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Hello,
I am a self studier for F8, I am not really sure if it is permitted to use abbreviations at the exam on major terms like “those charged with governance” to TCWG, “financial statements” to F/S, “management” to MNGT? Please adviseThanks very much!
Generally, FS for financial statements will be readily understood as will SOFP for statement of financial position.
I have not come across TCWG before; MNGT I could have guessed.
In general, I think it’s better not to abbreviate. It can look sloppy and might confuse. If you are really short of time and think you will use an abbreviation more than a couple of times, define it first. Eg.
“Auditors should report serious problems in the internal control (IC) system to those charged with governance (TCWG)”.
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