AA*** F8 June 2011 Exam was … Post your comments here and vote in Instant Poll ***

damn easy :P

it is rather long :(

Q3 was not fun at all...:(

Q1 confirmation of receivables for 8 marks? is it a gift or there is more to write?

it was ok better than last year for sure hope to pass im optimistic ,yes it was a gift

It was ok, but lengthy and somewhere i did not have time to read and understand scenario well, so there i did not do well. Question 4a and 5a i did not answer, 5b(iii) incomplete and other questions i did with a mess. Will see by results if i am going to pass but i do not think so...

Was a fair exam hope to pass this time. Loads to write ran out of time for question 5.

Now onto P2 agghh

What was Question number 5? :S

damn easy...
perhaps i gave p7 as well so might be the reason... satisfied.

ammmmm.......!!!!! i am upset! i mis-read the question of sufficiency and appropriateness!
I already gave one relevant answer that was original document!!
and i wrote all about inquiry observation recalculation and analytical Procesdure :(! damn!!!

i dont know what to write in audit respone!
i wrote about the explanation of risk with regards to audit that how can it effect

It was fine and i expect the P letter though i run out of time on Q5

5.(c) was
(i) modified opinion because of not disclosing complete depreciation!
(ii) Qualified opinion because of unable to obtain audit evidence
(iii) emphasis on matter because contingent liabilty already disclosed

very fair paper, the only thing what confused me was the Q5, Impact on Audit Report:

This is what I did:

i) Land Depreciation
Except for

ii) Wages System
Disclaimer

iii) Contingent Liability
Emphasis of Matter Paragraph

Was this right? I'll check anyway.

i was confused about wages ,there should be an implied opinion in that acoounts have not been kept properly however i cant see a qualification may im incorrect ,on the first was a change in policy according to ias16
,the third eom for sure

I thought it was easy, but I had too much to write, so definite time pressure on Q5...

From memory, these are the questions we had, apologies if I've remembered them wrong...


Q1:
12 marks: Tests of control (sales)
8 marks: Substantive tests (receivables)
6 marks: Control recommendations re fraud (cash cycle)
4 marks: Substantive tests (sales)

Q2:
5 marks: Advantages and disadvantages of System Narrative and ICQ in
documenting client systems (I think)
2 marks: Reason for engagement letter
3 marks: 6x contents within engagement letter

Q3:
10 marks: Audit evidence - 5 methods (observation, inspection, etc) + examples
10 marks: Audit risk and planning (company with high capex, delayed finance)

Q4:
4 marks: Process for confidentiality re: two competing clients
8-10 marks: Advantages and disadvantages to client and auditor in outsourcing
Internal audit department (key point, you can't just separate teams
for internal vs external audit within a firm, you can only do one or the
other, I think I might have contradicted myself halfway through the
question though).
6-8 marks: Ethical threats, familiarity, self review, etc.

Q5:
4 marks: Definition of misstatement
4 marks: Documentation from external sources - valuer
4 marks: Audit opinion (material misstatement, not in accordance with IFRS,
qualified)
4 marks: Audit opinion (no sufficient appropriate evidence, material, qualified)
4 marks: Audit opinion (in accordance with IFRS, unmodified, but emphasis of
matter paragraph).


For the record, I started running out of time for question 5, so really had to scribble down bullet points. Ending up forgetting to state 'material misstatement' for the first audit opinion, but hey ho.


Hope that helps anyone trying to check through their answers in the text book!!

Was a fair paper I think, but there's always a danger of misinterpreting the question!

Hopefully, will pass.

@vjsharksn said:
ammmmm.......!!!!! i am upset! i mis-read the question of sufficiency and appropriateness!
I already gave one relevant answer that was original document!!
and i wrote all about inquiry observation recalculation and analytical Procesdure :(! damn!!!

u got it right silly. it said methods to obtain evidence. that is observation, inspection and all. the question you are referring to would have been factors affecting reliability of evidence collected

On hindsight, I think I may have misunderstood the outsourcing question, I didn't realise they were thinking of giving the job to the auditing firm, or were they? Also, on the dis/advantages of narrative notes, was she also asking the same about ICQ's, I only wrote abote the notes, gripes.

Also on the audit report re the corrupted wages back-up thingy, I argued that it was limitation of scope, sure but only merited an "...except for..." qualification because the failure wasn't pervasive enough to merit a stronger qualification.

The guy sitting in front of me asked for two(!) extra scritps, completely put me off.

It was passable, but I don't think I've done enough. This is so annoying.

And to think I put so much effort into this...all to no avail.

Blast!

This paper was ok, better than I thought it was going to be. I was a bit unsure about Q5 and the effect on the audit report but I waffled a bit and hope to pick up a few marks for it. I thought Q3 was about the 5 different ways to obtain audit evidence - not about sufficient and appropriate evidence?????
Glad it is done and have to now re-sit F5 on Monday. Not looking forward to that!

i forgot to write the eomp in the last question! :'( damn i am gonna loose a couple of marks there for sure!

@melindamarchal thanks! almost all my answers match yours. lets hope we both pass. i was a little confused in deciding which substantive procedure was used for year end receivables and which one for sales revenue. that took up alot of time. how come i still had time left? i had enough time to revise my paper. however Q3 part b was really stupid and. for 10 marks!

Question 2...shouldn't have been there.

compare to Dec'10 sitting, it was damn Easy in this round, but it can be a disaster too. As standard demanding might set higher.

was the paper easy? I think I missed out some questions and was quite irrelevant throughout the paper....50% will be more than enough, hope to past...

I thought the paper was okay. I spent too much time on Q1 and am very disappointed at not being able to read and answer qn 5.. So sad..

I thought the paper was okay. I spent too much time on Q1 and am very disappointed at not being able to read and answer qn 5.. So sad..

ufff it was quite ok... but who knows

For 5 b I said that the amount of misstatement was unlikely to be material but it would be up to the judgement of the accountant. The figure given was the total for the 2 months wages not an error total the total errors would only be a portion of this and that analytical procedures would help auditor determine if these were likely to be material.

I really cant say.Just wrote what came to my head.Hope I make it.
Now for f9 tomorrow.