AA*** F8 June 2013 Exam was.. Post your comments ***

Hi everybody, unfortunately I cannot attend on the INT variant of the F8 exam. What was it like? What were the questions? Was the theoretical part easy? Thanks and wish u luck

I think it was a fairly decent exam and it was well paced with sufficient time to get through the exam.

Very similar to past paper Dec 2010.. I think that was the one. Letter to management on weaknesses- 2 marks for presentation- (hopefully i'll get at least those two) Not a bad exam, a few questions that obscure parts to questions as normal!! Hopefully done enough, I saw some magic today though- feller next to me seemed to spend most of the exam just thinking, no writing- he then handed in 4 extension booklets!! Must have massive handwriting!

Anyone knw the answer question 4(a)??

What questions came?

Forgot to take a calculator... Luckly the invigilators had one spare, nearly threw away 5 marks!

I tried to answer almost every parts of questions, except for the application control in Q1(4marks-don't know what it is) and last part of Q5 (3marks-times up!). This sitting is really similar as what were came out before as mentioned. Hopefully I can get through this and best luck to everyone-PASS!

<cite>@accaeric said:</cite> Anyone knw the answer question 4(a)??

Was this the question about the elements of an assurance engagement? If so, it is a) a three party relationship b) subject matter c) suitable criteria d) sufficient appropriate evidence e) report Instead of a three party relationship I just put practitioner! I didn't get sufficient appropriate evidence, but I think I remembered the rest.

Threats : SI , SR , I , F, A assurance engagmenets : 2 parties, sufficient evidence , opinion, etc 5 types to obatin evidence : AEUOI Q5: opinion Qualified but not pervasive anyone agree>

Not bad...not bad at all 49+2 hopefully

very decent paper.........able to solve all questions.........hopefully pass............

Anyone knw how to answer question4(a) about the procedure to obain audit evidence and one example on PPE.. is AEIOU or ECRV+cut off???

<cite>@accaeric said:</cite> Anyone knw how to answer question4(a) about the procedure to obain audit evidence and one example on PPE.. is AEIOU or ECRV+cut off???

I think AEOUI . thats what i did

Then my 10marks flown.. =(

My opinion, was adverse as it was materal, two items PPE and inventory. Surely auditors have no other opinion! What did people write for content of emphasis of matter in question 2? I said financial statements are T and F nothing is wrong with them etc.....just want to point out draw attention to something important. E.g Going Concern. Correct??

hope to pass the f8 papaer..thanks for the f8 sample test

<cite>@vipulv said:</cite> My opinion, was adverse as it was materal, two items PPE and inventory. Surely auditors have no other opinion! What did people write for content of emphasis of matter in question 2? I said financial statements are T and F nothing is wrong with them etc.....just want to point out draw attention to something important. E.g Going Concern. Correct??

yes! EOM paragr. is after the opinion paragr . and It is writen to direct attention for events which have already adequately disclosed by the management What u wrote abt the procedures to obtain evidence?? it is abt AEIOU?

So it was Adverse in question 5? AEIOU is correct!!!

<cite>@valiaty said:</cite> yes! EOM paragr. is after the opinion paragr . and It is writen to direct attention for events which have already adequately disclosed by the management What u wrote abt the procedures to obtain evidence?? it is abt AEIOU?

YAY! i got that right then!! And yes, AEIOU for obtaining evidence..i think.

For audit evidence I said: inspection, inquiry, confirmation, recalculation and analytical procedures And for each procedure i gave example om PPE And then there was a question about threats to auditors independence so i said: Self interest, self review, advocacy, familiarity and intinidation

it was a fair paper.one thing is for sure working through past papers is a great thing. it may seem as a tedious task but it is well worth it. Wishing you all success come 8th of August!!!

<cite>@vipulv said:</cite> So it was Adverse in question 5? AEIOU is correct!!!

May I am wrong then but either it is adverse or qualified it is going to earn only one mark ! 1 more mark for reffering the basis of the opinion paragraph before the opinion paragraph and the other one I think to exlain that it is due to material mistatements and that the opinion Not give a T+F view (if adverse) or except for (if qualified)

I missed 10 marks time pressure... I know its my fault. Does this mean I have low chance of passing now :( Even though I knew everything else!

for 5th question my answer was Modified report with except for disagreement 5 Audit procedures I wrote AEIOU,

<cite>@vipulv said:</cite> So it was Adverse in question 5? AEIOU is correct!!!

I didn't think it was pervasive, so for that reason I said it was qualified, execept for... However, I made that decision on a hunch, I think if you made a case for it being pervasive, then I'm sure you could get credit for saying it was should get an adverse opinion. On the same question, I concluded that both scenarios were material, having worked out the benchmark figures for both. Was I correct?

<cite>@neilsolaris said:</cite> I didn't think it was pervasive, so for that reason I said it was qualified, execept for... However, I made that decision on a hunch, I think if you made a case for it being pervasive, then I'm sure you could get credit for saying it was should get an adverse opinion. On the same question, I concluded that both scenarios were material, having worked out the benchmark figures for both. Was I correct?

Both was material . the first one adjusting and the second one non adjusting

Yes thats right first was modified with qualified opionion amendments reqd . Second one needed a disclosure.. if no disclosure vy management then qualified opinion with except for report as it was material not pervasive. Thts what I did....

what topics came on the exam?

<cite>@nupurkum said:</cite> Yes thats right first was modified with qualified opionion amendments reqd . Second one needed a disclosure.. if no disclosure vy management then qualified opinion with except for report as it was material not pervasive. Thts what I did....

yeah u r right it was material but not pervasive.....

<cite>@nupurkum said:</cite> Yes thats right first was modified with qualified opionion amendments reqd . Second one needed a disclosure.. if no disclosure vy management then qualified opinion with except for report as it was material not pervasive. Thts what I did....

That's the conclusion I reached too. And I agree with Viliaty that the first was adjusting, the second wasn't (but it required a disclosure).