1.

0 Past paper analysis

MSA 1 – Financial Reporting Assurance Professional Competence

Q.1 Q.2 Q.3

Summer 2017
1. Review FS and identify key audit risks (10)
2. Identify key audit risks and explain correct acconting
treatment + journals (20)
3. Key audit procedures (10)
4. Ethical issues (5)
5. Key procedures for forecast FS prepared. (5)
Winter 2017
1. Financial reporting issues during audit and adjusting
entries (16)
2. Evaluation of audit tesing already performed and
explain O/s audit issues (8)
3. List Key audit procedures (11)
4.Corporate Governance requirements of a listed
companies (5)
5.Professional and ethical issues (5)
6. Explain Financial reporting implicaitons (5)
1. Explain impact of transactions in group FS (15) 1. Key weakness in procedures already performed,
additional procedures req. (14)
2. Redrafted FS (6) 2. Financial reporting issues (5)
3. Accounting and ethical issues arising (4) 3. Summarise the audit issues and impact on the report
(3)
4. Financial reporting implication (3)
1.Potential impact on the draft FS of any issues identified 1.Perform analytical procedures to assess the financial
in reviewing work papers. performance with regard to revenue, profits and working
capital of SP. (5)
2. Calculate adjusted profit. 2.Identify the key group audit risks arising due to the
acquisition of SP and explain the correct financial
reporting treatment of any issues identified. Recalculate
any figures where relevant. (11)
3. Calculate basic and diluted earnings per share. (20) 3. Prepare the note as requested in Appendix
(Cancellation of share based payment accounting
treatment. (4)
4. Ethical issues (5) 4.Consider whether KL is in breach of the bank covenants
and consider the implications for our audit of the KL
group. (5)

Sir Hamid Yousuf (MSA 1, CFAP 5 Tax)

Videos: sta.saudtariq.com/Course/Detail/4791 1 Sir Hafeez Areeb Khan ACA (MSA 1, CFAP 3 SPM)
1.0 Past paper analysis
MSA 1 – Financial Reporting Assurance Professional Competence

Q.1 Q.2 Q.3

Summer 2018
1. assess the key audit risks and ensure you consider the
materiality of the issues on the group FS, explain where
additional audit procedures that need to be completed
on these matters. Explain the correct accounting
treatment. (30)
2. explaining the impact, if any, that the incident of fire
will have on the completion of the group audit (10)
1. Prepare a report for the Board of Rahma Media that
explains the financial reporting implications of the
changes in group shareholdings (Appendix 2) and
intragroup transactions (Appendix 3) that have occurred
in the year ended 30 April 2018 (14)
2. Prepare a summarised statement of financial position
for the Rahma Media group as on 30 April 2018. (6)
1. briefing note to support our acceptance decisions,
further info required to consider acceptance decision,
ethical considerations and adjusted management
accounts for Financial reporting issues. (22)
2. An explanation of any financial reporting impacts (8)

3. Assess the audit risks arising from the audit juniors

work (Appendix 5) and outline key issues on the
associate acquired during the year on the group financial
statements. (10)
Winter 2018
1. Evaluate key audit risks (12)
2. Explain any financial reporting issues (18)
1. Prepare the projected consolidated statement of profit
or loss and projected consolidated statement of financial
position under the following situations: (i) Contract with
MS Manufacturing for supply of microchips; (ii)
Acquisition of AK Engineering which manufactures such
microchips. (10)
1. Explain any additional financial reporting issues that
have not been identified by the audit team. Include
journals where relevant. (13)
Explain how you would resolve the outstanding issues
related to the audit for the year (12)

3. Explain the impact of the issues on our audit approach. 2. Analyse and explain the possible impact of each of the
Audit procedures are not required. (15) two options on the financial position and financial
performance of MHG for the year ending 30 November
2019. (10)
4. drafting response relating to our responsibiity on other 3. Ethical dilemma (5)
info. (5)

Sir Hamid Yousuf (MSA 1, CFAP 5 Tax)

Videos: sta.saudtariq.com/Course/Detail/4791 2 Sir Hafeez Areeb Khan ACA (MSA 1, CFAP 3 SPM)
1.0 Past paper analysis
MSA 1 – Financial Reporting Assurance Professional Competence

Q.1 Q.2 Q.3

Summer 2019
1. Explain the financial reporting issues arising and
recommend adjustments (20)
2. Explain the group audit issues which need to be
addressed before the audit report can be signed +
relevant actions required. (20)
3. Professional and ethical issues (10)
Winter 2019
1. Identify and explain key audit risk + how risk would
impact financial statements of Group and individual
entities (36)
2. Financial reporting treatment of proposed financing
arrangement (8)
3. Professional and ethical issues (6)
Winter 2020
1. Explain any financial reporting issues that have not
been correctly accounted for in the group financial
statements (20)
2.Explain any audit issues that need to be resolved
before the completion of the group audit (22)
3. Prepare a response to the request for assistance on
the appointment of a non-executive director at SL. (5)
4. Prepare a summary that explains any quality control
issues identified in the group audit of SL. (3)
1. Prepare, providing relevant explanations, the
adjustments required to the financial statements (10)
2. Prepare the revised financial statements of EMP (5)
3. Analyse the performance and financial position +
additional info required to complete analysis. (15)
1. Explain the financial treatment in interim financial
statements (18)
2. Prepare / redraft financial statements incorporating
adjustments (5)
3. Ethical / other professional issue arising from the
review (7)
1.Explain the financial reporting implications of the
transactions (13)
2. Prepare the draft summarised consolidated statement 2. For the audit risks identified, outline any additional
of financial position (12)
3. Explain any ethical issues arising from the preparation the risks. (5)
of the financial statements (5)
1. explain the financial reporting issues arising from
transactions (8)
2. identify and explain the audit risks arising from the
financial reporting issues and discuss the impact of the
issues on our audit strategy, including resources and
budget implications. (12)
1. explain the financial reporting implications of
identified issues + Actions required prior to signing +
Impact on audit report (18)
2. Evaluate completeness of director's report in
accordance with Co. Act. (2)
1. Perform analytical procedures to identify the audit
risks for the audit (15)
information required to have a better understanding of

Sir Hamid Yousuf (MSA 1, CFAP 5 Tax)

Videos: sta.saudtariq.com/Course/Detail/4791 3 Sir Hafeez Areeb Khan ACA (MSA 1, CFAP 3 SPM)
1.0 Past paper analysis
MSA 1 – Financial Reporting Assurance Professional Competence

Q.1 Q.2 Q.3

Summer 2021
1. Explains financial reporting implications of the 1.Explain the impact of the outstanding issues + prepare 1. Explains any financial reporting issues that the audit
transactions + potential adjustments (12) journal (calc) (17) team have not identified (15)
2.Reviews and analyses the draft financial statements. 2. Prepare the revised consolidated statement of profit 2. Identifies and explains any areas where there is a lack
(12) or loss and other comprehensive income (5) of sufficient and appropriate audit evidence. (5)
3. Identifies and explains the audit risks for Lahore 3. Calculate earnings per share (EPS) for the year ended
Builders (11) 31 May 2021 and discuss whether any of the outstanding 3. Outline the potential impact of the issues in Appendix
issues will impact on diluted EPS. (3) 3 on the audit report (5)
4. Explains the financial reporting implications of Lahore Discuss any ethical issues that arise in the scenario and
Builders’ potential purchase + explains the ethical issues, describe any required actions (5)
and any potential safeguards (10)
5. Discuss the other professional and ethical issues
arising from the information (5)
Winter 2021
1. Explain the financial reporting issues arising from the 1.Prepare analysis of the financial information as 1.Identify and explain the key audit risks for the audit of
review of the audit evidence (16) requested by the finance director. (12) the Paktech Group for the year ended 30 November
2021. (10)
2.Prepare, a summary of the uncorrected misstatements 2. Explain any areas of concern that will require further 2. Explain financial reporting issues. Show all relevant
and assess their impact on the group’s assets, liabilities investigation (11) calculations (10)
(7)
3. Explain the actions that the auditors need to take in 3. Explain whether the external auditors may review the
the light of any misstatements identified. (17) loan application. You should reflect on any ethical
concerns that may arise. (7)
4. Explain the financial reporting implications of the
proposed changes to the share-based remuneration
scheme in the first year. (10)

Sir Hamid Yousuf (MSA 1, CFAP 5 Tax)

Videos: sta.saudtariq.com/Course/Detail/4791 4 Sir Hafeez Areeb Khan ACA (MSA 1, CFAP 3 SPM)
1.0 Past paper analysis
MSA 1 – Financial Reporting Assurance Professional Competence

Q.1 Q.2 Q.3

Summer 2022
1. Review the background information and the financial
reporting issues and identify the audit risks (15)
2.Explain the correct financial reporting treatment for
the issues identified (20)
3. Explain the impact of the proposed arrangement (9)
4. Discuss the professional and ethical issues raised and
recommend the appropriate action to take. (6)
1.Explain, with supporting calculations, the correct
accounting treatment to be applied to the outstanding
matters
2. (15)
Redraft the Relay’s consolidated statement of financial
position (6)
3. Explain whether the auditor would accept the request
made in Appendix 4. You should reflect on any ethical
concerns that may arise. (4)
1. Explain the financial reporting issues arising from your
review of the audit team’s working papers (10)
2. Explain the impact on the auditor’s report if the
management of KF refuses to amend the draft financial
statements for any adjustments (5)
3. Discuss the appropriateness of KF’s accounting
treatment in response to the fire in respect of the
financial statements. Explain the audit evidence that
Rasool Gul & Co. should obtain in relation to the fire. (10)

Sir Hamid Yousuf (MSA 1, CFAP 5 Tax)

Videos: sta.saudtariq.com/Course/Detail/4791 5 Sir Hafeez Areeb Khan ACA (MSA 1, CFAP 3 SPM)