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

I tried however ACCA you need to wait till when it is marked.I believe I have passed.

question 5 with Audit opinion - was it necessary to calculate materialty on all these events?
please advice

1st question- Sales System of a toy company having different warehouses for stocking toys already manufactured at the main factory. Head Office is located elsewhere. There was a fraud whereby receipts from suppliers were updated against old accounts.


1a. List the test of controls for the sales system 12mks
1b. Procedures to carry out in order to ensure that receivables are showing true n fair view
1c. Reason why the faud occured and state ways how to mitigate the risk of fraud and suggest possible remedies for the fraud.?

Briefly the other questions:
Explain Misstatement- how do deal with n whats the consequences?

Identify, List and Explain 5 Audit risks and how to mitigate, control, eradicate those risks (scenario)

guys! what was the answer in Q5 about misstatement?
the technical article in acca webside

writes about misstatement but its too lengthy for 4 marks!

i didn't do well it was a really pressured paper

ALL..WENT...GOOD,...EXCEPT..I..DIDNT..KNOW..ABT..NARRATIVE..NOTES.AND..QUESTIONNAIR..

hOPE..TO..GET..50+..

was a very good paper basically it was knowledge based straight from the study Text. It took me 1hrs though to come up with the first 12marks on Q1.

This was a very good paper and the first ACCA paper I have actually completed and answered all the questions.

In the last half hour I went back to question 1a and 3b as I didn't want to spend lots of time on these when I knew I could answer other questions and be sure to pick up the marks elsewhere.

Am quite glad I did as from what others have said they ran out of time for Q5 as they spent too much time on q1.

@uid0191 said:

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

I tot i was the only one who thought along that line

I think on the whole the exam was relatively easy compared to some of the questions i worked with in the exam kits.

Hoping for a good pass mark!

@starskytherabbit said:
Goofy and Mickey - I think the examiners must have been having a few disney spells

u forgot minnie; there was a minnie too!

Is it correct that for the audit evidence I mentioned stuff like 1. Original docs and not copies 2. Viewing the documents first hand rather than obtaining them without knowing the source. I forgot what else I wrote, but does this make sense?

I am confused as well about the receivables question. What came to mind was - 1. Valuation & Allocation 2. Existence 3. Cut-off 4. Rights & Obligations

rajad2010 first one is a tricky one, you cannot depreciate land, therefore does it meet the accounting standards...

Paper was easy but now the examiner expects the more efficient answer as a compensation of this.

Well f8 wasn't that bad but i think 3 hours is too short to cover 5 questions.I ran out of time in question 1.

Question 1... Test of controls, were to test the internal control environment, using enquiry, inspection, observation, recalculation and reperformance, couldnt use analytical procedures, as not a test of control,

question 3.... the 5 audit procedures were analytical procedures, inspection, observation, enquiry, recalculation,

question 3 is not to be confused with types of audit evidence e.g original documents, written better than oral e.t.c

External confirmation was a bit misleading... hope that clears a few things up

saisfied

Pray for golden 50...

i found it quite easy

yaa paper was surely easy yet lengthy however, whenever the paper is easy, the marking goes tough ....lets cccc the percentage. Hope every1 gets through f8 gudluck guzzz

hey what was with the receivable closing balance procedures
i know it was not existance,valuation and R&O
because they r more of a receivable (objective )
the question was abut substances procedure and was on closing balance
can any1 confirm the right answer

Well, the last question quite good for me.. It was my first attempt and I was horribly worried when I did not know how o start the paper, but I knew for sure that when I get started I wont stop, and it happened.. I was 3rd, globally in CAT Advanced level, but due to load of office work, just wanna pass..

@willynwilson are u sure that its a correct answer??? if it is! then i am happy! :)

What was Q3. auditor's Response to audit risk at planning stage!!!!!!?????
I wrote about the impact that risk will have, the suggestion an auditor would give....... :S. for example, for irrecoverable amount,,,,....... company should reduced its credit limit!

exam questions sounds ok, but not enough time to complete all the questions!!

How can 3hour do all question??
we are not the expert, we just a student....!
how can do that????

Why are you all answering Q5 last when it carries 20 marks???? Best exam practice would be to answer Q1,3,4,5 then 2. You stand to lose less marks if you run out of time.

giving it 1st time,it had easier topics,than i had thought..even so..i was a little time -pressured & i am not that confident with my performance..we'll see....Good luch to all..

It was much was totally opposite to what i have heard about this exam. My friend told me this is one of the most confusing and toughest while to be honest i found it very easy . case studies were simple and straight no zigzags and questions were as simpler as well. though i solved 4 question coz i had alot to write and time was short still m very optimistic that i will at least pass the exam.. nd guess what i just prepared it for one week only a dedicated one week.....