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I took the afternoon exam so will be different to the morning one, but an audit risk is basically the risks around giving an inappropriate opinion which is that material mistatments are not detected
PM sitting had
New audit client – detection risks
Impairment of dockyard hadn’t been carried out
Gift of a boat so relates to fair value and justification of accounting for
Joint arrangement which was accounted for incorrectly
Intangible asset relating to the joint arrangement accounted for incorrectly
Payroll had been subcontracted and the risks around that
their where signs of management bias across a few.
there might have been something in the 2 customer boats damaged in the dockyard causing a liability but felt reaching to me and enough easier onesLads, for the payroll thing I talked about how the unauthorized overtime payments may have overstated the payroll expense and lost time sheets make it difficult to evaluate .
Also due diligence procedures are like audit procedures right in terms of gathering evidence on a matter?This is my third attempt and the first time I was able to attempt all the questions, was happy with my answers though I can’t remember much of it now LOL. But overall I felt the paper was ok.
I also had the paper with question a about the boat company and I was also sure the 18 mark question was risk of material misstatement. I did the uk variant.
Was maybe confused as the question mentioned not to include the inventory risk of material misstatement.
Very concerned now.
This gives me hope! This is how I remember the question – risks of material misstatement rather than audit risks. and not to mention inventory as this was questioned in part b i) Then audit procedures on inventory for part b ii)
110% it was ROMM and not Audit Risk. I messed up materiality calc for rev as I did 0.05 instead of 0.005. But apparently that’s only 1 mark lost! Good luck to us all.
Is it bad that I didn’t use any information from the financial statement? I couldn’t find a relation between the other exhibits and the financial information.
Yes, I am 100% certain it was ROMM and not audit risk and reading your comment just made me realise I did the same thing I wrote to use 0.5% of revenue and then calculated 5% lol
Lads how many marks you reckon I lost for not concluding on the first question lmao
Yoo say on god ahahaha. I was freaking out about that. I’m feeling confident now because I did intro and materiality calculations etc .
There are like 15 professional marks available on Q1, so you can max the 10 without the conclusion there hard to predict though.
Review the marking guide for the past exam’s on test reach, or your question banks from your book supplier like Kaplan or BP, Q1 there are more than 10 possible Professional marks. obviously you max at 10 but there are definitely more available, so if you have missed of a conclusion or not written a good enough one its possible youve not dropped any mark’s although it is an easier one to get. just like Risks there are more marks available than the max hence why time management is so important
Ohhh yeah I feel you man . I know I TORE UP that first question, kinda hit it good on the second but was more concise in the last so I think I’m good out here lool. I wish we didn’t have to wait so long for results, on God its the worst part
Did anyone sat both main and rebooked exam? Was there same questions? Or even qusstions with the same difficulty level?
There are two exams a morning one and a afternoon one doesn’t matter if your a resit, just depends what time you sit. the hardness depends on area’s of the syllabus your good at I guess. and which areas of reporting you have a good enough level of understanding to comment on.
A fair paper on first view, however tricky questions. I felt Qu1 was not easy and very technical, if you IRFS is not strong, it would be impossible to pass the question as there were no business risks and the issues were very technical and not straight forward. The exams style have changed a lot compared to past exams questions which makes the exams even more difficult.
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