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

All I seem to remember from MCQ was that

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

Anyone same??

Q1 5 corporate governance weaknesses (10M)

Q2 Materiality & performance materiality (5M) & PURPOSE & procedures carrying out during interim audit (3M) & impact on the final audit (2M)

Q3 Fire(40%NCA damaged & $25kinventory damaged but does not deliveries late to customer) & Inventory(defective goods $915K – $50K / $7.9M)
i. FS requires amendment? ii. audit procedures (10M)

Q4 5 Audit risk (10M)

Q5 SP for exception notes of payables and accrual (5M)
Audit procedures can be carried out using CAATs to payables and accrual (3M)
Benefits of audit software (3M)
somethg with lawsuits and impact on the audit report can’t remember the marks allocation.

Q6 Control objectives for purchasing and payment (4M)
7 deficiencies on the above system (14M)
IS reports required – (2 professional marks)

Can ANYONE recall me back the lawsuits marks allocation?? i think this lawsuits questions separated to 3 parts rights? the last part was $2.6M receivables somethg regarding the accounting treatment – contingent assets. what’s the first two parts? and their marks allocation?

@nataliejj said:

Q5 SP for exception notes of payables and accrual (5M)
Audit procedures can be carried out using CAATs to payables and accrual (3M)
Benefits of audit software (3M)
somethg with lawsuits and impact on the audit report can’t remember the marks allocation.

Can ANYONE recall me back the lawsuits marks allocation?? i think this lawsuits questions separated to 3 parts rights? the last part was $2.6M receivables somethg regarding the accounting treatment – contingent assets. what’s the first two parts? and their marks allocation?

The audit procedures for the faulty brakes in question 5c were five marks

Then whether it should be modified with respect to receivables and this was for four marks.

@nataliejj said:
Ohhh i got it…Thanks @samirrules!!!

No problem, how did you find the exam?

Fernando you are right!. Provision of $2.6 million in litigation case was appropriate and should have been properly disclosed. But the treatment of receivable was not right.It should have been disclosed as contingent asset rather than receivable. Since the board refused to amend the statement so the modified opinion should have been made.
I was confused in Qualified or adverse opinion. was the receivable amount pervasive?

@samirrules said:
No problem, how did you find the exam?

I didn’t manage to finish the whole paper…the materiality & performance materiality and deficiencies I didn’t finish but I think overall is quite ok..mcq I think only question 12 am not sure what’s the right answer as am abit panic at that time. I can’t think what’s the question already but I rmb my answer is B.

How’s your?

@amanpreetsaini said:
Fernando you are right!. Provision of $2.6 million in litigation case was appropriate and should have been properly disclosed. But the treatment of receivable was not right.It should have been disclosed as contingent asset rather than receivable. Since the board refused to amend the statement so the modified opinion should have been made.
I was confused in Qualified or adverse opinion. was the receivable amount pervasive?

Was profit before tax not way bigger than 2.6 million though so as it would not be changing profit to loss, it would not be substantial amount and so it would be a qualified opinion.

@nataliejj said:
Hmm….actually f8 is my last f paper…and am taking p1,4&6 this coming June…hopefully everything is fine…maybe I will defer p1 maybe not.. Still considering..

Wow that is pretty impresive, I feel like I can only do 1 paper every 3 months whilst working full time.
Are you working full time as well as that is pretty impressive tbh. Good luck on whatever you decide to do.

@samirrules said:
Wow that is pretty impresive, I feel like I can only do 1 paper every 3 months whilst working full time.
Are you working full time as well as that is pretty impressive tbh. Good luck on whatever you decide to do.

Well am full time student..haha..thank you and good luck to you too^^

well i think in MCQs the first was B the rest i dont remember and the events were first non-Adjusting Event but it was material and disclosure was to be made and the second was adjusting event so if the directors do not amend the F.S in that case the Report were Modified in both cases and Qualified opinion with Except for had to be given am i right??

In my opinion the treatment of the receivable was against IAS Provisions and Contingencies and therefore a pervasive opinion should have been issued

I have my watch on my desk and check the time for each question. 10 mark question will be 18mins, I write very fast when I notice time is almost run out for each question. I normally manage to finish over 90%of whole paper. The remaining is the question I don’t have an answer.

@acca said:
Just started exams after a long time!

It was a reasonable paper!

Although, i still have trouble with managing my time in all ACCA exams!
I can never finish it!

I would love to hear from someone with exam technique tips, managing time, or who have had problems in the past but have managed to change something, which has help them in there exams.

Look forward to hear from you all!

And good luck for the remaining exams! “we shall get there”

I have finished all the papers I have sat so far and most of them with a minute/two minutes left. This is the approach I use.

In the fifteen minute reading time, I highlight the information from the section B questions which I feel will be needed for answering each question, this normally takes about 12 minutes after I have read the question and picked out the relevant info to highlight.

Then I start with the MCQ and try to get them done as quickly as possible to give me as much time as I can to do the longer questions. This normally allows me to save 10-15 minutes which I would then use to spread out over the longer questions.

I then start from Q1-Q6 and I allowed my self around 1 hr 15 minutes for the last two questions and did the other 4 questions in about 1 hr 30 minutes. I feel that by being strict on the time taken for each question and only going over each question by a maximum of 2 minutes or so it allowed me the chance to do all the questions.