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

Hi, Guys

My answers below:

1 b (2)
2 d (2)
3 b (2)
4 c (2)
5 c (1)
6 b (2)
7 a (1)
8 d (2)
9 a (1)
10 b (2)
11 b (1)
12 b (2) – incorrect

What do you think?

Thanks

Yes they seem to be correct and 12 was D not B

from the question paper: In October 2014 the financial controller of Eagle was dismissed. He had been employed by the company for over
20 years, and he has threatened to sue the company for unfair dismissal.

can this be valid for an audit risk of provision not recognized or contingent liability disclosed?

There appears to be a deficiency in the answers provided by open tuition. Describe a recommendation (2 marks)

Experienced increase in competition, can I said management might be feel under pressure to manipulate the result?

But there is any financial difficulty?

@kolkleen said:
MCQ was fair, thumbs up if you got all correct

The audit risk MCQ was a joke! Haha

question 10 has been amendment it is B
but Q3 i have a big problem with coz the suggest answer doesnt make sense. The thing option D is a pre condition of the audit so how can you even get evidence about that.

Q12 i dont agree with either. the coorect answer should be D as both statements are wrong reagding going concern. i mean if the FS are wrongly prepared and the going concern assumption is wrong, why would you give Qualified opinion, surely you give adverse opinion as the FS are NOT true and fair.

D is correct. i have just confirmed this from a bpp tutor as well. also if you got 17 in mcq then getting the rest 33 from 80 wont be that much of a problem even if your answers for the rest were average.

@usamaniaz said:
yeah your right anas

but with acca anything can be possible!

so any extra mark is welcome!

so its confirmed Question 12 is D

can you also confirm Q3 for me plz…
its freaking me out. coz D is a precndition of an audit ://

Past paper question

5 (a) Explain the purpose of, and procedures for, obtaining written representations. (5 marks) Written representations are necessary information that the auditor requires in connection with the audit of the entity’s
financial statements. Accordingly, similar to responses to inquiries, written representations are audit evidence.
The auditor needs to obtain written representations from management and, where appropriate, those charged with governance that they believe they have fulfilled their responsibility for the preparation of the financial statements and for the completeness of the information provided to the auditor.
Written representations are needed to support other audit evidence relevant to the financial statements or specific assertions in the financial statements, if determined necessary by the auditor or required by other International Standards on Auditing. This may be necessary for judgemental areas where the auditor has to rely on management explanations.
Written representations can be used to confirm that management have communicated to the auditor all deficiencies in internal controls of which management are aware.
Written representations are normally in the form of a letter, written by the company’s management and addressed to the auditor. The letter is usually requested from management but can also be requested from the chief operating officer or chief financial officer. Throughout the fieldwork, the audit team will note any areas where representations may be required.
During the final review stage, the auditors will produce a draft representation letter. The directors will review this and then produce it on their letterhead.
It will be signed by the directors and dated as at the date the audit report is signed, but not after

@usamaniaz said:
yeah i know that!

but the question sad NOT RELIABLE surey thats for D

Well D is valid

Quoted from the past paper.
The auditor needs to obtain written representations from management and, where appropriate, those charged with governance that they believe they have fulfilled their responsibility for the preparation of the financial statements and for the completeness of the information provided to the auditor.

It’s is appropriate form of evidence.

But you knew this.

I don’t see where you are getting the word reliable? It says suitable in the question

There is a flaw in how question 3 is worded…….c is correct if you read it as the evidence with the least suitable to be represented but d is not audit evidence i read that as a pre-requisite as a representation.