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- July 20, 2019 at 8:04 pm #524426
Thanks John I will watch the lectures. If it’s not prepaid as it’s not paid prior to the year end but relates to the next year what’s the accounting treatment for the creditor?
November 13, 2015 at 11:52 am #282134Thanks Carl, this is how it is currently being operated with equal installments being collected.
What do you declare on the P11D, do you just calculate the fair value of the bike per the HMRC guidelines?
June 1, 2015 at 12:58 pm #251320Hi
I am currently in the process of transferring to ACCA membership and was wondering if their was any point in doing the OBU. I am a mature student and have numerous years of experience across the Finance Department.
What are the benefits of completing the OBU?
February 8, 2015 at 3:17 am #226203Just passed 51%, a pass non the less really thought I had failed this paper! Affiliate now 🙂
November 27, 2014 at 12:15 pm #213792Great thanks:)
November 22, 2014 at 9:37 am #212107Thanks!
So if your measuring the improved productivity, you would perhaps use ROCE (assuming investments have been made in FA), quality costs (you would expect to see a declining trend if this are has been invested in)?
November 20, 2014 at 9:19 am #211547Hi
This is the general forum, you should repost in “Ask Tutor” for Mike’s reply, I use the following approaches. Would be interested in others opinions.
I use “MRS” when answering questions of matters to consider in relation to transactions….
Materiality – does the transaction present a material risk of misstatement, if misstated would it mislead users of FS?
Risks – What risk are there associated with the transaction/the matter being asked to consider, what would the impact be upon the FS?
Standard – What does the accounting standard require? How has the treatment differed from the requirement of the standard?
If matter to consider in relation to planning…
Do you want client? Do you know the client? Can depend on the integrity of client? What industry do they operate in? What are the risks of material misstatement – (Inherent & Control Risks)? Do we have resources to complete quality audit? Are there any threats to the fundamental principles – do we have safeguards which we can implement to combat these?
November 20, 2014 at 9:11 am #211536I don’t think that we would provide an appendix of calculations unless asked for in the requirement?
My understanding is that:
Initial Analytical review involves assessment of the materiality and identification of trends from the information provided to enable you to identify risks of material misstatement.
Are you working a question Bob?
November 18, 2014 at 9:18 pm #211124Point taken – thank you for the advice! 🙂
November 18, 2014 at 9:13 pm #211120Sorry I had the same book and read through the page, did not mean to offend you!
November 18, 2014 at 7:22 am #210861This is in relation to the structure of the client and who the internal auditor reports to.
It implies that if the internal audit function is at the operational level reporting to functional managers then the work of the ia department will not be objective as there will be a self review threat as they work with the people whom they are auditing they will not want to upset the relationship.
On the other hand if they are a separate department reporting to the audit committee then we can utilise the work of them as they are independent and their objectivity will not be impaired.
November 2, 2014 at 1:08 pm #207249My apologies for the misinterpretation.
IAS37 still applies as does IFRS5 Assets held for sale/discontinued operations as will need to ascertain if management have communicated closure etc.
I will have a look at the full question and requirement later!
PS. I am not a “Bro”
November 2, 2014 at 9:04 am #207194Hi
You need to post in Ask the Tutor if you would like a response from Mike, this is a general forum for students 🙂
November 2, 2014 at 9:01 am #207192Hi
Which question number is this?
From the information that you have given I would do the following:
Leak of Chemical
Discuss with management if there any pending litigation with regards to the leak and request permission to contact their legal counsel to obtain independent evidence to support this. Then as per IAS37 I would ensure that the necessary provisions have been recorded and disclosed.Inspect and obtain permission to speak to clients insurers to assess the level of cover and ensure that this has been adequately disclosed.
Inspect Board minutes and all documentation which relates to the incident to gain sufficient appropriate evidence.
Factory Building/Site
The factory and land assuming to be owned by the client, will be subject to an impairment review as is no longer in use, an independent valuation of both should be conducted, and would need to check that this has been accurately recorded and disclosed.The assets within the factory should also be subject to an impairment review and not be recorded in the FS as carrying assets. Ensure that these have also been correctly treated.
All assets in relation the building/site & Factory materials etc should be separately disclosed on the Face of the SOFP & SPLOCI as per IFRS5, we would ensure that the correct treatment and disclosures have been made by management.
Other Disclosures & Provisions
The relocation costs and provisions for each of the sites should be recorded if known, review all Professional fees incurred to assess if contracts have been entered into and assess the treatment of substance over form.Going Concern
You have said that its not a Going Concern, you must gain sufficient appropriate evidence to support this, the discussions and supporting documentation gained from discussions with Insurers and Legal Counsel may support this, but will the company have suffered a risk to its Reputation which may impair the Going Concern.Sorry I have waffled a bit, could you let me know which question number in the Bpp book this is.
Thanks
November 1, 2014 at 10:36 pm #207146Thanks for taking time to answer this evening.
Much appreciated.
October 20, 2014 at 5:00 pm #205134Thanks that’s a great help 🙂
October 17, 2014 at 7:43 pm #204775Thanks Mike 🙂
October 16, 2014 at 6:51 am #204553No, you must answer sentences, make your point, explain it and then apply to the scenario.
The only time bullets would be ok is if requierement says “list” which don’t see much of at this level.
October 14, 2014 at 7:11 am #204382@MikeLitte
Morning
When I have been answering questions regarding planning audit I have used the term due diligence as method of obtaining understanding of client, is this wrong?
October 13, 2014 at 10:02 am #204292Gromit you are wonderful, thank you for your time 🙂
October 5, 2014 at 9:22 am #203538Thank you:)
Your time is much appreciated.
October 5, 2014 at 9:14 am #203535Thanks 🙂
Much appreciated as always.
October 5, 2014 at 9:08 am #203534Its not a measure of materiality per say, its a matter of judgement.
This relates to when you have two clients who are in direct competition and have insufficient resources, if Audit firm cannot implement appropriate safeguards then it should discontinue or not accept client.
September 29, 2014 at 10:34 am #202136Thank you so much!
June 5, 2014 at 9:54 pm #174453Sorry just had a little eureka moment – the processes within the value chain have to add value – therefore if they do not we should look to assess their strategic importance and complexity with a view to automating or outsourcing!
So I guess in answer to my own question we identify what processes there are and then see if they add value if not automate or outsource.
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