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

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › *** F8 December 2014 Exam was.. Instant Poll and comments ***

  • This topic has 308 replies, 78 voices, and was last updated 10 years ago by Sam123456789.
Viewing 25 posts - 176 through 200 (of 309 total)
← 1 2 3 … 7 8 9 … 11 12 13 →
  • Author
    Posts
  • December 5, 2014 at 4:46 pm #218466
    Sean
    Member
    • Topics: 0
    • Replies: 20
    • ☆

    1. B
    2. B
    3. C
    4. C
    5. B
    6. B
    7. A
    8. D
    9. A
    10. D
    11. B
    12. B

    December 5, 2014 at 4:51 pm #218469
    Sam123456789
    Member
    • Topics: 18
    • Replies: 460
    • ☆☆☆

    Sean

    Is that your answers?

    Don’t agree with actually Q2, Q3, Q12 and few more

    December 5, 2014 at 4:54 pm #218472
    Sean
    Member
    • Topics: 0
    • Replies: 20
    • ☆

    Yes, these are what I put down. I’m fairly confident on Q2 Q3 and Q12 though :p …

    December 5, 2014 at 4:55 pm #218476
    xlnc123
    Member
    • Topics: 2
    • Replies: 46
    • ☆

    Q12 I put down B. The FS are MM, therefore modified report and modified opinion. It didn’t suggest the wording of the opinion paragraph e.g disclaimer or except for

    Either way, a disclaimer or adverse or except for opinion is a qualified opinion.

    December 5, 2014 at 4:57 pm #218478
    Hong
    Member
    • Topics: 26
    • Replies: 85
    • ☆☆

    @sam123456789 what’s your answer be for 7,9,10

    December 5, 2014 at 5:02 pm #218480
    Sam123456789
    Member
    • Topics: 18
    • Replies: 460
    • ☆☆☆

    Q2 money laundering and terrorist offence is a legal duty not a voluntary.

    Do you agree?

    December 5, 2014 at 5:02 pm #218481
    xlnc123
    Member
    • Topics: 2
    • Replies: 46
    • ☆

    @usamaniaz said:
    Q2 money laundering and terrorist offence is a legal duty not a voluntary.

    Do you agree?

    Agreed. That’s obligatory.

    December 5, 2014 at 5:04 pm #218484
    abbas7796
    Member
    • Topics: 135
    • Replies: 256
    • ☆☆☆

    12 cant be b because the auditor will issue adverse opinion, not qualified opinion if the going concern assumption is inappropriate

    December 5, 2014 at 5:06 pm #218487
    Sam123456789
    Member
    • Topics: 18
    • Replies: 460
    • ☆☆☆

    Guys I’m not sure if my answers are right. But basis on what I understood from the question that’s how I answered.

    Q12 both statement s are wrong in my opinion

    Option B is defo wrong. Coz they will give an adverse opinion not qualified.
    Which will state FS are not true and fair.

    Statement A
    If they can’t make a judgement than how can yiu give assurance on it. Only disclosures will be emphasis of matter.

    December 5, 2014 at 5:06 pm #218488
    xlnc123
    Member
    • Topics: 2
    • Replies: 46
    • ☆

    @abbas7796 said:
    12 cant be b because the auditor will issue adverse opinion, not qualified opinion if the going concern assumption is inappropriate

    Ah, I see your logic

    December 5, 2014 at 5:06 pm #218491
    Sean
    Member
    • Topics: 0
    • Replies: 20
    • ☆

    In my notes from my tuition provider:

    Voluntary disclosure – an auditor may decide to disclose information if he feels it is in the public interest e.g. if the management are involved in fraud (I linked the money laundering sentence to this). They may also disclose information to defend themselves in a claim of negligence or if suing for unpaid fees.

    December 5, 2014 at 5:07 pm #218493
    Sam123456789
    Member
    • Topics: 18
    • Replies: 460
    • ☆☆☆

    Yes Xlnc

    As these are Obligatory than the other 2 were voluntary

    December 5, 2014 at 5:09 pm #218496
    Sam123456789
    Member
    • Topics: 18
    • Replies: 460
    • ☆☆☆

    Trust me money laundering is 100% obligatory.

    Terrorist offence is also obligatory.

    December 5, 2014 at 5:10 pm #218497
    opentuition_team
    Keymaster
    • Topics: 1380
    • Replies: 1404
    • ☆☆☆☆☆

    We have published answers to Section A

    https://opentuition.com/acca/

    December 5, 2014 at 5:10 pm #218498
    abbas7796
    Member
    • Topics: 135
    • Replies: 256
    • ☆☆☆

    “If in the auditor’s judgement the company will not be able to continue as a going concern and the
    financial statements have been prepared on a going concern basis the auditor shall express an
    adverse opinion”

    this is from bpp rev kit. this clearly says that use of the going concern assumption is inappropriate

    December 5, 2014 at 5:12 pm #218502
    tom
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    1B,2D,3C,4C,5C,6B,7A,8D,9B,10D, 11B,12B.

    https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f8/exampapers/int/F8_2014_Dec_q.pdf

    review answers that i guess is well with your opinion which is wrong

    December 5, 2014 at 5:13 pm #218505
    xlnc123
    Member
    • Topics: 2
    • Replies: 46
    • ☆

    @moofr00tz said:
    In my notes from my tuition provider:

    Voluntary disclosure – an auditor may decide to disclose information if he feels it is in the public interest e.g. if the management are involved in fraud (I linked the money laundering sentence to this). They may also disclose information to defend themselves in a claim of negligence or if suing for unpaid fees.

    Sean.

    Refer to exam paper December 2011 q4c

    This whole paper was based from previous past paper questions.

    Obligatory
    Auditors are obliged to make disclosure where, for example, there is a statutory right or duty to disclose, such as if the auditor suspects the client is involved in money laundering, terrorism or drug trafficking in which case they must immediately notify the relevant authorities.
    In addition, auditors must make disclosure if compelled by the process of law, for example under a court order or summons, under which they are obliged to disclose information

    5 (a)
    Voluntary
    In certain circumstances auditors are free, as opposed to obliged, to disclose information without obtaining the client’s permission first. These circumstances can be categorised into the four areas below:
    Public interest – An auditor may disclose information which would otherwise be confidential if disclosure can be justified in the ‘public interest’. This would be perhaps if those charged with governance are involved in fraudulent activities;
    Protect a member’s interest – Members/auditors may disclose information to defend themselves against a negligence action, disciplinary proceedings or if suing for unpaid fees;
    Authorised by statute/laws – There are cases of express statutory provision where disclosure of information to a proper authority overrides the duty of confidentiality;
    Non-governmental bodies – Auditors may be approached by non-governmental bodies seeking information concerning suspected acts of misconduct not amounting to a crime or civil wrong. Disclosure should only be made to those bodies with statutory powers to compel disclosure.

    December 5, 2014 at 5:16 pm #218508
    abbas7796
    Member
    • Topics: 135
    • Replies: 256
    • ☆☆☆

    (2) Companies are not required to establish and maintain an internal audit function

    i think u missed the not word here. this statement is correct since companies are only required to review need for internal audit. dont understand why your answer is A

    December 5, 2014 at 5:17 pm #218509
    Sam123456789
    Member
    • Topics: 18
    • Replies: 460
    • ☆☆☆

    Woho

    I don’t agree with 2 of the answers which have been published

    defiantly not 12 that’s not right
    Q3 as well. Why is that C?

    December 5, 2014 at 5:20 pm #218518
    xlnc123
    Member
    • Topics: 2
    • Replies: 46
    • ☆

    @abbas7796 said:
    (2) Companies are not required to establish and maintain an internal audit function

    i think u missed the not word here. this statement is correct since companies are only required to review need for internal audit. dont understand why your answer is A

    Under corp gov, aren’t they supposed to form an internal audit

    December 5, 2014 at 5:23 pm #218522
    abbas7796
    Member
    • Topics: 135
    • Replies: 256
    • ☆☆☆

    Which of the following statements, relating to the auditor’s reporting responsibilities for going concern, if any,
    is/are correct?
    (1) Where management is unwilling to make their assessment of the company’s ability to continue as a going
    concern, the auditor should include an emphasis of matter paragraph in the audit report
    (2) Where the use of the going concern assumption is inappropriate, the auditor should include a qualified opinion
    in the audit report

    This should be D ( Neither 1 nor 2) since the emphasis of matter para can only come if management assumption of going concern is correct but significant uncertainty exist. here in the question it clearly said that management assumption is INAPPROPRIATE.

    December 5, 2014 at 5:24 pm #218524
    abbas7796
    Member
    • Topics: 135
    • Replies: 256
    • ☆☆☆

    No only review the need on yearly basis.

    December 5, 2014 at 5:24 pm #218525
    Sean
    Member
    • Topics: 0
    • Replies: 20
    • ☆

    I disagree with Q2 on the basis of my tuition notes!

    Q5 I’ll concede as I was torn between the two. I had arguments for both of them…. for the going concern one I know they have to evaluate management’s use of the going concern but they don’t have to express an opinion in every report, only highlight where they feel it has been used inappropriately.

    For ISA, surely as this is a global paper in certain national contexts it wouldn’t apply? Therefore in certain countries where ISA has no legal status the auditor would not be responsible for following them as it represents best practice like the UK corporate governance code.

    Q10 I disagree with as well because internal auditors should report to independent NEDs / audit committee and not the finance director who could have a vested interest in the internal audit

    December 5, 2014 at 5:25 pm #218527
    Sean
    Member
    • Topics: 0
    • Replies: 20
    • ☆

    @xlnc123 said:
    Sean.

    Refer to exam paper December 2011 q4c

    This whole paper was based from previous past paper questions.

    Obligatory
    Auditors are obliged to make disclosure where, for example, there is a statutory right or duty to disclose, such as if the auditor suspects the client is involved in money laundering, terrorism or drug trafficking in which case they must immediately notify the relevant authorities.
    In addition, auditors must make disclosure if compelled by the process of law, for example under a court order or summons, under which they are obliged to disclose information

    5 (a)
    Voluntary
    In certain circumstances auditors are free, as opposed to obliged, to disclose information without obtaining the client’s permission first. These circumstances can be categorised into the four areas below:
    Public interest – An auditor may disclose information which would otherwise be confidential if disclosure can be justified in the ‘public interest’. This would be perhaps if those charged with governance are involved in fraudulent activities;
    Protect a member’s interest – Members/auditors may disclose information to defend themselves against a negligence action, disciplinary proceedings or if suing for unpaid fees;
    Authorised by statute/laws – There are cases of express statutory provision where disclosure of information to a proper authority overrides the duty of confidentiality;
    Non-governmental bodies – Auditors may be approached by non-governmental bodies seeking information concerning suspected acts of misconduct not amounting to a crime or civil wrong. Disclosure should only be made to those bodies with statutory powers to compel disclosure.

    Ah ok, thanks 🙂

    December 5, 2014 at 5:38 pm #218537
    Sam123456789
    Member
    • Topics: 18
    • Replies: 460
    • ☆☆☆

    Some of these answers don’t even make sense. Why would internal auditors report to FD? That’s outrageous

  • Author
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Viewing 25 posts - 176 through 200 (of 309 total)
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  • The topic ‘*** F8 December 2014 Exam was.. Instant Poll and comments ***’ is closed to new replies.

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