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- Replies: 34
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@emmanuel_taf said:
There were so many risks that could cause errors in the first part of the scenario as well as the last :i put in :
going concern risk – 60% of sales from one client only
imports from asia – forex risk translation errors from wrong exchange rate
financial controller taking over FD role – might not have enough experience therefore errors might be overlooked
going concern risk – reduction in prices
etc etc there were a lot more risks than the mark allocation which was good ! 🙂I wrote the same points 😀 and i agree with you on this! how much we think alike 😉
@emmanuel_taf said:
to verify the bank balance i wrote
1. bank letter
2. inspecting bank statements
3. reviewing reconciliation and re-performing bank reconciliation
4.review the cashflow statement
5. review cashflow forecasts (including past forecasts)
cant remember what else i wrote but i had 7 reasonable proceduresi missed reviewing cash flow statements your other points regarding this is matching mines.
Regarding the question what are the elements of assurance engagements…Every body stated the types of assurance services: review, agreed upon procedures and etc
Maybe the answer is Intended users, responsibile party, practitioner, criteria, subject matter…? I took this from the definition of assurance engagement…- Topics: 6
- Replies: 34
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@usman009 said:
what about elements ? i wrote independent practioner, opinion, subject matter , suitable criteria etc…Regarding contents related to assurance engagements That is correct and you are the first person who’s answer is matching with mines!
another point you missed –> responsible party 🙂 but i missed suitable criteria
i just bak home after attending f8
it waz nt v tough except i left qs 1 part a of 10 marks
i hope i ll pasbestis 4 awl ma frnds….
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- Replies: 18
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@emmanuel_taf said:
to verify the bank balance i wrote
1. bank letter
2. inspecting bank statements
3. reviewing reconciliation and re-performing bank reconciliation
4.review the cashflow statement
5. review cashflow forecasts (including past forecasts)
cant remember what else i wrote but i had 7 reasonable proceduresI had a llittle more but I’m not too sure about my additional answers they were my best guesses:
I also included…
– comparing cash in trasit to previous periods for initial indication of accuary and completness,
– bank conformation that cash is not held as security for loans or as fix deposits ( valation , classification)
– ensuring the figure on the yr end recon agrees to the ledger and cash in the balance sheet ( accuary,)- Topics: 0
- Replies: 18
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How did you guys go about question #1?
Did anyone try to identify the risk according to inherent risk, control risk and detection risk… ?
I’m not confident but that was my approche … first I defined AR according to those 3 component and then tryed to identify risk in the senario accordingly …
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- Replies: 34
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@yeah2009bb said:
How did you guys go about question #1?Did anyone try to identify the risk according to inherent risk, control risk and detection risk… ?
I’m not confident but that was my approche … first I defined AR according to those 3 component and then tryed to identify risk in the senario accordingly …
i did the same way 🙂
The paper was easier than i thought it would be. I was quite worried because I was expecting a more difficult paper based on past papers. I dont know if it was because of the new examiner but im thankful. Hopefully what I wrote made sense and its enough for me to pass. Good luck to all.
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To be honest i think the difficulty of the paper is fairly irrelevant. The pass percentage will be somewhere between 35 and 45 as always so its really how you do against the other students that matters. In saying that, its always nice to answer all the questions!
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@akberacca said:
i did the same way 🙂glade to hear that i was abit unsure as to whether i did it the corrct way….. so
I hope this is a case of great minds thinking alike … and not the converse … a fool is seldom alone lolThere’s nothing better than going through the past questions before writing these papers – the exam looks like a ‘recycle bin’. Thanks Pami Bahl; the questions were interesting with a variety of different sections of the syllabus unlike previous sessions where not less than 30% of the questions came from procedures, risk etc
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@akberacca said:
i did the same way 🙂I think the examiner wanted you to identify those issues that would lead to errors in the financial statements – i am not sure classifying the risks into IR,CR & DR would generate a lot of marks.
I approached it this way :
Identify risk e.g. forex risk arising from importing from south asia
explain the risk & how it might cause errors in the FS : translation errors e.g. using the incorrect exchange rateidentify risk e,g, going concern risk because bulk of revenues from a single client
explain the risk & how it might cause errors : if major client becomes insolvent,(1) receivables will be overstated and (2) the company might find it difficult to continue operating- Topics: 0
- Replies: 4
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@nagdam said:
What do you guys think about q1 audit risk at the planning stage ?
I was big confused but managed to write something like
FD has left so …
Inventory not being count regularly
High competitive market
and something like that but not happy with Q1 a)I really messed up this question. What exacly did q1 part c mean? With the completeness and accuracy? What did you write?
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Hi folks, just thinking Q4 (a) on the threats under ACCA code of ethics, is that self review, self interest etc or is that IFAC. Maybe it’s objectivity, integrity etc, any help would be appreciated!
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@mwalsh87 said:
Hi folks, just thinking Q4 (a) on the threats under ACCA code of ethics, is that self review, self interest etc or is that IFAC. Maybe it’s objectivity, integrity etc, any help would be appreciated!Threats in ACCA code of conduct are self review,self interest,familiarity etc.
Integrity,objectivity etc are the fundamental principles underlying the code….Everyone is saying the paper was easy but one thing everyone should keep in mind generally when paper is perceived harder the marking guide is generous and when is easier than strict.
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@emmanuel_taf said:
Threats in ACCA code of conduct are self review,self interest,familiarity etc.
Integrity,objectivity etc are the fundamental principles underlying the code….Any one know how many marks for this question? I think I got it wrong by reading the question incorrectly. I have written the principles instead of threat, but I did give examples, of course, examples for the principles, as follow,
Integrity – Not disclose conflict interest
Objectivity – High % fee
Professional competence and due care – incompetent
Confidentiality – financial interest
Professional behaviour – not comply with lawPlease give comments…..
Hey guys!
Was sitting for the F8 today! Waw quite a long exam… I thought the difficulty was more towards being able to complete the exam in time than the content of the questions.. Overall think I could pass depending on whether the examiner is able to read my hand writing. Should really push forward recommendations to make it a multiple choice exam or computer assisted exam lolz… Anyone of you guys attempting F7 exam on the 15th? Cant seem to be able to concentrate..
Regarding assurance engagement, I tackled the questions by comparing reasonable (positive opinion) and limited assurance (negative). I also mentioned the elements within an engagement letter…
Feedback please!!
Good luck to all, just wish it wasnt a long wait before receive the results… 27th of August right?
🙂
@nagdam said:
What do you guys think about q1 audit risk at the planning stage ?
I was big confused but managed to write something like
FD has left so …
Inventory not being count regularly
High competitive market
and something like that but not happy with Q1 a)i didnt write FD go, because it is after balance sheet date..the auditor is doing planning …am i right?
i think the paper was easier than last sitting….but i afraid that i didn’t write enough points for the questions………and i really afraid that i’ll fail again this time……..please, GOD BLESS ALL OF US
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I think the paper is not easy at all, after the second thought. There are so many hidden points for us to miss out.
a few difficult points I found are:
1,the elements of assurance engagement? what the examiner want us to write? the elements in the definition or the type of the assurance engagement?
2, 10 points for the control of completeness and accuracy…. how many points do we need to write? 10 each ? it will be very difficult to write that much.
3 determine the material level, do they want us to write how (the procedure) or the relevant areas for determination( such as risk level or internal control efficiency)
The last question for going concern, it has 4 points for the last part? do we need to discuss how we get to the point of emphasis of matter.I am very worried 🙁
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The threats were:
Self Review
Self Interest
Advocacy
Familiarity
Intimidation- Topics: 0
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the two 10 markers in question 1 was difficult.
what the hell is the elements of an assurance engagement??? is it the types pos + neg. hope not!!!! the wording was weird.- Topics: 0
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hey i was wondering if everyone shaded one of the circles at the top of EVERY page or just the one at the beginning of the answer for the questions, like i did, (1,2,3,4,5) d’yall think that would be a problem? 🙁 i am really worried
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