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Risk responses are more like the overall approach. We are at the planning stage, and by identifying the audit risks, we form an approach to focus more towards that direction.
Substantive procedure is more like a “step by step” thing.
So for example, a company has done a revaluation on its NCA half way through the year. You have identified a risk that the depreciation for this year may be charged incorrectly. Your audit response should be to perform further testings to ascertain the correct depreciation charges are recorded by appropriate time-apportionment. One of your substantive procedures may be to recalculate the depreciation charges accordingly (may need to elaborate more).
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sharlene17 …. yes I attempted all questions last time, but I probably didnt write enough of what was required and I thought I would have passed it
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ya allah pass
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Hi
Last time I got 47 marks. Hope I get 50 marks this time.
I also wrote that this is a first year of audit of this company so the auditors have not enough understanding of the business. I saw this in previous attempt that’s why i wrote this :P.
You should be able to pass but one thing with is you never know, it can be deceptive. Be relaxed and hope for the best
The exam was ok but I had time management issues. I had to rush d last two. But with God I know all is well
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Wow! brilliant easy paper ever in F levels! great.. expected topics only came
and watever i revised in half-a-day (after f7 -.-) only came! hope correction not gonna be so hard… audit risk… :-\
donno if i mixed up wid Business risk
overall.. nice..and lot better than f7
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it was OK, but forgot most of things during the exam.
I misunderstood the “Going Concern” question wrong .I thought that they needed reasons why the company is a going concern (surviving), not the opposite T_T. DAMMIT!
the last question, Clarinet part B asked for indicators “why Clarinet is NOT a going concern”….but there seemed to be quite a lot suggesting that they were a going concern. Anyone wondered if the question supposed to be suggestions for Clarinet ACTUALLY BEING a going concern?……seemed weird.
Am just starting ACCA in december. I wonder hw my journey wl b like. I need basic tips on concentration techniques.Thanks
question was clear
Explain SIX potential indicators that Clarinet Co is NOT a going concern.
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The only issue I faced was completing the paper in a given time frame.
Question no 4 and 5 were the easiest…I was praying for examiner to test corporate governance and yes it was tested in question 4 🙂
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We’ll Acca should seriously consider giving gaps In exams.
It becomes extremely difficult in revision for consecutive papers :@- Topics: 0
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I liked the questions and it was a balanced paper,however, I ran out of time for the last two questions. I hope I pass or else I will deliver my best in next session.
Question one was too lengthy. Generally the paper was fair but the time was not enough.
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I think it wasn’t really about the materiality, it’s about disclosing the material uncertainty. So I wrote that the auditor should review the disclosure made with regards to the material uncertainty. If adequate, he should issue an unqualified opinion with an ’emphasis of matter’. If not adequate and management refuses to make adequate disclosure, he should issue an adverse opinion.
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though I failed to finish on time, the paper was fair.
can someone tell me why when you are in an exam room that the time your brain shuts down one you. I was unable to explain the three E’s in VFM audits. how hard could be to explain what is meant by economy? huh?
it happened to me in F5 too last year i could calculate expected value and i did a million and one example leading up the exams. its a wonder we pass exams sometimes when things you know seem to fly out your head in the exam room.- Topics: 0
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what was the last question said regarding indicators of going concern problem? was the requirement only asked to identify them or it needed to explain them??
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