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Exam was ok I felt – added up the marks I think I got for each question and deducted marks for prudence and it came to 64. That being said I know I went off topic so……..
Also, did anyone else do it in Newcastle? Am I the only one who constantly kept hearing what sounded like a birds nest on the roof??
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question 5b (12 marks!) 3 scenarios for how each misstatement affects audit report. Messed up 2nd scenario.
Also for 3b for 5 audit risk for audit plan (10 marks!), i got only 2 audit risks.
Also, did not know how to manage the conflict of interest for auditing 2 rival companies (5 marks!….i think)
hopefully i gathered enough marks in the rest of the exam!- Topics: 0
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paper was ok not so hard
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conflict of interest manage by
rotating audit partner
separate audit teams
Chinese wall- Topics: 0
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I think Q 3, the second part was difficult. Risks and the auditor response to thenm during planning stage. What should have been the risght answer?
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Also, Q1-Control recommendations re fraud in cash transfers..this was for 6 marks..it was a liitle confusing,as the fraud was for cash receipts through bank transfers..
have any good ideas?- Topics: 0
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@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!!!i also worte about techniques of audit evidence gathering ..like observation , inquiry and reporfamnce and recalculation blah blah … is it worng ?
i mean y wud it be ?@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!!!what question was that?
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i wrote about enquiry , inspection and analytical porcedure too sjsharkasn
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well i thought it was better than i had expected.. i thought i would forget a lot of things in the exam… but i diddnt.. and the scenarios were great.. expecting to do well
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i wrote the same for question 3 so most of us seem to getting the same conclusion
hint. Generally fair questions really.Time management though hope I made sense with the answers especially with Goofy and Mickey on the way!!- Topics: 0
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Goofy and Mickey – I think the examiners must have been having a few disney spells
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The more easy it is !.The more mess i do :S…I hope examiner understand wat i wrote:D
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For question 1a the receivables tests of controls i wrote about ACCAMAPS e.g computer controls, arithmetic checks, Physical controls, Comparison etc etc. Was this correct?
Cheers
The ppr was so easy but too lengthy, i remember the tym wen doing Q2 and take a look on the clock wen 1 hour left
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 advice1st 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)
ALL..WENT…GOOD,…EXCEPT..I..DIDNT..KNOW..ABT..NARRATIVE..NOTES.AND..QUESTIONNAIR..
hOPE..TO..GET..50+..
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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.
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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.
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