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