Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › F8 mnemonics
- This topic has 1 reply, 2 voices, and was last updated 8 years ago by bizuayehu.
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- August 11, 2016 at 8:46 am #332664
Hey guys,
Can you please share any useful/fun mnemonics for f8)
August 12, 2016 at 10:41 am #332803Financial statements assertions
ACCA COVERAccuracy
Completeness
Cut off
AllocationClassification and understandibility
Occurence
Valuation
Existance
Rights and obligationsSources of evidence
AEIOUAnalytical procedures
Enquiry and confirmation
Inspection
Observation
recalcUlation and reperformanceEthics – fundamental principles
OPPICObjectivity
Professional behaviour
Professional competence
Integrity
ConfidentialityEthics – threats
ASSIFAdvocacy
Self-interest
Self-review
Intimidation
FamiliarityEthics – indicators of threats
FULL STOPFriends and family
Undue fee dependence
Loans to/from
LitigationShares in client
Taking gifts and hospitality
Overdue fees
Provision to the other servicesCorporate governance – concepts
HAIR DRIFTHonesty / probity
Accountability
Independence
ResponsibilityDecision taking / judgement
Reputation
Integrity
Fairness
Transparency / opennessStakeholdres – anyone or any group
PINK LAVRPrimary or secondly
Internal or external
Narrow or wide
Known or unknownLegitimate or illegitimate
Active or passive
Voluntary or involuntary
Recognised or unrecognisedInternal controls – categorisation
OPA SPAMS or SPAM SOAPOrganisational
Physical
Arithmetic and AccountingSegregation of duties
Personnel
Authorisation and approval
Management
SupervisionAudit committee – role and function
CLARISSACreat a climate of discipline and control
Lend credibility in financial statements
Assist CFO providing a forum
Review financial statements to improve quality
Independent judgement
Strengthen position of the internal auditor
Strengthen position of the external auditor
Assist in the resolution of dispites between external auditor and the boardControl objectives
A STOPAccuracy
Safeguarding asset
Timing reporting
Orderly efficient business conduct
Prevention fraud or non-compliance of lawControl procedures
CARCAPComparison
Authorisation
Reconciliations
Computer controls
Arithmetical
PhysicalEvaluation of expert’s work
CCOCompetent ?
Capable ?
Objective? - AuthorPosts
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