Timetable for P7 & F8 for June 2011 sitting

The results for the last December 2011 examinations should be out in 13 February 2012, which is a week earlier than usual.  The slots for J Pro will be starting on 15 Feb 2012 for F8 and for P7 will be starting on 26 Feb 2012.

This would be ideal given the holidays that are available in Malaysia at the early stage of the year.

The training below is designed from 0 to full exam status, which is the same for attending the normal classes at other locations.  The only difference is that this is done in modular basis.  This is suitable for those that are sitting for the first time, re-sitting the exam, or those that want to improve their chances of scoring by taking on additional guidance.

The training schedule for F8 is slotted on every Wednesday 1.30 - 5.30pm starting from 15 February 2012.  Only exceptions is that on 22 February 2012, the class will be from 8.30 am to 5.30 pm. (Total contact time will be 86 hours @ RM 880 (inclusive of notes, refreshments and lectures)
Class dates
15/2, 22/2*, 29/2, 07/3, 14/3, 21/3, 28/3, 4/4, 11/4, 18/4, 25/4, 26/4*
Revision slots are 8.30 am to 5.30pm
4/5*, 5/5*, 6/5* with one additional slot in 5/6.
The dates above does not include the dates for the Mocks and Progress test, agreed later in training.

The training slots for P7 Advance Audit and Assurance are as follows - 8.30 am to 5.30 pm: Price is RM1100 for new students (returning students RM1050)
26 February 2012, 04 Mar 2012, 25 Mar 2012, 01 Apr 2012
22 Apr 2012, 28 Apr 2012, 29 Apr 2012
Revision slots
25 May 2012, 26 May 2012, 27 May 2012

For those that are interested to book now, you can do so since there is only a maximum of 18 seats available, making the class exclusive for those that attend it. SMS or call 0178786074 for mode details, if you are booking, just sms your name and acca student number to me.

ENJOY YOUR HOLIDAYS, FOR THOSE WORKING STICK AT IT, BRIGHTER ROADS WILL APPEAR.

Dec 2011 Mr Jays Tips for ACCA F8 and ACCA P7

Apologies for the late tipping of matters.

Note - tips are not healthy within the study approach but at the last minute, it might be a good idea to focus a few of the following areas before going into the examination

The coming issues are possible for Dec 2011 ACCA Advance Audit & Assurance paper P7

Question 1 - mixed questions with ethics + ISQC1 + matters to consider + business risk / audit risk + procedures for intangibles / pension (IAS 19) - using experts (ISA 620)

Question 2 - PFI / Forensic auditing / engagement acceptance / Know - your - client + Money laundering

Question 3 - Matters to consider - Financial instruments + IAASB announcement on the complex transactions

Question 4 - Ethical consideration - focusing on confidentiality, fee matters and standard FASSI

Question 5 - Critical assessment of closing procedures + audit report + written representation

OTHER MATTERS THAT SHOULD BE COVERED

1. Materiality and ISA 450 

2. ISA 610 usage of internal auditor

3. ISA 402 - Usage of service organisation / ISAE 3402

4. Risk auditing - covering the article by P1 examiner

5. Confirmation issues - articles by IAASB

Hope that helps for students preparing for the ACCA P7 paper.

The following are the possible areas that are relevant for ACCA F8 Audit & Assurance paper for DEC 2011 ACCA examination.

Students that are preparing for the F8 Exam.

Please read the latest article by the examiner AUDIT RISK and the articles by the assessor for the F8 examiner AUDIT SAMPLING & SUBSEQUENT EVENTS

Areas that should be coming out this time -

AUDIT PROCEDURES - WAGES, INVENTORY, NCA, PURCHASES TRANSACTION, CASH (BANK BALANCE)

AUDIT RISK - AS PER PREVIOUS YEAR + AUDIT STRATEGY + ENGAGEMENT ACCEPTANCE MATTERS TO CONSIDER + ISA 610

AUDIT CLOSING - SUBSEQUENT EVENTS / GOING CONCERN / AUDIT REPORT (ISA 720 - OTHER INFORMATION), ISA 706 - EOMP AND OMP

CONTROLS - GENERIC QUESTION ON CONTROL OBJECTIVES / CONTROL LIMITATIONS. SPECIFIC QUESTION ON ICEQ/ICQ ON PURCHASES/WAGES/SALES.  [POSSIBLE FULL QUESTION ON MANAGEMENT LETTER FOR WAGES OR SALES SYSTEM]

ETHICS - STANDARD FASSI QUESTION / CONFIDENTIALITY 

Other smaller areas that can be examined:

Assertions for disclosure

Audit procedures for depreciation charges verification

Explanation of ISA 705 modification

Internal auditor ISA 610 specific procedures + generic procedures

Audit sampling ISA 530 theory question on audit sampling risk and factors that increase or decrease it, projection of errors.

Accounting standards IAS 2,8,10,16,36,37,38

Those that are preparing for the exam - do not take the writing of audit response / ethical safeguards lightly since most of the students usually mess up and gain very little marks in those areas.

Well that is just my thoughts about what is possible.  

For those that are planning to study ACCA P1 and P3 next semester - remember that JPro training slots will only start after the results are out in Feb 22 - Alternative Monday classes - 10 x 8 hours = 80 hours (which is more than enough), exclusive boutique training centre.  Book your spots early to avoid disappointment - since I will only cater for the max of 18 pax.

OBU TRAINING IS ON DEC 15 / 2011 FOR THE NEXT SUBMISSION. DO BOOK EARLY TO GET A PLACE FOR THE TRAINING

P7 IMPORTANT MATERIALS

Those taking the P7 ACCA DEC 2011 exams should ensure that you have covered the following materials before going to the exam hall, this could come out for 10 - 20 marks this semester
1. ISAE 3402 New assurance standard that can be examined together with ISA 402
2. XBRL Emerging landscape
3. Auditor consideration regarding significant unusual or highly complex transactions
4. Emerging practice with the use of confirmations
5. Challenges in auditing fair values
6. Audit consideration of going concern

This are the latest issues facing the auditing profession and should have a high level of probability in coming out in this semester

MESSED UP AUDITS

The latest scandals in the world of audit - OLYMPUS & MF GLOBAL
In both of the companies you have 3 of the BIG 4 which are involved.  In MF case, it is PWC - whether they had issued an appropriate emphasis of matter paragraph in the audit report regarding the material uncertainty (ISA 570) that existed in MF Global financial statements.  This should have been done given the fact that IAASB had already issued a guidance note regarding the matter and how to manage through such a scenario.  They should have also increased audit risk profile for the client given the amount of financial instruments that MF was involved in, the company was already not used to this type of investments (past understanding of the client).

On the other corner, we have KPMG which may have failed to detect material misstatement caused by fraud - ISA 240 that existed within the giant OLYMPUS.  Whether there is a failure or not, we have to wait for the investigators and regulators to go through the audit firms approach.  The worst part would the one holding the ball when the shit hit the ceiling EY, which has been the auditor since the removal of KPMG. In this case the CEO said that he "believed" that auditors involved were professional.  Whether there is a poor quality audit done or not, again we will have to wait - but one thing for sure, it will be really messy in the audit world of Japan.

This brings us to Malaysian audit scenario - students that are studying for ACCA qualification, please ensure that you act professionally all the time, else we have the scandals that brought down PWC Japan in 2006/2007 - Reuters (2011)

Make sure if you are being pressure to act unethically or forgo an issue - do not just accept it, know your ethical grounds and stand up against it - contact ACCA via email for help.

This would also increase the need for ethical questions to be increased in the coming term say Dec 2012/June 2013 papers of P7 and F8 ACCA.

F8 IRC IN SUNWAY IPOH

There will be a 2 day training for F8 in Sunway Ipoh, so for those that are staying in Ipoh, you can consider making the necessary enquiries with them, this would be highly focused only on the possible areas for the coming examination.

The dates are in Dec 1 & 2 2011, which means most of you have already prepared for the examination and this would be a fast recap and focused IRC on getting the MARKS!

F8 AND P7 IRC FOR J PRO

SORRY, THIS TIME THE SLOTS HAVE BEEN FULLY BOOKED, AND THE IRC WAS NOT OPENED SINCE I HAVE ALREADY REACHED MAXIMUM CAPACITY OF 18 PAX FROM THE BEGINNING.

YOU COULD TRY OUT MR.JOEY OR MR.GOH AS AN ALTERNATIVE FOR P7 REVISION, WOULD NOT RECOMMEND THE OTHERS SINCE YOU WILL NEED TO BE FAMILIAR WITH THEIR ACRONYMS TO FULLY GRASP THEIR METHODOLOGY.

F8 AGAIN - MR.JOEY SHOULD BE OK, OTHERS WOULD BE PHILIP.

YOU MAY BE WONDERING ABOUT SHEILA, I SUPPOSE FOR THOSE THAT ARE USED TO HER ACRONYMS IT WOULD BE OK, BUT IF YOU ARE NEW, IT MIGHT BE A BIT HARD, ESPECIALLY IF YOU ARE TRYING ONLY FOR REVISION.

CLASS SIZE IS THE OTHER FACTOR TO CONSIDER, I SUPPOSE YOU WOULD WANT TO CLARIFY YOUR DOUBTS DURING REVISION, LARGE CLASSES ARE NOT THE PLACE TO DO THIS! - THAT IS WHY I LIMIT TO A MAXIMUM OF 18, SO THERE IS LESS INTIMIDATION FROM THE CROWD FOR CLARIFICATION.

GOOD LUCK ON THE REVISIONS.

REMEMBER - IT IS ALWAYS A GOOD IDEA TO SWITCH YOUR LECTURERS ONCE YOU HAVE TRIED OUT ONE STYLE, IT COULD BE THAT YOUR MIND NEEDS A NEW APPROACH FOR THE SAME PROBLEM - GOING BACK TO THE SAME PLACE, YOU GET THE SAME APPROACH AGAIN.

I HAD ONE STUDENT THAT HAD TRIED OUT 1 LECTURER 5 TIMES AND KEPT FAILING, FINALLY TRIED OUT A DIFFERENT APPROACH BY TRYING OUT MY METHODOLOGY OF ANSWERING AND THINKING - PASS.  I SUPPOSE THAT ALL SHE NEEDED WAS A DIFFERENT PERSPECTIVE IN ANSWERING THE QUESTION.

THE POINTS ABOVE ARE JUST MY OPINION.

The P7 class is already full and there will be no places for revision

There is 2 more seats available for F8

You can consider Sheila (Elite Jaya) or Joey (KDU) or Goh (Sunway) as an alternative lecturers for P7.  There are others out there, but this is who I would consider recommending for now