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Who exactly wrote these suggested answers?? full of errors, so why even bother posting it?
@stephen787 said:
Who exactly wrote these suggested answers?? full of errors, so why even bother posting it?There appears to be a deficiency in the answers provided by open tuition. Describe a recommendation (2 marks)
Yes!
I asked in the question to Gromit, and this is what he said
“For Q12, statement (2), if the going concern assumption is inappropriate, the FS contain material misstatements so should modify the opinion. I was originally wondering if ACCA was being strict or sloppy with ‘qualify’ ie using qualify to mean any modified opinion. If so, probably (2) is correct. It could be a bit of a trick, however, depending on how accurately the examiner uses the term ‘qualify’. Perhaps they want you to conclude that an adverse opinion is needed, in which case the answer is D.
It also depends on how the FS are drawn up and the question doesn’t say that they have been drawn up on the going concern basis. It only says that the FS should not be on a going concern basis. If they are actually drawn up on a break-up basis, then no modification of the opinion is needed so B is right again.
I think it’s a rather ambiguous question.”
Guys help me out here please
So all the answers are correct accept 12 in the opentuition answer sheet for part A?
@raniya46 said:
Guys help me out here pleaseSo all the answers are correct accept 12 in the opentuition answer sheet for part A?
I have doubts on the answers given for question 3, 9 and 12
I have doubts about 3 as well.
Q9 I can’t even remember what I ticked.
Q12 I’m with yiu on this. Coz what gromit is saying is fine. But I’m not content.
3 is definitely right.
A B and D are suitable form
Of evidence.C there are better ways to confirm loss of data from payroll. E.g review bank statement to confirm what went out from payroll.
Do a monthy on month analysis to understand any significant changes.
Any new joiners or leavers, you can do a proof in total calc to confirm the balances are reasonable.
@usamaniaz said:
I have doubts about 3 as well.Q9 I can’t even remember what I ticked.
Q12 I’m with yiu on this. Coz what gromit is saying is fine. But I’m not content.
I wouldn’t worry too much about Q12. ACCA get feedback from the tuition providers after the exams and if others feel the question has been worded ambiguously as Gromit said then ACCA may give credit for both responses (B and D).
which other mcq u lost mark at? apart from 3. also can u if possible confirm that the subsequent event question in q4 was adjusting event where auditors were suppoose to perform following procedures as asked in part 2:
review post year cash receipts to see any payments from the customers.
enquire management why they dont want to make a write off this year. enquire about thier rationale.
review and confirm correspondences from customer that he is unlikely to pay
is that sounds right?
Yup it was an adjusting event
the matter was materialYup review with customer
Enquire of director for his rationale
Inspect board minutes
Written rep for no paymentI think k that’s about it
I think k the only mcqs which I have problem with are 3 and 12
Q12 D I think we agreed
Q3 is D.. that’s about it the test I got right well apart from the disadvantage of questionnaires coz I can’t remember what I ticked
Hi, what is the right answer ?
6 Which of the following procedures are TESTS OF CONTROL an auditor should perform in testing the inventory
cycle of their client whilst attending the inventory count?
(1) Observe whether the client’s staff are following the inventory count instructions
(2) Review inventory present in the warehouse for evidence of damage or obsolescence
(3) Obtain a sample of the last goods received notes and goods despatched notes and follow through to ensure
inclusion in the correct accounting period
(4) Inspect and review management’s inventory count instructionsA 2 and 3
B 1 and 4
C 1 and 2
D 3 and 410 Which of the following statements, if any, is/are correct?
(1) Internal auditors should report to the finance director as they understand internal controls and are best placed to
implement any recommendations in a timely manner
(2) Companies are not required to establish and maintain an internal audit function
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 no 2Thank you^v^
I cried and want to die as I forgot the new policy is 6 questions instead of 5 questions and I ignore the last question in the back page of the question book.
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10 Which of the following statements, if any, is/are correct?
(1) Internal auditors should report to the finance director as they understand internal controls and are best placed to
implement any recommendations in a timely manner
(2) Companies are not required to establish and maintain an internal audit function
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 nor 2Why the answer is B as per the opentuition answers and not D, because according to my understanding the answer should be D.
Companies are not required to maintain and establish internal audit.
It is better tot have it if you have got audit committee so they can work with them but it’s not a requirement
how did you approach the substantive procedures on revaluation?
i put points like:
inspect the revaluation report and agree the amount in the report by the valuer to the ledger and FS
recalculate depreciation based on new carrying value
review disclosure and ensure its adequate
ensure that all assets in the same
class have been revaluedare these points valid for substantive procedures?
and what about WIP? the procedure i wrote for WIP was to recalculate WIP using payroll records for labour costs. does that sounds ok?
Do you agree to Opentuition MCQ answers as under;
ACCA
F8 December 20141. B
2. D
3. C [Isn’t it D?]
4. C
5. C
6. B
7. A
8. D
9. A [Isn’t it B?]
10. B [Isn’t it D?]
11. B
12. B [Isn’t it D?]Hi,
have you got the final answers to MCQ and do you agree totally to the opentuition answer?
@abbas7796 said:
how did you approach the substantive procedures on revaluation?i put points like:
inspect the revaluation report and agree the amount in the report by the valuer to the ledger and FS
recalculate depreciation based on new carrying value
review disclosure and ensure its adequate
ensure that all assets in the same
class have been revaluedare these points valid for substantive procedures?
and what about WIP? the procedure i wrote for WIP was to recalculate WIP using payroll records for labour costs. does that sounds ok?
WIP
Evaluate and recalculate their measurement of WIP % completion (I think it was based on total cost incurred or something) and assess with other clientsBreak down of WIP and recalculate
Break down of overheads allocated and assess the reasonableness of assumptions
Agree raw marerials per unit back to purchase invoice to confirm accuracy of prices in the WIP calc
Etc
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