Thank you for this lecture. It was really insightful and engaging
H
Haminat·
Thank you so much for this video sir. I love your teaching style, and I particularly love how you always recap at the end of the lecture.
A
afraz ali·
there is another lecture of the other teacher in opentiution of this chapter why have you mixed lectures of different teachers ? or is it the syllabus change and the older one is no longer applicable ? are the older lectures applicable for september 2023 sitting ?
K
KimTutor·
As listed on this page https://opentuition.com/acca/aa/acca-audit-assurance-aa-lectures there is only one lecture on audit risk - and this is it.
We update lectures as and when considered necessary to be technically up-to-date, relevant to the syllabus and in keeping with the current exam style and standard. There will therefore be a reason why an old lecture has been replaced.
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Erica·
Thank you so much for the lively and clear explanations, Sir.
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chrissy·
I loved the way you are teaching thank you indeed Sir !!
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Chi·
I like the way this gentleman teaches, thank you very much!!
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Sarah·
I agree; makes the subject a lot more engaging!
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Areesh·
Thank you for providing these resources for free. These lectures are very useful! :)
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KimTutor·
Thank you for making use of them! I do hope you will use the practice questions too https://opentuition.com/acca/aa/aa-practice-questions/ - they are a quick way of testing your knowledge and answer justifications are provided if you get any wrong.
K
KimTutor·
If you download the notes you will find that you can search on key words - so on page 21 you will find this spelt out - there would have to be appropriate safeguards to reduce the threat to an acceptable level. Examples of safeguards can be found on page 23 - it a threat cannot be sufficiently reduced the audit must be declined/discontinued.
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alieahsj01·
Hello sir, may I know in which chapter video the discussion of materiality is in?
I'm still confused about materiality and how to apply it on auditing. Thank you so much.
K
KimTutor·
See pages 32/33 of Chapter 5
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Christopher·
Hi I just want to ask is business risk related to factors like economy, recession, technological change? I was wondering if these factors important to an auditor as they don't really affect the financial statements
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kengarrettTutor·
Business risk is important, but NOT ON THE F8 SYLLABUS! Note, however, you can be asked to identify discuss signs of going concern problems.
If you opt for P7, Advanced A & A you will have to deal with it a lot
G
gilbertha·
Very clear and on point. Love the practical examples. You are always excellent on these lectures Gromit
C
Chiranjeev·
Hello sir,
I just want to know that how the question will come for audit risk and how we need to answer that question?
For eg :- if a question comes that describe six audit risks related to the revenue of the company. Then how we will answer the question?
K
kengarrettTutor·
Audit risk is the risk that there is something wrong in the published FS. So for revenue, think all the ways that the figure could be wrong. This will usually depend on the information given in the scenario. Going through assertions can help:
Incomplete
Extra sales (existence)
Cut-off errors
Not splitting out VAT (accuracy)
are four generic risks.
C
Chiranjeev·
Thanks for the prompt reply.
In such cases we have to identify the risks from the given scenario and auditor's response to such risks will be the assertions used by the auditor.
Please correct me if I am wrong
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kengarrettTutor·
The auditor has no choice about assertions: these are set out in the relevant ISA. All assertions need evidence that they are 'correct'. The scenario determines which assertions might have the highest risk. For example, it might be concluded that receivables are accurately recorded, but there could still be considerable risk about their valuation (depending on customers etc). High risk implies that more audit work is needed in that area.
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khanilham5·
i cannot open the videos
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kengarrettTutor·
Our usual advice is to try a different browser eg Chrome.
Also, I don't know where you are. Some countries impede video access.
W
waqasalbert·
Sir can these lectures and notes work for CA Pakistan exams??
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shantell·
On point!, thank you.
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beastventura·
Please include a lecture video for Planning as well, i cant find it, thank you, and wonderful lecture, although bit incomplete but gives a good understanding...
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kengarrettTutor·
Look at the lecture for Chapter 8 for planning.
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amjashoukath·
Can you please give me a prediction ?or can any one send last time questions to practice?
K
kengarrettTutor·
We do not provide tips any more. You can download a 'hybrid' of the September and December exams from the ACCA web site here:
reload the page? try another browser.. lecture works fine.
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sandala123·
can I pass my exams if I'm only using your notes and lecturing ?
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Raza·
Dear Sir,
please can you tell me where can i find part b of the f8 syllabus among these lectures as it is difficult to find and compare the chapters with bbp book of f8. I need ch-6 risk assessment, ch-7 audit planning and documentation & ch-8 introduction to audit. In this lecture of risk i didnt see materialty,understanding the entity and its environment, fraud , law and regulations so where can i find these.
Best regards,
Raza Haider.
O
obiora00·
I have spent just few minutes as a registered member here but it appears I have the same challenge. These lectures seem to cover a slightly different syllabus from the BPP text book.
Y
yadav009·
anybody,,,give a best definition of auditing
M
Mfon·
Well explained
J
janeng15·
Great and well explained. Thank you.
T
tasnumi·
Thank you.Briefly explained.BUT still i am struggling with audit assertion.
K
kengarrettTutor·
What is the audit assertion?
T
tasnumi·
SIR,as per my concept assertion is some kind of confident one can get in the statement but i am not sure that how can i relate this with audit and what is meant by assertion level.
K
kengarrettTutor·
At the assertion level means that you have to get evidence for each assertoin made by each figure in the FS. So for a balance you need evidence for each of existence, valuation, completeness etc.
T
tasnumi·
thank you sir.now i got it.
A
adil·
Assalam-o-Aliakum
Thanks Very Well Explain :) Sir
M
Muhammad irfan·
Thank you. Very well explained. But couldn't get Sampling risk clear. !!!! Also notes here are enough to pass exams. Or should have to buy text book
K
kengarrettTutor·
Notes + QUESTION PRACTICE are enough.
Sampling risk. Let's say that in a population of 10,000 invoices, 5,000 have been properly dealt with and 5,000 have not.
If you choose a sample of, say, 20 items there is a chance that you pick only those that have been properly treated. This might lead you to conclude that all invoices have been correctly treated. You would have concluded incorrectly and that is a result of 'bad luck' with sampling. Unless you look at the whole population there is always the risk of wrong conclusions: that is sampling risk.
Sampling risk is reduced by increasing the sample size. So, if you choose 50 items to look at there is a greater chance that you will pick up some wrong ones and this should lead you to look at even more to see the extent of the aberrations.
M
Muhammad irfan·
Understood!!! Very well explained. Again thanks you very much for the support and prompt response.
P
puleleng·
thank you
D
Dragana·
When looking at chapter 6 in BPP, there are a lot more then what you explain in this lecture.
For example :
Materiality, Understanding entity and its environment , Responding to the risk assessment, Law and regulations.
Are these in some other online lectures, or you didn’t explein them at all (or are they possible out of study text..I have book for exam 2014-2015.)?
Thanks in advance,
K
kengarrettTutor·
The lectures are what I would deliver to a class and with question practice are sufficient to pass.
Lectures are always less detailed than text books, but many people pass yet never open their text books.
We update lectures as and when considered necessary to be technically up-to-date, relevant to the syllabus and in keeping with the current exam style and standard. There will therefore be a reason why an old lecture has been replaced.
I'm still confused about materiality and how to apply it on auditing. Thank you so much.
If you opt for P7, Advanced A & A you will have to deal with it a lot
I just want to know that how the question will come for audit risk and how we need to answer that question?
For eg :- if a question comes that describe six audit risks related to the revenue of the company. Then how we will answer the question?
Incomplete
Extra sales (existence)
Cut-off errors
Not splitting out VAT (accuracy)
are four generic risks.
In such cases we have to identify the risks from the given scenario and auditor's response to such risks will be the assertions used by the auditor.
Please correct me if I am wrong
Also, I don't know where you are. Some countries impede video access.
https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/past-exam-papers.html
Full papers are not published any more.
please can you tell me where can i find part b of the f8 syllabus among these lectures as it is difficult to find and compare the chapters with bbp book of f8. I need ch-6 risk assessment, ch-7 audit planning and documentation & ch-8 introduction to audit. In this lecture of risk i didnt see materialty,understanding the entity and its environment, fraud , law and regulations so where can i find these.
Best regards,
Raza Haider.
Thanks Very Well Explain :) Sir
Sampling risk. Let's say that in a population of 10,000 invoices, 5,000 have been properly dealt with and 5,000 have not.
If you choose a sample of, say, 20 items there is a chance that you pick only those that have been properly treated. This might lead you to conclude that all invoices have been correctly treated. You would have concluded incorrectly and that is a result of 'bad luck' with sampling. Unless you look at the whole population there is always the risk of wrong conclusions: that is sampling risk.
Sampling risk is reduced by increasing the sample size. So, if you choose 50 items to look at there is a greater chance that you will pick up some wrong ones and this should lead you to look at even more to see the extent of the aberrations.
For example :
Materiality, Understanding entity and its environment , Responding to the risk assessment, Law and regulations.
Are these in some other online lectures, or you didn’t explein them at all (or are they possible out of study text..I have book for exam 2014-2015.)?
Thanks in advance,
Lectures are always less detailed than text books, but many people pass yet never open their text books.