AAPaper F8 Dec 2010 exam was

i think paper was not tricky,hard..etc it was just unexpected

I haven't finished

hi everyone,

Well the exam was not difficult even it was INTERESTING. The scenarios in each questions was just lengthy affecting time budgets of students and the use of tricky wording like " preconditions", or "status" in their turn forcing to guess the meaning. AND in an INTERNATIONAL level exam the PROFESSIONAL JUDGEMENT is affected under tight time pressure, yet the writing and structure of answering as well.

Anyway, i hope too many will pass . Let hope....

invigilator told me my script wld not be marked in blue pen when i was 1hr plus gone and on my 3rd question,asked for a new booklet so i cld quickly copy everything in black ink,he refused,so afetr abt 3mins of tussle i began turning pages to recopy everything in black ink ! felt f**ked,had to kill some beers before getting home.Lesson learnt.but i will have to pass anyways.
when did they start insisting on black ink ? my last diet was dec07

@satesh said:
Hey this is mentioned in the BPP book... it can include FRAMEWORK APPLICABLE, AGREEMENT ON WRITTEN REPRESENTATIONS and sth like these

well could u think about what is the PRECONDITION for an employee to get the work?

this question i think was just in that way. Inorder auditing be start there r some important issues that should be fixed ahead of time and latter not be blamed for what was not done. Thus the main things are
: fixing AUDIT FEE, and the client's expectations wether any other service is expected to be done aside from auditing financial statements, and auditors should also consider THEIR own COMPOETENCE : level of expertise, knowledge and training, and more important the business risks ( especially if the client is a new one), and the ethical consideration and availability of any safeguards.
Then as a result an engagement letter is prepared which means accepting the audit.
i wrote these but not in paragraph form just bullet points.

However the question shouldn't be understood as if requesting the CONTENT of an engagement letter.

@dragon76 said:
What the status of ISA ? what exactly means of this question, pls. ??

The status of ISA... well the name remind us: INTERNATIONAL this means that the ISA has Authority worldwide(like power), and it should be used , but wherever the auditors feel a departure from it is needed then may not use ISA given that a sufficcient justification should be made for departure from ISA.


What is the status of Internal Auditor, what is the status of External auditor. U should think of this way. It means its level of AUTHORITY.

@baral said:
i agree with all those people listed the conditions before an audit engagement like independence access to record n asking the leaving auditors .i thing d word precondtion was only deir to confuse us.value for money was asking about three es.and thanks god i learnt procedures about accounting estimates.they were
test and review estimate used by management
seek independent external evidence
review any subsequent event.
and plz guys tell me about q1 part a it was totally disaster ias 265

265 it was asking to explain what matters u would consider to be Significant Defiiciency and be reported to Those charged with governounce ,as i remember.

well any error creates doubt for further thinking about it. And i think ANY REPEATED ERRORS could be understood as significant matter, or if a higher level manager donot take care about jod responsibilities, for example the existence of too many unauthorised purchase invoices found during auditing,then this should cause doubt whether that manager gives importance to internal control in general,
or when u are unable to get a managment representation this again is an example that could be reported to those charged with goverance, because otherwise u would modify the report, and disagreement over treatment of depreciation or matters regarding going concern again could be an example to be reported. because it again would affect audit opinion.

The December 2009 exam Q2 i was just such a question.

what did they mean by the status of ISAs?

@dmaculey, yes it will be

significant deficiencies in internal control mean PARIS?

Pretty good paper for me. Actually i spent whole 2 months preparing only f8. Still f7 to go. Hoping for a pass in F8 InshaAllah.

sorry for those who relied solely on tips to revise... cuz, nothing similar came out...

paper was tirin n totally unexpected..no ethical issues, no going concern, no coorprate governace..lets hope for the best..

@digitalgal said:
paper was tirin n totally unexpected..no ethical issues, no going concern, no coorprate governace..lets hope for the best..

What i thought was, the ratio part, you should explain the Going concern in the Audit Risk. Yes, AR = IR x CR x DR. Since we do not have much information about the inherent and Control, so we CANNOT bluff and create "ANOTHER" case study for examiner.
Therefore, we need to use the calculated of Ratio to explain MORE on DR. which Going Concern might be included to answer that Question.

Thats my 3 cents

@swgiant said:
What i thought was, the ratio part, you should explain the Going concern in the Audit Risk. Yes, AR = IR x CR x DR. Since we do not have much information about the inherent and Control, so we CANNOT bluff and create "ANOTHER" case study for examiner.
Therefore, we need to use the calculated of Ratio to explain MORE on DR. which Going Concern might be included to answer that Question.

Thats my 3 cents

I only explain going concern at audit payable part...bcos in that way...the picture is clearer than explaining it at the beginning..u can use valuation of inventory...revenue overstated, expenses understated..those risks to guide the marker to going concern issue

tricky exam, did not show study performance for hard working student, benefit those students with Internal auditing working experiences. ACCA should make clear announcement that students with no working experiences are less likely to pass F8, i mean, or even understand it!

@amber545
thats not true..from the examiner's report...those who have audit experience..still failed the exams..

@tzxsean, yes those part of it.. :) peace...

@fuego said:
invigilator told me my script wld not be marked in blue pen when i was 1hr plus gone and on my 3rd question,asked for a new booklet so i cld quickly copy everything in black ink,he refused,so afetr abt 3mins of tussle i began turning pages to recopy everything in black ink ! felt f**ked,had to kill some beers before getting home.Lesson learnt.but i will have to pass anyways.
when did they start insisting on black ink ? my last diet was dec07

That was really poor invigilating. They're supposed to read a bunch of stuff to you before the exam and the black ink requirement is part of that, unless you hadn't been listening. Certainly they needed to have been more accommodating with the request for a new paper booklet.

Had to freestyle F8 not what I was expecting, answered all the questions but don't think I have passed.
This was the second paper I had sat so far,do many pass who didn't attempt all the questions???

The exam RULES r notified along with dates and any changes in fees each time in Student Accountant magazine, and in addition any relevant information is written in DOCKET. so it is assumed that no student should come to the exam hall without DOCKET. THUS it is students' RESPONSIBILITY to make sure that they have read all the requirement before sitting an exam paper. The invigilator in his/her part has in this case responsibility but anyway, the PRIMARY responsibility is on student side. THEN remember you r going to be an auditor, so you should be OBJECTIVE, doesn't this a case that u should JUDGE OBJECTIVELY.

I myself didn't participate in june exams, but just one day before DECEMEBR F8 exam day made a call to our relevant Center and asked wether there was any change to the location of exam place since i had noticed another address written on my DOCKET. SO if i hadn't done this i would surely lose one hour inorder toget to new EXAM HALL....

@fuego said:
invigilator told me my script wld not be marked in blue pen when i was 1hr plus gone and on my 3rd question,asked for a new booklet so i cld quickly copy everything in black ink,he refused,so afetr abt 3mins of tussle i began turning pages to recopy everything in black ink ! felt f**ked,had to kill some beers before getting home.Lesson learnt.but i will have to pass anyways.
when did they start insisting on black ink ? my last diet was dec07

Before each exam date all students are provided with DOCKETs (regardless of when you have taken an exam last time, ), so it is students responsibility to make sure they have fully understood the requirements for sitting an exam by looking at those Dockets, and about BLACK colored pens there is specially mentioned to be used. Anyway, the invigilator hasn't acted ethically, but this doesn't mean that you shouldn't JUGDE OBJECTIVELY, OK. I hope anyway you would get pass mark ....

i could not understand 1a because of the style of english used.

The preconditions of an audit engagement include....
Client assessment, level of audit risk, client deadline and so forth.

I hope some1 wrote the same as me and i hope to get 50%.

The problem with the exam was the style of english used as the questions were hard to understand.

somebodyyyy, anybody, please answer...
if you are unable to complete the entire exam..say you only attempt 60-70%...will you still be able to pass, provided everything else you wrote is correct? or will this just create a bad impression on the examiner?

i feel very bad after taking the exams. so many questions focus on internal control system and internal audit!!!i think F8 should more focus on external audit! hope that i can pass

The paper was tricky i barely touched the last question

Where is sampling, subsequent event and Corporate Gov?
What is PRECONDITIONED man?
All the way long it was internal audit,internal audit and internal audit.
Not every one in this world is internal auditor!!!!

paper was really tricky and lenghty and some of the 2 to 6 marks question r tricky and difficult to answer

The paper was easier than I expected, but yeah too many INTERNALs and BTW what was PRECONDITIOND?

Over all I think I did OK, fingers crossed for a pass GOD WILLING.

the paper was not easy but not very difficult too..time management was the issue and paper was tricky too..