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

Exam was overall OK ! I hope the checking should be OK! too .

@boringaccountant said:
Simply put,

in my opinion, The MCQ’s were OK… not too tricky but not easy either, u had to think, not the normal “tick and go to the next” type…(Most of them if I recall were B’s and C’s, I think more B’s)

Section B – I have to say it may not have been very hard, but it sure was lengthy… really lengthy… I may have missed a question or two in between….

But guys, for substantive procedures I kind of changed my style of answering, because just before the exam I happen to come across Technical Articles of Way to Answer Substantive Procedures.. and it clearly stated the regular use of “Cast, Agree, Trace” as the way in which to begin

so it goes like this :

Audit Procedure, followed by reason of audit procedure & followed by the assertion which it is relating to (now that would be one of the 3 areas (Whether Transaction & events OR Account balances OR Presentation & Disclosure))

I hope my answers were satisfactory

Overall – It WAS NOT EASY !!! NOPE !!

It was Lengthy and at times Tricky and definitely a lot more than what one would expect after doing Mocks From BPP Rev. Kit

🙂

Audit

@kolkleen said:
I quite agree especially because the examiner wants you to related the risk to an assertion and to the FS. Hard to keep that in mind given the time constraint.

@boringaccountant said:
Simply put,

in my opinion, The MCQ’s were OK… not too tricky but not easy either, u had to think, not the normal “tick and go to the next” type…(Most of them if I recall were B’s and C’s, I think more B’s)

Section B – I have to say it may not have been very hard, but it sure was lengthy… really lengthy… I may have missed a question or two in between….

But guys, for substantive procedures I kind of changed my style of answering, because just before the exam I happen to come across Technical Articles of Way to Answer Substantive Procedures.. and it clearly stated the regular use of “Cast, Agree, Trace” as the way in which to begin

so it goes like this :

Audit Procedure, followed by reason of audit procedure & followed by the assertion which it is relating to (now that would be one of the 3 areas (Whether Transaction & events OR Account balances OR Presentation & Disclosure))

I hope my answers were satisfactory

Overall – It WAS NOT EASY !!! NOPE !!

It was Lengthy and at times Tricky and definitely a lot more than what one would expect after doing Mocks From BPP Rev. Kit

🙂

You have spoken very well

Is anyone like me to write down my MCQs in the Booklet rather than cross in the first page? T.T…….

Hi
Sorry if this has been asked before but for the 2 mark MCQ’s do you get a mark for getting one of the choices correct?
Thanks

Hey #TeamOpenTution would u like to comment on it?

Lalique

The reason it’s D because that’s describing a test or Control.

I agree with you James

Q12 is D

Coz both statements are wrong.

We will have to wait and see till the final marking is out from ACCA.

If the going concern assumption is wrong that’s 100% adverse as the financial statements are NOT true and fair.

Qualified will be if one matter is wrong for example if inventory has been measured wrongly that will be qualified. The wording will be ‘except for inventory’ FINANCIAL are true and fair.

I hope we are right about it!!!

No Buddy you don’t 🙂

@usamaniaz said:
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

Dear Sam,

Did you mean this(Q.10) should be D in your opinion ?

i think the key to success in this paper is MCQs

if you can obtain 14 and above. i think the chances of success are higher.

as you will need to further get 35 or 36 out of 80 which is actually getting less than the paper right.

just my opinion 🙂

i made stupid mistakes in MCQ’s possibly coz of shortage of time, i could have scored 100% if i had another 10 mins to think.

Within reach