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The paper was too long and run short of time.Even though the questions were not that difficult.It was so stressy and could not work as for other papers.
Hi Babar,
I will be much appreciated if you could hold the session at 7.30 uk time instead of 8.30 GMT
Quality control at individual level refers to ISA 220 and Quality control at firm level refers to ISQC 1.
ISQC 1 helps audit firms to establish quality standards for their business.All the quality controls policies and procedures should be documented and communicated to the firm’s personnel. The firm should establish a system of quality control designed to provide it with reasonable assurance that the firm and its personnel comply with professional stds.The requirement of ISQC 1 are:
1.Leadership responsibilities for quality within the firm
2.Human resources
3. Assignment of engagement teams
4.Engagement performance
5. MonitoringISA 220 requires firms to implement quality control procedures over individual audit engagements.The burden of this falls on the audit engagement partner who is responsible for the audit and the ultimate conclusion.
The requirements are as follows:
1.Leadership responsibilities
2.Ethical Requirements
3.Acceptance of client relationships and specific audit engagements
4.Assignment of engagement teams
5. ENGAGEMENT PERFORMANCEHope this answers ur question.
Should you have any question feel free to ask.
Hi all im interested , my email add is appadoov9@yahoo.com.please give a timetable so that we cn revise accordingly
Hi cammay,
I follow the link you sent but in vain.Could you please send me an updated link or the document by mail.my email add: appadoov9@yahoo.com
Many thanks in advance for your helpHi all, I suggest we should start as soon as possible as time is running against us.So I suggest that we should start practising past exams and revert back to open tuition to solve any problems or difficulties encountered.
Can you suggest which year to start with and we should not forget that these questions in p5 do repeat themselves so better practice.
Say we do p5 June 2010 so we do the whole papers and discuss in open tuition.Are you agreeable with this or you have any other ideas.
Please suggest.Yes thats right.Please give me a feedback after explanation by your teacher for the challenge
I guess that the fact that the purchase ledger clerk has matched and removed duplicate invoices is also a fraud as he does so only before monthly reconciliation is done.
He accounts invoices twice, say an invoice of USD 10,000.
dr profit and loss 10000
cr bank 10000dr suspense 10000
cr bank 10000One 10000 will go to the supplier and the other 10000 to the clerk bank account.
I just said what i thought, correct me if im wrong.Me too I have just started the BPP textbook.Is BPP better or Kaplan for P5?Please advise
Ya you are right we should start.could you please advise where we shall start and how to start.Any planning regarding these?
Hi everyone, I want to join this study group p5.Could you please tell me on what we shall prepare for this week.
I will be very happy to join your group.
