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

<cite>@neil.farrow said:</cite> 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!

LOL :D

It was a fair paper, hopefully everyone will success.

It was very good and very properly weighted for the purpose of gaining numbers to win...... but it was very interesting aspect for me that they examine most of the parts of the AA F8 Best Of Luck :)

Fair paper...! Hoping for the best!

<cite>@johnmoffat said:</cite> You are allowed to write on the question paper during the 15 minutes - you are just not allowed to start writing in the answer booklet.

Thank you very much sir . .

Admin please is there a penalty for not ticking the numbers answered and filling the variant written

I have tried my level best to finish all the question but Q4c with 3marks couldnt finish on time...the rest was able to completed. thank god

<cite>@seth1 said:</cite> Hi all. Regarding the types of procedures, I remind all that the question was asking TYPES of procedures to gain audit evidence, and not TYPES of SUBSTANTIVES procedures to use PROVE OR AUIOU. So, my approach was to write controls test substantive test representation letters third parties confirmation evidence from legal authorities as I felt these were different TYPES of acquiring evidence

In order to perform substantive tests and tests of control (which are the main two types of tests the auditor will carry out depending on the strength of the client's control system), auditors can use a variety of techniques/procedures. Go back to your notes. These are the AEIOU, as you know. That is Analytical procedures, Enquiry, Inspection of docs, Observation and Recomputation. Read ISA 500 Audit evidence. Sorry, but you are wrong.

<cite>@danf1981 said:</cite> The substantive tests were PROVE Presentation Rights and Obligations Ownership Valuation Existence and 1 mark for test and one to describe this - easy? I think AEIOU could be used but PROVE is a much better nmemonic for the fixed assets in my opinion

The AEIOU (ISA 500 Audit Evidence) procedures are used also for substantive testing. PROVE are the account balance assertions not the procedures. For example an audit procedure for PPE as in Q5a in the exam will be; I would (me the auditor) physically INSPECT some of the property, plant and equipment and agree them to the description on the purchase invoices or title deeds(for land) to ensure that they EXIST and the client has the RIGHT to control these assets. Do you get the point?

it was difficult

<cite>@sherri said:</cite> In order to perform substantive tests and tests of control (which are the main two types of tests the auditor will carry out depending on the strength of the client's control system), auditors can use a variety of techniques/procedures. Go back to your notes. These are the AEIOU, as you know. That is Analytical procedures, Enquiry, Inspection of docs, Observation and Recomputation. Read ISA 500 Audit evidence. Sorry, but you are wrong.

its ok. I probably lost 5 marks out of this as my tests for PPE were standrad ones (such as depr recalc etc) .

The exam was fair except not to sure on planning

<cite>@tchigbo said:</cite> you know, it is funny how, you sound so sure of yourself, what if you are actually the person who got it wrong? your so called AEIOU, are all Procedures, but the question was not interested in actually procedure, instead, the TYPES of procedures, that why you were asked to give examples... Imagine saying Inspection is a Type of procedure, and then when asked for example, you say inspect purchase documents or invoice etc, and compare Someone who stated that Test of Control, is a TYPE of Procedure, and give same example like you did, which of the two sound professional... trust me, do not say for certain, which was the right answer, since only the examiner know what he had in mind.. For me, my interpretation is that the TYPES of procedures, are Test of Control, Risk Assessment Procedures, Substantive Test of details, Analytical Procedures and Work through test, and trust me, there is no way in this world that you will tell me that you are right and i am wrong and i believe you, unless the model answer says so... the question is a contentious one.. and that, you should appreciate.

I would have to agree with sherri on this issue. The notes were clear

<cite>@tchigbo said:</cite> you know, it is funny how, you sound so sure of yourself, what if you are actually the person who got it wrong? your so called AEIOU, are all Procedures, but the question was not interested in actually procedure, instead, the TYPES of procedures, that why you were asked to give examples... Imagine saying Inspection is a Type of procedure, and then when asked for example, you say inspect purchase documents or invoice etc, and compare Someone who stated that Test of Control, is a TYPE of Procedure, and give same example like you did, which of the two sound professional... trust me, do not say for certain, which was the right answer, since only the examiner know what he had in mind.. For me, my interpretation is that the TYPES of procedures, are Test of Control, Risk Assessment Procedures, Substantive Test of details, Analytical Procedures and Work through test, and trust me, there is no way in this world that you will tell me that you are right and i am wrong and i believe you, unless the model answer says so... the question is a contentious one.. and that, you should appreciate.

I agree with Sherri too. Read what you have written again. The three you mentioned are TESTS not types of proceedures. You are not the only one whose dream has been shattered. I realised I used the wrong figures in F9 - working capital hence getting zero out of 8 on a section I knew very well. Your take on Inspection is sooooo brilliant, definately the whole 2 marks in your pocket if you put it down in exams. Just accept and move on.

I used PROVE and AEIOU for obtaining evidence...

<cite>@tchigbo said:</cite> hi, mate... i think you need to understand what t Procedure are, really... Substantive test of details are procedures performed to obtain evidence w.r.t transaction classes, balances and disclosures Test of controls are procedures performed to obtain evidence w.r.t effective of internal control Risk assessment procedures are procedures performed to obtain evidence w.r.t understanding an entity and its environment as to assess audit risk at assertion level, and Financial statements level Work Through Tests, are procedures performed to obtain evidence that systems work as recorded At least we both agree on analytical procedures So you see, i am definitely not the one, whose dream is shattered... Anyway, sorry to hear about your F9. I did F9, along with P1 and P2, last diet, so can not comment on this diets F9. I actually registered for F8 then, but did not sit for the exams, to preserve my first time passes. I actually sat for F8, P3, P4 and P7 this time around, though i regret sitting for P4. i guess my dreams of getting all first time passes with that regard, have been shattered :).. fingers crossed though. Good luck on all your exams, mate

Seriously, get off your high horse!!! You will be surprised most of us are passing first time .......... lol If everyone was right in every section of the paper, we will all be world toppers. Wouldn't we? Forgive me, if you have secured yourself a place, in the first 5 world toppers, for every sitting.

<cite>@tchigbo said:</cite> you know, i thought you were a reasonable person when i tried to respond to your mail, but i guess i am wrong.. it is my fault that i tried to explain to you that 'tests' are actually procedures. it is even more of my fault that i tried to explain to you the reason why i can not comment on F9... yit is funnythat you were quick to pick out the issue of passes, and yet, ignored the fact that i had to skip a paper i had already registered and paid exam fees for, or the fact that i think that i might have messed up in another.. this cast doubt on your analytical capabilities. i rest my case, mate... and like i said before, good luck

Well, model answers are going to be posted very soon. What happens to you Mr. confident, if you are wrong? Delete all your arrogant posts? I'm sure the person who knew the difference between PROCEDURES and TESTS gave the examiner the right answer. Why don't we wait and find out before we go overboard, for the examiner is always right. I presume.

I said emphasis of matter in the q for the event no2

<cite>@aadjazz said:</cite> That was part C of the question! The directors do not wish to make any amendments or disclosures to the financial statements for the explosion (event 2). Required: Explain the impact on the audit report should this issue remain unresolved. (exam questions already available on ACCA website)

. I said emphasis of matter paragraph as to bring the attention of shareholders of the explosion and its impact .......

<cite>@cristina85 said:</cite> . I said emphasis of matter paragraph as to bring the attention of shareholders of the explosion and its impact .......

I said it required a qualified opinion, because it should have been disclosed,and the directors refused. Had they had agreed to make the necessary disclosure, then I would have issued an emphasis of matter paragraph, to point attention to this disclosure. That's just my opinion, it will be interesting to see the examiner's answers when they become available.

<cite>@tchigbo said:</cite> Hi bayigga, i guess you need to understand what procedures are, really. that way, you will understand that test of controls are procedures... Procedures are ways of obtaining sufficient appropriate audit evidence... and while substantive procedures(substantive test of Detail) are performed to obtain evidence w.r.t classes of transactions, account balances and disclosures by proving assertions, tests of controls(Control procedures), on the other hand, are performed to obtain evidence w.r.t internal controls, that the control exists! Lest i forget, Risk Assessment Procedures are procedures performed to obtain evidence w.r.t understanding an entity and its environment to help assess audit risks at both assertion and balance sheet levels and work through tests are Procedures carried out to obtain evidence that system are, as recorded... So, my dear, you really need to understand what procedures are really... and you see, maybe i am not the one, whose dream was shattered Sorry to hear about your F9. I did F9, P1 and P2 last diet so can not comment on F9... registered for F8 then but wasn't well prepared, thus, i did not sit for the exams so as not to affect my first time passes... sat for F8, P3, P4 and P7 this diet.. Though i regret sitting for P4, since i was not very prepared also.. guess i might not get all first time passes as i would have loved to, but that is life for you :)

Man, I thought you said you had a life and I should get one!!!! Can you follow your owm advise for once please? .... lol

when will acca answer be available for f8

<cite>@masroorulhaq said:</cite> when will acca answer be available for f8

The answers are available now. https://www.accaglobal.co.uk/content/dam/acca/global/PDF-students/acca/f8/exampapers/int/f8int_2013_jun_a.pdf