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1b
Review board minutes and the relevant board minute for date of approval for sale of property
Sale agreement
External valuation of the property and a copy of the fixed asset register to help auditor reasonableness of sales price
Review bank statements post year end to vouch any payments in relation to outstanding payments
Then first part of 1b
Familiarly threat
Professional competence of audit firm
Lack of professional scepticism
Should not set a materiality for revuene so be a % of revenue 5-10%
In adequate testing think there was more but can’t remeber off the top of my head2a
Limitation of scope
Fraud agreed upon procedures so audit only gets paid for this if management want procedures down, can’t bill this into the agreeded fee for example, however audit firm may have to carry out subscribe testing as this fraud may be the tip of the ice berg and with the ceo not wanting an invesgation could suggest conclusion and possible money laundering activities, if suspected the audit most report it to the MLRO, more actions include trace all payments to a particular bank account to see if 40000 is the full amount, extra professional scepticism needed as this could have an effect on the whole financial statements as it increases engagement risk if inappropriate report issued extra planning is neededDoes any of this sound right maybe I am off track don’t really know
@alex1425 In 1b I go completely wrong
I wrote risk and materiality are opposite so the amount should not increase as risk is increasing due to losses plus switching on assets not preferred. Also going concern issues F/S may be prepared on an inaccurate basis.
Self review anf management responsibility threats and safeguard due to payroll. Also sufficient appropriate evidence not obtained
Integrity of management sale may be on non-commercial or favorable terms.
By looking at your answer hoping to fail now as according to you payroll is mechanical and in 1b there was familiarty threat as I remember there was 8 year relation so you are right.
I have to start my preperation again for June attempt as I will be in 40’s :((((
Payroll is mechanical in nature the issue was that they do the payroll which is fine however they use a estimate it should not be an estimate if they are providing the work it should be 100% correct, also I can’t remeber the exact detail but separate teams should be used as a self review threat is possible as a member that done the payroll might be in charge of reviewing their own work might be unable to detect errors
You will be fine
@alex145 still I will get only 1 mark for that. The rest of the issues that I wrote were irrelevant so If out of 70 marks paper which I attempted 10 marks go incorrect. I left only with 60 marks to obtain 50 marks. 🙁 But your all answers are excellent. Since everyone knows knowledge wise but I wonder how you guys able to extract all information throughout the paper in alloted time. And yes last attempt was more easy as there were a lot of materiality marks unlike this paper but I failed last time too by attemptinglg only 62 and getting 44. Hoping to fail at 45 this time too. Pray for me
I failed it in September 2019 didn’t have time left out 20 Mark question so I have been working on my time management I got 48 that time which is annoying
@alex145 This time you are going to score 70+. And I wonder when people say that we fail at 48 or 49 because whether I fail at 45 or pass at 50. I never score above 45 when I fail. Though when I pass at 50 I always thought that they conpensated me I may have score 48 or 49
@alex145 Thank God it didn’t happen to me throughout my journey though it was long due to break. But what didn’t happen can happen now as this is my last exam. Feeling scared
@alex145 u still have doubt of passing. U have identifed all major audit risks and other answers are commendable too. Unlike me who has identified half risks through scenerio and half just assumed like foreign exchange transaction/translation risk, disclosures relating to legal case, revenue derived from each offer should be allocated seperately which may not be required
I am unable to attempt more than 75 marks. Could someone please advise me as to how can we attempt whole paper and yet earn 80%-90%. What should be the right length of an audit risk answer and how many points for a 24 marker?
There are two articles “sticky” posted (“starred”) at the top of this forum:
– “How to tackle the AAA exam” https://opentuition.com/topic/new-article-for-aaa-students-how-to-tackle-the-acca-aaa-exam/
– “Looking for guidance on marking? Read the mind of an AAA marker” https://opentuition.com/topic/looking-for-guidance-on-marking-read-the-mind-of-an-aaa-marker/The 1st has advice for time management and the 2nd provides invaluable insights in how much you (or rather, how little) you need to write to secure a pass.
@ankitwadhavan said:
I am unable to attempt more than 75 marks. Could someone please advise me as to how can we attempt whole paper and yet earn 80%-90%. What should be the right length of an audit risk answer and how many points for a 24 marker?Watch Kashif Kamran videos on Youtube. I had only 4 weeks to revise and found his videos through suggestions from other students here with 1 week left of study. His videos helped in how to structure my answers and learn more about the mark allocations.
I would also highly recommend reading through the technical articles on the ACCA website on Risks, Audit procedures, ethics, etc because that also helped me as well. I managed to attempt 90% of the paper but that was down to poor time management on my part. I’m just hoping I haven’t done too much damage :(.
I would second the recommendation of Kashif Kamran’s videos. I started watching them about 6 weeks before the exam through a suggestion on the OT forum, I feel like I learnt so much about exam technique through them. They made me feel a lot more prepared for time management, answer structures and marking allocations for different requirements.
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