How Was the Exam?

[Vanessa]

Hi All,

I am sure you must be relieved to have completed the exam.

How was the exam?

What were the topics questioned?

Were there questions on professional ethics, analytical procedures, subsequent eveats, going concern and audit reports?

Please share your experiences with the members of the forum.

[frankmudiaga]

Q1 was on test of controls on sales and despatch. It was rather unexpected to have scenario question asking test of controls.

Q1 again was to test Internal Control Questionnaires to see if they worked well in the previous year.

There was an issue of going concern, internal audit outsourcing. For and against internal audit depart.

Negative assurance something that i never thought would be asked. Comparing statutory assurance and such negative assurance.

mostly it was on test of controls

:wacko: worried man

[Vivienne]

It was tough for me. i didnt expect analytical procedures could be asked in such a way. to make matters worse i know what management representations are but not too sure of the contents of the letter cos av never come across such a question. The other question on internal audit(short scenario) i was not sure what the examiner wanted

This examiner really caught me offguard .frankly speaking i dont know what to expect in August.

[frankmudiaga]

Iam in the boot as yours. Let us wait. But do not give up. 2 wks time will cramming for F7 & F9 so i dont want F8 to put on a low mood. Hang in there Vivv.

[claudia2280]

Was the question about a management representation letter (from Management to auditor) or a management letter (from Auditor to management)? Can't remember anymore. Think it was the second.

[gwenie]

No idea what that Man rep letter about, studied all my notes and did all questions recommended and didnt see that in there anywhere, the test of controls totally got me,
at least the questions were broken up into little bits so if didnt get mark on some wont make hugh difference? positive thinking ;o)

[claudia2280]

In a Man. Rep. letter the management would assure you that the financial statements are free from material misstatements. This question came up in exams before.

In a management letter the auditor describes weaknesses of the internal control system but also other problems that occured during the audit like material misstatements.
I think that was the question in this exams, but I am not exactly sure.

[Zaini]

I think the question was on management representation right?. Or was it on management letters???:unsure: