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I also mentioned that sales team could alter the master file. I hate this exam, the others are easy to compare and have some feeling of how you did but with this one I have no idea!!
Orders should be chased as soon as 30 days pass…
Interest could be charged on payments exceeding 30 days.
Cash discounts for prompt payments.email had to be sent to warehouse and financial team i said that this should be automatically generated on the system in order to reduce human error of forgetting to send the email
And adv and dis of the documents for recording sales.
Narrative notes and Flowchartsthe MCQ as to whether the €45000 was to be adjusted for of not o answer B the it showed be carried across for the remainder of the audit as it could end up being accumulation materail
For the last question one my points was to do with the standard 30 day credit terms. I said that these should be reviewed regularly by the financial director as each customer is different. Competitiors may offer say 40 days and the company’s rigid credit terms may cause loss of revenue. A similar point was made in Dec 14 paper. Importance of audit planning was also asked in Dec 14. My answer to question 16 a was flow charts and questionnaires.
I took this as a CBE and found the whole process was very smooth. I can type a lot faster than I can write so I was able to give much more detailed answers. The new format of the exam worked well too.
Anyone remember this qn in multiple choice?
Which of the following is NOT a relevant method for steps to take with regard to fees >15%
Answer was using separate engmt teams is not a relevant method.- Topics: 0
- Replies: 5
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@yentam said:
Yeah definitely going for cbe next time. Examiners confused me with the stupid interruption at the start about the wrong question numbers. Disrupted my train of thoughtDid you shade the bubbles as 1.2.3 ? Or you wrote the question numbers only ?
Yes unmodified. An emphasis of matter paragraph is only used to draw the users attention to a matter that has already been correctly disclosed within the financials. I think haha
anyone have a clue as what the MCQ about the events after the issue date of FS….i said discuss with management and written representation? but its probably wrong
Audit risks: AS PER MY ANSWERS:
New system introduced – risk of diff in opening balances during transfer or loss of data.
Dvlpmt costs – risk of capitalizing research costs… IAS 38
Training costs were capitalised
Purchases ledger closed after year end
No reco for bank stmts and control a/c – risk of fraud and errors.
Bonus based on total assets – risk of understatement of provisions…Please do last 8 attempt past papers, dont rely on notes much, just do past papers and you are done in first attempt.
@matt5solomon said:
We were told part way through the exam but I would guess you’ll be ok as it is ACCA’s error not including this in the answer booklet or having the invigilators ensure students knew about this from the start of the examI flagged this to the invigilator and then 15mins later she makes an announcement in the exam which was not helpful and she talked for 5minutes. This is definitely a fault with ACCA which they should have resolved when they knew they were changing the exam format !!!
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