*** F8 June 2015 Exam was.. Instant Poll and comments ***

MCQ
1. D
2. C
3. A
4. B
5. B
6. C
7. C
8. B
9. C
10.A
11.B
12.D

Agree. Procedures were all in your face too. How could you remember your mcq answers. I know I started with D.

I had intentions of mentioning going concern but I forgot with all the scrambling to write.

Open Tuition was spot on with revision and tips . Even if I fail, which I doubt you are still better than Kaplan and BPP.

I don’t remember what I put in mcqs except I started like this D D A A for first four lol probably wrong as they don’t match with anyone

The answer is no as the audit engagement letter should be reviewed regardless of the change. Agree?

Yes agree but that’s not the only reason right? Therefore NO is the answer?

components of internal control
control environment
information system relevant to financial reporting
risk assessment
control activities and
monitoring of controls

Hello Colleagues and Buddies:

The forum is to express your opinion on the paper and, I now share mine.

I have wrote this exam before and failed marginally – tired of failure and use a reverse approach to complete and attempt 100 percent of the questions.

The paper overall was very lengthen, and add to that the MCQ’s were tricky; just one word in the question(s) determine the correct answer, some of us mist. In this section – MCQ, number 6 & 9 get the best of me, so a put something down – after elimination.

The test our knowledge on controls and audit reporting quite well – be careful that we answer the question(s) as asked. With one hour remaining, I had 3 – 10 marks questions to go; this after I start the paper from the back. I used 15 min to do #2 – calculating the material of the items – ALL were material; in my mind I mess up on the type of audit report to be issue – inventory except for and receivable was disclaimer.

This paper is too much work and they should reduce the Section B to FIVE (5) questions, not six.

If any of you who are not doing exams tomorrow or next week – work the paper and share your answer, it is not about getting perfect marks but enough to pass – move on to the next objective.

Results will be available on August 8, 2015 – pay by September 8 for discount; there after we’ll be able to do exams four time in the year.

I wish for everyone excellent grade – pass; just remember that miracle is still happening.

Regards,

Result will be available on August 1 Saturday

This was my first ACCA exam and the only F paper I had to do thanks to 8 exemptions from achieving a 2:1 Honours Degree at Uni.

First time studying and working full time at the same time.

I put in a ridiculous amount of effort to the point I had no work/study/social/family balance for 2-3 months. Doing an hour or so before work with 2-3 hours after. Weekends spending many saturdays and sundays studying all day. Even took over a week off prior to today to study for it, did not want a resit!

Definitely put the effort in but problem was information just wasn’t going in the same way it did while studying at Uni. I was seriously struggling to recall information to answer the questions well.
Potentially due to the lack of lecture/tutorial full time study structure or perhaps I went the wrong way about it by reading the BPP book a couple of times, learning from doing questions with answers, passcards and reading the articles. I only used the initial OT lectures here to break me into the study and not convinced they helped at all to be honest.

Todays exam questions looking at it seemed okay, problem was the information didn’t come to me at all for substantive procedures which was a major screw up.

Also Q2 confused me as it said “Describe a Test of Control for….” which made me think they just wanted 1 for all of them as opposed to 1 for each bullet point…..either way my mind went blank on Tests of Control. Question 6 was also a near write off! Even the questions I did answer under the pressure I more wrote what should be done as opposed to procedures at times. Substantive procedures are awful things to learn as they’re soooo different depending on the scenario!

Gutted I put so much effort in and definitely answered less than 70% of the paper. Majorly f***** off.

No point of dwelling on it now though. I have my life back, get back into normality and then think over my next step from here. I absolutely hate auditing with a passion. Its a shocking topic I will never f****** use in life and it has a ridiculously wide scope of what could crop up! Part of me thinks having covered so much may be the reason I fail to recall information, too much to keep track of. Feels like I touched the surface more than deep in the water if you get me?

To add some humour and put it in auditing terms….

There’s about as much chance of me being given a pass in that exam as there is of the auditor of Sevco (‘The Rangers’) FC being given an unmodified report having prepared their Financial statements on a Going Concern basis with no disclosures!!!

I agree, both receivables and inventory were material but not pervasive.

The multiple choice wasn’t bad but there were a few of them that was tricky.

I believe there were too many audit procedures from test of control to substantive procedures. Every type of financial statement item was tested from non current asset receivables, payables, bank, and inventory.

Too may questions for that amount of time most people didn’t finish.