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Hello dear tutor..
I hope that you are well…
Q1:In Dec 2015-Q1 we are required to find audit risks(18 marks)…
In the answer it writes 3-4 risks for one part for example for revaluation it said:
First:all assets in the same class may not be revalued and hence the asset and equity may be over(undet)stated.
Second:depreciation may not be remeasured and so the asset and profit may be understated.
Third:risk of inadequate or inappropriate disclosures which donot comply with ias 16 requirements.
Fourth:inhrrent risk of subjective elements in obtaining F.V…(There is a similar situation for share based payment or in other cases for provision ie we can write 3-4 risks for one topic or standard)
Do we get 1 mark for each of the above sentence or we get at last 2 marks for all of them?(examiner said:UP to 2 marks for each risk evaluated and write all of them under revaluation heading)
Please advise me by considering the time pressure…..
Q2:what should we think about if the examiner said “recommend additional information for the evaluation of risk”(it becomes common as a part of Q1 in recent exams(june 2013-dec 2013-….-dec 2015)?(is it correct to say:we must name the forgotten evidences and the reason for each one)
Q3:if the examiner want us to recommend audit procedures(4 marks)…
Is it enough to write 4 complete and precise audit procedures(or we must mention to 8 procedures)?
Thank you in advance
That depends upon how many marks are available! I don’t understand the comment ‘and write all of them under revaluation heading’ – I would need to know the precise question requirement to be able to comment on that
If by ‘is it correct to say:we must name the forgotten evidences and the reason for each one’ you mean that you will ‘make recommendations about such further information that you feel would enable a fuller evaluation of the risks’ then, yes
‘Is it enough to write 4 complete and precise audit procedures(or we must mention to 8 procedures)?’
For 4 marks?
7.2 minutes total time allocation
2 minutes to plan the four points
5.2 minutes to write out your answerIf you are planning on writing 8 (EIGHT) points, that’s just 39 seconds per point!
What do you think?
With thinking like this, it’s no wonder students run out of time!
You’re very welcome – I just hope that you pay attention to the 1 minute 18 second rule next week
I hope that I can apply the rule as much as possible next week….
Thanks alot again
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