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did anyone manage to do Work in progress valuation?
i wrote recalculate WIP using payroll records for labour cost.
is that a substantive procedure?
what about reviewing aged WIP report?
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Seems I completely missed question 6 out. Please could someone kindly tell me what was in question 6?
Factors to consider before relying on independent surveyor. 5 marks
Substantive land and building revaluation and warehouse purchased. 6 marks
WIP substantive 4 marks
Last part was hmm so audit amendment if I can remember 5 marks
@boringaccountant said:
@Ilalandi .May I enquire some more specific details regarding that friend of urs and his/her material mistatement. ?
Hehehe my opinion is definitely adverse about what that friend did.
Oh wait that wasn’t as funny as @bill the butcher
Does anyone remember question two and three I have forgotton? And what did people put for the wages fraud checking, I cant believe how time pressured this exam was, i doubt the marker will be able to read my writing I was rushing so much at the end to complete it.
As a disadvantage I wrote down that since he was a SALES director of a banking company he might have personal interest to get the company to get a loan from his bank so as to improve his sales. Dunno where I came up with that one n whether it was good or not!!!
Hi all, Found exam was hard to do in three hours. I had done half of it after my 15 minutes reading time and two hours leaving me an hour for question 2 3 4 and 6 so 50% of marks in an hour. So did each in 15 minutes so had to rush four questions to make sure I finished.
MCQs were ok think got 14/20. Was too busy making my letter presentable for the two marks on question five then realaisedd got an hour left for 50% of paper doh.
Th advantages and disadvantages for the two neds was ok. Both wanted fixed salaries but remuneration should be based on profit, one had a brother on the board so familiarity. etc etc
Probably failed added up marks and got 47% lets wait and see……
Question six was very tough at least u missed the hardest question out.
Hey Paul. Don’t worry man I’m sure you did fine. You’ve done enough to pass I’m sure. And you’re scaring me as well bcoz now I think I haven’t done enough.
Oh I really want to pass this hopefully we’ve all done enough.
Can any 1 remember which questions about the benefits of an internal department came in. Or what the scenario was about?
Guys what did you do about the WIP sub testing in q6?paper overall was tough I thought mcq were meant to boost for a pass but the volume of it was massive.
Also does anyone recall if none of the deficiencies was that payments are received after goods are despatched(q5)?
Also does anyone remember sub testing for revenue?I put down as forecast and investigation of any high deviations.any sales rmitances received after year end to ensure cut off does this sound correct to you?sub testing for revenue were:
perform positive circulirization.
cuttoff testing
post year end cash receipt testing
credit notes testing
plus recalculation of sales discounts and sales tax
does anyone agree?
Everyone has different answers so let’s see. I know I would have prob at least got 5-7 marks out of question 6 from the surveyor question and sub procedures for revalue. I answered 80 marks and I know I got a few mcq questions wrong, got confused with auditor responsibility, confidentiality, internal control mcq questions.
So prob got around 20 marks to play with does not seem likely I will pass this and this is my 3rd attempt. I prepare for it and I miss the last question.
I did post yr cash testing, receivables circulation, compare customer contracts to what is meabt to be sold and can’t remember last one.
With regards WIP I put down labour costs recalc! And raw material.
Also comparison to last year’s WIP balances to establish trends.WIP completely threw me out.About deficiencies does anyone remember if they put down supplier and customer reconciliations not being in place?also sales system does not cover for two different revenue streams??
About the opinion on q4 do you remember if you got qualified/material?
Also there was something on q6 about opinion if you remember what please let us know!!!:-)
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easy exam
Sorry, I can ask some question?
What’s is the audit opinion for question 6 part c? The valuation was an error and client do not wish to amendments…in the opinion question the audtor was first suppose to determine whether or not the error was materiel since the question didn’t mention about materiality. if materil then qualified except for opinion. if immaterial then no reporting implications
Colleagues, the exam was NOT easy!!!!!!!!!! We know that the examiners are looking for lots of writing and pressure us at all times; we may just mist the points.
#3 and 6 was lengthy and time consuming; but I tried to cover 80% of the paper – hoping to cap the required pass. There were two VERY tricky MCQ’s – which I believe was set deliberately. Practicing was the key to have knowledge flowing under the pressure.
This paper always fairly set with time pressure – nuff writing!!!!!!!!!! Over all; it was more than previous years. If you have done your best – it is good enough for the passing grade (50). This is what is required and we all appreciate the brata!!!!!!
The paper should be available online within the next 24hrs – just confirm you grades by doing this paper before you go to bed. Success for all who wrote something – favour from the markers – thank you for mercy!!!!!!
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