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Why can’t they ask like they teach us? IA reports to the Board/Management and EA reports to the Shareholders. Grrrrrrrrr 🙂
Hahah… why does it have to be 6 huge questions ??? aren’t 5 enough to examine the whole sylabus ?? 🙁
anyways an “OK” paper overall, hopefully get a pass
At this question was the True the following ” The Scope of internal audit is determined by those cahrged with governance” ? Was it? Or I remember incorrectly?
I thought I had finished when I finished Q5… only to my surprise there was the 6th Question with 20 min to go!!!!!! Boy I never written so quickly in my life 🙂
No…. The choices were… a) EA’s report to the Those Charged with Governance or
b) IA’s reports to the TCWG……The answer was one of them but I had to think on this for a while….. (the other 2 answers were wrong!)
@Adam, dont remember it in True or False, but actually yes, it is determined by those Charged with Governance
No the answer was exactly like Adam said ” The Scope of internal audit is determined by those cahrged with governance”, this is the reason why i choose the other possibility.
They should be independent so the scope it is not determined by those charged with governance.
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They may well have called the exam, the “Substantive Tests Exam” instead of Audit and Assurance. I guess the examiner thought that people struggle a lot with substantive tests and decided to go gung-ho.
My advice to anyone taking this exam next is to revise substantive tests more. Also don’t waste time reading the multiple answer questions during the 15 minute reading time, instead use that time to plan the other answers (it really helped)
dunno abt u but i take time getting those substantive procedures going in my head, so yes i took a while on that question 6, and it sure was a very lengthy paper 🙁
Hey Guys what about true or false question,,,there was a significant change in the ownership,,,,
What about the last MCQ question? substantive procedure to ensure depsatched completely and correctly invoiced.
the Significant Change in ownership will cause the auditor to review the engagement , something like that ?
and then true or false.. (1)
Some of the McQ where tricky. 6 questions is too much
But overall they were all good questions, I finished them
Question one. Ethical threats
Two. Component of Internal control
Three. Receivables and inventory.
Impact on audit report.
Four. Deficiencies and recommendations
Five. Auditors responsibility on prevention and detection of fraud and error
Audit risk
Review engagement and external audit.
Six. Four assertion
Substantive procedure.Pls can some tell me what the question six A is.??
@boringaccountant said:
the Significant Change in ownership will cause the auditor to review the engagement , something like that ?and then true or false.. (1)
Me too, I answered yes.
The other question I answered that the scope is determined by those charged with governance.for the fifth question, did u include a ‘going concern’ status anywhere ?? anything u can remember ?
@boringaccountant said:
for the fifth question, did u include a ‘going concern’ status anywhere ?? anything u can remember ?I have never used going concern in this exam 😀
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