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Saudfiaz: answering your question if you did 80% can you pass – my tutor told me that: If you answered 75% of the paper and 75% of what you wrote is correct it means 75% x 75% = 56% passed…
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@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? 🙁I can also recommend you to learn mneumonics and do as many tasks as possible using revision kit. Theory is a must, but requirements&logic of tutor are clear when you read answers for question.
Vipin: If I finished 40 min before I would be really worrying that I must misunderstood the requirements or went wrong somewhere. Exams are designed for this time. Well prepared students who exactly know what to do in every question finish the papers in 3 hrs…I finished 20 min before…I wish us both the best, but I am afraid that too quick is not always the measure of quality. At the exam I felt I don’t have nothing more to say, but today I know I didn’t put something here and there…
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@vipin70 said:
i finished the exam 40 minutes earlier. i attempped all questions. it was an easy paper. may be 3rd and 4th is little difficult. only 4th question, i am not sure, what is the real answer.Bravo ! You must be really writing fast, and have a good technique, as 1 point is as minimum 1 sentence.
I have just reread the paper and think it wasn’t as bad as I thought yesterday so maybe third time lucky. I will head to Stonehenge for the Winter Solstice and prepare a Pagan sacrifice and hopefully the gods will shine on me.
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i finished early and generally always do. finished F7 30 mins early and finished F8 45 minutes early. some people are faster/more concise – it is not automatically something to be concerned about. my average mark is 70% – never failed one yet.
@foxman said:
I have just reread the paper and think it wasn’t as bad as I thought yesterday so maybe third time lucky. I will head to Stonehenge for the Winter Solstice and prepare a Pagan sacrifice and hopefully the gods will shine on me.Keep faith in the One Creator He is the Most generous the Most Merciful.
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i put unmodified for Daisy Co on the basis of testing whether any actual misstatements were likely to be material 🙂
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Quote:disclaimer of openion and adverse opinion- Topics: 0
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Luckily i got some audio cds that teach you and was listening on the way to teh exam centre lol
the going concern problem was an Unqualified opinion but with an emphasis of matter explaining it had been sufficiently reviewed and then seen to not be of an issue.lots of people sound like the’re getting confused with what an audit risk is.
Audit risk it the risk of giving an incorrect, no a business risk.
So for example the capitalisation or the risk that all the loans wouldn’t have been received and so the response would be to pay special attention to this area to make sure all money was received before the year end.
I was happy with the exam. Could have been a lot worse.
Good luck all!!!
i tried to wrote a heading and a sentence for each explained point….with some tabular approach …. but struggled to finished as i planned….answered about 95% of the paper…but q4-b and q5-c was horrible….worried about that..
Going concern – I put qualified audit report because they are only disagreeing about the note on material uncertainties about going conern.
I think for the second I also put qualified audit report
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Daisy – qualified opinion – except for
Fuchsia – I put disclaimer but after some verification now I think it should be adverseDisclaimer of opinion => when management is unwilling to make or extend its assessment about going concern
Adverse opinion => not adequately disclosed or the use of the going concern assumption is inappropriate.Overall it was a rather easy exam, however it would depend on the examiner’s opinion how well I applied the knowledge to the scenario in question.
Good luck to all!
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I found some very useful notes:
Limitation on scope:
1. circumstaces beyond the entity’s control (accounting records deleted)
2. Circumstances relating to the nature or timing of the auditor’s work (auditor is unable to take part in the inventory count)
3. Limitation imposed by management (managements prevents the auditor form requesting external confirmation of specific balances)Disagreeement with management:
1. the appropriateness of selected accounting policies
2. application of selected accounting policies
3. appropriateness or adequacy of disclosures in FSsome of the info came from SA articles => best source of knowledge and hints how to cope with the tasks and the rest from textbooks and courses notes.
hope it will be of use to someone
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i think that post exam torture is a real massacre…
I guess I was wrong with Daisy – a disclaimer, or whatever
just shoot me!
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