickly.Glad this night mare is over…. i also never remember what i answered the questions with, and am amused how come these guys remember …. may be they are very sharp
@abdiaziz said:
What did you guys say about subtantive analytical procedure for revenue?? Can someone help??It was comparing month to month
Revenue to prior year
And compare to budgetsThank u. I had been hitting my head trying to rmr marks allocation.
What did you do for last question part 2? I didn’t use ratios for Risk identification. Just regular data in the question.Cuz there were so many risks without the useage of ratios and cudnt think too much abt ratios cuz of tym pressure.
The question said “using ratios and other data, identify risks”. do u think I’d loose marks for not referring to ratios calculated in part a@studyfreaksy said:
Cud it have been comparing sales returns from year to year?Yes
That was around 5 mks i guess!! I answered that way like comparing current year sales to previous year and to budget. But those were only 2 points. I then compared gross profit percentage to previous years. Receivables to previous years . Something like that. I don’t know if i am correct.
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Revenue – 0.5% – 1%
@mubeenjuma said:
The part that confused me is if there is analytical procedures for depreciationI have ADDDD too!!!! Haha
Is the revenue materiality bracket the same as assets then? I thought the benchmarks were 5% profit before tax, 1-2% profit after tax, and 0.5-1% of assets.
I did same thing and felt maybe it was wrong because of ADDDD for 1-5. Hope we are correct.
@schoff123 said:
Is the revenue materiality bracket the same as assets then? I thought the benchmarks were 5% profit before tax, 1-2% profit after tax, and 0.5-1% of assets.Hi,
Revenue materiality is 1/2% – 1% (I.e 0.005 to 0.01)
Assets ( 1% – 2%)
Profit (5%-10%)
What did y’all put for the MCQ with the best test for the revenue which was recorded in the current year but related to the following year?
@meldass said:
What did y’all put for the MCQ with the best test for the revenue which was recorded in the current year but related to the following year?The one re looking GRN pre and post year end or something. C I think it was?
I felt so betrayed by the MCQs lol…after practising and doing well in the cases each time while studying, I was so shocked at how tricky and twisted the ones in the exam seemed.
Section B was fair though, so overall an ‘ok’ exam. I’m wondering if I’ll ever get the chance to ever say that an ACCA exam was easy lol
I computed net profit margin, gross profit margin, receivables days and current ratio.
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