Professional Ethics - ACCA Audit and Assurance (AA)
77 Comments
V
Vicky·
You have to start doing teasers at the beginning of the video. "Coming up on today's lecture"
M
Maede·
I’ve studied for most of my ACCA exams using OpenTuition lectures, and hands down, this one was the best.
S
Shubham·
Thank you Sir Love the way you teach , the ending was a beginning of new chapter I guess .
S
Sudhir·
Wow! What an ending! Audit is getting interesting.
S
SAnjar·
Guns? Wow!!!???
S
S le·
thank you
N
Naomi·
This was a fun lecture and very eye opening
D
dilshahad·
Kindly include Conceptual Framework approach area in the lecture if possible
loving the understandable and entertaining lecture so much.
E
eeshamusharafbaig·
So educational and entertaining! Great lecture.
J
Joseph·
Very thankful indeed
M
Maciej·
Self-interest threat - Employment.
Shouldn't it be 12 months instead of 2 years?
K
KimTutor·
Please ask questions about lectures on the ask the tutor forum - and please clarify what you mean by "it".
L
Lee·
Probably wirecard ???
A
Asif·
Hats off. Didn’t believe you could make it so entertaining.
A
Asif·
A Superbly crafted lecture indeed.
A
Asif·
A legendary lecture full of jokes and practical examples.
E
Ephraim·
I love the ending, thank you for sharing. lol
M
Malik·
Sad Story, I'm not gonna see a contract anymore.
C
Chiweta·
It has to be America???????, Only America is that gun hungry??????
V
Vania·
sit down david. no one else is getting their kids killed.get your head out of your ass
F
Furqan·
Ohh my word . What an ending there?
S
shivalak·
So funny because I ate a McDonald’s watching this lecture.
Anyway, thanks you for your lecture!
J
Jakhongir Khalilov·
I would not say no to a Macdonald now lol
K
Katleho·
Great lecture!
S
Sam·
No one will sell their soul for a Big Mac. haha... and the gun fanatic CEO story at the end... Thanks for making these concepts easy to understand and remember.
K
kingslanre·
Now that was hilarious and of course, the main objective of imparting knowledge was well achieved.
Thank you so much!
M
mansurbek86·
Thank you sir ! It was very usefull
S
scarlett55·
Thanks for your lecture.
J
jwang8·
thank you so much for uploading this helpful video, the lecture is brilliant for giving vivid examples.
F
Fawaz·
Gun fanatic CEO? Collection of guns implying no strict restrictions for purchase of arms? Sounds suspiciously like the great 'MURICA!!
K
KimTutor·
You should see the lectures listed on this page https://opentuition.com/acca/aa/acca-audit-assurance-aa-lectures/
G
graffi·
Hello Sir,
Would like to know if all the chapters r covered in the f8 lectures?
S
Seun·
Sir,
The story about the guns at the end of the lecture was hilarious, you told it so well haha.
Thanks for a great lecture.
Seun
J
Joseph·
Sir,
coming back on the self interest threat... Hospitality services. If the client offers to take care of the board and lodging of the audit team at his own cost for the entire duration of the audit. with this constitute an influence to objectivity?
K
KimTutor·
I recommend that you post technical questions for a tutor to the Ask the Tutor Forum (AA) as that is monitored daily (these posts are not).
In answer to your question here, every scenario must be assessed in context. The Code says that the existence and significant of a threat depends on the "nature, value and intent of the offer". If the client is an "away job" it will in any case pick up the costs of the audit team being accommodated near the client and/or travelling to/from the client - if the audit firm incurs the costs, they will be recharged to the client as expenses. However, it could be that the client can get a better deal on hotel fees and so would prefer to pay for these directly. Or maybe the audit firm charges a standard "per diem" for nights away but the client makes some arrangement for the team to be otherwise catered for, because that could be a cheaper option. If the client were to offer 5* accommodation and gourmet dining then yes, I think that might influence objectivity.
A
a436075140·
Interest lecture, thanks for that
S
sunny20·
Hi Ken,
Thanks for the lecture. Can you let me know what does it mean that " Gift should only be accepted if its value is trivial and inconsequential to the recipients".
Many thanks in advance.
K
kengarrettTutor·
Ot really means of that it must be of negligible value.
M
muhammad·
Dear Sir,
Just want to say thank you & that you are one the best teachers i have had.
Regards,
Muhammad
T
T.M.Nowfeer·
dear sir !
it is Nowfeer from Srilanka who is going to sit in this december exam but i want to know that this lecturing videos will help to me to pass the exam without going any tuition class because i am asking as i found this videos uploaded around 2015 year!!!
please i am expecting the favour respond from your site!
Y
ygkky·
Very interesting lecture. Thank you.
And very high probability that the last story took place in Russia ! :)
K
kengarrettTutor·
I'm saying nothing ;-)
M
Michael·
Ha! I was going to say USA. Good lecture. Look forward to the rest.
K
kengarrettTutor·
I'm still saying nothing!
Y
yvom·
Thanks for the interesting lecture, who knew I'd actually laugh out loud during a professional ethics lecture! You're not going to sell your soul for a Big Mac - Classic :)
G
gilbertha·
You are good sir. I enjoyed mostly the practical examples and the one right before the end is very funny. Thanks for the knowledge.
F
faisal hanif·
Hello, Can an auditor audit his own charitable organization , which is non profit and has a main purpose for charity?
A
Aniekeme·
i absolutely love the story at the end. Couldnt stop laughing. A good motivation to listen to the next lecture.
D
diamore2·
These stories are real and I appreciate them. As a practising Auditor myself the Client really dangle gifts and are super nice so we must be careful.
M
madiha·
Your stories are hilarious. Hopefully they'll help me link the notes to them to remember them better. What an entertaining audit class. Thank you for making it interesting ! :D
N
nangsg7229·
Hi, could I have the script of the clip?
K
kengarrettTutor·
No scripts exist but the lectures closely follow through notes.
N
nyamekyequist·
Ethics is truly fundamental to the course. Appreciate the real life scenarios. Extremely helpful not only for the course but career as a whole. Well done. Thanks.
C
Cathrine Mahwire·
Awesome ending ,well explained .Thank you.
G
george·
may i ask a question? opinion shopping is under which ethical threat? TQ
K
kengarrettTutor·
It can come under both professional competence and due care and professional behaviour.
It could be, of course, that the existing auditors are wrong and there is a legitimate reason for obtaining another opinion. If auditors discover that opinion shopping is going on they certainly need to be wary. For example, the second auditors could be presented with a different set of facts to those given to the first auditor and those facts could have been edited to conceal problems.
The rules governing auditor changes should detect problems (ie you just write to existing auditors and ask about the client).
G
george·
thank you for replying. what i meant is is it considered an intimidation threat? plus opinion shopping is something like client go to other auditor because the existing auditor isnt providing then answer client wants? so when he found the answer he wants, he can challenge existing auditor. so is it intimidation threat? thanks for helping.
K
kengarrettTutor·
It could be classed as an intimidation threat or a self-interest threat ie you might not want to lose the audit to a more cooperative auditor.
A
aneela sadaf·
hey lecture was truly amazing but physical intimidation was truly BIG SURPRISE!!!!!
N
nimshaj·
yeah with the last minute expressions :D
U
unknowingly·
Please, how do I download these, for watching them later, offline?
K
kengarrettTutor·
Lectures cannot be downloaded.
R
Rachel·
Hi,
Regarding the percentage fees limit for a listed company, is it 10% or 15%?
Also, how bout non-listed companies?
K
kengarrettTutor·
Theonly % now mwntioned is 15% for public interest companies. No % is specifiec for other clients but the auditor has to evaluate the self-interest risk to assess if it is acceptable.
L
lia250·
Brilliant lecture - the scenarios we were told helps bring things to life !
C
cmmm·
Amazing ending!!!
T
Tobi·
An amazing ending indeed! Couldn't stop laughing. :)
D
drice99·
Love the ending, very Alfred Hitchcock-esque
B
biggles·
Wow Gromit! That ending is just so scary! I hope I never come across a free gun demonstration!
I
ing100·
Epic Ending, Got me hooked for the next chapter :P
S
Stephen·
cool 24hrs teaching lol tnx alot guys
T
tricia·
Well done explanations. Love the examples.
R
robert gossa·
That you. The content is well refined.
S
shemida·
Great ending!
K
Kenneth Excellent·
Correction
On self review; preparing accounting records, I guess this will not be objective for another group will be tempted not to audit the accounting records prepared by their team as it already reviewed. It is the responsibility of management to prepare the FSs. Auditors have just to provide opinion on the FSs.
How will then shareholders get assurance of management if some accounting records are prepared by auditors.
If management is failing to prepare the FSs, then this have to be reflected in letter of weakness
Please assist me, it is giving me headache
K
kengarrettTutor·
An auditing firm can be very large. That means that it is possible to have a completely different set of people preparing the FS to thos who audit them. This is suppose to reduce the self-review threat to acceptable levels.
It is management's responsbility to prepare the FS but that does not mean they have to prepare them personally. Typically they would ask accounting staff in the company to do it or they could sub-contract this task, for example, to a team from their auditors.
[It's better if you ask questions on the Ask ACCA Tutor Forum as that's what we review regularly].
K
Kenneth Excellent·
On self review; preparing accounting records, I guess this will be objective for another group will be tempted not to audit the accounting records prepared their team as it already reviewed. It is the responsibility of management to prepare the FSs. Auditors have just to provide opinion on the FSs. How will then shareholders get assurance of management if some accounting is records are prepared by auditors.
If management is failing to prepare the FSs, then this have to be reflected in letter of weakness
loving the understandable and entertaining lecture so much.
Shouldn't it be 12 months instead of 2 years?
Anyway, thanks you for your lecture!
Thank you so much!
Would like to know if all the chapters r covered in the f8 lectures?
The story about the guns at the end of the lecture was hilarious, you told it so well haha.
Thanks for a great lecture.
Seun
coming back on the self interest threat... Hospitality services. If the client offers to take care of the board and lodging of the audit team at his own cost for the entire duration of the audit. with this constitute an influence to objectivity?
In answer to your question here, every scenario must be assessed in context. The Code says that the existence and significant of a threat depends on the "nature, value and intent of the offer". If the client is an "away job" it will in any case pick up the costs of the audit team being accommodated near the client and/or travelling to/from the client - if the audit firm incurs the costs, they will be recharged to the client as expenses. However, it could be that the client can get a better deal on hotel fees and so would prefer to pay for these directly. Or maybe the audit firm charges a standard "per diem" for nights away but the client makes some arrangement for the team to be otherwise catered for, because that could be a cheaper option. If the client were to offer 5* accommodation and gourmet dining then yes, I think that might influence objectivity.
Thanks for the lecture. Can you let me know what does it mean that " Gift should only be accepted if its value is trivial and inconsequential to the recipients".
Many thanks in advance.
Just want to say thank you & that you are one the best teachers i have had.
Regards,
Muhammad
it is Nowfeer from Srilanka who is going to sit in this december exam but i want to know that this lecturing videos will help to me to pass the exam without going any tuition class because i am asking as i found this videos uploaded around 2015 year!!!
please i am expecting the favour respond from your site!
And very high probability that the last story took place in Russia ! :)
It could be, of course, that the existing auditors are wrong and there is a legitimate reason for obtaining another opinion. If auditors discover that opinion shopping is going on they certainly need to be wary. For example, the second auditors could be presented with a different set of facts to those given to the first auditor and those facts could have been edited to conceal problems.
The rules governing auditor changes should detect problems (ie you just write to existing auditors and ask about the client).
Regarding the percentage fees limit for a listed company, is it 10% or 15%?
Also, how bout non-listed companies?
On self review; preparing accounting records, I guess this will not be objective for another group will be tempted not to audit the accounting records prepared by their team as it already reviewed. It is the responsibility of management to prepare the FSs. Auditors have just to provide opinion on the FSs.
How will then shareholders get assurance of management if some accounting records are prepared by auditors.
If management is failing to prepare the FSs, then this have to be reflected in letter of weakness
Please assist me, it is giving me headache
It is management's responsbility to prepare the FS but that does not mean they have to prepare them personally. Typically they would ask accounting staff in the company to do it or they could sub-contract this task, for example, to a team from their auditors.
[It's better if you ask questions on the Ask ACCA Tutor Forum as that's what we review regularly].
If management is failing to prepare the FSs, then this have to be reflected in letter of weakness
Please assist me, it is giving me headache