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  • Written by Muhammad Ejaz
  • 19 Aug

 FREE ACCA BOOKS DOWNLOAD - F8 REVISION & MOCK QUESTION & ANSWERS 2017-2018

FREE ACCA BOOKS DOWNLOAD - F8 REVISION & MOCK QUESTION & ANSWERS 2017-2018Answer A is a substantive test and C is a test of control.

Option 3 implies the company is not a going concern as it is about to lose most

of its revenues. Option 2 is a going concern threat, but there is enough cash to

pay off the loans if this is demanded by the lender, so the company could survive.

Item 4 represents an understated provision equating to 6% PBT which is

material, whereas item 1 is a 4% PBT error and not material.

Contingent fees are banned because there are no safeguards that could reduce

the threat enough. FREE ACCA BOOKS DOWNLOAD In A and D, safeguards could reduce the threats (e.g. careful

staff selection, use of staff from another office of the firm, hot reviews). Option

B is not a major threat because a marketing manager plays no role in preparing

accounting records or the financial statements.

The other 2 options are audit software.

For P or L items, the assertions are completeness, occurrence, cut-off,

classification and accurate values. Existence and rights & obligations relate to the

statement of financial position. 

Tests of control involve checking the system. Substantive tests check the info in

the FS is correct. The tests are therefore the wrong way round. FREE ACCA BOOKS PDF

Option 2 is describing stratification not extrapolation. Haphazard sampling is

dangerous as without a clear method of selection it would be easy for audit staff

to introduce bias into the selection.

Auditors should TRY to detect all material fraud – by assessing the risk of ALL

material misstatement (whether fraud or error) and designing responses to these

risks. Auditors cannot be required to find all fraud, because most of it is

committed by directors and senior management, who are powerful enough to be

able to hide their activities.

It is the Opinion that is unmodified – the Report IS modified (the addition of the

extra paragraph is the modification). Option 1 is describing an Other Matter

paragraph.

To reduce detection risk, either sampling risk must be reduced (e.g. a bigger

sample size, which is unlikely if materiality is increasing) or non-sampling risk

must be reduced (which would be achieved with better quality audit staff). More

substantive testing would achieve the first of these. Risk of material

misstatement is the combination of inherent and control risk. If this is now

considered higher than first thought, the only solution is reducing detection risk.

Auditors cannot reduce control risk – this is a risk for the client to address, not

the auditor. FREE ACCA STUDY MATERAILS

This is an adjusting event per IAS 10, because it provided evidence (before the

directors signed the FS) that a customer balance due at the year end, would not

be recoverable. Hence, the balance should be written off. The auditor would need

to check it was corrected, but must then extend audit work and issue a new

report on/after the date that the corrected FS are signed by the directors. This is

largely because the IAS 10 period for EARP will now run up to the new set of FS

being signed, meaning more adjustable or disclosable events might have taken

place. FREE ACCA BOOKS DOWNLOAD PDF

The law requires A to be reported, and public interest suggests B should also be

reported. Item C is company strategy and as such would be likely to cause them

commercial damage if reported. 

The client has done the valuations. If the auditor wants to use these valuations as

audit evidence, the reliability of the client’s valuations needs to be assessed by:

 Assessing whether the valuer has any professional qualifications relevant to

the valuation of buildings, and if they do, verifying the qualifications are valid

 Checking the valuer’s past experience in valuing buildings. For example, by

seeing if they have valued in previous years and assessing how accurate

these valuations turned out to be

 

June 2017 F8 Exam
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