AAPaper F8 Dec 2010 exam was

wht is meant by status of ISA ?.............its just confusiong examinor should atleast give a hint whould should she mean by status.....???...................secondly paper was okk,,not so tough byt surely unexpected..!!

i,ve done 85 to 90% but yet not sure about concequences?????

i dont no the weakness in the systems it was hidden we have to find a secret password to get to the weakness ! what a paper. i hate it!

While sitting there doing the exam, feeling miserable, I thought for a moment...I wish they do a curve...oops!
Definitely unfair coverage of syllabus. I would say a lot trickier than any of the past papers. Don't they want their pass rate to increase?!

what were weaknessess for the Q1 and 4 strenghts in one of the other question?

Attempted all questions,,but i think the case studies were too long and felt really time pressured!!..hoping for 50

Good question marcin060482.
Am also tryin to find the answer to that question!
I couldnt really identify the weaknesses, it was tricky there...
Not as in past exam questions!

WTF was Q3: F7 practical ratios question doing in F8. almost 90% of students didnt had a calculator with them.

Eg. Strengths for the buying department, they enforce the purchasing requisite form, and research for the lowest of price = so called of VFM.

To improve it, I mentioned that the lowest price does not always mean a good in quality especially the nature and extent of the biz is running a hospital so the purchases must further detail study and listed out the authorize supplier then only purchase from them.

If a lot of ppl failed, then will they pull up a bit of passing rate?

@khurramkool said:
but I dont get WTF is "PRECONDITIOND"

I agree. I have not seen any question about "preconditioned"...though did almost all book of BPP Revision questions. What do they mean about preconditioned?

Sme tutors say they do pull up passing rates, others say they don't!
But i really hope this time they do pull it up...

i think the english of word that examiner used too bombastic. non-profession word to use. too many hidden meaning need to guess.

it is unlikely for ACCA doing that, refer to F7 Jun'10, only 28% passed.

In question 1 it stated that "a GRN was prepared" does this also mean signed. I assumed it didn't given that it never mentioned the word "signed" in the scenario and hence classed this as a weakness!
I also stated that the purchasing manager was the only one who could re-order (or something similar). I found this to be a weakness as when on annual leave no re-orders could be placed and this is significant in a JIT environment.
PI's were also late in arriving. Liabilities only recorded once documents checked against PI - I thought this was a weakness as liabilities could be recorded late i.e. post year end
I also said something about the inventory levels being set without consulting the store/sales manager and hence inventory levels set incorrectly and purchasing being made when not needed, for example if the product didn't sell.

Not to sure if any of these will score. Hopefully one or two will. Re-capping I think it may have been more appropriate to mention that the PI was never matched to the PO (that is if i remember the wording and it was never done). Also I recall that PI were not signed when input into the ledger. Again I think this would be a valid weakness.

it was a fair paper to be honest. poor time management from myself

i totally messed up Q2 - be lucky to get 2 marks out of 10, and Q5 i didnt complete. rushed it. will be fortunate to get 3 or 4 marks for bullet points!

For the question 1, i think there no absolute answers. As long as you can identify the deficiencies in the system, explain and justify it then recommend a mitigation which in reasonable, sounds logic and make-sense in real, then you will be award of marks.

Actually, she is too kind just asked you to list out the 4 of deficiencies.

i tot identify and explain?

ok guys let us try - Q1 deficiencies:

1) store managers purchasing via purchasing manager
2) reordering in weekly intervals - by store managers
3) sales assistant taking deliveries
4) I don't remember

do other of you guys answered same..?

Question 1. The weaknesses were extremely difficult to decipher. Had to really talk and bluff my way through it. Status of IAS???? Huh? Otherwise, not a bad paper although too many topics were omitted.

actually kinda a trap.. the inventory level is set by purchasing manager...and subsequently store up by sales manager..eventually I just twist the wording around cos im lazy to cancel and rewrite...

sales assistant taking deliveries
occur during quiet time
goods received check against delivery note
quality of goods not checked

i lumped the goods return with sales assistant thing because i recommend store keeper to do such jobs..

I agree the paper wasnt difficult but dam tricky. The precondition question might have help me a bit but the Horizontal and vertical analysis may help me to analyse using ratios what maybe of concern for the auditor.
Again time was a factor I may not getfull marks as workings was on the qestion paper.

When I was struggling during the exam, I couldn't help but to notice that the guy sitting next to me was just sitting there doing nothing. Looked like he has already totally given up the exam. For a moment, I was kinda jealous of him because he didn't need to go through the ordeal that I was having. Hoping for a passing grade so I don't need to go through the ordeal again next year.

Paper was just TOO FRIGGIN LONG !! Took too much time... Though i did it... Phew... Lets see what the Examiner has in store for us now...

@marcin060482 said:
ok guys let us try - Q1 deficiencies:

1) store managers purchasing via purchasing manager
2) reordering in weekly intervals - by store managers
3) sales assistant taking deliveries
4) I don't remember

do other of you guys answered same..?

yes i was along those lines too , im glad someone was :)

paper was not easy but if some one has done kit he would have tackled the paper as around 70 to 80 marks were similar to those which are in bpp kit..i had done kit so i am expecting a pass.. lets hope for the best

paper was not easy but if some one has done kit he would have tackled the paper as around 70 to 80 marks were similar to those which are in bpp kit..i had done kit so i am expecting a pass.. lets hope for the best

The current way of assessing for this paper is ancient and backward. Even if you knew everything to write with conventional pen on enviromentally unfriendly medium rob you of 20% of the time. I dont want to call anybody any names here it was a lot to write. my fingers are still hurting and i didnot finished all the q. I attempted all tho. lol

Does anyone also know if you get any marks for spelling your name right?

What about audit risk question in last part of question 3???????
What were we expected to talk about... Think i've messed uo this part!
Bt the ratio calculation was ok but it was just 5 marks! :(