Paper F8 Dec 2010 exam was

It was very tricky ………..still trying to figure out what is “precondition” and y so much internal controls????

i forgot to tick the questions i answere on the front cover ov answer sheet..will it affect ma paper??????

I’ve forgot in previous exams & passed so it can’t do!

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

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….

@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.

@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.

@dmaculey, yes it will be

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.

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

@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

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