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February 19, 2018 at 4:18 pm
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
Ken Garrett says
February 19, 2018 at 5:37 pm
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
November 15, 2017 at 8:43 am
Very clear and on point. Love the practical examples. You are always excellent on these lectures Gromit
March 3, 2017 at 6:31 pm
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?
March 3, 2017 at 7:07 pm
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.
March 3, 2017 at 7:23 pm
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
March 3, 2017 at 9:31 pm
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.
October 10, 2016 at 11:09 am
i cannot open the videos
October 10, 2016 at 5:53 pm
Our usual advice is to try a different browser eg Chrome.
Also, I don’t know where you are. Some countries impede video access.
September 14, 2016 at 8:31 pm
Sir can these lectures and notes work for CA Pakistan exams??
May 26, 2016 at 2:27 pm
On point!, thank you.
May 11, 2016 at 2:15 pm
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…
May 11, 2016 at 8:08 pm
Look at the lecture for Chapter 8 for planning.
December 4, 2015 at 9:13 pm
Can you please give me a prediction ?or can any one send last time questions to practice?
February 22, 2016 at 4:42 pm
We do not provide tips any more. You can download a ‘hybrid’ of the September and December exams from the ACCA web site here:
Full papers are not published any more.
December 4, 2015 at 11:18 am
I cannot open the lecture?
December 4, 2015 at 11:35 am
reload the page? try another browser.. lecture works fine.
November 6, 2015 at 6:44 pm
can I pass my exams if I’m only using your notes and lecturing ?
October 7, 2015 at 3:26 pm
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.
February 22, 2016 at 2:36 pm
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.
October 5, 2015 at 11:08 pm
anybody,,,give a best definition of auditing
September 24, 2015 at 12:06 am
September 23, 2015 at 7:11 am
Great and well explained. Thank you.
September 18, 2015 at 10:23 pm
Thank you.Briefly explained.BUT still i am struggling with audit assertion.
September 19, 2015 at 9:04 am
What is the audit assertion?
September 23, 2015 at 8:37 am
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.
September 23, 2015 at 10:14 am
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.
September 27, 2015 at 10:06 am
thank you sir.now i got it.
September 15, 2015 at 12:43 pm
Thanks Very Well Explain 🙂 Sir
Muhammad irfan says
August 20, 2015 at 3:36 pm
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
August 20, 2015 at 6:05 pm
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.
August 20, 2015 at 6:29 pm
Understood!!! Very well explained. Again thanks you very much for the support and prompt response.
August 10, 2015 at 4:29 pm
August 7, 2015 at 10:33 am
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,
August 7, 2015 at 12:13 pm
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.
July 6, 2015 at 7:46 pm
Well explained !
July 2, 2015 at 5:07 pm
Well explained, thank you
May 19, 2015 at 8:57 pm
Samrat k. Pal says
May 17, 2015 at 3:13 pm
Well explained but not interesting way.
robert gossa says
May 12, 2015 at 1:30 pm
Well structures and explained lecture
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