Audit Elective FAE 2012

mrduffy

chursy wrote: »

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.

Why emphasis of matter ? If disclosure is made in the accounts. Is it not highlighted to shareholders and viewers of accounts.

In the auditors report is emphasis of matter included just for going concern or other times when disclosures are made.

chursy

mrduffy wrote: »

chursy wrote: »

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.

Why emphasis of matter ? If disclosure is made in the accounts. Is it not highlighted to shareholders and viewers of accounts.

In the auditors report is emphasis of matter included just for going concern or other times when disclosures are made.

Emphasis of matter because you are highlighted users attention to the disclosures I suppose. But frankly if you don't aggress with the disclosure you issues an adverse opinion. If you agree with them you issue an emphasis of matter highlighting this. I don't have the slides of isa 570 but it clarifies this very well.

In ISA 720 a and b Either the code or elective slides Sean mentioned to use emphasis of matter para but in one of the slides he said to use others matters para. I am going to use the other matters para in case it came up. Not sure when else you would use this to be honest

premiergal

Hows anyone that is repeating the elective feeling?
I'm not feeling confident at all have a load to do yet but just want it to be over now so unmotivated!!:eek:

Daizy0

I have made a list of the elective cases I have and what has been posted. Am I missing any on the list?? Also does anyone have the following cases & if they do could they please upload them for me :

Becker & Co
Cusiter
Devices Ltd
Julliet
NorthCee
RBG
Tangent

Thank You

chursy

Daizy0 wrote: »

I have made a list of the elective cases I have and what has been posted. Am I missing any on the list?? Also does anyone have the following cases & if they do could they please upload them for me :

Becker & Co
Cusiter
Devices Ltd
Julliet
NorthCee
RBG
Tangent

Thank You

Should be at the end of lecture 3/4 notes

Daizy0

Thanks, I have found them all except for Devices & Tangent, any ideas??

figrolls

Tangent is in the same question as interplant

I've never heard of Devices Ltd - is it possible you're thinking of Kerrigan Medical Devices Ltd?

Daizy0

It could be, I got the list from the multiple postings on this thread & then added on extra ones myself. Thanks

chursy

Daizy0 wrote: »

It could be, I got the list from the multiple postings on this thread & then added on extra ones myself. Thanks

Mocks 2011/2010 may b

belle101

Hi guys.

Does anyone have the 2012 mock exams papers for the Core & Audit Elective that they could post up?

Thanks

Mat85

I just googled it, heres the links http://students.charteredaccountants.ie/PageFiles/535656/FAE%202012%20Mock%20Exams%20-%20AAA.pdf

http://students.charteredaccountants.ie/PageFiles/535656/FAE%202012%20Mock%20Exam%20Advanced%20Audit%20and%20Assurance%20Elective%20Solution.pdf

KingEnda

Mat85 wrote: »

I just googled it, heres the links http://students.charteredaccountants.ie/PageFiles/535656/FAE%202012%20Mock%20Exams%20-%20AAA.pdf

http://students.charteredaccountants.ie/PageFiles/535656/FAE%202012%20Mock%20Exam%20Advanced%20Audit%20and%20Assurance%20Elective%20Solution.pdf

Thanks for going to the trouble of posting that up

rums08

Does anyone have the solutions for the following:

Moon Design Limited
Burke's Mechanical Limited
Tangent and Interplant plc

Thanks a million!

chursy

just did the exam!!! Sim 3 was an absolute killer... The exam was tough!

Has anyone tried this?

notanocelot

I typed up every single control given in the Nolan textbook and in the solutions to cases I'd done, both core and elective.

Might be handy if you're doing up a list of weaknesses and want to add a couple!

chursy

notanocelot wrote: »

I typed up every single control given in the Nolan textbook and in the solutions to cases I'd done, both core and elective.

Might be handy if you're doing up a list of weaknesses and want to add a couple!

Thanks man

Daizy0

rums08 wrote: »

Does anyone have the solutions for the following:

Moon Design Limited
Burke's Mechanical Limited
Tangent and Interplant plc

Thanks a million!

funkymonkey9

In Ballydeagan credit union,does anyone know where the guidance is regarding the financial regulator requirement for a partner to rotate after 5 years?I know that's the case for listed companies per es3 but there doesn't seem to be mention of financial regulator requirements?thanks

Ex 88

This may possibly be a stupid question but in the Comp Statement it refers to; Audit Regulations and guidance 2007(ROI) all chapters except Chap3......anybody know what document this is referring to? Lost and hope I'm not missing something big

Jamesw2

Re Ballydeagan CU: ES3 12 a : no one shall act as audit engagement partner for more than five years + Practice note 27 (1) 45: Financial Regulator recommends rotation every 5 years for Credit Unions.

funkymonkey9

Jamesw2 wrote: »

Re Ballydeagan CU: ES3 12 a : no one shall act as audit engagement partner for more than five years + Practice note 27 (1) 45: Financial Regulator recommends rotation every 5 years for Credit Unions.

Thanks for that but am I right in thinking that practice note is not on the competency statement therefore non examinable?

funkymonkey9

Ex 88 wrote: »

This may possibly be a stupid question but in the Comp Statement it refers to; Audit Regulations and guidance 2007(ROI) all chapters except Chap3......anybody know what document this is referring to? Lost and hope I'm not missing something big

These are in the technical handbook on page 247,all chapters except chapter 3 are at understand level and see underneath that chapter 3 is at applies level,Sean just steered us to chapter 3,it's not long or complicated,kind of common sense stuff so not missing anything big :-)

funkymonkey9

In relation to directors remuneration and the required disclosures under s 191 of the companies acts,I was wondering does anyone know where in our materials is that information?I know the mock solutions give the answer but just wondering where we were supposed to find that info in our materials?in the mock I had no clue,is there anything else weird like that per the companies acts we need to know?

notanocelot

funkymonkey9 wrote: »

In relation to directors remuneration and the required disclosures under s 191 of the companies acts,I was wondering does anyone know where in our materials is that information?I know the mock solutions give the answer but just wondering where we were supposed to find that info in our materials?in the mock I had no clue,is there anything else weird like that per the companies acts we need to know?

In the big squashy folder we got at the beginning of the year.

Oh, and thanks for putting up that recommendation to read Ch 3 of the guidelines. I'd totally forgotten about it.

Ex 88

funkymonkey9 wrote: »

Ex 88 wrote: »

This may possibly be a stupid question but in the Comp Statement it refers to; Audit Regulations and guidance 2007(ROI) all chapters except Chap3......anybody know what document this is referring to? Lost and hope I'm not missing something big

These are in the technical handbook on page 247,all chapters except chapter 3 are at understand level and see underneath that chapter 3 is at applies level,Sean just steered us to chapter 3,it's not long or complicated,kind of common sense stuff so not missing anything big :-)

That's great thanks, had a look at Chap 3 this morning! It was grand!! So much reading in this bloodly Elective!

funkymonkey9

Just wondering has anyone done up a list of possible audit risks or could they point me to where I could find some general ones that might help spark some ideas in the exam? Thanks

KenHy

Does anyone know if APB/2009/4 and APB/2010/2 are examinable in RoI?

Their titles would suggest they are not (refer to UK auditors) but want to be sure before I ignore them!

funkymonkey9

KenHy wrote: »

Does anyone know if APB/2009/4 and APB/2010/2 are examinable in RoI?

Their titles would suggest they are not (refer to UK auditors) but want to be sure before I ignore them!

Yes they are UK standards therefore N/a in ROI. I have them crossed off because Sean said they weren't applicable in the course wrap up lecture

funkymonkey9

Sorry, another query on Ballydeagan Credit Union. I notice that to get Competent in indicator 3 you had to mention the Credit Union Act in your audit report paragraph. Is there some document that's examinble that details this specific credit union stuff that I'm missing out on?

KenHy

funkymonkey9 wrote: »

KenHy wrote: »

Does anyone know if APB/2009/4 and APB/2010/2 are examinable in RoI?

Their titles would suggest they are not (refer to UK auditors) but want to be sure before I ignore them!

Yes they are UK standards therefore N/a in ROI. I have them crossed off because Sean said they weren't applicable in the course wrap up lecture

Thanks!