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It was ok.
3 big questions were on
30 marker- role of an auditor in prevention and detection of fraud.
Audit risks, substantive testing and threats to objectivity20 marker- definitions of flow chart and questionnaires and 16 mark Deficiencies in a system Q
20 mark Substantive testing plus report
I was sitting in the morning with F8 and in the evening with P7
How was your exam guys
There was one question on GC status where dates were given
I think 31 December 20X6, 5th October 20X5, and two more datesDid any of you get a question relating to depreciation where the answer I got was 1.108m
It was ok.
3 big questions were on
30 marker- role of an auditor in prevention and detection of fraud.
Audit risks, substantive testing and threats to objectivity20 marker- definitions of flow chart and questionnaires and 16 mark Deficiencies in a system Q
20 mark Substantive testing plus report
@Noman- I chose 31st March 20×6 for GC question. I think it was option 1. Not sure if that’s the correct answer though.
It would be at least a one year extension of the cash flow for going concern – had a recent audit at work and they wanted 15 months from SOFP date.
2.2m accumulated depreciation
5.9 cost of asset
4.6 revalued amount
Depreciation rate 2% not calculated for current year so 5.9*2% = 0.118m
Total depreciation 2.2+0.118 = 2.318m
5.9 – 2.318 = 3.582
Surplus 4.6 – 3.582 = 1.018@sankwww the independence question was 2 and 4 I think (one person was CEO of other companies and another one was a person who provided the company with a loan that was paid in full 5 years ago)
Was the depreciation charged on a straight line basis?
And what about the question of audit committee responsibilities! I unchecked hiring and firing external auditors? Was it correct?This is how I did it.
2.2 was the accumulated depreciation at the start of the financial year, the asset was originally bought for 5.9. That would mean its carrying value at the start of the year was 3.7?
So then 2% of 3.7 would mean the carrying value would be 3.626 at year end. Less revalued amount of 4.6 = 0.974. I selected that option. I thought if the straight line basis is 2% per annum this is applied to carrying value as opposed to the original cost? didn’t see anything about it saying straight line 2% based on original cost so assumed just on what the carrying value was each year- anyways that was only 2 marks, so wasn’t going to spend too much time there.On the audit risks 18 marker, there was one I spotted about $4m redeemable shares being issued to raise funds. I couldn’t remember what the accounting risk would be here?
I have sat this paper for the bazzilianth time and sure I am not the only one.
I had an audit report question about a receivables balance becoming unpayable- I just realised I had an amazing brain zap and think I wrote ‘needs to modified through qualified opinion giving an ’emphasis of matter’ paragraph instead of ‘except for’ I was typing so fast and on auto pilot. Just realised this now, what a kick. I really hope I wrote the right thing! If not, hope the examiner gives a few points for me explaining the other little bits.
there was a 4 mark I was a little uncertain on about how internal audit can assist the external auditor- was excluding the inventory count as the question stated ‘other than the inventory count’
I dont remember seeing excluding the stock count part so i included that in my answer and that the external auditors can rely on the IA assessment on the internal controls and processes if there are no deficiencies noted.
Pretty sure ill only get 1 mark there lol
@Jayhelena i skipped that shares risk and included the amortization risk and the 0.6m that wasnt classified as a deffered expense to compensate. Lol
Btw how did you find the controls question for 18 marks?
I took a gamble on the redeemable shares and said risk that share premium and share capital not allocated accurately but just a guess lol
@nathan how did find the control deficiencies question?
@jonnhy138 It was a strange one, it seemed like they gave a lot of points that could’ve been a control deficiency then said a control was in place. Commented on sequential order numbers, payment list being authorised and paid by finance director, 90 days payment terms (unless im confused with another question) forgotten a lot tbh. How about you?
Is this the paper where we were to identify a control deficiency, the control recommendation and list a test of control to test our recommendation?
The entire question was based on a stock count lol
Exam was ok except control Q for 14 marks was difficult for me.
There is question about going concern u have to choose date I choose 30 September is it correct?I don’t remember that I got question where I have to calculate depreciation where were that ?
Auditor report impact was easy and 2 questions for 10 marks was in MOC exam
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