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Hi, i was advised by my tutor to start with the question that give me highest confidence. it always fine not to start with question 1 but have to make sure you have enough time to go back to question 1, and do remember don’t overwrite the answer as time is crucial for the paper.
pertaining to your 2nd question, please let me share what i have learned. The Code states that the audit firm shall not provide the following recruiting services with respect to a director or senior management in accounting or finance as it will create self-interest and familiarity threat.
– Searching for or seeking out candidates for such position;
– Undertaking reference checks of prospective candidates for such positions.But the audit firm is able to provide services such as reviewing the professional qualifications of a number of applicants and providing advice on their suitability for the post.
And most importantly, the firm shall not assume management responsibilities, including acting as a negotiator on the audit client’s behalf and the hiring decision should be left to the audit client.
Hope it helps.
Good luck!
Wow, all of you are so efficient. I just starting to read the notes. I was considering that whether to do the own notes or not. I worry I have no sufficient time.
Thank you for the reply.
I would like to clarify my understanding on these 2 approaches. Please correct me if there is any misunderstanding.
SOX is only an example to explain the rules-based approach. I remembered that my tutor has taught us that rules-based is follow what is written, for example SOX but not necessary it is binding. If so, what is the consequences for non-compliance if adopting rules-based approach?
Whereas, for those Companies who adopt principles-based approach, they are refer to what is written (e.g.: Combine code, SOX) as minimal standard and amend according to fit their Company’s culture and size and principles-based approach doesn’t mean that the Company is allow to choose to comply or not.
If so, is it mean that the Company MUST follow the best practices written in Combine Code? What is the differences with rule-based approach if this statement is true?
Hi All,
I’m studying P1 in December 2013, please add me to the study group if possible. My email is jennesa881122@hotmail.com.
