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Hi,
I’ve just finished watching the P1 lectures, and the lecturer (is it Mike Little?) gave some very useful acronyms for remembering important information. I’ll type out what I remember, but are there any that I missed? If anyone can fill in the gaps, and add any extra ones I’d be very grateful.
Corporate Governance Concepts – HAIRDRIFT
Stakeholders – PINKLAVR
Internal Controls – OAP SPASM (or SPAM SOAP)
Information Characteristics – AACCCIOPRRTUU
Process of Risk Management Systems – AIRDRIE (or H]AIRDRIE[R) (1st two letters swapped around)
Dearling with Risk – TARA
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Audit committee – CLARISSA
Create a climate of discipline
Lend an air of credibility
Assist CFO by providing a forum
Review financial statements
Independent judgement
Strengthen internal auditors
Strengthen external auditors
Assist in the resolution of disputes between external auditor and executive board.Thanks John,
I was just about to ask about Clarissa. I had a vague recollection, but I wasn’t sure if I had just imagined it!
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