AA*** F8 December 2014 Exam was.. Instant Poll and comments ***

How did you'll find MCQ's?

overall exam was easy

Mcq's seem to be easy considering there were questions as follows : Audit risk consists of two components : Control risk and Inherent Risk (A) True (B) False -,-

Does Any one Knows the Answers to MCQs in F8,Do Share......

false Also Detection Risk I think,Because Audit risk is the total Risk, Audit Risk is Control+Detection+Inherent Risk

which two is test of control? 1.observe the counting process. 2.inspect,review the client counting instruction i selected this two, is it right or wrong ?

exam was not easy ...

What is not a benefit of outsourcing internal audit?

Darkeye I'm with you on this. I believe the other 2 were substantive procedures.

Pls is there any 30marks question in F8 question today

Ilona I think it was regarding the cost coz if you need it for full 52 weeks than the cost is alot more compared to maintaining an internal audit

What procedures can be performed with audit software?

I think the answer was D Coz we can do circulation through sample We can do ratios The other was correct too. I think D was incorrect coz that described test of Control of test

Most of my answers to mcq's were either option 'B' or 'C' apart from one or two.

Osama What did you chose for the last MCQ regarding the going concern? I think both were wrong

Darkeye 1-I choosed Observe the staff is following the Counting instruction 2-Inspect the counting intsruction something like that options...

One of the benefits of outsourcing internal audit is cost and efficiency according to text book. I put in my answer no immediate access to internal audit.

ilona Not the benefit of outsourcing was i think Immediate access to internal Audit This Type of option I choosed. Because it is also cost effective and skilled benefits also there But not accessed easily I think

Yes going concern both were wrong

That's what I thought as well. But the cost option was too more in my opinion. But yiu could also be right

I felt very time pressured in this exam i don't know about anyone else? I feel worried :(

the question specifically said DURING the count. Inspect the counting instruction comes before the count so not applicable. don't you think?

Sam123456789 hope so

No these two are procedures during the count. Other two were other assertions.

Four elements of unmodified report?

Type of report for key customer with outstanding balance and debt being written off in 2015?

Good point Anas But you couldn't pick any other options both the options were substantives Yiu need the count instructions to be able to know what's going

elements of unmodified report. auditor resp, manager resp etc?

ilona 4 elements are i think the same as those contents of Reports Like Addressee Responsibilities of Auditor Signature Basis of Opinion

actually there was another point which was like checking that staff checks goods for damage etc. that was the test of control