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

Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › *** F8 June 2013 Exam was.. Post your comments ***

  • This topic has 146 replies, 76 voices, and was last updated 11 years ago by neilsolaris.
Viewing 25 posts - 76 through 100 (of 147 total)
← 1 2 3 4 5 6 →
  • Author
    Posts
  • June 6, 2013 at 5:47 pm #129967
    captmario
    Member
    • Topics: 59
    • Replies: 165
    • ☆☆☆

    <cite> @nupurkum said:</cite>
    The condition didnt exist at time of report. Not adjusting. But its material.. hence disclaimer…

    disclaimer? :/ its either adverse or nothing

    June 6, 2013 at 5:50 pm #129968
    nupurkum
    Member
    • Topics: 9
    • Replies: 46
    • ☆☆

    Oops I meant disclosure. Also in that case modify report qualify opnion n except fr para.
    Yes yhere is disclaimer just to clarify.. wen item has misstatements .. is pervasive n there is insufficient evidence.. surely not in this qs..

    June 6, 2013 at 5:53 pm #129969
    tabsom
    Member
    • Topics: 18
    • Replies: 43
    • ☆☆

    hope i remembr is correct 😛
    q1)
    a- 14 mamarks question on deficncy,effects and recomendation(4 marks each with 2 marks fr presentation)
    b-i- the auditor and those charged with governence -comunication (3 marks)
    ii- the 2 maters to b comunicated wth thse charged wth governance.(2 marks)
    c- substantive procedure on bank and cash (7 marks)
    d- compltness and accuracy of entering data.(4 marks )
    30 marks question
    q2)
    a- ethical threat -(5 marks)
    b- managment assement for going concer and auditor for going concern(5 marks)
    10 marks question
    q3)
    a)
    i-calcaulate ratio,
    ii- audit risk (10 marks)(5:5)
    b) 5 audit procedure with example -10 marks

    q4)
    a) intenal audit department -detection of fraud(5 marks)
    ii) other duties that intrnal ausit can do(5 marks)
    b) material and performance miissstatement(10 marks)

    q5)
    a) elemnts of audit engagemnt-marks 5
    b- 2 events were give
    chemical piosened,assests on fire
    i) efect on financial statemnt,
    and audit procedure(total 13 marks)
    ii) effect on auditor opinoion(2 marks)
    total 20 marks

    June 6, 2013 at 6:04 pm #129976
    nupurkum
    Member
    • Topics: 9
    • Replies: 46
    • ☆☆

    Yep thts wat I did.. I hop ppl hvnt confusd corp gov with those chrgd wth gov…

    June 6, 2013 at 6:06 pm #129977
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 1
    • ☆

    <cite> @tabsom said:</cite>
    hope i remembr is correct 😛
    q1)
    a- 14 mamarks question on deficncy,effects and recomendation(4 marks each with 2 marks fr presentation)
    b-i- the auditor and those charged with governence -comunication (3 marks)
    ii- the 2 maters to b comunicated wth thse charged wth governance.(2 marks)
    c- substantive procedure on bank and cash (7 marks)
    d- compltness and accuracy of entering data.(4 marks )
    30 marks question
    q2)
    a- ethical threat -(5 marks)
    b- managment assement for going concer and auditor for going concern(5 marks)
    10 marks question
    q3)
    a)
    i-calcaulate ratio,
    ii- audit risk (10 marks)(5:5)
    b) 5 audit procedure with example -10 marks

    q4)
    a) intenal audit department -detection of fraud(5 marks)
    ii) other duties that intrnal ausit can do(5 marks)
    b) material and performance miissstatement(10 marks)

    q5)
    a) elemnts of audit engagemnt-marks 5
    b- 2 events were give
    chemical piosened,assests on fire
    i) efect on financial statemnt,
    and audit procedure(total 13 marks)
    ii) effect on auditor opinoion(2 marks)
    total 20 marks

    Can you remind me what exactly he asked in material and performance misstatement

    June 6, 2013 at 6:17 pm #129982
    Matseliso
    Participant
    • Topics: 0
    • Replies: 5
    • ☆

    I wasn’t too sure about the audit procedures,and I didn’t finish.As usual;-(

    June 6, 2013 at 6:20 pm #129985
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 5
    • ☆

    it does matter that it was affecting multiple items..overall effect was not material and event was non adjusting because there was explosion after year end nd only disclosure was required…managmnt refuse to privid disclosure …qualified opinion should b given

    June 6, 2013 at 6:23 pm #129986
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 8
    • ☆

    I thought the exam was pretty good. Finished about ten mins early as well! Dunno what other people were referring to re:Q5, though I put that explosion was non adjusting as was after yearend. Also, no material affect on any balances, and can’t have emphasis of matter as not disclosed so do nothing (also mentioned going concern possibility if down to chemicals combusting to cover all possibilities). Ask management why, consider management integrity and possibly resign and speak at AGM?

    June 6, 2013 at 6:26 pm #129987
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 6
    • ☆

    thanks open intuition to help me to study ; because of the material learned I knew all the questions; question remain if I used the verbs properly and if the examiner can read my 🙂
    sentences….
    hope to pass

    June 6, 2013 at 7:03 pm #130004
    AM
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    ANSWER PLZZ…

    What additional duties internal auditors perform excluding detecting frauds and errors…. ?
    procedures of obtaining audit evidence “sampling” is right or not ??

    which five ratios are required to calculate e.g. GP Ratio

    June 6, 2013 at 7:15 pm #130006
    Shahzad
    Member
    • Topics: 0
    • Replies: 3
    • ☆

    I wrote
    Value for money audits on economy efficiency and effectiveness
    Carry out assignments on it & systems, compliance with laws nd regulations
    Make recommendations to management abt internal controls
    Carry out mystery guest review by pretending they are guests in order make further recommendations
    Abt service etc

    Same question was in the dec 2010 exam so I knew it from there

    June 6, 2013 at 7:16 pm #130007
    Yulya
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    hi! Conserning question 5 (Exposion) – I had written that the matter was material (as it higher than upper limit of acceptable level of revenue and PBT) but NOT pervasive. As far as I understand many people wrote the same.
    But why you think it is NOT required amendment???? As a result of explosion inventories which WERE in stocktake as at the year end had been damaged!!! Or I understand incorrectle??? Such inventories did not exist as at the year end???? waiting your answers!!!!!!!!!!!!!!!!!

    June 6, 2013 at 7:25 pm #130010
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Even though the inventory WAS in there at the year end, what was the condition of the inventory AS AT the year end?

    Typically, one-off events are non-adjusting events and require merely disclosure rather than being reflected in the numbers within the financial statements

    June 6, 2013 at 7:29 pm #130012
    Yulya
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    🙁 Thanks… )))) then in case I correctly indicated that the matter is material but not pervasive but incorrectly pointed the nature of the matter than I lost 1 mark?

    June 6, 2013 at 7:37 pm #130016
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Yes, the beauty of these ACCA exams is that they are not ALL OR NOTHING. A wrong conclusion is a lost mark. But there are lots of other marks available for the discussion about the various matters involved.

    June 6, 2013 at 7:42 pm #130017
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 42
    • ☆

    Hopefully I got this one out of the way. Never done audit, never worked in it and never want to – just want to get onto P2 and P4 and P5 ASAP!

    June 6, 2013 at 7:44 pm #130019
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 42
    • ☆

    Requirement was easy – 3 marks for explaining each and 3 substantive procedures for each to prove it was legit. No more no less

    June 6, 2013 at 7:44 pm #130020
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 6
    • ☆

    The questions were just occur.there is no absolute conclusion about my work but hopefully,will scale through.there are hidden technicalities to some of d questions.e.g.identifying audit risks with reference to scenario and ratios calculated.was stuck there,applications controls too.pray I scale through.fingers crossed

    June 6, 2013 at 8:03 pm #130029
    Shawaiz
    Participant
    • Topics: 0
    • Replies: 10
    • ☆

    elements of assurance engagement was it ?

    June 6, 2013 at 8:36 pm #130042
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 4
    • ☆

    When will the answers be available?

    Think question 5 wasn’t very nice.

    June 6, 2013 at 8:47 pm #130046
    tinafr
    Member
    • Topics: 0
    • Replies: 3
    • ☆

    I thought Q5 only asked what the opinion would be if they didn’t want to amend re event 2? .. EEck

    June 6, 2013 at 9:06 pm #130050
    cardine
    Participant
    • Topics: 4
    • Replies: 135
    • ☆☆

    It is a passable paper. Time pressure is what I cannot handle in this exam, and I throw out the marks for the threats to integrity and objectivity – Self interest and self review, advocacy, familiarity and the supply of other services. Time was running out, so I went a start #1 to capitalize on my marks. I hope to see a pass, if the examiner desire to release me on this occasion. All the best to everyone.

    June 6, 2013 at 10:22 pm #130069
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 4
    • ☆

    <cite> @chish said:</cite>
    Not bad…not bad at all 49+2 hopefully

    I think your right- or we are both wrong!!

    Tip- I used an online scrabble word finder to get more Mnemograms- CRIME for 5 elements of an IC system- Control activities/ risk/ Info system/ Monitoring/ Environment..

    Best of luck 🙂

    June 6, 2013 at 10:36 pm #130073
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 42
    • ☆

    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

    June 6, 2013 at 11:25 pm #130079
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 2
    • ☆

    I thnk xam was easy,around 30marks were direct and not askd much abt toc and tod,
    Hope i wil pass

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  • The topic ‘*** F8 June 2013 Exam was.. Post your comments ***’ is closed to new replies.

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