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Is Advanced Audit and Assurance a mandatory exam or optional? If it’s optional – I’ll never take it)
This was my first CBE and found the sound of typing very off putting at times in particular whilst reading through a scenario. I had to re-read a scenario 3 times due to the volume of typing by the person next to me.
Not a fan! Absolutely fine for multiple choice questions but not for written.Did anyone get:
1. Minstix Co (Substantive procedures and report for 5 marks at the end) and;
2. Zulu Co (Internal Controls for deficiency, recommendation and test of control)
3. I forgot the company name for the Audit Risk, but it was the one with a bank loan with a covenant attached of minimum $1m pre tax annual profit.
Did anyone get these 3? (if you remember the company for the audit risk let me know hehe)
I had the same questions! just hoping I did enough.
Audit risk was Labrador & Co and Terrier & Co, cant remember what one was the client and what one was the auditor
Think it may run my streak of results but I’ll take a 50% pass! Financial management exam booked for march
@meaurement said:
This was my first CBE and found the sound of typing very off putting at times in particular whilst reading through a scenario. I had to re-read a scenario 3 times due to the volume of typing by the person next to me.
Not a fan! Absolutely fine for multiple choice questions but not for written.Yes I agree that the sound of 15 other candidates typing was very off putting. Even so, I completed all the questions within the allocated time.
@ryuko18 said:
Did anyone get:1. Minstix Co (Substantive procedures and report for 5 marks at the end) and;
2. Zulu Co (Internal Controls for deficiency, recommendation and test of control)
3. I forgot the company name for the Audit Risk, but it was the one with a bank loan with a covenant attached of minimum $1m pre tax annual profit.
Did anyone get these 3? (if you remember the company for the audit risk let me know hehe)
Yes I got these 3! I also think the 3rd one was called Labrador?
I had to totally rush that last question but managed to put in 3 ratios and a few audit risks but not all.
Which ratios did you use? Also do you remember any of the deficiencies/recommendations that you put for Zulu?
@sapphire16 said:
Yes I got these 3! I also think the 3rd one was called Labrador?I had to totally rush that last question but managed to put in 3 ratios and a few audit risks but not all.
Which ratios did you use? Also do you remember any of the deficiencies/recommendations that you put for Zulu?
Looks like a had the same set of questions in section B:
Deficiencies for Zulu:
Purchase orders not sequentially numbered, copy of purchase order not retained by purchasing department, stock count performed using manual stock sheets, poor stock cut off, no segregation of duties in the warehouse, purchase invoices for stock only processed once a month, stock not checked againts original order while receipted by warehouse staff.
That’s all I can remember.
With regards to the exam overall, totally agree it was a disaster!
I didn’t study much for my first try and got 44 marks, I studied quite a lot this time (attempted 90% of questions from the exam kit) and I am well anxious about my results in January! not fair 🙁
Did anyone also have a section B question about an insurance claim made by the audit client of $0.9m where they recognised the claim amount as a current asset receivable? The insurers couldn’t confirm if payment would be made and if it’s not resolved what would the audit report opinion be.
It seemed to be about how to treat a possible contingent asset, and my answer was along the lines ofthr claim receipt not confirmed as probable/almost certain, so the provision treatment was incorrect and a qualified opinion would apply
@sapphire16 said:
Did anyone also have a section B question about an insurance claim made by the audit client of $0.9m where they recognised the claim amount as a current asset receivable? The insurers couldn’t confirm if payment would be made and if it’s not resolved what would the audit report opinion be.It seemed to be about how to treat a possible contingent asset, and my answer was along the lines ofthr claim receipt not confirmed as probable/almost certain, so the provision treatment was incorrect and a qualified opinion would apply
I had same question and I gave a modified opinion also as it was material but not pervasive.
I think the error is material but it’s not pervasive. PBT is 2.3m and error is 0.5 so now PBT will be 1.8m. Still company is earning profits and profits are not converted to loss so the matter is not pervasive. The audit opinion would therefore be Qualified opinion.
I am just trusting in God because i tried my best and also, i was really serious about this paper
@natalia13 said:
Looks like a had the same set of questions in section B:Deficiencies for Zulu:
Purchase orders not sequentially numbered, copy of purchase order not retained by purchasing department, stock count performed using manual stock sheets, poor stock cut off, no segregation of duties in the warehouse, purchase invoices for stock only processed once a month, stock not checked againts original order while receipted by warehouse staff.
That’s all I can remember.
With regards to the exam overall, totally agree it was a disaster!
I didn’t study much for my first try and got 44 marks, I studied quite a lot this time (attempted 90% of questions from the exam kit) and I am well anxious about my results in January! not fair 🙁
I got the same questions. As to Zulu, there was another question reagrding 3 key controls an auditor would look for? I was not sure what the examiner was actually asking so I put in 3 controls that were actually working OK and explained. What did you guys answer?
Hey , did you get the question how to prevent and detect fraud in inventory system?
@alfred003 said:
Hey , did you get the question how to prevent and detect fraud in inventory system?I think I did, was it something like ‘How can Internal Audit help the Directors with preventing and detecting fraud with the Inventory system?’ it was the last part of the second 20 mark question for me.
In the question… did it say it was probable? I think they said it was possible. Yes, the insurance company received the claim and it was material (20%). I believe that a dicscloure was necessary and should not result in the report being modified.
I could be wrong.
@nickseaw said:
Yes I agree that the sound of 15 other candidates typing was very off putting. Even so, I completed all the questions within the allocated time.I got smart…I walk with earplugs…
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