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I think the scenario said that she had been an executive employee of the company 5 years ago and that she had just been appointed as a NED In the present.
For question 16 part d) was substantive procedures for obtaining audit evidence concerning purchases and other expenses.
Could anyone say concerning share issuance – I had unmodified with emphasis of matter.
I mentioned below:
Industry specific financial reporting requirements.
Composition of audit team
Engagement budgeting
Entity timetable for financial reporting
Arrangement of meetings with client
mcq question 1 regarding corporate governance and another mcq asking about what reduces reliability of audit evidence, what did you guys choose?
question 18 relating to steps taken for TR circularisation, what did you guys write about it?
For corporate governance I had I think a).
For reliability of audit evidence I had 1) and 2) only because originals are better than photocopies and received by auditor from third party rather then client’s staff is more reliable.@khan63 said:
I mentioned below:Industry specific financial reporting requirements.
Composition of audit team
Engagement budgeting
Entity timetable for financial reporting
Arrangement of meetings with client
Ok that sound’s good
@sonja99bosk said:
For corporate governance I had I think a).
For reliability of audit evidence I had 1) and 2) only because originals are better than photocopies and received by auditor from third party rather then client’s staff is more reliable.for the corporate governane i think there was the answer that mentioned sth about long term success of the company…
regarding the reliability I think it was asked sth that was the less reliable of the options that were given no?@azaramirov said:
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 also give them same. But Mcq part was so tricky and I am not confidence enough in any single question of mcq part.
@alvy said:
Three areas the Audit strategy should cover , other than audit risk?it was about auditor specialized skill to new client and enough stuff to perform the audit.
does anyone remember the revenue figure which was supposed to be calculated in one of the mcqs
I Think The Question Was Difficult From June Where I dint Studied But Managed 49 .
I studied Here & had a worse Exam …
Started With Q-17
Preconditions (3)
Substantive (1)
Audit Risk (10) – I Guess Some Reposnse Of Mine Are Irrelevant .THEN Q-16
TOC -11 — Again Some Were Irrelavent For Sure .
Subs -1
Subs -2
Subs -3Q-18
Subs Provision -4
Steps -2
Subs Rec – 2
Audit Modification -4
So I Wish I Could Get 43 – Say 40 Here …
Now MCQs I attempted At Last Jugglig So Sure Some Mistakes1. A
2. B
3. C
4. D
5. C
6. D
7.C
8. B
9.C
10.D
11. A( First I though 3 only – Later Changed To 1&3 – I May Be Wrong )
12. B
13.B
14.B
15. CCan I Manage Pass Marks ???
Oh God Tough Paper.And what were the three main areas other than audit risk to be included in audit documentation or something???
Trishia i thought as well as the only one
Emphasis of matter is only for stuff fully disclosed in the statements already@milanmary said:
What did u guys wrote for NEDs payment basis in mcq?
Was it option 4???i put hourly paid for time done
What was the answer for the preconditions of the audit? I put professional clearance, assessing resources but I think it was actually applicable framework?
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