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Thanks for your reply…
The thing is that as per my mentor’s guidance, I performed a little bit comparison with regards to marketing mix and sales growth, between company A and B in Topic 18.
In their feedback, the marker says that I didn’t need to do that and doing so has made my findings interesting but narrow. In my RAP, the focus was on Company A but now they recommend that I can shift my focus to Company B if it is easier for me. I have shifted my focus solely on Company B without any comparison this time.
So would this be counted as changing the company?
Now reading the articles on this website, I understand that T18 does not required a comparison. My mentor’s approach was such because they failed his mentee on the bais that he didnt analyse the organisation against any benchmark company.
I was passed on Self Reflection (point 8) but failed on Communication Skills inc Presentation (point 9) because my presentation needs changing with assessor comments being “Your Presentation has the basics of being successful but needs to be up dated when you have re-focused your work as at the moment it does not fulfill the requirements for Topic 18”.
The overall SLS assessment, therefore, was a Fail.
Now my mentor says that I don’t need to submit a new SLS as I passed on Self Reflection and they only failed me because of presentation, but I’m not so sure about because the overall is an F.
Please tell me if there’s any need to submit a new SLS.
Also, they recommended me to shift focus to the competing company, as it might be easier for me, which I have done. Would this affect the areas previously passed in the assessor feedback?
Thank You
Hey Autumn, you’re welcome.
Just wanted to know if you finally got into your account?
Hey Autumn,
Congratulations on becoming an Affiliate! I can assure you that your situation is normal, not appearing in the passed finalists’ list and not being able to open your account. 2 of my friends faced the same issue but in the end they were able to log in after some days, although we don’t know why they didn’t appear in the list… Give it some time, you’ll be able to log in, don’t worry 🙂
Hi Trephena,
I’m thinking about doing the RAP on some organisation in which I was assigned as an Internal Auditor from my firm.
In my review, i gained quite a lot of information about the marketing processes which I think would give material for a good report. However, there were few positives identified in the company and a lot of negatives. So would it be okay to criticise the marketing strategy in the whole of my report while praising the aspects they are doing okay. Its an NGO and a relatively new one.
Also with regards to the referencing, my primary source of Info will be my audit review and there’s nothing much on the internet to quote. So how would that look like in the report.
I have a backup company in mind if this doesnt work out, but I just wanted to get your opinion before continuing, as it would be much easier to work on and there wouldnt be much need of research as I already have done enough in my Internal Audit.
Thanks
Hey,
No, you cannot enter any other optional paper until you get the results and the entry is clear… It’s ACCA’s policy
And don’t worry early bird entry will still be there for a week or two, so you can enter the Paper you want after the results are out, with the same cost that you would incur if you applied now…
Hello,
Out of curiosity I ask, why do you need past papers prior to Dec 2010? There have been lots of syllabus and format changes and 12 sessions (June 10 to Sep 15) give you enough questions to practice.
Anyway, if you didn’t know, P4’s examiner was changed after June 10, so all papers before Dec 10 are somewhat a waste of time. Still if you want to enhance your knowledge, its good enough 🙂
Best of Luck!
Hello,
I’m not a tutor but can confirm that every standard you studied in p2 will be examined. There was no ias 11 and 33 in p2 but questions have been set on these too.
They won’t be examined in depth, but there will be some complexity like knowing the criteria for held for sale/ development expense, calculating depreciation, among others
To address the tutor, post on Ask p7 tutor forums
Knowledge of p1 is not gonna help in p7, I’m sorry. The ethical code of objectivity is a major theme in p7, confidentiality is seldom asked and others are just assumed knowledge so won’t be appearing.
This will make p7 a very distant cousin of p1, I believe :p
I appeared for p1 and p7 both in June 2015. Might I say that my P7 knowledge helped me in P1 but nothing of the sort for P7, it’s entirely different
Hey,
To address Sir John, you should post on Ask P4 tutor forum.
As such, his method does not involve use of ticks. He does it more directly which is, I believe, much easier to understand.
You can also read the technical article available for interest rate management
And why don’t you watch the relevant lecture and, post on his forum if you don’t understand
Good luck!
Notice that they haven’t separated out ‘Management threat’ in that article. Most authors don’t.
It does imply a Management threat and what they have written doesn’t fully explain why its a self interest.
You are acting as the Management, doing their work, but still not charging them. Does it not create Self Interest? You would be interested in collecting the fee rather than doing the audit unless the work is insignificant.
Hey Zacky, check out this PDF for Ethical Threats
https://accaforstudents.com/acca/Ethical+Threats+to+Independence
Okay, you weren’t clear about recruitment and I had seen a question where a manager was asked to work for the client
Now that you have clarified, recruitment services by an audit firm requires a separate engagement letter with separate terms and fees.
While on an audit, if the firm provides the service, they will be interested in collecting the fee for recruitment and this can affect the quality of the audit.
It depends on how big the position is. If it’s key personnel, separation of engagement is required.
It can also create intimidation threat and self review.
Hey,
I’m sure you are aware of the self interest threat. You have an interest with the client and that clouds your judgement.
When a member of an audit team is asked for recruitment within the client’s business, the member would do his best to please the client so that his recruitment is successful. This can involve following their instructions to hide fraud, not disclosing a fraud to the NEDS, among others.
Same goes with having shares in the client’s company.
It also creates a self review threat, having worked in the finance dept you are now assessing yours or your colleague’s work and that would prevent you from being objective.
It’s all about being objective with the audit.
I hope this answers your query.
Watch the lectures on this site and read the notes making your own additions as you watch.
I never read the P7 study text and passed first time.If you do need further guidance, I would say Kaplan. BPP explains ‘a lot’ and has unnecessary detail. Everyone has their own preference.
I think you’re new here. Please post this question on Ask P2 Tutor forum to get his reply
You talk about documents when talking about inspection. Linking to above example,
Inspect a sample of Goods received notes and review the bin cards to verify the date of their arrival.
Another requirement is audit evidence you should expect to find.
This always talks about documents. Picture yourself as a manager, opening a file for a relevant matter, what would you expect to see there? Goods received notes, correspondence with management, among othersMatter to consider carries a broader requirement while the audit procedures one focuses on just the audit procedures.
I know you can confuse both so take a look at this:
Matters:
Breach of law
Breach of IAS/IFRS
State both briefly (If not given in case)
Impact on Audit opinion
Impact on Audit evidence
Impact on independence of auditorAudit Procedures:
Analytical procedures
Enquiry
Inspection
Observation
RecalculationEg
Auditor found obsolete inventory in a warehouse and management refuses to say why they are there.This goes against IAS 2 and if significant can lead to change in opinion (Material). This can reduce cost of sales and increase profits. This can increase assets. They can be illegal and hence question ISA 250.
See if you can apply the points above in this scenario
Hello,
A management threat is where the auditor finds himself in the shoes of the management. The work that belongs to the management is being requested to be done by the auditor.
Eg, tax filing. The director can say that while you are examining the tax costs, why not file the tax returns as well?
This is not acceptable. Management threat creates a problem so severe that the audit cannot be continued objectively. There’s usually no safeguard to reduce the threat and should be declined.Advocacy threat, like the name suggests, is acting on behalf, and not as the management. This could be when the Partner is asked to join the negotiations of a client’s merger. The partner would act as an advocate, like oh yeah its the Partner of a reputable firm, the company is definitely worth going for.
I hope this helps
Hello,
If your country is not among the ones opened in September, then it is March 2016 for you too.
March 2016 is for ALL COUNTRIES
https://www.accaglobal.com/zm/en/student/acca-qual-student-journey/sa/news/additional-sessions.htmlI think you confuse test of controls (TOC) with substantives. An easy way to distinguish is that a TOC is limited to testing and finding some result, usually its done on systems.
A substantive is classed into Analytical procedures, Enquiry, Inspection, Observation, and RecalcUlation (AEIOU) Its much more broader in sense.
Talk about a payroll system, you think its weak and hence you test the system. Would you enquire for testing? No
-You would select a sample of employees and enter into the system for finding out their existence.
-You would analyse a sample of wages to review any unusual fluctuations
-You enter commonly known pass codes to verify the security of the systemIf the test results are unusual, then you do the substantive procedure and enquire the activity, inspect the documents.
It was your 4th attempt so I gather that you have read the article, if not, its high time that you do.
I hope this answers the question, best of luck!
Hello,
Yes P7 is the ‘easiest’ of the 4 options
I can talk about P4 being a beast but recently P5 has become notorious for lowest pass rates, this session it has 28% while P4 has 34%
I took P4 with P7 and found it a nice combination. People say that if you did well in P3, P5 would be less difficult as they’re somewhat related.
P4 is challenging and very time pressured, its technical while P5, I believe, is more discursive. I’ll leave someone experienced with P5 to guide you. If you do proceed, you will find P4 similar to F9, but of course more advanced.
I have heard that the same cant be said about P5, its nothing like F5, I might be wrong though
