*** F8 June 2016 Exam was.. Instant Poll and comments ***

I thought the time as extremely short for us to complete all the sections
The MCQs seemed to be ok, but time ran out so I just quickly glanced over them

Did anyone rite about the scattered inventory and that the arehouse needed to be properly organized for the count.
That they should have quarantined the stock belonging to the third party

Lot of riting, I had to request more paper, the invigilators took so long to bring paper
Had to also fill in the details at the front of that paper

Also need ACCA to consider the fact that e are already under pressure and to just keep the names of the companies simple, Lemon Quartx etc.
I mixed up Alexandrite for the name of the financial controller, but managed to correct it though, she as Ann Gem or something like that.

Did my best
Hope to even get a pass.

hi alex can i have your email?

@marsha123 said:
Saajan,
Think you have something mixed up
It as material but not pervasive
Remember pervasiveness is that it affects multiple items on the fs
This only affected the inventory

if the inventory is not correctly valued then dont u think that profits may b affected,incorrec treatment of IAS 2,dislosures,risk of fraud of inventory being stolen nd so on….

The person who put all D for the last four questions is very brave or I maybe incorrect when I answered those questions….

Hi Aliona123,

I have done this 2 years back for F8 when they had just introduced December 2014 which is one of the first papers i managed to finish but at that time i did not know that i had to fill my MCQ answers on the first page so i wrote it just like you.

I think they did take that into consideration as I failed and i most definitely think its because I did not fill in my MCQ as they have stated.

It was a terrible mistake on my part and now i have not been able to finish all the questions on this paper since.

But, hopefully you get through.

What did everyone have for q2?

Can anyone tell me if question about opinion (in case of inventory) was discussed with ACCA tutor if yes, what was the right answer?

That’s correct it was threats to independence which are self review and interest etc

@mariamakhalaia said:
Can u give me link ??

https://opentuition.com/topic/impact-of-the-matter-on-the-report/

@kool786 said:
Q1. Ethical risks (10 marks)
Q2. What are the procedures to obtain SAAE & the procedures on BANK balance (10 marks)
Q3. Audit Report (10 marks)
Q4. Substantive procedures ( PPE worth 6 marks) & (Equity worth 4 marks)
Q5 A. Deficiencies in inventory system (identify,recommendation and TOC) 15 marks
Q5 B. Elements of assurance engagement (5 marks)
Q6 A. Define audit risk and its components (5 marks)
Q6 B. Audit risk and responses (12 marks)
Q6 C. factors that auditor should consider on the assignments given to service organization (3 marks)

1. MCQ = I presume i did well maybe 15 marks here
2. Question 1-5 average with bad hand writing though readable and answered the questions in detail. however six question due to lack of time just wrote few audit risk in bullet point. WHAT ARE MY CHANCES OF PASSING THE EXAM?

God knows ?
well best of luck

MCQ’s are very tricky but all in all I would say the paper was okay and I am hopefull for a pass by the grace of God.Many thanks to opentuition for the lecturers online and the revision materials.I am now looking forward for F5 though not sure if I can be ready for September 2016 sitting your advice will be of help??

@82fran said:
What i don’t understand is if ACCA know we struggle with the time allocated to answer all the questions, why do they feel the need to put in ridiculous, complicated, long company names for both the client and the auditors?? ‘Lemon Quartz’, ‘Amerite’ or something similarly silly, ‘Turquoise’. I just have the time to keep going back and looking at the company name. Keep it simple please ACCA!!