Paper F8 Dec 2010 exam was

sbo7. your name shouldnt matter to the marker, “they claim” the markers dont see your name so should penalise for letter or two in the wrong place or missing. It could be how u spell your name. The format for the report is was important for the extra 2marks.

Was the paper baance and fair?

Wishing same 4 you Platinumkp…
Lets cross fingers & wait till feb 2011!

I think the precondition thing is one of the new topics that my professor taught during the lecture. It’s something like checking if the reporting framework used is acceptable, management acknowledges their responsbility in preparing the F/S, providing info to auditor, blah blah blah.

Exams was not bad but the time the examiners require you to ans these question is impossible, u have to read and understand the quest before getting into it,

OH dam the exmaimer could have bring question on going concern or threat or something esle crap nothing thing i had to think hardddddddddddddddd

Btw wtf is a cover letter???

Thought question 1 was tricky and time cosuming, had to read through the question 4 or 5 times. Thought the rest of the exam was OK and not really time pressured and plenty of easy marks to pick up if time managed well.

Plenty of easy marks were indeed there to pick up with a lot of knowledge based 2-5 marker questions given.

Q1 – What I had for Deficiencies:

– Sales assistant was receiving goods so lack of segregation and the assistant has an open door to commit fraud via misappropriation. Recc: Introduce segregation of duties by using Goods in function.
– Sales assistant was generating GRN and comparing to supplier delivery note but should have been comparing to Purchase Order as well. The risk is that what is received is not what has been ordered. Rec- review purchase order against supplier advise and GRN before signing off.
– Initial inventory was ordered by the purchasing manager without communication with the Sales force. This means that there is a risk of obsolescence or duplicate purchases. Rec: Initial inventory ordered should be coordinated with sales to ensure the need and saleability of goods ordered.

Had one more but slips me now.

The strengths of Value for Money
1.they look for better supplier and reciece requests-I suggested they should look into the ratings of supplier so good quality is recieved and look for discounts thus savin money
2.Internal Audi& Capex Commitee-Internal audit means better CG and capex committe means proper review and maintenance of Capex

this is all i can rememeber

I thought the paper was great.

Loved the value for money section.
Wrote about the clocking in system enabline direct input to salary system and also monitoring that hospital staff don’t over work as critical errors due to fatigue, etc could cost patients lives. Think I was going in a tangent there but wanted to try and use the scenario for once.

Ratios analysis and commenting was also easy.

Didn’t like the precondition question. Think I answered it by statin the incoming auditors will want to verify why the previous auditors were no longer in the position.

Hope for about 70%. Wish there had been some bits about ethical threats.

F9 tomorrrow…. eww

ACCA have increase their sales of 80 % on audit exam fees this time!they no 80% of us wont pass and pay for june 2011 Exam ! this itself is fraud according to the audit F8 i studied!