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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.
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<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…- Topics: 0
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Does anyone know the 4 app. Controls Q1 c?
Thnx- Topics: 0
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<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
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<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- Topics: 0
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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!
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<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 tomorrowYes 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
<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 tomorrowOh trust me i missed entire 25 marks question in F5, yet passed on 58, and 20 marks in F6, and passed on 60
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it was not adverse..it was material not pervasive…so qualified opinion
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yup..i knew the ans to q4(a) and hopfull to score well in it
3 b
– calculate 5 ratios that will be useful for audit senior in planning the audit. 5 m
– using ratios calculated identify 5 risks and give auditors responce to each of those risk while planning the audit. 10 m4 a i list and explain 5 substantive procedures.
ii give examples of appliation of this procedures in respect of property plant and equiptment
total 10 mb – how new internal audit department could assist the company in accessing(?) fraud and error; 3m
c which other functions the management of can ask the internal audit department to do 7mMost of my paper went well. But i got a part of last question wrong. I wrote that both were adjusting events and adjustments need to be made. For the report i went with Qualified with except for.
Now i am afraid, i here is there is a conceptual error in last question, they fail you ? 🙁
Yes.. but mayb if u got procedures fr amendment etc correct… u cn gain a few marks.. well atleast u did rest of the paper well eh…
Very easy and all expected question . .. Hoping for good score.. Thank you so much opentution…
<cite>@moazamrohani said:</cite>
it was not adverse..it was material not pervasive…so qualified opinionhow? it was effecting multiple items
As for exam ..
as usual with F8 🙂
3d attemptyou attempt all parts of all questions, u write on 2 booklets , u feel you write the right ideas and they are full and clear.
You think you did very well ..then you get your result and it’s a bad fail 🙂 not 48 ..but a baad fail 🙂
i do not ask for suggestions that i should improve my exam technique ..i just say that F8 is …interesting 🙂
Item is pervasive if the impact is on all of the fs or substantial part of it… so both wre material.. they can b calculated as percentage of pbt n revenue.. first was material modify report n adjust ecen. Second non adjusting provide disclosure..
<cite>@tchigbo said:</cite>
affected only inventory, valued at $0.85million instead of the realisable value of $0.1million…
though in the procedures, you need to check if there are lagal cases brought against the firm since chemical substance are highly dangerousim talking about explosion, it damaged multiple items
The condition didnt exist at time of report. Not adjusting. But its material.. hence disclaimer…
<cite> @captmario said:</cite>
im talking about explosion, it damaged multiple items
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