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Think it went well, ratios was a good one to get and a lot of substantive procedures. Fingers crossed
MCQ seemed harder than usual in comparison to the past papers. Substantive procedures was a lot hope my answers was related to the question enough! Controls on corporate governance and reliance for auditors was a bit harder. Laws and regulations for management and auditors was difficult! Rest was as per practice questions in past papers so hopefully done enough to pass and move onto the next one
I agree with the comment above on section A, which I found harder, particularly as there were a lot of questions that required two or more responses as the answer. However I found Section B surprisingly ok, with questions that were challenging but achievable if you had put the work in so I’m hopeful for a first time pass overall.
Section A was a bit complex and Section B was doable. How did you answer the threat to independence for assistant auditor a son to marketing assistant
Overall I think it was ok. Section A was harder than any of the mocks – too much reading, a lot of information and some more reading to do MCQ questions! luckily I left section A for the last hour. Section B was quite good, some tricky questions but they did not worth many marks. I hope for the first time pass 🙂
Well anyone got disconnected during the exam? Im so sad only reach half answers. Waiting for acca to credit for rebooking
From memory I selected the option for just one colleague as they were being asked to sell non audit services and her partner was in the marketing dept in a responsible position, assuming it was the same question
I chose both as marketing has nothing to do with the prep of financial statements
Q’s i got from afternoon sitting
6 marks on controls and test of controls
10 marks control deficiencies and recommendation
4 marks narrative notes an questionnaire and advantage
risk bit:
16 marks audit risk
4 on ratios
4 or 5 on evidence for revaluation
5 or 6 on a question i not come across before- the reason why certain things might be used by auditors like past financial statements, budgets and plans and some other bits i cant remember?
the last q:
5 marks on audit evidence for a loan, 5 marks on sales tax evidence
5 for evidence on directors remuneration and 5 marks at the end for an audit opniony questionYeah i thought the same but then i used the opposite argument that the marketing director could not become chair of the board due to conflict of interest in the corporate governance so who knows
This was one of 2 questions that did my head in.
In the end I just went for the one person as the supervisor is not completing the audit fieldwork so that seemed fine.
As for the junior with the dad who was a marketing assistant. The risk seemed low but as the question said without the use of safeguards. I thought you can’t use segregation of duties. Therefore the junior could be doing transactional testing around marketing expenditure (P&L) if material enough.
Therefore I did not choose the junior as an option but I probably should have…
What did people put for the MCQ –
What two items would impact the independence of the auditor?
E.g
1) Implementation of off the shelf accounting package?
2) design of payroll system?
3) implementation of internal controls?
4) review of system set up by client employee?
I picked 1 and 3, but think I should have gone 2 & 3… anyone else agree?
Yeah i think it should be 2 and 3 as these are ones which could lead to self review threats but could be 1 and 3 as well
Off shelf is a third party system that is controlled by the third party therefore, there is no threat
Review is what auditors do and that does not carry any threat.
The regulation says 2 years difference to eradicate self review threat And I think assistant auditor and the marketing assistant they do not carry much threat because marketing does not have a direct impact on the financial statement that can cause familiarity threat
Well that’s 4% down the bin for me. Wish I had listened to my gut for those two but I stuck with my original answers.
Hopefully I smashed section B 🙂
This paper was asking for a lot of calculations which is not usual in AAA.
Q1 audit risk, analytical procedures on projected cashflow and profit, procedures on goodwill and something on advising on ITQ2 totally confusing! A director that never got his pension funds but received a dividend every year.
Q3 again cashflow
Too much numbers in my opinion.
At least I’ve managed to finish the paper.
Would u lose marks if you get the correct figure in the ratios but forget to write % or times ? ?
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