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

First one was also except for matter para .. sorry didnt include tht in my answer above.

exactly....

what are the procedures to verify cash and bank balances???

what topics came for the exam ?

To agree opn n clsing bal. To agree pre yr end unpresented cheque n unlodged cheque to post yr .. to confirm with bank. To cgeck huge variances with prior yr n budgets ..

<cite>@umairarif92 said:</cite> what are the procedures to verify cash and bank balances???

From what I remember I mentioned bank confirmation, reperform reconciliation, analytical comparison with previous year, and month by month, check bank accounts after year end, physically count the cash, management representation

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!

Well thats right too but qs was 7 marks.. and main components of bank recon stat are unlodged n unpresented check but I guess it didnt say hw mny points r needed.. so guess ull b okay too ;-)

<cite>@vipulv said:</cite> 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!

Sorry to hear that. But if you answered everything else, and you think you did ok on the other questions, then you stand a very good chance of passing. You only need 50% after all.

Not really...im not an expert but it doesnt mean ull fail if u did everything right!!

Has anyone passed any exams not finishing the paper like missing 10-15 marks. This is what I worried about! :( I got f9 now tomorrow

Actually I have.. I did it but all wrong .. barely passed .. id suggest just concentrate on tomo exam n try to compensate fr today... my monday exam was so bad but I did ok today.. one more to go corp law.. u dont much time so get off the internet n into ur books!!

F8 INT variant was indeed a good paper...kind of similar ques from revision kit.... ques 5 i wrote it as qualified opinion...i was runninggg out of time :( will i lose all the marks????? n for ques1 part c.... wt r the application controls.. i just wrote some crap...im sure thts the not the answer.... can anyone tel me wt thts the answer...

<cite>@nupurkum said:</cite> Actually I have.. I did it but all wrong .. barely passed .. id suggest just concentrate on tomo exam n try to compensate fr today... my monday exam was so bad but I did ok today.. one more to go corp law.. u dont much time so get off the internet n into ur books!!

what topics showed up for the audit exam today?

Can anyone remember the questions pls? 1. a. Going concern? b. 4 deficiencies, implications & recommendation for 14m c. Application controls 4m 2. a. ASSIF 5m b. fraud 3m c.emphasis of matter 2m 3. a. Materiality&performance materiality 5m b. 5 risks&responses 10m c. ? 4. a.ratios 5m b.? c. internal audit 5m 5. a.CREST 5m b. events after ye 12m c. Impact on report 3m

1. Communicationas betwn external internal auditor .. Deff of purchase n payable system Cash n bank procedures Four app controls for purchase system. 2. Going concern Threats n example 3. Materiality Risks n response 4. Evidence procedure for ppp How can ia help 5. Modify report amendment n disclaimer

Hi everyone, How did you answer the question about the corporate governance??? Many thanks:)

U could calculate materiality from revenue and profit 0.55m and 0.56m

<cite>@atab said:</cite> How do you know it was material if we were not given the materiality percentages?

Based on judgements and cacl as % of pbt n revenue... both were material. One by calculation another by nature.

<cite>@sophia552 said:</cite> Hi everyone, How did you answer the question about the corporate governance??? Many thanks:)

I said mgmnt bias, money laundering and issues dirs didn't want to address... Not sure it's right though...

Role of corp gov is resp of directors... I guess financial reports n effectivness Role of auditors to test effectivness n povide opionion...

I wrote fraud mat misstatemnt n def of internl controls..

Im pretty sure it was those chrgd with governance n not corp governance...

Does anyone know the 4 app. Controls Q1 c? Thnx

<cite>@nupurkum said:</cite> Im pretty sure it was those chrgd with governance n not corp governance...

U r right I understood those charged with gov. in as Audit committee

<cite>@nupurkum said:</cite> I wrote fraud mat misstatemnt n def of internl controls..

It did say "appart from fraud though..."

Oh no! Sorry I was tlking bt first qs.. Fr that one I wrote effectivness .. cost effectiv .. reporting fr shareholders.. recruiting auditor allows independence. .. n uf they r good controls then less need to appoint external auditor

Another gentle exam! The only "tough" bits were question 1 a corporate governence, the audit risk responses had to be thought out a little but apart from that straightforward. Seen all those questions in previous exams, they were just re-printed with different names on!

<cite>@vipulv said:</cite> Has anyone passed any exams not finishing the paper like missing 10-15 marks. This is what I worried about! :( I got f9 now tomorrow

Yes I did in F5 June 12 sitting. I didn't have a clue abt a section for 10mks and another of 5 marks. I still passed with 63%. I didn't finish this auditing too but I know I am passing. You just have to believe in yourself and give it your all in all. Let's forcus on F9. I am worried of that one. Good luck for tomorrow

The theory was easy, ratios were easy marks, however i think last question was quite technical