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

Detection and prevention of fraud is management responsibility not auditors. Auditors responsibility is to design and perform audit procedures responsive to their assessment of risk in the business in order to provide only reasonable assurance that the FSs are free from material misstatement by fraud or error.

In the Bpp Exam kit there is a question in the audit report section that

had a scenario with inventory just like the one in exam.

You all can take a look as to whether it was except for or disclaimer of opinion.

I can’t remember all the facts in the one in exam but you all who have a better memory can compare it.

big mistake when calculating the % of materiality i forgot to multiply by 100 thus I got immaterial both sides… big big foolish mistke…ummm hw mch was z mark?

@umar1992 said:
How u massed up lillit ???

The last question I did awefully and the rest I dont know. MCQs seemed tricky….I could not remember control elements. I am so sorry I had worked hard and I really dont like audit. The though I have to retake the exam kills me.

come on just dont give up i guess i did not pass to but who knows 🙂

governance as non exectives they provide additional independnt channel of comunication to EA….if u remeber there was a “should” written and says report to governance.this is not a rule they also report cheif/head of internal audit

Yes for the one with loan covenants

A lengthy paper it was !!

@gigi1990 said:
What are analytical procedures funcions?
a)to explore unexpected deviations
b)to obtain reasonable evidence
c)to look if it is in line with auditors expectations
d)to detect material misstatements

Which of these two are right?

To detect misstatement, reasonable evidence is not correct – it sufficient and appropriate. This is why most of us are not counting on 20 marks from the MCQ’s; we may just get ALL incorrect!!!!!!!!!!!!!! YES!!!!!!!!!! Calculate your grade from 80, therefore your expectation is reasonable.

I think It also said at the planning stage so not to forget that before guessing the answer

the first one (receivables) is material but not pervasive, as you can discuss the issue as ‘auditor can communicate with the finance director’ as sufficient evidence that the finance director can resolve the issue in due course, if not before date of the auditor’s report but it will be later on, therefore, there should be modified audit report with qualified opinion since finance director does not want to give any allowance to the receivable balance which means he does not want to adjust the FS (otherise, the report can be modified with unqualified opinion by inserting an ’emphasis of matter’); the inventory issue needs to be discussed as whether the auditor can reply on the work of internal auditor and whether they are independence and competence to prepare ‘inventory court’ such work so that their work can be trusted by the auditor, and if yes, their work can be used as the sufficient and appropriate evidence to be replied on so the auditor’s report needs to be modified with qualified opinion; otheriwse, the new auditor needs to give disclaimer of opinion. so i think there are two opinions for inventory’s issue. What do you think, fellows?

THE PAPER IS TOO LENGTHY, 6 QUESTIONS IS TOO MUCH