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ethics was interity, competance, fee dependancy self review self interest
well i tried my best this is my first acca exam since i just finish CAT i started revision on the mid of october hopin and prayin for a pass a pass please time pressured exam
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@umerumer
You mixed up the principles with the treats.
Objectivity,integrity, professional competence and due care, confidentiality and professional behaviour are principles.
Self review, self interest, familiarity, advocacy, intimidation are treats.- Topics: 0
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its ethical risk they lack intergrity if they take higher fees
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substantive test for damged invetory enquire with insurance company if can claim money back,
inspect warehouse to confim damaged inventory
send out circulization letter for recivables
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substantive test for damged invetory enquire with insurance company if can claim money back,
inspect warehouse to confim damaged inventory
send out circulization letter for recivables
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i just need a 50% Lord please!!!
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i feel the opening balances is an except for opinion as it cannot affect the whole financial statements jux because opening balances are mistateted the whole fin st wouldnt be mistated
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i feel the opening balances is an except for opinion as it cannot affect the whole financial statements jux because opening balances are mistateted the whole fin st wouldnt be mistated
@elikem – if opening balances were grossly misstated, IE more than 0.5%-1% of Revenue, 1%-2% Assets, 5%-10% profits – then wont the whole FS be materially misstated as this level of mistatement would follow through to the end of the yr ?
and isnt the higher fees thing related to Self Interest threat? (in your interest to complete the audit with unqualfication due to higher fees and repeat custom ) ?
Advocacy is promoting the company ie.shares or representing in court.
and i am very very very annoyed about last part of Q5. it was sooooooooo easy – at least 6 to 8 marks of 12 mark question i missed out on, because of POOR TIME MANAGEMENT ! 🙁
I am praying for a pass, god willing.
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F7 knocked my confidence yesterday, but today I felt F8 was almost easy, the most difficult for me was Q3, but I figure if you answer every question and get enough down (even under the time pressure) then you got to get at least 50 (assuming you know your syllabus)
Hope everyone does well! Only 2 months to results day!
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I really have a questions, regarding the ethics questions. I knew that objectivity, independence, professional compentence and due care, integrity are ethics from acca code of ethics, but in my response I have used self interest, self review, but vague mention to independence and objectivity. Is it correct?
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I have found my answer. In Kaplan, problem 43, said at point a) ” identify and explain the ethical threats that could affect Lime&Co. The ethical threats are, according to the answer: self review threat, self interest threat, advocacy threat, fee income, association threat, etc
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Wouldn’t the percentage of profits be a contingent fee which are prohibited?
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As for the opening balances they mentioned two bits 1) being misstated and not being available( insuficient evidence)
@wajiman To be honest, I don’t think the ACCA code of ethics was relevant in any way to the question, the question asked about the ethical threats and their remedy ( as far as I remember), why then would I talk about professionalism, competence, etc…? There is no connection. Anyways, Good luck to all!
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I wrote this paper full of anger towards F7. I made sure that this time I would answer ALL the questions. It was a very fair paper though.
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