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Does anybody remember the sub-questions for the 18th Question?
There was Positive Circularisation for 5 marks, then substatives for 6 marks, then audit report for 5 marks. I don’ remember the other 5 mark question. Does anyone remember that?
TIAHello,
There were two substantive questions. One for provision, one for receivables. Right?I think it was about giving examples of valuation, allocation and as well with completeness and rights and obligations… I’m not 100% sure…
Do you remember what were questions 16 and 17?
Btw how come this thread isn’t as active? By this time after the paper people had posted a gazillion comments. Wonder wut happened!
17 was audit Risk and 16 was control deficiency. In the 17th question the finance director kept assuming so much like the payable days wud decrease, allowance for receivable be reduced etc. what did u guys write fr that?
For the multiple choice questions-most of my answers were D :/
How many of you is like me?
Though exam was ok! Will prob either just pass or just fail like I did on f9! Passed it since but got 49% before passing. Hopefully done enough here. Thought multiple choice were trickier than previous papers. A few things tricks so made a few 50/50s. Could eliminate 2 wrong answers on most. Did not like the risks either. Some were hard to identify. Just put: WIP- get an expert, many others. Used lots of “inspection” on this exam for this exam on tests of control! Thought some were hard to identify. The control/ deficiencies were easier though! Not sure if I have done enough here!
Sometimes you may find the exam easy and you get 49% while sometimes you may find the exam hard and get 50%..i wonder if there is some scandal going on with the marking or some standardisation of marks!!
MCQ1 – share issue- I choose unmodified but adding Emphasis of matter. is that correct?
MCQ2 – another question about independence i chose Tricia only. Anyone rememeber?I choose Tricia only also..but for the share issue i choose unmodified audit report only..
>@studyfreaksy said:
17 was audit Risk and 16 was control deficiency. In the 17th question the finance director kept assuming so much like the payable days wud decrease, allowance for receivable be reduced etc. what did u guys write fr that?</blockquoteI wrote that the auditors needed to maintain their professional scepticism as there was a covenant linked to profit. Reducing provisions/ bad debts would manipulate profits as the covenant for overdraft was linked to profit! I said that the auditor could enquire with management regarding calculation and recalculate to check provision/ receivable to make sur they were not cooking the books!
@bayu said:
Sometimes you may find the exam easy and you get 49% while sometimes you may find the exam hard and get 50%..i wonder if there is some scandal going on with the marking or some standardisation of marks!!I must admit, I sometimes don’t understand marking. I paid for remark. They did not give much info. I scored 61% on F7 last sitting and found exam solid. Failed F9 when found paper easier!
Guys what about the part when they ask to review the flowcharts and narratives that were already done last year I think it was for internal controls anyone remember?
@poppy13 said:
I must admit, I sometimes don’t understand marking. I paid for remark. They did not give much info. I scored 61% on F7 last sitting and found exam solid. Failed F9 when found paper easier!Did u pass after remark? What was ur score?
Think the question was what the auditor should do to determine whether the existing documentation can be used for this years audit.
I wrote that they should dig out last years audit file to verify that the issues they encountered with internal controls were actually rectified, if no evidence of this is found then the existing documents may not apply to this years audit anymore.
I wrote a couple of things more but I wasn’t confident I was picking up all marks. I hadn’t seen a question like that before.
I’m not sure about that. There was a substantive question in the 30 marker regarding Trade Payables.
I chose that non of them were independent. I think the guidelines say that it has be at least 7 years not 5. I think, I might be wrong.
@2006edisonjs said:
I chose that non of them were independent. I think the guidelines say that it has be at least 7 years not 5. I think, I might be wrong.I think it is 2 years for the auditors if im not mistaken is 5 years to change the partner that is auditing the company ..
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