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assumptions, period covered, who the users were, written representation from management….
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fee, timeframe, scope
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also agree type of the review, whether limited or reasoble required with th eclient as fee and work load will depend on it, agree if any other users then the bank, sign seperate engagement letter.
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In Q1 the auditor was doing audits for all companies so I threw in some ethical threats of having same staff or teams working on all three and self review to try grab some quick marks.
Glad to see most other have answered along the same lines as me for most of the questions. Or should we all be worried lol
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yes, good to have some assurance ; ) will leave the forum and talk to you when results are out, apparently on week commencing 8th of August, do you know if that is the date because noramally they announce on Mondays and 8th is Wedns.
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What did you guys say for audit procedures in the forecasts?
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Is there any business risk question? or FS risk ?
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Exam results are definately Wednesday August 8th…..confirmed on the acca website.
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@leonardl said:
Is there any business risk question? or FS risk ?there was a question on risk of material misstatement….
@leonardl said:
Is there any business risk question? or FS risk ?Q1 had FS risk
Is it fine if i wrote about Know your client and Integrity of clients directors and managers in question 2(A)?
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I know you’d need to write about the attitude of management, over optimisic.
@faheyc2 said:
I know you’d need to write about the attitude of management, over optimisic.Over optimistic?
As far as i remember it was mentioned 100% acquired for Starling but nothing was written for Canary ? And we did not know who was owner of Canary ( between Starling and Crow) 🙂
gudluck said 2 hours, 39 minutes ago:
Is it fine if i wrote about Know your client and Integrity of clients directors and managers in question 2(A)?it’s non-audit service…no need to mention integrity
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Diego, check the Q on the website, Canary was wholly owned by Crow the parent, it not P2 so I don’t think Lisa would put complex group structure.
.Oh again time pressured due to too much time taken on Q1.But tried all questions
,leaving out partof the questions being not answering in full hoping to come back to do them but that was impossible.As I said attempted all questions is there a chance for me to pass?The question no1. clearly states acquisition of all of the canary by crow ,then it is 100%
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hey guys.. why did u guys discussing about the past paper? dont u feel stress abt it?? especially when u now that u did wrong.. cut the crap please………..
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This paper really is very practical and make lots of sense to me. I answered all the questions and hope to get close to 60 mark. Professional paper is challenging and you need to think fast and write fast to score. Of course, you also need to have grasped the technical knowledge and understand the principles of main concepts of audit and relate to real work situation. The exam provide a solid grounding for real and tough work situation which is also time demanding from bosses. Bosses also demand results from you with tight deadlines. If you can like in the exam, give a report within an hour, I am sure your career will fly. The sky is the limit. I am currently a senior finance manager reporting directly to the Managing Director and I know what it takes to be up there.
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what you guys talk about the contingent consideration? Is it part of the goodwill?
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@leonardl said:
what you guys talk about the contingent consideration? Is it part of the goodwill?I talked about IAS 37 and whether it was probable possible or remote. Was probbably as growth trends were strong, reutation good, bigger share of the market, so you needed to include a contingent liability.
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Hi guys i answered my exam in blue instead of black, what are the concequences..
@leonardl said:
what you guys talk about the contingent consideration? Is it part of the goodwill?Yes. See ifrs 3 or p2 text
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@mishcarew said:
Hi guys i answered my exam in blue instead of black, what are the concequences..You are in …you know where. Your test will not be scanned and repaired. Before exam it was mentioned by exam staff.
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