*** ACCA F8 March 2018 Exam was.. Instant Poll and comments ***

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In my case they asked three element of internal control for 3 marks. I think all were getting different question. therefore it will difficult to compare others and couldn’t equate each students same level.

@acca145 said:
While long questions were these ;

Q1(a) For inventory system (i)Key Controls (ii)Test Of Controls (Also scenario to be used) = 10 marks
(b) Deficiency and its recommendation (a scenario based one) = 10 marks
(c) Internal Audit Department uses if the company adopt one. = 5 marks
(d) Substantive Procedures for ” Accurals in respect of tax payable on employee income ‘. = 5 marks
Total = 30 marks

Q2(a) Auditors responsibilities in relation to preventing, detecting the frauds and errors in F/S. = 4 marks
(b) Audit risks and Auditor’s response ( Scenario Based Answer) = 16 marks
Total = 20 marks

Q3(a) Substantive Procedures for “Depreciation for PPE” = 5 marks
(b) Substantive Procedures for ” Directors bonuses” = 5 marks
(c) Substantive Procedures for ” ( I forgot 😛 , although I think it was for intangible assets?) = 5 marks
(d) Effect on audit opinion ( answer : it was material and finance director was not adjusting it hence the event was material but not pervasive so Audit report with qualified opinion. Auditor will provide basis of qualified opinion under audit report and for understanding of users about event will also provide Other Matters Of Paragraph ( as FD didn’t disclosed in F/S) = 5 marks
Total marks = 20

That’s all I can remember in respect of Long questions ,
Hope everyone passes with flying colors :).

Part c of question 19: Substantive process for Development Costs

I got this question

For me,
Q1. (i)5 Key Controls relating to Payroll System
(ii)TOC

NO “Substantive Procedures for ” Directors bonuses””, for example, and NO “Auditors responsibilities in relation to preventing, detecting the frauds and errors in F/S. = 4 marks”,
and Impact on audit opinion was related to Loan-80000$, and this point was pervasive for FS,

@aynat777 said:
NO “Substantive Procedures for ” Directors bonuses””, for example, and NO “Auditors responsibilities in relation to preventing, detecting the frauds and errors in F/S. = 4 marks”,
and Impact on audit opinion was related to Loan-80000$, and this point was pervasive for FS,

for me, I have got both question about directors bonus and responsibility of auditor to prevent and detect;and
impact on audit opinion was related to R&D of $50000 wrongly treated as capital expenditure, and its material to the financial statements, but i am not sure if it is pervasive to the financial statement after I calculated the materiality to total assets of 1.1% & to Profits Before tax of arround 6.1%;

CBE
; long exam we have to be fast to answer all question … was running out of time …. hope to pass this time