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passed …62….

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hurray……………passed with 53…..never thought to pass this paper….

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passed with 72….I am too much happy…….cant believe

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thank you..

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I think paper was quite different from past sittings…………but not a bad one…I think it was lot more easy to do if you understand th ewordings…
Q1 was based upon a previous article upon csfs and everything was there what examiner has asked….building monitoring csf as…
Q2 a was bit confusing what to do ….I ended up with low cost in abc so recoomended to lower the price so that benefit from future compititors.
b was beyond budgeting… so was nice…def..principles…drawbacks of traditional budgets …and some realtions with scenario….

Q3 a VBM…measuring value of company by future cash flow…..value mindset…link with performance management..
b EVA very easy calculation EPS share price…but struggled to write more except two three points…
c) again linking eva to cash flow as eva has same logic as NPV and difference in traditional profil measures…
I did Q 5.was running out of time so wrote very few points on each parts although if enough time was there was a easy one….
overall marking should be easy as paper was different and was not as expected…

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hi there
any body knows what is the highest score somebody got in P2, and where to find them
thanks

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i got 83….unbelievable…..thanks to God i did it in first attempt….OT you r too good…

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63…cool……………….

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68… so happy

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some more…
sarbanes oxley principles—PAN AQWA OIC
Public oversight board
Auditing standards
Non audit services
Auditor and audit committee
Quality control procedures
Whistleblowers protection
Off balance sheet transactions
Internal control reporting
Corporate reporting

Role of Chairman—REREFEET
Running the board
Ensure timely n accuarate info to board
Reporting in n singing off
Encourage active envolvement of all
Facilitate board appraisal
Ensure affective communication with s/h
Ensure sufficeint time allowed for controversial issues
Taking the lead in board development

Role of CEO—-BRIBE
Business Strategy and management
Risk management
Investment and financing decisions
Board commitees
Evaluating structure of org operation n performance review

Purpose of internal Control System—ATASAP
Acheiving orderly conduct of business
Timely preparation of reliable info
Adherence to internal policies and laws
Safeguarding assets n s’h interest
Accuracy and completeness of a/c records
Prevention n detection of fraud

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I have some…………..
1. Benefits or elements of Corporate goverance-FOCUS
– provides a Framework for pursuing org startegies
-includes an Operation of appropriate and adequate internal control system with management of risks.
-increase Confidence of s/h in org and trust in fin stat
-Underpins capital market confidence into companies
-Offers safeguards to protect co’s assets and s/h interest

Core principles of CG—- FIJI OPRA R
Fairness
Integrity
Judgement
Independence
Openness
Probity
Responsibilty
Accountability
Reputation

Charactersitics of Principle based approach— FLAWS
Focus on objectives
Lay stress on areas where rules cant applied such as culture n s/h relationships
Applied to cross juridiction
Works on comply n explain basis
adopted where Stock market have prime role in setting standards

Charactersitics of Rule based approach- MENDO
More emphasis on definite approach
Easy to tick boxes whether comply or not
No leeway or deviation
Difficult to deal in questionable situation where not enough guidelines in rulebook
Obeying the letter of law rather than its spirit.

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.both jobs are demanding and no one person would be able to do both jobs well
.no one person will have unfettered powers of decision making
. if the board led by CEO than the board will be ineffective in controlling CEO
. seperation of role would avoid conflict of interest.
. chairman is responsible to provide timley and accurate info to the board, if it is led by CEO, the sufficiecy and objectivity ofinfo could be questionable.

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q4 a.i wrote self int, self revew familiarity advocay n intimidation
and 1 eg for each
b identify n explain threat
i identified as other service than audit work
audit senior working with client and then auditing
outstanding fee
audit partner n fd has relationship
discount offer to but mobile phones

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q1 categorisation of risk in inherent control and detection….
inherent….related to busiess….major customer, import of inventory, unusual contract terms
control….old n redundend plant, improper inventory count system, long delivery of inventory..
detection …i could not get time to write about it
…
q5 b audit procedures for going concern

gain audit eveindences realted to going concern
review management’s forecasts….cash flow etc
evaluate mgt assumption for going concern
examine board minute for discussion related
evaluate mgt process that make co as going concern
consider any event or conditions that indicate gc
examine co has given sufficient period for gc assumption that at least 12 mths
..

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paper was bit okay than past papers….
elements of assurance engagement….level of assurance, level of gathered evidence(detailed or less), etc..
external audit
review engagement
agreed upon procedure
compliation services

..
q5 part c would be unmodified opinion with eom para as directors were agree to disclose the issues of going concern but there were no signs of shut down or major losses this year….so only eom with unmodified opinion would be okay
…

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