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@kevinnite said:
The conflict of interest you refer to was it not being auditor of clients in dispute?Where was that question please ? I didn’t had that question…
The exam wouldn’t have been a disaster if i had more time… It’s really a time pressure exam and it’s hard to answer all the questions.
I didn’t manage properly my time i guess but i hope to get a pass.
Questions weren’t hard but to answer properly, we needed time …i struggled with the typing aspect of it as the my hands were uncomfortable..the edges of the desk were cutting my hands. This being the first time i did CBE it was alright despite the fact that the person next to me was typing so loudly just messed up my concentration initially..our exam centre also encountered some problems and the exam started late with some starting earlier than some.
With regards to substantive procedures I hope my answers were not to general as I thought i would be wasting time inserting the company’s name in order to apply to situation and just put entity instead. Also I stated the procedures correctly i think but forgot to put to ensure completeness, acccuracy etc. Would I not gain full marks for that?
Hi all, I have a couple of questions:
– First of all I think people had different questions as I think not everyone gets the exact same paper?
For those of you who had the following questions, what did you put as it keeps bugging me!:
(1) When auditors get dismissed, is it their right to:
(a) Attend board meeting to discuss their dismissal.
(b) Attend general meeting until the date of their dismissal – I think that is what it said, but I put that.For the longer form questions, if the materiality calculation for example was 11%, is that material even though it does not fall in the bracket of 5-10% materiality for PBT?
The conflict of interest question was for acting as auditors for two clients and it was included in the 30 marks question after audit risks and responses, with a separate legal claims paragraph.
I think overall the exam was okay. Substantive procedures for NFP’s was a tricky one for me although I tried to apply as many assertions I could think of and hopefully they’re sufficient.
Sat the CBE second time and knowing what to expect regards to tight spacing and loud typing noises I think the experience was a lot better than my first time I sat a CBE, so it does get better and you get used to it don’t worry.
I hope all of you have done enough to secure a pass and we all go through, all we can do is hope for the best now. Good luck!
I don’t think i had that question over conflict of interest. did you do the CBE ?
I did the PBE and had a question over corporate governance weaknesses and recommendations.
For the 30 mark question i had a question over the difference between interim audit and final audit and the different procedures applied at those steps. I think that’s what i got but never saw anything about conflict of interest…Do you remember what you put for the weaknesses and recommendations in the CG question?
@khilen said:
Hi all, I have a couple of questions:– First of all I think people had different questions as I think not everyone gets the exact same paper?
For those of you who had the following questions, what did you put as it keeps bugging me!:
(1) When auditors get dismissed, is it their right to:
(a) Attend board meeting to discuss their dismissal.
(b) Attend general meeting until the date of their dismissal – I think that is what it said, but I put that.For the longer form questions, if the materiality calculation for example was 11%, is that material even though it does not fall in the bracket of 5-10% materiality for PBT?
I didnt have the “auditors dismissed” question but did have the $80k error.
During my course at BPP, the tutor advised us to show the examiner the calculations on all matters on both percentages (brackets) and go from there, your 11% is not wrong as it is material but not pervasive.
Pretty sure you’ll get some marks for showing that the unadjustment is material, just not sure if you’d get marks for the 11% comment
@khilen said:
Do you remember what you put for the weaknesses and recommendations in the CG question?I had this too, felt blessed with getting this question.
I put the following:
-Board was not balanced as there were 5 execs and 4 NED’s, recommended that another NED is added
-No one on the audit committee had prior accounting experience, recommendation would be to find someone with accounting experience (I added in small line a comment that perhaps since the company are needing another NED, this NED would have to be from accounting background)
-Chairman wanted to cease the AGM and distribute all notices via an e-mail, my recommendation was that the company is a listed entity and therefore must hold yearly AGM as a statutory requirement.@khilen said:
Do you remember what you put for the weaknesses and recommendations in the CG question?1 was linked to the fact that they didn’t have a parity in the board between executive and NED and this is a corporate governance requirement ; the second was that the audit committee didn’t have any member with a finance background but it is compulsory to have at least 1 member with a finance background; and the third was that they are obliged to have an AGM and so, for example they can send all the necessary information upfront but have the obligation to hold an AGM.
I chose Attend general meeting until the date of their dismissal as auditors have no right to attend Board meetings, only general meetings with shareholders
@rai175 said:
I chose Attend general meeting until the date of their dismissal as auditors have no right to attend Board meetings, only general meetings with shareholdersI think there were 4 options and the answers had each time 2 no?
I also chose attend the GM as they don’t attend Board meetings.@coralienana said:
I think there were 4 options and the answers had each time 2 no?
I also chose attend the GM as they don’t attend Board meetings.Yes we had to choose 4 options however between those two was the trickiest i think
The two options should been to “Receive notice of the removal and To attend general meeting in which their term of office would have expired.
They can only make representation have receiving notice of removal and have no right to board meeting in which their removal is been discussed.
I forgot it ,but my 3 columns were actually the decriptions of deficiencies and recomendations and tests of controls , if my memory is right?
@wangbaichuan said:
I forgot it ,but my 3 columns were actually the decriptions of deficiencies and recomendations and tests of controls , if my memory is right?In my exam i don’t think i had to have a colum over test of controls … They just asked deficiencies and recommendations. But mine was the PBE so i don’t know if there were differences with the CBE.
did PBE exist in this sitting? i heard all exams have been computerised, how many dcolumns in ur screen and how many u were required to find out those deficiencies? for me , i only need to find 5 dfs and with 3 columns to describe them and recommend to mitigate them, and also the TOCs….. 15 mks .one of my friend was required to find 8 dfs but no TOCs are required, i think i did well , but i still wondering the risk of miss reading questions , especially the headlings of those 3 columns.
@coralienana said:
In my exam i don’t think i had to have a colum over test of controls … They just asked deficiencies and recommendations. But mine was the PBE so i don’t know if there were differences with the CBE.did PBE exist in this sitting? i heard all exams have been computerised, how many dcolumns in ur screen and how many u were required to find out those deficiencies? for me , i only need to find 5 dfs and with 3 columns to describe them and recommend to mitigate them, and also the TOCs….. 15 mks .one of my friend was required to find 8 dfs but no TOCs are required, i think i did well , but i still wondering the risk of miss reading questions , especially the headlings of those 3 columns.
@coralienana said:
Yes i had PBE! Im in Belgium.wish did good and pass it
I actually thought the exam went okay but with ACCA Especially F8 exam, you think you’ve done well enough to pass and don’t. So frustrating. I really didn’t have much time to prepare for this. The anxiety!
Yes, ACCA is getting really hard in marking the exams.
F8 seems an easy exam but you loose marks rapidly.
It was my first attempt, i hope i’ll have a pass.@coralienana said:
Yes, ACCA is getting really hard in marking the exams.
F8 seems an easy exam but you loose marks rapidly.
It was my first attempt, i hope i’ll have a pass.did u read wt i typed carefully?
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