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@kiwitoby said:
For the precondition question….here’s my two cents. The preconditions have to be present before the terms of the audit engagement are agreed on. So therefore before we even think of anything which belongs in the engagement letter,the conditions to be met are that the FS are prepared in accordance with acceptable GAAP, that mgmt acknowledges their responsibility for the control systems and agrees to provide the auditor with all records, info etc necessary that they’d need. Three main preconditions.yeah, you make enough sense…i wrote the same…but listen, what about the ‘status’ of ISA? how vague?
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If there’s any student who fully understands what that status question really was asking for, I’d be surprised. I even went online searching for an answer and honestly got nowhere. Vague really doesn’t even BEGIN to describe it, thank God it was only worth a few marks.
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i thought perhaps it was referring to the importance of ISA’s…not sure of course…but yeah, the paper was quite amusing. there was something about explanations of matters of this of that lmao. i think i need to brush up on my english skills…or not. don’t they re-check the exam paper before deciding to torture students with their psychotic mind games?
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I think you’re right. That’s what I scribbled down anyway….the importance of ISA’s, level of authority etc. Question 1 (bad feeling) floored me with that explanation of significant matters jargon also.
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yeah omg! i underestimated the time by a long shot…i spent around half an hour on 1.a before i realized what a complete moron i was being…i thought i should try and impress the examiner with my (irrelevant) knowledge…introduced internal controls…then went on to talk about control activities…then finally pinpointed a few (5?) control activities that should be mentioned to the mananagement…yeah, okay, i think i messed up there? what was it asking for? lol.
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Yeah I also spent wayyyy too much time on question 1 because I wasn’t sure how to answer 1a and the deficiencies in 1b were very difficult to spot. Read the scenario about a thousand times hoping that something…anything would jump out at me like they did in the past paper revision, but this one was really tricky. At the end of it all if you can logically explain how something is likely to be a problem, no matter how small, I believe they’ll award a mark.
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i believe i managed to find a few potential issues…and explained them and gave a few sensible audit procedures to fix them…but all that time question 1 took ate up my time for the rest of the paper…my mum was like ‘you can only get 30 out of 30…not more!’…but i guess (wannabe) perfectionists generally suck with time management..i mean, i knew i was running out of time, but i just had to freaking complete the question before i could move on! yes. i’m ranting right now. I really tried to make the marker’s day by being all neat and pretty and legible and writing in columnar format…but do you think it’ll be a turn off for the marker if i didn’t finish the paper? (attempted around 60-70%)..i do believe that what i did attempt, was generally correct?
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for 1a…I did not refer to the scenario below..I simply mention about the importance/ existence of PARIS in the company. Explanation wise if pretty self-explanatory..without it or with it, what is the implications or benefits
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what do you mean by ‘PARIS’..? is that an acronym for something or did i miss out on some crucial audit concept?!
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PARIS – Internal Control
P- Personnel, Physical Assets Control
A- Authorisation & Approval
R – Review & Recording
I – Information and Communication
S – Segregation of duties & Supervision- Topics: 0
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Wow 4 days on and you guys are still discussing it?
Try not to worry too much guys, there is nothing you can do.
Re the ISA question – i too cannot find anything concrete on the internet, however i mentioned IFAC , and that they develop, and maintain high quality standards such as ISA lol
Who knows if I am correct?!? However it seems as though not many people finished the paper….i didnt complete all of Q5 which was annoying.
Im hoping the examiner takes that into account !
Anyway those of you who have more exams then i wish you best of luck, those who are done try not to worry and enjoy the festive period cos you deserve it!
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tzxsean, i knew (and used) that! just not the acronym! too romantic for me!
sb07, yeah we do sound quite obsessed…but as my next paper is f7…i am trying to pin all my hopes on clearing audit! already feel dismal with regards to reporting 🙁
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razmataz – its out of your hands now…try not to worry about it
best of luck for F7!
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thanks for the wishes! good luck to you too!
Regarding the status of an ISA, I did the same. I wrote about the ISA’s being standards and guidelines that auditors should follow to allow and effective and efficient audit. Similar to the IFRS and conceptual framework for financial reporting, etc.
@sb07 said:
Wow 4 days on and you guys are still discussing it?Try not to worry too much guys, there is nothing you can do.
Re the ISA question – i too cannot find anything concrete on the internet, however i mentioned IFAC , and that they develop, and maintain high quality standards such as ISA lol
Who knows if I am correct?!? However it seems as though not many people finished the paper….i didnt complete all of Q5 which was annoying.
Im hoping the examiner takes that into account !
Anyway those of you who have more exams then i wish you best of luck, those who are done try not to worry and enjoy the festive period cos you deserve it!
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The paper was fair but tricky.
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Cheers guys… I think it was a standard set. Hope I’ll clear it 😉 Alhamdulillah 🙂
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F8 this December requires a little effort to make the pass, Precondition and the status of IAS status question was not a question of theory but application of knowledge.
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it didnt look like an audit paper to me.
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the paper was very easy…it was all about internal audits
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Hey!! Can ye temme if v apparently frget te wryte our variant as international in d firs sheet… our paperz wud b marked ryt??? der r no serious consequences of dt ryt??
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Dear All: Please guide on a issue that i have completed my paper with Blue pen in answering the questions whereas the first sheet of the answer booklet I filled in with Black ball point. Is this mistake will have any impact on my marks or result.
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i really enjoyed doing this paper……. 🙂
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