STANDARD OF THE PAPER The standard of the paper was good. The questions were practical and within the syllabus regarding structure and weightings. The paper was free from errors. The rubrics of the paper were very clear without any ambiguities.

PERFORMANCE OF CANDIDATES The performance of the candidates was generally mixed. The questions were within the structure of the syllabus. While others had good marks, others performed poorly. High performers were spread across some centres, and so were low performers. Some candidates exhibited a high sense of preparedness, and others were not well prepared. Candidates performance in this diet (70.65%) was marginally below the May 2021 diet (75.11%). The high performance in the paper may be attributed to the fact that tuition providers now better appreciate the syllabus requirements and can tailor their teaching quite well to the understanding of candidates. Question 4 was a high scoring question because it was practical and popular, especially the b) part. Question 2 even though a straightforward question, the performance was below expectation because most candidates mixed up their understanding of the substantive audit procedures for the valuation of PPEs with the valuation of inventory