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

Fair paper…! Hoping for the best!

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

<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?

<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) .

<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

I used PROVE and AEIOU for obtaining evidence…

<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.

<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>@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

<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