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Nicole wrote:I had client in international restaurant industry in Q1, needed audit risks. Did anyone else feel like they missed the main points? I did mention around 6 risks but they didn’t feel ‘significant’ so doubt I’ll get the marks.
Same here…
farahhh wrote:NOO. you must have understood it wrong, the note stated to include some kpi’s as audit risk not the whole thing from that exhibit, rest every exhibit needed to be used. So chill, you’re safe.
Agree with this point. Firstly I also thought that it relates only to Exibit 4 but the meaning was different.
Same here , normally I can identify 10-15 fairly easily. For 25 marks such a disappointment.
I think I had about 6 too. Not much from analytical review either. (not significant)
Intangibles – impairment
PPE – impairments
Management bias – falling share prices
Possible provision – as 80 stores in the process of review. As well as risk of redundancy payment not being paid at YE hence need for liability recognition
Operation/Non-current asset being held for sale. Management were secretive.
Control risk – payroll , indicating wider issues
In hindsight I could’ve mentioned
– segmental reporting
-FX risks
– opening in new parts of the worldGood chance will be failing an exam the first time ..
xxnabilaxx wrote:Same here , normally I can identify 10-15 fairly easily. For 25 marks such a disappointment.
xxnabilaxx wrote:Same here , normally I can identify 10-15 fairly easily. For 25 marks such a disappointment.
In the part exhibit 4 for analytical review sure there were some discrepancies but to derive much points of that…I don’t know how…it wasn’t anything concrete there for me…
xxnabilaxx wrote:In hindsight I could’ve mentioned
you’re right I didn’t think of those either…
I don’t have too much hope..most probably re-takeI had the timber question. There were some KPI’s given, but not many. Unfortunately I have not had time to read this exhibit properly, so only said about the operating profit margin. I spend nearly 2h on this question and then was rushing.
Also there were not much marks you could get for materiality in q2 and 3, as there were no figures given to calculate.vnetochukwu wrote: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!
No, it just said with regards to that exhibit. You still needed to identify other audit risks from other exhibits. So you are fine.
Anyone with luxury canal question ? What was thw audit risks and how was the revenue to be dealt with ?
I had the paper variant: Q1: Timber, Q2: A breakdown of different audit scenarios relation to quality, reporting & ethics, Q3: Audit evidence in Matty PLC.
I found this paper to be a little different. For one thing, in Q1 there werent much analytical procedures to do. they didnt give that much data like in practice questions, and the figures they did give e.g. revenue etc, they calculated the percentage change for you. So that was very different to practice questions. Also regards to the expansion in Farland, they said it was in £, the same currency as Pale Ltd. So again another risk taken away.
It was a very different paper in some ways. more so Question 1. And that note at the end of the audit risk question (something about audit risk in exhibit 4, confused me).
Also question 1.(a) was in relation to Business risk as it is a first time audit. However i was a little confused as to whether the business risk being asked was for the client, Pale Ltd, or was it for the actual audit firm, Chief & Co (i think that was the name).
I answered the business risks for the client, Pale Ltd.
Anyone have any thoughts?
Not completed as the exam wouldn’t launch. Got to wait until June to sit it now!
For anyone who had the Luxury canal boats question paper.. how did you find Section B? I found the quality prof & ethical issues question hard!! So hope ive done enough 🙁 Theres too much to do in the time given!!
I heard marking scheme for Audit risks has been changed for March21 sitting
4 marks x max 4 points (including % incr/decr and trend)
3 marks x for rest of the points (balance marks)If so, it would be good for many
joannespeck wrote:For anyone who had the Luxury canal boats question paper.. how did you find Section B? I found the quality prof & ethical issues question hard!! So hope ive done enough ? Theres too much to do in the time given!!
2 of quality questions were hard, employee benefit audit was tested for the first time. Ethics question of 3rd question was also weird. An offer to a partner not from the team was not tested before.
sudiptosen wrote:I heard marking scheme for Audit risks has been changed for March21 sitting
You mean all we can get from trends and ratio analysis is 4 marks, right?
Re trends and ratio analysis the restriction of marks is not new – nor how the examiner expects these to be “integrated” in an risk assessment answer – e.g. see this post https://opentuition.com/topic/cbe-question-practice-for-professional-exams-practice-platform – my 2nd to last comment. I also discuss materiality/ratio marks in this post https://opentuition.com/topic/aaa-exam-2
Agree 100%, i also couls not get any analytical procedures, there was a p&l extract but there were so little lines that there were no ratios to be calculated, i even thought that there was a part missing on that page
Yes, I found this as well. Hardly no financial information so you couldn’t calculate any ratios
Hi guys . I had timber company question as question one in AAA INT , Q1 second part where it says identify audit risk in relation to fair value of timber for 20 marks, did anyone mention that there policy of valuing standing timber trees at fair value less cost to sell was incorrect because IAS 41 agriculture says to value them initially at cost.
lizzyzingel wrote:For those who got a question on the Luxury canal boats..what business risks did you identify?
Business risks for luxury canal questions :
1) Possible industrial dispute
2) Increased taxation in Farland
3) Redundancy exercise costs
4)Foreign exchange risks- Farland operations
5)Decline in revenues due to economic downturn in both territories
6)…..can’t remember othersAAA-INT Version, does anyone remember what did they write in Q3, can’t remember anything.
mirzamonster wrote:AAA-INT Version, does anyone remember what did they write in Q3, can’t remember anything.
There were many versions asked ….For me Q3 was probably on..DB scheme, Share Based option and Ethical (last part not sure)
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