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6th A was 4 Assertions relating to transaction and events
Occurence, Accuracy, Completeness, Cut-off & Classification
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Anyone doing P2 on Tuesday?
the Audit risk question had many risks…
some were identifiable
but then there was one where the matter was material on a going concern basis, I may be wrong their, i dunno !! 🙁
or may be it was the previous question no.4,
I just know i had a going concern assumption in one of the answers!
too much question and it was very hard to manager the answer. Overall it was not very difficult.
Don’t forget that marks are given for different answers so even if nobody else had included it, if it is right you will get the points.
@dushyan07 said:
I used
completeness, records, presentationnothing wrong in that, just that i kind of followed the book (Mugged it up)… ur answer is just as right 😀
I dont think there was any mention of Going Concern in the question itself but I made it into a going concern point 😛
@elitsssa said:
Don’t forget that marks are given for different answers so even if nobody else had included it, if it is right you will get the points.😀 😀
@Bill the butcher I think the bank loan had covenants attached to it… (something to do witht profit based) if the company doesn’t make enough profits then they’ll have to pay the loan back. This may cause going concern. That’s what i said anyway 🙂
@karnalahmed said:
I dont think there was any mention of Going Concern in the question itself but I made it into a going concern point 😛yes I did too :D, finally !!
@ej74 said:
@Bill the butcher I think the bank loan had covenants attached to it… (something to do witht profit based) if the company doesn’t make enough profits then they’ll have to pay the loan back. This may cause going concern. That’s what i said anyway 🙂& another sufficient appropriate evidence for that answer of mine !! Thank u 😀
Hey I have managed to drop the Q6 without answering? Will they give marks out of 80? Just time pressure!
Please
@hessey said:
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.??
Please enlighten me…. Question 1 Ethical threats what was it about???
jomantess – I think it was “identify 5 ethical threats and what the auditor should do to reduce the threats to an acceptable level”? It’s the self-interest, self-review, familiarity, intimidation and advocacy one but the way the question was worded seemed as though you didn’t have to name them all i.e. you could have 3 self-interest threats and 2 familiarity ones if that was what you identified from the scenario? Anyone else get the same idea?
@kutiez2005 said:
jomantess – I think it was “identify 5 ethical threats and what the auditor should do to reduce the threats to an acceptable level”? It’s the self-interest, self-review, familiarity, intimidation and advocacy one but the way the question was worded seemed as though you didn’t have to name them all i.e. you could have 3 self-interest threats and 2 familiarity ones if that was what you identified from the scenario? Anyone else get the same idea?Same..
few Self-interest & familiarity threats…. i think that was it, there may have been a self-review threat, but im not sure if it was this question or the Kaplan mock i practiced just b4 the exam..
For Q6 receivables the following test is okey?:
“Obtain list of receivables accounts and compare it to the general ledger”
I got:
Old partner (7 years) doing review – familiarity threat
Overdue fees – self interest threat
Fees too high a % of auditor income – self interest threat
Auditor asked to help appoint NED – familiarity threat
Auditor to sit with audit committee – not really sure which class of threat this is but it’s obviously not going to work as the audit committee is supposed to assess competence of the external auditors amongst other thingsi think over all exam was good, the 1 long question was extremely hard to answer although some points were straight forward other all were good. GoodLuck for all of Us
Paperwas ok i think so
i dont know how you people manage to remember your answers to mcqs
But where can we get a definite answers and the question paper?
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