Audit Elective FAE 2012

chursy

notanocelot wrote: »

How exactly can we tell what's an agreed-upon procedures engagement, what's an assurance engagement, and all the rest of them? I seriously can't tell.

Anyone want to venture a succinct definition? I'd be really grateful!

Have you seen Murray's lecture on the reports ? Isaw it and thought it was good but I have forgotten everything on it by now I would say! Worst thing with this ****ty exam!

figrolls

chursy wrote: »

What 750?

The 750 is in relation to the inventory, seperate to the property impairment

notanocelot

chursy wrote: »

Have you seen Murray's lecture on the reports ? Isaw it and thought it was good but I have forgotten everything on it by now I would say! Worst thing with this ****ty exam!

I tried attending his lectures but for the life of me I couldn't pay attention. All this "now turn to paragraph A29" dry as dust stuff was a killer. Went to the 1st, missed the 2nd because of work, attended part of the 3rd, gave up.

chursy

notanocelot wrote: »

chursy wrote: »

Have you seen Murray's lecture on the reports ? Isaw it and thought it was good but I have forgotten everything on it by now I would say! Worst thing with this ****ty exam!

I tried attending his lectures but for the life of me I couldn't pay attention. All this "now turn to paragraph A29" dry as dust stuff was a killer. Went to the 1st, missed the 2nd because of work, attended part of the 3rd, gave up.

Strong recommendation spend some time to watch his lecture again online. He did another session just focussing on the reports . You will get it all back read the stuff what he say by pausing.

I thinks he lectures can be a bit of a struggle in class but I pretty much saw all his lectures online and they worked well. I had put in the effort to reading the stuff he goes too quick so on streaming u can just tell him to shut up !!! Try it might help

notanocelot

chursy wrote: »

Also guys

Who are you going about the procedures- there are a few cases on inventory procedures and investment procedures and it's like a list d any bloody procedure you can think of. Great for the exam but how do you come up with these?

The problem with pqa is that it's not listed assertion wise. I have a document from my cap 2 files which is ok but I don't think it's appropriate for fae ? Any thoughts welcome.

You mean for fieldwork?

It probably is OK for FAE. The thing with FAE is that 'standard' procedures are only a jumping-off point and you will always have to improvise. Use procedures from your CAP 2 notes and tweak or add ones specific to the case.

Edited to say:
Thanks for the Seán Murray advice. I probably will try that when I'm near a better internet connection.

Norman123

Anyone have the notes for the Sean Murray ROI Corporate Governance Lecture???

premiergal

Anyone have the notes for the Sean Murray ROI Corporate Governance Lecture???

I think I have attached these let me know if I haven't :-)

Chipped Nails

chursy wrote: »

Where can I read up on the distributable reserves stuff ?

There's a little paragraph in the Martin Nolan text book on page 372 which makes reference to qualified audit reports and dividends but it's tiny.If you find anything else please let me know.

faer2203

figrolls wrote: »

The 750 is in relation to the inventory, seperate to the property impairment

Thanks guys, I still dont get why they are taking it away, I'm defintely missed something there I think

figrolls

faer2203 wrote: »

Thanks guys, I still dont get why they are taking it away, I'm defintely missed something there I think

The potential write down is in line with IAS 2 - the goods are obsolete so should potentially be written off

its currently a disagreement with management - as stated in relation to the qualified opinion

the distributible resevres then in the auditors opinion would be 750 K lower

Norman123

premiergal wrote: »

I think I have attached these let me know if I haven't :-)

Yeah I Got them thanks!!:)

faer2203

figrolls wrote: »

The potential write down is in line with IAS 2 - the goods are obsolete so should potentially be written off

its currently a disagreement with management - as stated in relation to the qualified opinion

the distributible resevres then in the auditors opinion would be 750 K lower

Thanks, I still dont see where the wite off of 750k is coming from, all its says in the question is that the partner agrees with the write down, but theres no amount given, maybe im missing a page of the question?

figrolls

faer2203 wrote: »

Thanks, I still dont see where the wite off of 750k is coming from, all its says in the question is that the partner agrees with the write down, but theres no amount given, maybe im missing a page of the question?

Possibly so, see Q 1 of attached!!

faer2203

figrolls wrote: »

Possibly so, see Q 1 of attached!!

Thanks, ya missing that bit in the question completely, i must have an old version of something!!

mrduffy

Any information on a financial situation ?

A financial situation is when net assets < 1/2 called up share capital

what happens if this is the case ?

rums08

Guys,

Had two queries in relation to White Distributors Ltd case:
1) The solution refers to the 10% and 5% limits w.r.t. to the fee income from audit and non-audit services to the overall annual income of the firm. Whites in a non-listed entity - so is the mention of the 5% limit relevant?

2) In the prelim analytical review findings - the solution says that depr is same as last year i.e. €95,000 but fixed assets have increased by €206,671. The increase per the balance sheet figures is €111,671. the solution is adding €95,000 to this figure to get €206,671. I have not come across this before and cannot make sense of it.

Any help is deeply appreciated!

Jamesw2

EGM

http://www.cpaireland.ie/UserFiles/File/Technical%20Resources/Financial%20Reporting%20Standards/Misc%20Tech%20Standards/M21%20.pdf

not to sure if considered an offence with odce???? anybody???

mrduffy

From my reading of m21 have to do egm

notify shareholders in auditors report
and directors notify shareholders in directors report

if directors disallow this change in directors report

is this a dissagreement or l on scope ?

chursy

Hey are you guys planning to do the old fae papers by any chance ?

Chipped Nails

Can someone confirm something with regards to the combined code Bulletin 2006/5 and Bulleting 2011/1.2011/1 is additional to the combined code and its focus is mainly on the auditors responsibilites depending on where the Corporate Gov statement is included in the FS similarly to ISA 720A and 720B?

Sorry if it's a bit long winded,I think I've just confused myself.

chursy

Chipped Nails wrote: »

Can someone confirm something with regards to the combined code Bulletin 2006/5 and Bulleting 2011/1.2011/1 is additional to the combined code and its focus is mainly on the auditors responsibilites depending on where the Corporate Gov statement is included in the FS similarly to ISA 720A and 720B?

Sorry if it's a bit long winded,I think I've just confused myself.

Yes !!!

2011/1 focusses on impact of the corporate governances statement on our opinion depending on where it it ( report implications for auditors)

2006/5 - Focus is primarily on the our responsibilities in terms of the combined code ie what procedures needs to be performed for each Clause of the code. We are to provide out opinion on 9 of them i think

Chipped Nails

chursy wrote: »

Yes !!!

2011/1 focusses on impact of the corporate governances statement on our opinion depending on where it it ( report implications for auditors)

2006/5 - Focus is primarily on the our responsibilities in terms of the combined code ie what procedures needs to be performed for each Clause of the code. We are to provide out opinion on 9 of them i think

Perfect thanks!Yeah it's 9 out of 48.

Apollo_Creed

Anyone got the slides from Lecture 8, the course review?

Trend Setter in Training

Apollo_Creed wrote: »

Anyone got the slides from Lecture 8, the course review?

Attached

Apollo_Creed

Thanks for that CCASS Acctnt.

Username2011

Has anyone done the sxmaxx case, sim 3 in mock 2010.

Brief outline: directors have made incomplete disclosures re going concern.

The solution states that there would be a disagreement qualification which is fine. But would you not also have to have an emphasis of matter paragraph disclosing the significant uncertainties also?

Thanks in advance

Butterflyguy

Hello!

Has anyone done up an indicator check list for all the past exam papers and the practise case study's??

purcela

Last year there were 2 sample audit elective papers on the website, with solutions. Does anyone have the PDF of these by any chance? Can't find them on the website now.

chursy

Username2011 wrote: »

Has anyone done the sxmaxx case, sim 3 in mock 2010.

Brief outline: directors have made incomplete disclosures re going concern.

The solution states that there would be a disagreement qualification which is fine. But would you not also have to have an emphasis of matter paragraph disclosing the significant uncertainties also?

Thanks in advance

If its qualified report you don't need one as you are not highlighting anything. You don't agree with the client at the first place. Had the disclosure been made yes you will issue an emphasis of matter.

chursy

mrduffy wrote: »

Any information on a financial situation ?

A financial situation is when net assets < 1/2 called up share capital

what happens if this is the case ?

Assess GC assumptions of account and apply isa570.