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

@nashwayo said:
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.

i also explained materialty in that questions..with regards to misstatments i said that an auditor disagree with the amount stated presented in the financial statements.
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)

@ssherazz said:
@mschembri
yap but in the senario he couldn't rely on him becoz he made a mistake so u shuld hav write that aswell
else above 4 are correct

@ssherazz said:
@mschembri
yap but in the senario he couldn't rely on him becoz he made a mistake so u shuld hav write that aswell
else above 4 are correct

@selmta said:
I face short of time, but the exam was ok !