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

The inventory was not pervasive, pervasive means that it renders the financial statements unreliable and this misstatement has was only affected the receivables figure in the financial statements. I think it was verifying the inventory amount since they couldn’t do year end inventory count again,

The multiple choice question with internal auditors being never independent.

A colleague said that you could outsource the internal audit department.

I put the question to you, who would they be reporting to and who will be paying them, wouldn’t it be management and if they wanted to keep the contract wouldn’t they do as management requested.

That’s me, i ws hoping for the invigilator to jst shut up for atleast another 15min

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

Both were material but not persuasive

Lengthy paper compared to the time limit. Also , I could not find out the answer to the question Internal control components :S

Paper was fairly ok. Could manage to do 75% of the paper.

Nope the IAS do not override local legislation.

You mean inventory was pervasive?

inventory and receivables both were material i think..

Is there a thing that ACCA will not reward a mark for the MCQ if same was not presented on both question & answer paper??

if qualifay a given audit report, you dont need to have an “emphasis of matter paragraph” rather you would have a “basis for opinion paragraph” above the opinion paragraph. then refer this paragraph back when you qualifay the report on the opinion paragraph.

emphasis of matter paragraph only required if there is a thing that needs user to make focus on (material uncertainity of events in the future) & its properly disclosed on the body of FS

1- receivable was material but not pervassive—qualified with the except for
2-inventory was both material & pervassive–disclaimer opinion!!