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

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..

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 agree with a lot of things that are being said so fingers crossed. Only one bit though I gave an adverse opinion on Q5 for the first one because I think land should not be depreciated. Thus the accounts are not free from material misstatement. Also found the question a bit misleading as we were referring to one company and yet had to give different opinions to the same report! But to cover myself I mentioned this after giving three different types of opinions.

Hey does anybody know if passing a pPer in two sittings matters when it comes to job, and does it matter if overall u ve got passing marks in most subjects???

guys a small query

if in question 3 a, you first mention the proper answer but then cross out the answer out of doubt leave only analytical procedures and include written documentation, auditor work, ect. will i get some marks for the examples of substantive procedures examples and the analytical procedures part? (that external confirmation part was a dirty trick)

all in all an easier paper than last semester one (i got 49 last semester grr), i felt much more prepared but there was so much to write about – time was a problem.

I was very strong on question 1,2,5,3B in particular

I only messed up in 3a.

4 i answered both scenarios, what i though is that if a company has proper system set up that differentiates the internal audit function from external auditors (Having a parent co which has diverse companies run by different people) i believe the company could provide internal audit services and external audit services. If there was not this set up it would be impossible to remain independent

For the second part the women had to drop from her engagement or son resign from his post, and optionally, dissasociate herself from the audit, or refuse the audit engagement (she may take up the competitor)

I think i have a pass in 4 but i don’t know the correction policy .

what do you think? can that consitute a pass?

Question 3a,

the 5 audit procedures? please tell me that they were enquiry, inspection e.t.c

there are mis understandings, and i want to make sure that i have the correct answer!

Its was alot of writing, the girl next to asked for additional paper, lol… but i felt the exam was do-able… really looking forward for a pass.

Yes but there is not such thing as land depreciation.It was a trick question?

it was a fair exam..
With most questions straight and simple.
did up to 82 marks… couldnt write too much for Q-4

Just wondering how the examiner marks for incomplete papers..
Inshallah.. anyways looking at the question req’s i n answer compared
..Hope for a Pass..

The exam was fair , I am very happy , I am dreaming to get the foundamental certificate after passing f9 in Dec , I am dreaming ,I feel god will help me to achieve the objective

OK.. Question No. 5 was meant to be given an over all opinion as you cant give 3 audit reports to one company. You had to discuss 3 of them and write down your views with regards to any changes that would be brought into the audit report.

It was hinted in the paper and some student might have scored good marks. When ever there is an emphasis of matter the audit report couldn’t be Qualified. there would be no point of emphasis of matter in a qualified report.
Article by CAT paper 8 examiner

@garygood said:
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.

If u were at the dubai centre and the guy in front of u was in blue shirt then it was me. Sorry to put u off if it was me.