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what was question 4 about???
Identify and explain FIVE ethical risks which arise from the above actions of Salt & Pepper & Co?????????
was it ethical risk or fundamental principle?????????- Topics: 0
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i feel the q5 is an except for opinion
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I attempted about 80% but ran out of time almost completely on question 5. I just couldn’t see that many ethical threats on Q4. Anyway, I am hoping for a pass but like it was said, this is F8 and you never know the outcome.
I hear you! I also took the F7 paper. What a nightmare.
I answered 100% of this paper but still hope to get 50% as I know how hard this paper can be to pass.Q4 was abt threat to auditor’s independence and I was able to relate : self interest, self review and intimidation threat to the 5 ethical risk requested
# self review – checking own work
# self interest – fees
# potential intimidation – if work not complete within 2 weeks and client may pile on pressure
# allowing juniors to carry out the work is not ethical, if you know they will not posses relevant skills/experience to carry out the audit correctly
# providing other serviceswould the ‘allowing juniors’ – answer be correct ?
I have the first two the same as you however linking the risk with the senario was difficult so i just pointed out the other risks that i saw without highlighting which one it related to. i made not that the allowing juniours to do the work wasnt right as well as the gurantee for the work to be completed in two weeks with no interupption to the client.
F8 was a breeze after coming out of the F7 exam, but with tthat said i hope there is enough on both papers to get atleast 50
@S4K1B 3 first of yours had the same, other two can’t remember now 🙂
This question wasn’t that obvious in matter of ethical risks – they were a challenge to appropriately match to scenario given.
Was it just me who thought that ethic’s question was hard?
Firstly they asked for Ethical risks rather than ethical threats – I’ve not seen ethical risk mentioned anywhere before. So I hedged my bets and put for example Self interest for the contingent fee along with Professionalism as contingent fees are not allowed and if caught could bring the acca into disrepute.On top of that though there were obvious things that they were doing that were not ethical, it was not easy to categorize them into the standard threats that have appeared in past papers.
I mentioned the obvious three that S4K1B did but was clutching at the other two. Mentioned Familiarity for not changing engagement letter on the basis that if they would not update letter they would not update audit team. Mentioned using junior audit team as self interest as it would be cheaper for them and hence make more money.
I also thought a few of the other questions were a little “left field”. On top of that questions like 5c were not simple to me. Yes finding the faults was easy but there were 12 marks to play for and finding them would only net you 3 at best (1/2 mark each) I found getting the extra 1 1/2 marks per point tough.
Another thing that I’m surprised at. Looking at the the feedback around 68% thought the exam easy or ok, yet over 57% did not complete more than 80% surely those two scores contradict each other. Or am I doing exams wrong and should just concentrate on the areas I’m good at?
I attempted all questions and believe am passing this one. Was happy all those comparing of financial statement was not out though. All the same; it was a nice paper
Maybe it’s because what examiner said few times, that students well prepared tend to “knowledge dump” in the question and write too much that it is neccessary.
Hence they are time pressured and not able to answer all questions – although they are doable for them 🙂
Good point Seagoat – that could well be the answer.
I never understand why people do that. You cannot get 9 out of 6 in a 6 mark question, so why waste valuable time trying.
That paper was easy but very time consuming. WE SHOULD MAKE A COMPLAINT FOR THIS. If someone went to the toilet during the 3hrs paper i am preety sure they could’nt complete the whole paper in a proper manner. At the end of the exam my thumb start paining. In the requirement to do F8 paper acca should request that students should have a fast writing skills. As compared to F4 paper, i believe most of the F8 students could not have time to even review their answers.
@ amcterna
Two reasons come to my mind (assuming that the question is well understood by student).
1st: They want to impress the marker that they know more than it is required (everything) – and I dont blame it as if you had studied hard and know everything there is a big temptation to share this.
2nd: They make “buffer” additional points, if one statement is incorrect than perhaps the other one will do – in this situation Im not sure if the marker marks the best lets say 6 required out of 8 written or just marks first 6 listed. I think i remember from examiner report that they sometimes mark the best 6 of all 8 stated. But here people say often that they just mark first 6 stated and ignore next 2 despite how excellent they were
@issmaz
I was one of the students who went out to the toilet and thankfully i didn’t leave any questions unanswered (not considering the appropriatness of these answers of course :))Yes the writing can be painfull. Yes you have to write fast. Yes the exams are time pressured. Yes it is unlikely to review any of answers. BUT the pass rate is 50/100.
.Never Seen such a paper in last 8 to 10 past papers but was easy enough to get completed on time and hope to pass
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