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

i wrote the following substantive procedures for revaluation and warehouse such as:

auditor needs to inspect valuers report and agrees the amount in the report to general ledger and fs.

ensure all classess of assets were revalued

ensure to recalculate depreciation based on NEW carrying amount

ensure the revalued disclosure is adequate.

anyone got these?

@mona1111 said:
Guys Kaplan text book page 195 . disadvantage of IEQ ” may contain a number of irrelevant control”
Which option was that B?

I think A

Was not an easy paper though given that the content of audit is a lot. The issue with this paper is not exactly in interpreting the scenario, but putting down the answers on paper is a hard task. Its easy to know a deficiency exist, but how to prove that on an A4 to the satisfaction of the examiner is another thing.
I hope we will pass as the comments cite. Don’t worry too much, God cares for you.
🙂

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

🙂

Guys, sorry for funny question… Am I right that answers to questions should have been filled in the special table on the first page? I painted over answers on that table, but my friend told me that he wrote down figures from 1 to 12 and next to figure he wrote an answer O_O for F5…
Now I am worried that I made a huge mistake and my answers will be ignore 🙁

@boringaccountant said:
@Ilalandi .

May I enquire some more specific details regarding that friend of urs and his/her material mistatement. ?

hahaha your comment cracked me up

@bill the butcher
I think I made mistake putting answers in the table rather than simply write number and answer…

i think it was question 3

written representation being the least relibale or something like that

this is what i wrote for advantages and disadvantages:

the first director Anthony

advantages:

already an NED in a listed company and was qualified so he had a recent relevant financial experience that is a requirement for NED.

his pay was not profit related so he wont be tempted to manipulate profits

disadvantage:

since he was already an NED so this appointment would have overburdened his responsibilities.

the second director was jacob

advantages

probably that he was from a small company that was not in competition to this company so he would not be seen as working for competitor

disadvantage:

he was brother of chief executive (serious independence issue)

he asked for fixed term 7 year contract ( again a self interest issue since he might not criticize companys work because of fear of not getting renewal of contract.

hope all above is right

@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, this is being misunderstood and not considered by many folks here.

@abbas7796 said:
this is what i wrote for advantages and disadvantages:

the first director Anthony

advantages:

already an NED in a listed company and was qualified so he had a recent relevant financial experience that is a requirement for NED.

his pay was not profit related so he wont be tempted to manipulate profits

disadvantage:

since he was already an NED so this appointment would have overburdened his responsibilities.

the second director was jacob

advantages

probably that he was from a small company that was not in competition to this company so he would not be seen as working for competitor

disadvantage:

he was brother of chief executive (serious independence issue)

he asked for fixed term 7 year contract ( again a self interest issue since he might not criticize companys work because of fear of not getting renewal of contract.

hope all above is right

I agree, I also made reference to the UK corporate governance code stating that directors of listed companies should be submitted for reelection annually. I guess it’s really about making a valid point cos I felt that a fixed fee may make him relaxed; therefore his fee should be performance related. I also stated that if an audit committee were to be formed, he will be able to head such a committee given his experience.

All I want is to pass and move on,,,,so help me God.

Mine were option C .;p

@tauraiversatile said:
You have spoken very well, this is being misunderstood and not considered by many folks here.

You are right but you cant limit yourself to cast, trace and agree. You have to recalculate, inspect, reperform and carry out analytical procedures. You may also need to obtain written representations. Cast, agree and trace are usually for done for the completeness assertion. Check BPP and you’ll see many diff words used. Even Sally’s video on the ACCA website didnt use much of agree cast and trace cos they are limiting.