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@giftchowa said:
overall it was okay but did’t touch qn 6You should be fine if the other sections were cool; but it’s always good to at least attempt every question; you never can tell..
great. do u remember the advantages in q3 of audit commitees? were we suppose to put just generic advantages like it strengthens the independence of external auditors, improves control environment and internal control and so on?
also there was a question on importance of planning? was the answer like it devotes more time to important areas of audit, manages and organizes audit effectively, assists in selecting team members etc?
i agree it was very tricky. I am just hoping for 50. in question 5 there were two additional marks for the cover letter. were these 2 marks including already in the marking scheme or were they just bonus marks?
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@abbas7796 said:
great. do u remember the advantages in q3 of audit commitees? were we suppose to put just generic advantages like it strengthens the independence of external auditors, improves control environment and internal control and so on?also there was a question on importance of planning? was the answer like it devotes more time to important areas of audit, manages and organizes audit effectively, assists in selecting team members etc?
I think I tried to relate it to the scenario; not sure if that was really feasible though cos there wasn’t much info about the status of things. Yea planning was about right.
Question 6 you mean the question was 16 marks (14 marks for identifying deficiencies and providing recommendations and 2 marks for presentation.)
I didn’t really bother with the letter cos it was 2 marks and i was pressed for time
Effect on report on valuation being incorrect,
I said – if not material do nothing, if material, ask directors to correct, if they correct, issue unmodified report, if they didn’t correct, consider the reasons and get written representation as to why they remain uncorrected, evaluate response, decide if its persuasive or not, if persuasive then – issue disclaimer of opinion, if not persuasive, issue modified report based on qualifying opinion.
I tink qn 6 mentioned the wip estimate amount is material …and asked to discuss the effect on the opinion.
anyone remember the audit procedures in the subsequent event question? it was an adjusting event and the auditor was suppose to follow some procedures like reviewing post year end cash receipts, correspondence from customers and inquiring director about the rationale of not making any adjustment in accounts. can anyone confirm this?
@abbas7796 said:
i agree it was very tricky. I am just hoping for 50. in question 5 there were two additional marks for the cover letter. were these 2 marks including already in the marking scheme or were they just bonus marks?These were a bonus two marks for presenting your answer in a report format.
@osamaumar said:
Most of my answers to mcq’s were either option ‘B’ or ‘C’ apart from one or two.Mine too!
I have B/D/C/C/C/C/A/B/C/B/B/C
Anyone else has their answers? I think the exam was OK…I hope so!!!!!
No….I looked at the questions and put up what I think I went for in reply to a previous post of what did people put up.
i think u are right. although i put down as A for the 3rd which i think is incorrect
(b) Describe substantive procedures the auditor should perform to confirm Hummingbird Co’s revenue
can anyone confirm these?
were they like 1) recalculate sales discounts and sales tax
2) select sample of sales orders, agree to invoices and GDN through to sales ledger etccan receivables circularilization and reviewing credit notes goes in there?
I think receivable circulation will prove receivables not revenue.
I get what your trying to say. But I think the question was specific about the revenue which the company has got.
I talk about comparisons to last year
Also the budget
Tax and discount
Right periodBut m sure you will be awarded coz the other entry for revenue is receivables. So fingers crossed.
Just quick question Anas what did you put down for th CAATs.
Mcq.
It was D right. Coz that sounds like a test of Control to me
yes because its test data. can you confirm the last mcq about going concern? i put that as d. what was yours? are you confident about that?
I put down D
I think it’s right. If the directors are not giving assurance whether the company is going concern than auditors can’t express an opinion so hence disclaimer opinion will be provided.
However, if they do say company is going concern, but the auditors are sceptical than that’s qualified opinion
Finally, the directors have rightly prepared the FS on going concern basis, they have disclosed about possible going concern issue, that emphasis of matter will be given.
Sorry for the long wounded comment but that’s how I understand it. In our case the first situation applies.
thanks for this comprehensive explanation. yes your points make perfect sense since emphasis for matter paragraph directs the attention towards disclosure and the question didnt mention anything disclosure. infact the question said that management refused to make an assessment of being going concern in first place.
what did u write on factors to consider when placing reliance on work of experts?
are these points valid for this
their independence (are they related to the company). their qualification, experience, reputation in their field of work plus licence to operate.
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