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

MCQ was 50% tricky (20 mrks)

Sec B:
1.Substantive test on PPE/ loan (10mrks)
2.Ethics threats (10mrks)
3.Sampling methods/ how auditors will react over sampling mistatements (10mrks)
4.substantive tests at final review (overall)/ materiality test/ impact if no measure is taken (10mrks)
5. Ratio Analysis/Interpretation (20mrks)
6. Internal control strengths/Deficiencies/substantive test on payroll expense (20mrks)

If someone can remember each MCQ will be great!

@shivvy said:
for the Q5 2nd part, I think it was going concern with uncertainty since the marketing advertisement strategies used was uncertain for sales. And since he did not disclose it in the fs.. there is no emphasis. It is qualified or adverse.

Correct me if I am wrong?

You are right but did they mention the directors didn’t disclose the issue?

Hi all and good luck.

I didnt like this exam, i also ran out of time mid way through quesiton 6, fear I might have to resit it and I find this the most boring subject in ACCA so far 🙁 It seems most of it is just about waffling in the exam and surely the answers are subjective? Where they say in the question ‘you are auditor of x’, well auditors give their opinion so therefore noone can really be wrong if they make a reasonable argument surely.

Question 6 – were you just to list the problems and how to fix them? e.g One weakeness, no one is watching the employees swipe in so open to time abuse, solution someone should watch the employees sign in ect? Then list the strengths like someone checks the wages back to the list of employees, there is a unique employee number ect ect

Question 5 – I wasnt expecting ratios in this paper, but having done F9 last time I think I was fine with calculating the Ratios done Profit Margin, Operating Margin, Current Ratio, Quick Ration and Inventory days but Ididnt know how to relate them back to anything about making material misstatement.To me there was nothing obviously wrong with the ratios in 2015 that would suggest any major problems like going concern

Can anyone remeber all the mcq, I really can’t remeber any but felt these went ok

Frankly it was kinda all easy. I did attempt all questions. lets see. #fingurescrossed

i rate the paper is okay!!!!
if anyone has prepared the past exam papers then it is easy for him.
thats all i have to say
wish everyone bestof luck for results.

In one of the MCQ…was the answer: Value For Money(VFM)?

One mcq where asking about responsibilites about laws and regulations?
Mangement
External auditor
Internal auditor
My answer external

I put operational but could be wrong. isnt VFM trying to find best deal? what was the definition again?

@anujadas4 said:
yes 1st one is not material as less than 1 % and second one material but unmodified report with emphasis on matter paragraph as they said they won’t get full information abt it till after end of financial year.

But “Emphasis on matter” is done if it is disclosed in FS, which wasn’t.
So material, pervasive, not disclosed -> maybe adverse?

About the responsibilities:
It is the responsibility of management to ensure that an entity complies with relevant laws and regulations. It is not the responsibility of the auditor to either prevent or detect non-compliance. But it was 1 mark if I’m not mistaken.

Answer is definately Operational there was actually an almost identical mcq question in the BPP book.

I put a disclaimer of opinion for the second part of the material mistatement question, not sure this is right tho

If I’m not mistaken it was like who has the responsibility to ensure that FS are prepared based on standards “external auditors” no? 🙁

But it is in ISA that it is auditors responsibility to check that client is following laws and regulation… And have to report if it is not compliance with that….auditors responsibilities..