*** F8 December 2013 Exam was.. Post your comments ***

I left the exam hall thinking it was OK, but the more I reconsider my answer the more doubts I have. Here is what I remember

Q1. Very simple
a) definition and elements of audit risk – 5 marks
b) Identify, explain and define respond for Audit – 12 marks
c) state substantive procedures for 3 cases: PPE modernization, valuation of inventory and … don’t remember – all 9 marks

Q2.
a) Define control test and substantive procedure and give examples of each in regards to wages
b) … maybe something about how to asses quality of collected evidence

Q3. Internal control –
a) not sure, they ask to list advantages and disadvantages of 2 types of ordering and despatch system – 6 marks.
I have skipped this one, but I think it was asked to write about telephone and e-mail ordering system …
b) identify deficiencies in sales and dispatch system

Q4. Ethics
b) Ethical issues. Here the wording of the question was a bit unclear. It did not ask for ethical threats, also not for the principles of ethics, but for ‘ethical risks’. I think the correct approach is to write about 5 threats – 10 marks
c) Evaluation of independent expert – factors

Q5) Audit report
a) steps to be taken before accepting appointment and pre conditions – 5 marks
b) correction of errors in Audit Report – 12 marks
c) opening balances – e.g. of substantive procedures and the influence on auditor opinion if no evidence.

I am sure something may be mixed up above, and something missing.

Good luck to everyone here !!!

Q4. I only managed to spot 2 ethical threat, which are self review threat- free accounting service for new audit client , and self interest threat – for percentage of client’s profit.
Can anyone tell me what is the ethical threat associated with, auditors promising client that their audit will only take 2 weeks ?
In order to save cost, auditor didn’t bother to contact previous auditors upon accepting new audit client?

@alatu they will pick your first 6 and ignore the rest, even if your next are better and u made a mistake in the first 6, they don’t mark beyond 6 th point 🙁

Best of luck to all of us to pass

can’t believe everyone is saying the questions weren’t tough…………the requirements seemed easy at first but then linking them with the scenerio was a challenge……and it was so time consuming……..i couldn’t attempt all………has anyone passed f8 even when they left few marks? i think i did well with the ones that i did attempt ……fingers crossed….

are those 2 methods of documenting is about narrative and flowchart?

Two weeks audit work is an unreasonable time that might lead to some material misstatement not been detected. Audit fee based on tax savings should be an intimidation threat. Audit fee should not be based on contingencies but on actual work and time spent. Cost reduction is self interest threat. Generally the exam was fair. By God’s Grace I shall pass.

This is a professional platform, vogal utterances is not permitted.

@Salmanqsm

Please behave in such way as to “bring credit” to our future profession. You really didn’t have to use the last word which i erased.

@Henahailu2

Both ratios are correct. It depends on the approach the examiner wants you to do. Is this in relation to F8 Dec 2013? Or perhaps F9?

kamilapro and
icedawn i think it was narrative notes and icq …..???
the paper was well , but marking depends on examiner :/

Hi,
Can anyone confirm whether the following were relevant for Q2(c), about the overall review of FS:
– Analytical procedures (I’m sure of this)
– Written procedures
– Subsequent events

I think I confused overall review of FS with overall review of audit.

Most of what is contained in the lectures and notes made the exams appear very familiar. I hope it results to passing

will we see any answers to the questions soon official or unofficial here or somewhere else?good luck everybody