*** F8 December 2012 Exam *** Instant Poll and comments***

what did u guys put down for the question on audit risks and responses.. i think i really messed up on that one 🙁

@golamrahim said:
what did u guys put down for the question on audit risks and responses.. i think i really messed up on that one 🙁

i wrote only inherent risk. no controls were given, so control risk. but for me, audit responses in regard to audit planning, what to write for responses is not known to me. i wrote something something. i could identify the risks.

@vipin70 said:
i wrote only inherent risk. no controls were given, so control risk. but for me, audit responses in regard to audit planning, what to write for responses is not known to me. i wrote something something. i could identify the risks.

i tried to apply it to the scenario.. for responses i wrote things like ‘the auditor will have to increase substantive tests in this area..”

I found this question to be the most difficult..

Hi everyone,
I remember for the Q5 – I stated the head office overloaded => people can make error, finance director absence during December, capital expenditure significant but very likely to be @no every day transaction for supermarkets hence again people could go wrong with classification. But auditor’s response I think I have messed totally stating like ‘increase subs procedures’ ((

Hope the remaining Q to be ok (in all material aspect in order to provide reasonable assurance to PASS)))

I think i went a bit off track for question 5… i calculated receivables days as 77 days then working backwards stated that if receivables were the expected 30 days then receivables would be 1.4 m not the 3.4 stated…..so receivables potentially materially mistated…. did notice that noone around me was using their calculators though 🙁

itt was like reorginisation some thing….

dont remember exactly

What did u do in q4 substantive procedures for
A)trade payables and accruals
🙂 receivables
C)the provision for re organisation?

For the provision i wrote
Confirm that capital n revenue exp correctly classified by mngmt
Then i wrote that as the refurbishment was not started in the year it is not appropriate for a provision n dat a disclosure shud be there

can som1 explain to me the Q4 of how the payable &accrual and receivable audit procedure start with.
It took me a lot of time to start the audit procedure

I don’t know how to feel. I spent over 1 hour 30 mins on question one 🙁 Did not do the 2nd part of question 5 which was the report 12 marks,…..did not know about external audit….like I revised quite alot but found time a major issue…..I did question 1 and 3 fully touched up on 2/4 and top bit of question 5….. what are my chances of passing? 🙁

I too spent longer than I wanted to on question 1 but managed to finish all the paper…. It’s hard not to.. you get more marks for this question and you spend more time on it and consequently you get a better understanding of the scenario… so are more able to mop up good marks here. I don’t know what the examiners hope to achieve by applying such time pressures – it is not really representative of real world. My writing was awful because I was rushing so much…. who does that much writing these days?!

In q5 what were the procedures of obtaining a written representation?

It was regarding the representation frm management right?

@vipulv said:
I don’t know how to feel. I spent over 1 hour 30 mins on question one 🙁 Did not do the 2nd part of question 5 which was the report 12 marks,…..did not know about external audit….like I revised quite alot but found time a major issue…..I did question 1 and 3 fully touched up on 2/4 and top bit of question 5….. what are my chances of passing? 🙁

Hi, I failed twice and was almost ready to give up. This year my friend gave me ACCA LSBF-InterActive F8: Audit and Assurance – Revision Kit +Textbook. I really got understanding what is required in tasks with phrases – list, describe, recommend. Revision kit had tasks simular to exam. I had a big mess in my head after reading BPP tonnes of information.and really feel that I have wasted lots of time on it.