[Hfazil55]

I don’t how I passed. I came out of that exam room convinced I had failed

[Hfazil55]

I asked 1. if the audit firm has experience? they have other clients in the industry 2. If they have sufficient staff and resources? They do. 3. Deadline= If they will be able to perform the PFI within 1 month 4. The firm seemed to be charging very high fees for the audit. Would they accept only 40,000 for the PFI especially with the deadline? They might even need to hire more people from outside to meet the deadline

[Hfazil55]

I don’t remember fully but: 1.creative accounting (revenue increases even though attendance and profits decline), 2.brand goodwill impairment (poor team performances, attendances), 3.IAS 2 Inventory (lower merchandise sales), 4.theft of cash (70% of foods and drink sales in cash), 5.Operating segments (more than 10%- need to be reported separately), 6.something about IFRS 16 Leases, 7 New client (Detection risk) and a couple more. I think I wrote 9 overall.

[Hfazil55]

I got the the football club Dune Co. in Question 1. I was mostly satisfied with that one (especially the audit risk part), a little less confident with the due diligence report in Question 2 and very worried about the going concern in Question 3.

[Hfazil55]

For Question 1 Budgeting did any of you recommend ZBB or rolling budget?

[Hfazil55]

Finally passed the third time

[Hfazil55]

For the VFM question in Q1 Airbus, what measures did you all write for Economy, Effectiveness and Efficiency?

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