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Again, this isn’t examinable. LO A1a) is “Explain the need for laws, regulations, standards, and other guidance relating to audit, assurance and related services.”
The need for regulation (which you’ll find in more detail in the text in ACCA’s Study Hub that in our notes, because it’s peripheral the the syllabus/exam) is not the same as its impact – e.g. audit firms or the services they offer.
An interesting question, but it’s not examinable! And it’s not something I’ve had to do! THe following “advice” is a response from ChatGPT:
1. Understand the Core Requirements of the Professional Code of Ethics
Familiarize with Key Frameworks: Review and understand the ethical principles outlined by bodies such as the IESBA Code of Ethics or ACCA’s ethical guidelines. The main components typically include:
Integrity: Being straightforward and honest.
Objectivity: Avoiding bias, conflicts of interest, or undue influence.
Professional Competence and Due Care: Maintaining knowledge and skills at a level that ensures competent professional services.
Confidentiality: Respecting the confidentiality of client information.
Professional Behavior: Complying with relevant laws and avoiding actions that discredit the profession.
2. Assess the Firm’s Context and Structure
Size and Scope of Operations: Determine the scale and services offered by the firm, as this influences the application of specific ethical standards.
Client Profile: Identify client characteristics (e.g., industries served) and any potential ethical risks or conflicts that may arise.
Internal Resources: Evaluate the available expertise and resources within the firm to support ethical practices.
3. Identify Potential Ethical Challenges
Common Situations: List common scenarios that could present ethical dilemmas (e.g., potential conflicts of interest, client pressure to modify findings).
Risk Assessment: Analyze the likelihood and impact of these risks on the firm’s operations.
4. Draft the Code of Practice
Set Ethical Principles: Outline principles that align with those from professional bodies like IESBA or ACCA. Tailor them to fit the firm’s values and specific services.
Define Policies and Procedures:
Independence: Develop policies ensuring auditors maintain independence, including guidelines for managing relationships with clients.
Confidentiality Protocols: Include clear instructions on how to protect client data.
Quality Assurance: Establish procedures to ensure high standards in audits and reviews.
Guidance on Dilemmas: Provide practical examples of how to approach common ethical issues, outlining a step-by-step decision-making framework.
5. Engage with Stakeholders for Input
Consult Staff: Involve key personnel in drafting the code to capture insights and ensure practicality.
External Advisors: Consider seeking guidance from an experienced ethics consultant or peer review from another audit firm.
6. Implement Training and Awareness Programs
Initial Training: Conduct training sessions for all staff members to understand the code of practice and how to apply it.
Ongoing Updates: Schedule regular training and discussions on new ethical challenges or updates in professional standards.
7. Set Up Monitoring and Compliance Mechanisms
Ethics Committee: Establish a small ethics committee or designate an ethics officer responsible for overseeing adherence.
Whistleblower Policies: Create confidential channels for reporting potential ethical breaches.
Periodic Review: Implement a process for annual or bi-annual reviews of the code to ensure it remains relevant and comprehensive.
8. Obtain External Validation
Peer Review: Request an external audit or peer review to validate the code’s compliance with international standards.
Professional Body Feedback: Submit the draft to relevant professional bodies (e.g., ACCA) for feedback or endorsement.
9. Communicate the Code Firm-Wide
Clear Communication: Ensure that all employees receive a copy and acknowledge understanding and acceptance.
Accessibility: Make the code easily accessible (e.g., through an internal portal).
10. Foster a Culture of Ethical Practice
Leadership Example: Leaders should exemplify the code by demonstrating ethical behavior in their work.
Recognition and Reinforcement: Acknowledge staff who uphold high ethical standards to reinforce a culture of integrity.@jujubaig – what you did should have given you the correct answer if you observed the instruction about rounding. If not understanding what you have done, perhaps go back to the part of the module that explains the “model” (BBQ sales?)
Hello again! I recommend you start with my article here to get an overall picture of what your journey might look like https://opentuition.com/acca/plan-your-acca-exam-journey
By all means ask if you have any questions about it
Please can you remember to give a source of the Q you are querying – in case I need to refer to the original.
First let me comment on the Q itself – “EXISTENCE”. This means we are looking at $xxx amount for an asset/liability (or equity) in the the SoFP and asking does this asset/liability exist at the reporting date? For any physical asset, the best evidence is the auditor physically inspecting/counting it on the last day of the reporting period. So A is the correct answer and it this point you could disregard the distractors.
C. First ignore what it means and just look at the “direction” of the test – it is FROM an external source outside of the client’s accounting records TO the TB (which forms the basis of the FS) – therefore this is a test of completeness.
Now to your question – note the plural “balances” and “letters” i.e. there is not just one bank account and one confirmation letter – the audit client has lots of bank accounts (e.g. current/deposit/loan) with different banks – so more than one confirmation letter. I agree it would be usual for the auditor to 100% check all accounts on all confirmations to their respective balances on the TB, but if there were lots of them, they could be agreed on a sample basis.
Yes “bank letter” is same as “bank confirmation letter”. I confess I don’t know why this would be a test included in the audit programme because under IFRS there would be no requirement to disclose all the individual current/deposit accounts that make up “cash at bank”, but in any case it is describing a test of presentation, so is not relevant to existence.
You are more likely to get interest if you indicate where you are based and if in the UK, for example, an estimate of the p&p cost within the UK
Welcome to my AAA forum!
First read this if you haven’t already done so: https://www.accaglobal.com/uk/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/AAA-examiner-approach.html
You should aim to attempt, as a minimum, the specimen (if you have not already done so) and the two Practice Exams, and I would say at least three of the 7 in the past exam library. Most importantly you need to attempt the Pre-Dec 2024 Mock and go through it with a debrief.
There should then be 4 exams in the past exam library to attempt after the mock debrief.
By attempt I mean typing out full answers – by all means exceed the 3 hours initially, but for the mock and exams you attempt closest to the exam you should be working to strict time. A vital part of Q practice is to be able to critique your attempt – you should expect to spend almost as long on this as you spent attempting it – so you should be setting aside up to 6 hours to work through each exam thoroughly.
If you’re struggling where to start with Qs – do see Steve’s lectures covering the Specimen exam: https://opentuition.com/acca/aaa/acca-aaa-revision-lectures
And it you need guidance with self-marking, the “read the mind” series is an invaluable resource
Welcome to OpenTuition and apologies for not replying sooner but you posted to “Qualified Members” – when your question is more relevant to the “New to ACCA?” forum https://opentuition.com/forum/acca-forums/new-to-acca
I don’t know why the bank would say such a thing – is he an expert in professional accountancy qualifications? See here for jobs in the locations you mention in the UK and Pakistan:
https://jobs.accaglobal.com/jobs/pakistan
https://jobs.accaglobal.com/jobs/united-kingdom
Searching for the location “Australia” you will also see jobs with ACCA Approved Employers such as Deloitted and KPMGIf he is suggesting that you do ICAEW instead for the UK you should be aware that all fees are considerably higher than ACCA’s, which reflect its global reach – assuming you are in Pakistan, you will see that initial registration fees are discounted, if you are not already registered.
ACCA’s exam fees include access to the Study Hub which together with other free ACCA resources from ACCA is enough to pass the exams – especially if you use a free tutor resource such as OpenTuition.
I’m sorry, but it does mean you need to find the money for subscriptions and exams.
The average sentence length in AAA answers is around 25 words – that’s because the examining team want points to be as comprehensive as possible to help understanding. However, most points can be made in 15-20 words. Each sentence should make a point – so a full answer to a 10-mark Q might be 200 words – though only half that should be worth 5 marks for a pass (!)
@RachelNeuman07 – to find a “study buddy” I recommend you post to the forum for the exam you plan to start with – select from the list here https://opentuition.com/forum/acca-forums
Look back to the overview of the audit process at the beginning of chapters 7 & 8 …. whether or not to test controls determines the audit strategy on which to build the audit plan. So the notes have a logical structure.
Surely if you need model accounts for your work it’s your employer who should be providing them? They’re not needed to pass ACCA exams.
Perhaps you should have asked here sooner about your struggle with bookkeeping as there’s a plethora of resources available for free including tutor support.
You may regret your choice of accountancy, but ICAEW also offers exemptions and all the accounting bodies have student membership fees, which are more than ACCA’s.
Whatever it is you’re struggling with now, why not reach out for student support to move forward rather than dwell on how you got here?
Welcome to my forum!
Please see this article and come back to me if you have further questions:
https://www.accaglobal.com/uk/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/answering-section-a-questions.htmlIf you haven’t had any response after 5 working days I don’t think it’s unreasonable for you to ask for an update.
Note here https://www.accaglobal.com/uk/en/member/membership/member-ready/path-to-membership.html the section “You may be selected for a PER Audit” (which will include random selection). I have been been selected for CPD audit in the past – it doesn’t signify that anything is “wrong” it is a necessary part of ACCA’s quality assurance.
If not answered in ACCA’s FAQs on the system test you should contact ACCA directly https://forms.accaglobal.com/contact-us
There is nothing to appeal as your application is only pending, it hasn’t been declined. When you last emailed ACCA you most likely received an auto response indicating a number of days in which they would aim to respond. If you don’t hear after that time, I suggest you send a polite follow-up asking if they can please update you on the status/timeframe of your application and not to hesitate to ask if they require further information. I recommend patience and diplomacy as the best way forward.
You could have scored 24.5 on Q1 which would be rounded up in the overall total.
Please see the related post’s already copied to this post including this one https://opentuition.com/topic/acca-ethics-and-professional-skills-module-unit-7-unit-8-2/
Global prize winners are published in Student Accountant magazine
See “How are prize winners contacted?” here https://www.accaglobal.com/ca/en/help/exam-sessions.html
If it’s examinable you should find it in the ACCA Study Hub resources for Business and Technology (BT)
I don’t know. I suggest you ask ACCA directly https://www.accaglobal.com/uk/en/footer-toolbar/contact-us.html
You could also ask your local office for guidance https://www.accaglobal.com/gb/en/footer-toolbar/contact-us/global-offices.html#Vietnam
If you skim through the posts on the link I gave (note that there are 4 pages on the one link), you will see that some students were advised they could continue after a month or so, while others were still waiting after 3 months. You will also see that I was wholly ineffective in doing anything other than reiterate what had already been said. My only advice is to be patient and cooperate promptly if asked for any information.
If you have any technical queries, I will be happy to answer them, but I cannot offer a “marking” service to individuals. It would open flood gates to similar requests and I simply don’t have the resources.
I highly recommend the “read the mind” article which can be downloaded from this page https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/exam-technique.html
