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It was different than other exams. There were no accounting issues, ethics question was weird, Defined benefit obligation was also weird.
Revenue – construction contract
Imp loss is not calculated properly, ViU – Present values had to be used
Impairment loss – decline in revenue
Borrowings as a current asset – not correct
Planned disposal for production lineQ2 was ????
3 wass ??dolphinslover wrote:Revenue – construction contract
Imp loss is not calculated properly, ViU – Present values had to be used<br>Impairment loss – decline in revenue<br>Borrowings as a current asset – not correct<br>Planned disposal for production lineBorrowing as current asset?I couldn’t remember. Maybe I did not that.
Besides, machine contracts obligation is satisfied at time according to scenearioThis paper was so strange … very different compared to the ones from past.
The materiality question (7 marks) – I’ve given the standard percentages but found it harder to justify. Like I mentioned there should be a broad range across different FS and that the industry has low margin so should be lower but I couldn’t say more ?
Anyone with a strong answer on that?
I got the following: Question 1:
audit risks
procedures for payroll
ethics
materiality
Question 2
quality control
Question 3
matters and evidence
audit reportBusiness risk
Audit risk
Bribery
Ahfs procedure
Quality control( a bit weird)
Defined benefit obligation
SBP
Ethics(weird)Paper version-INT
Business risk
Audit risk
Audit procedures
EthicsQuality control, ethics, performance
Matters, evidence
I can’t remember them perfectly but I believe with this is what I can remember
Q.1 evaluation of business risk of a non listed family owned business that grows and processes plants for resale. (10 marks)
B. Evaluation of audit risk (20 marks)
C. Audit procedures in relation to fair value changes of plantation damaged by storm
D. I think it was an ethics question about how the cfo didnt want any further investigation into a legal case brought up by employees concerning health and safety which has led to a lot of accidents and some fatalities2 was a question on matters to consider on audit quality, professional ethics relating to a post issuance review of a report (I am not too sure if there was more to it)
And the the last question was a matters to consider and evidence expected to about different scenarios relating to an audit client for (20 marks)
and impact on audit opinion for 5
So many question sets being asked today it is quite difficult to discuss….I wrote CBE ..business risk and audit risks…but I know someone wrote on audit risks with different marks allotted
to it in CBE in my country (but at different time)I wrote audit procedures for HFS but others wrote audit procedures for data analytics
Quite interesting
For those who got a question on the Luxury canal boats..what business risks did you identify?
What business risks did you identified for the q1 on the rainforest trees?
I feel that I did not write enough to pass;/lizzyzingel wrote:For those who got a question on the Luxury canal boats..what business risks did you identify?
2 types of compliance
Fx risk
No product diversification
Theft or loss of inventory in transit
A few going concern risksI found
-Going concern issues
-Luxury product (standards have to be up kept)
-Foreign market issues (border sunctions,political,forex)
-New regulationsvery weird question paper I could not finish, not to say that I could not understand the question either
I answered the question on audit risk wrongly and the question was only specific to exhibit 4. 20 marks gone, now I’m battling with 80 marks. So sad!
vnetochukwu wrote:I only hope I wrote enough to score 50 as this is my first attempt
Can you say the scenario?
lizzyzingel wrote:I found
-Going concern issues<br>-Luxury product (standards have to be up kept)<br>-Foreign market issues (border sunctions,political,forex)<br>-New regulationsWhat was the audit risk?
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