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farhaanm

Profile picture of farhaanm
Active 4 months ago
  • Topics: 165
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Viewing 25 posts - 1 through 25 (of 73 total)
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  • Author
    Posts
  • December 27, 2024 at 2:18 am #714329
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    extract FROM CASTLE COURIER CO question

    Each month, as part of the month?end procedures, the finance director undertakes a payroll
    account reconciliation and investigates any differences to ensure that the payroll figures have
    been posted into the accounting records correctly.

    ——————————————————————————————————————————–

    Can i test this control by simply make enquiries of the finance
    director of any errors on the payroll account reconciliation, how
    they arose and what action was taken by him ?

    if so, can you give me some examples for what types of response I can expect from the finance
    director?

    December 25, 2024 at 8:02 am #714320
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    Refer to your answer above=

    A direct control is aimed at reducing a risk of misstatement.

    ——————————————————————————————————————
    does below give a more complete definition of what is a direct control?

    Direct control – which is achieving some objective of organization / preventing some risk to organization ( some impact related to FS)

    December 23, 2024 at 6:37 pm #714306
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    Extract from the question

    The company operates a fully automated credit check process for all its new hotel customers.
    The automated system generates a credit limit for each new customer which the sales
    director approves before the customer can place any orders. The sales director evidences
    approval of the credit limit in the system.

    ——————————————————————————————————————————

    does this mean that the sales director has the authority to decide which customer order to be approved and he might cancelled one with poor credit rating?

    December 22, 2024 at 11:20 am #714292
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    EXTRACT from examiners report :

    for example, the automatic credit
    check and review of credit limits by the sales director are not separate controls as
    any system generated credit limit would need to be reviewed for reasonableness by
    a responsible official.
    Having identified direct controls, candidates then need to explain each control. In
    considering this it is important to think about what the aim of the control is, what
    potential misstatement is being prevented or detected.
    ———————————————————————————————————————————-
    what i am referring as risk is in fact the implication of the test of control.

    December 21, 2024 at 1:07 pm #714273
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    The link you provided is displaying this:

    Looking for something?
    Sorry we can’t find the page you were looking for. It has either been moved, deleted or does not exist. You can try searching or visit our most popular pages.

    Can you help?

    December 21, 2024 at 10:23 am #714269
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    Extract from the question

    This scenario relates to four requirements.
    It is 1 July 20X5. You are an audit supervisor with Walsh & Co. You are currently reviewing
    notes in relation to the internal controls in place at your client, Whittaker Co. Whittaker Co
    manufactures and sells luxury bed linen wholesale to the hotel trade and direct to the public
    from its factory store. It has a year ending 31 August 20X5.

    Sales
    Whittaker Co implemented a new sales system in May 20X5. The new system was fully tested
    prior to its implementation and will be run in parallel with the old system until the year end.
    Whittaker Co’s internal audit (IA) department is responsible for comparing the output from
    the old and new systems, investigating any discrepancies and making recommendations for
    further action.

    The company operates a fully automated credit check process for all its new hotel customers.
    The automated system generates a credit limit for each new customer which the sales
    director approves before the customer can place any orders. The sales director evidence
    approval of the credit limit in the system
    ————————————————————————————————————————-
    You are right, what it truly is a direct control instead of a test of control.
    so, requirement of the question is to give the direct control and its risk it is preventing.
    can you help?

    December 20, 2024 at 3:41 am #714259
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    ok

    October 27, 2023 at 5:23 am #694054
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    I have gone through the opentuition notes concerning risk and uncertainty and I have not found anything concerning risk and uncertainty.

    October 13, 2021 at 2:42 am #637594
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    I do have the MA revision kit, will i cover this part of the syllabus if i work this part from the MA revision kit?

    April 24, 2021 at 1:43 pm #618726
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    so when it is amortised it may or may not be a relevant cost in the decision package?

    February 2, 2021 at 5:57 pm #608882
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    its available on youtube can i link it?

    February 2, 2021 at 5:48 pm #608879
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    I find it to be interesting, I began practising on excel but in the video it shows that i can use the spreedsheet like in the exam and make a pdf of it when i am finished. I used to save the spreadsheet in separate file for each section C questions.

    February 2, 2021 at 2:39 pm #608862
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    What do you mean by it depend on question?

    January 25, 2021 at 10:21 am #607919
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    is putting the cents or , important for marks?

    January 18, 2021 at 4:28 pm #606953
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    i meant like for example, i use the formula =cell B4*(1+B7) to calculate the number increased by the new percentage. Do i have to learn more of these?

    January 8, 2021 at 5:46 pm #605298
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    The one on relevant cost

    November 25, 2020 at 8:56 am #596379
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    Also I don’t work the calculation on excel, but on the calculator. So the workings are like writing on paper. Is this OK?

    November 17, 2020 at 4:05 pm #595324
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    Guess I ll have to look at the lectures again.

    November 16, 2020 at 3:12 pm #595199
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    Yes

    November 15, 2020 at 7:57 pm #595135
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    Can I get any explanations simple for these assumptions so I can understand?

    October 24, 2020 at 10:00 am #593004
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    what is “Revision Kit Live”?

    July 8, 2020 at 4:54 am #576294
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    I know it’s controllable profit but the part I am not understanding is the head office cost.

    June 28, 2020 at 9:59 am #574840
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    I think the online question itself has a mistake: Goodwill is to be impaired by $20
    needs to be replaced by 20000. And deduced NCI share.right?

    June 26, 2020 at 9:57 am #574725
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    yes that is easy and i miss that. I guess that the other parts of the question does not affect REtained earnings
    . Am I right?

    June 9, 2020 at 5:17 am #573244
    e9c78b2cb854e2a5dbe44a1b860791934c4c1d0469af4e4e735774606ecb3498 80farhaanm
    Participant
    • Topics: 165
    • Replies: 73
    • ☆☆☆

    How is the marking done? Is it marked solely on using specific keywords?

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