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How about the last questions on the factors that the company outsources the payroll?
@seishirou said:
How about the last questions on the factors that the company outsources the payroll?I wrote about
The reputation (whether there are bad practices in the past)
Whether they follow the proper FR framework when preparing the payroll report for clientBut I’m not sure whether I’m on the right track
For the first question Ethic risk. What if I answered it with ethical threat :(( will I still get some marks? Or totally 0
@kelvinlengg said:
For the first question Ethic risk. What if I answered it with ethical threat :(( will I still get some marks? Or totally 0I don’t understand your concerns? Is it right that the questions require to write the ethical threats and safeguards?
You may read the contents in this link:
https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f8/specimen/f8-specimen-d14.pdf
ACCA uses the word “risk” = “threat”
(page 14)@seishirou said:
I don’t understand your concerns? Is it right that the questions require to write the ethical threats and safeguards?You may read the contents in this link:
https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f8/specimen/f8-specimen-d14.pdf
ACCA uses the word “risk” = “threat”
(page 14)Please check out the following examiner report for dec 2013 paper q4 last paragraph:
But hopefully u were right!
I don’t think so it’s pervasive to FS’s, data lost can be compared with other 10 months, if any significant excess paid in those 2 months, then it’s pervasive to FS.
@ellurshivukiran said:
I don’t think so it’s pervasive to FS’s, data lost can be compared with other 10 months, if any significant excess paid in those 2 months, then it’s pervasive to FS.Plz refer to the ques MINIE Co June 2011. the story was almost same but here the material was pervasive coz it represents 88% of PBT.
@harisssshh said:
It wasn’t pervasive as only inventory records were destroyedI think it is pervasive because the closing inventory is 80-81% of profit before tax if I remember correctly.
I just checked Q5 (c) December 2012 exam which was also about a virus and all accounting records about receivables ledger were destroyed. The answer for it was also a disclaimer of opinion.
By the way, I think this session was quite tricky. I was 100% sure the control question was about sales system this time since the last time it came out was December 2014. So I only concentrated on sales but it turned out control on inventory count which has never been asked before in previous sessions. What were your tests of control ? Mine were mostly attending inventory count and observe… Maybe they are wrong
About ethics question, what was your explanation on Alexandrite’s financial controller asking engagement partner to disclose going concern issues of other client who was Alexandrite’s debtor ? Is it a confidentiality threat or conflict of interest ?
I also answered that the auditor should attend the count and observe and i wrote that more than once for the question you refer to
For the ethics question i wrote that it was a conflict of interest as both companies operate within the same supply chain.
@accastudent1986 said:
I also answered that the auditor should attend the count and observe and i wrote that more than once for the question you refer toFor the ethics question i wrote that it was a conflict of interest as both companies operate within the same supply chain.
Well if I remember correctly the question didn’t mention they operated in the same industry or not. If it did then it should be conflict of interest. My answer was a risk of breaching confidentiality.
Same supply chain not same industry, industry is irrelevant as it’s about the conflict of interest being caught between 2 parties that want information about each other which would constitute a breach of confidentiality
Breach of confidentiality wasn’t listed as one of the ethical threats, they were self-interest, self-review, intimidation, familiarity, advocacy
@accastudent1986 said:
Breach of confidentiality wasn’t listed as one of the ethical threats, they were self-interest, self-review, intimidation, familiarity, advocacyThe question asked for ethical risks which was not necessarily confined to 5 threats only. You should check the examiner’s report someone referred to in a previous post in this topic.
@saajan said:
what deficiencies you guys identified?
mine were
1. counters from warehouse dept
2. inventory sheets contains quantities
3. separate sheets not sequentially numbered (assumed, as there were no indicator of being numbered)
4. areas once counted were then not flagged.
5. counters had given code to access the inventory system where higher value of FG were there.Mine were
1. counters from warehouse dept
2. inventory sheets contains quantities
3. counters only did one-way testing, it should have been two-way : floor to sheets and sheets to floor
4. areas once counted were then not flagged
5. rented out bays were scattered throughout the inventory floor, increasing the risk of inventory being mixed up, especially when 3rd parties did the same operations@hoangduchung1903 said:
The question asked for ethical risks which was not necessarily confined to 5 threats only. You should check the examiner’s report someone referred to in a previous post in this topic.I wrote advocacy threat as it seems that firm is acting on behalf of their client so the objectivity of the audit can b compromised.
Not confirm as this is rite bcoz as i ran out of time i just wrote this one.@saajan said:
I wrote advocacy threat as it seems that firm is acting on behalf of their client so the objectivity of the audit can b compromised.
Not confirm as this is rite bcoz as i ran out of time i just wrote this one.The financial controller just asked the partner to disclose information to him in private only so I don’t think it was an advocacy threat
If he were to ask the firm to publicly enquire the debtor on the likelihood of the debt payment then it would be an advocacy threat.
I got an impression that the Alexandrite question was asking about threats to INDEPENDENCE. So the request to disclose info on a partner is more about _confidantiality_ and doesn’t have to do much with independence. Am I wrong?
I identified:
1. Client’s employee joins the auditor (suggests they have established close relationship – I assume it works this way too)
2. The client’s former employee will be auditing the client
3. The former employee holds shares
4. If the auditor takes tax administration the total fee might be above 15%
5. smth else – can’t rememberI feel exam was a little bit too easy comparing with other ones like F7 or F6, i was 30 min late and finished 10 minutes early.
I am quite confident with my McQ answers as I think 9 of them should be perfectly right giving me at least 15 marks.
F8 section b is not predictable, as you will need to write to the point to impress the marker.
There is chances of failing section b for most of the people as they write way too much but not to the point which make them feel confident until the results come out.@siknagudruole said:
I was 30 min late but managed to answer all questions.You might have written too brief? otherwise time was too short.
I just did a very stupid mistake … I numbered my 1st Question as 2. I don’t know, i answered that really well i remember :'(
@rakshya said:
My McQ answers:
1-c
2-b
3-c
4-a
5-d
6-c
7-c
8-b
9-d
10-d
11-d
12-dAre you confident about it?
I got the same answers as you from no1 to no7! except for no8 I cant remember..and
last 4 mcqs I got : BBDA
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