question one was not hard but it was ambiguous, They do this with the F5 paper aswell, you know the answer but they give data in gms and ml and ask you answers in kg and litres.
The question was too big I did write a couple of risks regarding cash and more were coming but certainly atleast half the question shd be the riddle and half straight forward not some details that look like someones entire life.( too 14 min to read and find out points in that stupid question)
to be honest, i thought question one needed more time and quite an imagination. the one i struggled with was Q5, i just didnt understand the question. who was the group we need to report to??? then write the test we need to perform on the inventory even though we know it was a mistake
i think that the group we needed to report was the board of directors. It would have been the govt had it been drug trafficking money laundering, terrorist activity etc but here it is simple overstatement. the company was not listed so the auditors cannot report to the shareholders aswell.
I wrote that auditors shd report to the board of directors regarding the overstatement as it is material and pervasive aswell, this falls in the catagory of disagreement with the management and adverse opinion. The auditors shd demand management representations and ask them to modify the financial statements, if they refuse to do so the auditors shd qualify the report with adverse opinion.
F8 June 2009 Exam
Today
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I did write a couple of risks regarding cash and more were coming but certainly atleast half the question shd be the riddle and half straight forward not some details that look like someones entire life.( too 14 min to read and find out points in that stupid question
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