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@barbadoshk said:
Liamb maybe it did on yours as they arent all the same are they, 99% sure mine said in respect of the cash loan?
Can you remember any other questions I’m a little worried about the mcqs I thought they were all very samey, the answersSorry… I’ve gone back to revising for the FR exam on Thursday and all audit knowledge has already flown out the window!
Even though I can’t remember the question specifics, I do recall thinking that these MCQs were very similar and simple – hopefully I don’t jinx myself and my understanding was correct :’)
Also, it’s very possible that it was the same question about the lender and that I got it wrong – I thought the three parties were always the same for every occasion (i.e. intended user = shareholders)!
Part a was very difficult- think I’ve let myself down with my answers to this part.
What did people write for the substantive analytical procedures in respect to the increase in revenue of $3.2m from 20×5?
@shehzadhussain said:
Hi I think we had a same examI think the amount of 210k was material
I suggested accruals for current year if refused by mngt material except for
@shehzadhussain said:
Hi I think we had a same examI think the amount of 210k was material
I suggested accruals for current year if refused by mngt material except for
hi, yes def it was material!
@azadcerm said:
3. KAPLAN TEXT?
4. KAPLAN KIT?
5. ANYTHING ELSE?That 210k is material, cuz in q it is said that materiality is based on revenue. They said that is not material when PBT is taken as benchmark. So that was material
@azadcerm said:
EVERY ONE:
What STUDY MATERIALS YOU FOLLOWED?
1. BBP Text
2. Revision KIT?
3. KAPLAN TEXT?
4. KAPLAN KIT?
5. ANYTHING ELSE?-Kaplan text to try under basis understand, and answer MCQ question
-but most important is focus on deal question
+ substantive test (should copy answer from past exam paper and try to remember)
+ audit risk and response
+internal control defficiencies, recommend control and test of control
+ impact on auditor report
+ calculate some ratio
If should focus on writing question and you will pass easilyAlso try to improve typing speed.
Audit answer pretty quite long when compare to F7 and F5@gavinhenson10 said:
Part a was very difficult- think I’ve let myself down with my answers to this part.What did people write for the substantive analytical procedures in respect to the increase in revenue of $3.2m from 20×5?
From what I remember
Recaculate and compare sales per key product for 20X4 and 20X5 to identify any significant differences and assess the reasons .
Compare sales per store and compare with other stores to identify if there are any slow moving inventory of products.
Then I wrote something similar the other too
Thanks for clarification
audit adj was accurals right if mngt dont adjust it would be qualified except for.?
Opinion: qualified except for as the matter is material but not pervasive (if management is reluctant to amend accounts)
when I was writting audit risks and responses suddenly sheet where I was writting disappeared so that I couldn’t “redo”….did someone experience like this issue? then I start writting from beginning…for all this procedures I lost about 15-20 min.
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