f8 mnemonics helpful for exams

This topic has 12 replies, 1 voice, and was last updated 8 months ago by tiyamu2.

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February 4, 2018 at 10:34 pm #435127
nadiranks
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- Topics: 25
- Replies: 59
please post any mnemonics that can help us in the exam.
February 5, 2018 at 2:38 am #435136
nadiranks
Member
- Topics: 25
- Replies: 59
Financial statements assertions
ACCA COVER
Accuracy
Completeness
Cut off
Allocation
Classification and understandibility
Occurence
Valuation
Existance
Rights and obligations
February 5, 2018 at 2:38 am #435137
nadiranks
Member
- Topics: 25
- Replies: 59
Sources of evidence
AEIOU
Analytical procedures
Enquiry and confirmation
Inspection
Observation
recalcUlation and reperformance
Ethics – fundamental principles
OPPIC
Objectivity
Professional behaviour
Professional competence
Integrity
Confidentiality
February 5, 2018 at 2:40 am #435138
nadiranks
Member
- Topics: 25
- Replies: 59
Ethics – threats
ASSIF
Advocacy
Self-interest
Self-review
Intimidation
Familiarity
Ethics – indicators of threats
FULL STOP
Friends and family
Undue fee dependence
Loans to/from
Litigation
Shares in client
Taking gifts and hospitality
Overdue fees
Provision to the other services
Corporate governance – concepts
HAIR DRIFT
Honesty / probity
Accountability
Independence
Responsibility
Decision taking / judgement
Reputation
Integrity
Fairness
Transparency / openness
February 5, 2018 at 2:44 am #435141
nadiranks
Member
- Topics: 25
- Replies: 59
Stakeholders – anyone or any group
PINK LAVR
Primary or secondly
Internal or external
Narrow or wide
Known or unknown
Legitimate or illegitimate
Active or passive
Voluntary or involuntary
Recognized or recognized
February 8, 2018 at 6:36 am #435128
nadiranks
Member
- Topics: 25
- Replies: 59
Financial statements assertions
ACCA COVER
Accuracy
Completeness
Cut off
Allocation
Classification and understandibility
Occurence
Valuation
Existance
Rights and obligations
Sources of evidence
AEIOU
Analytical procedures
Enquiry and confirmation
Inspection
Observation
recalcUlation and reperformance
Ethics – fundamental principles
OPPIC
Objectivity
Professional behaviour
Professional competence
Integrity
Confidentiality
Ethics – threats
ASSIF
Advocacy
Self-interest
Self-review
Intimidation
Familiarity
Ethics – indicators of threats
FULL STOP
Friends and family
Undue fee dependence
Loans to/from
Litigation
Shares in client
Taking gifts and hospitality
Overdue fees
Provision to the other services
Corporate governance – concepts
HAIR DRIFT
Honesty / probity
Accountability
Independence
Responsibility
Decision taking / judgement
Reputation
Integrity
Fairness
Transparency / openness
Stakeholders – anyone or any group
PINK LAVR
Primary or secondly
Internal or external
Narrow or wide
Known or unknown
Legitimate or illegitimate
Active or passive
Voluntary or involuntary
Recognised or unrecognised
Internal controls – categorisation
OPA SPAMS or SPAM SOAP
Organisational
Physical
Arithmetic and Accounting
Segregation of duties
Personnel
Authorisation and approval
Management
Supervision
Audit committee – role and function
CLARISSA
Create 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 disputes between external auditor and the board
Control objectives
A STOP
Accuracy
Safeguarding asset
Timing reporting
Orderly efficient business conduct
Prevention fraud or non-compliance of law
Control procedures
CARCAP
Comparison
Authorisation
Reconciliations
Computer controls
Arithmetical
Physical
Evaluation of expert’s work
CCO
Competent ?
Capable ?
Objective?
February 8, 2018 at 6:36 am #435129
nadiranks
Member
- Topics: 25
- Replies: 59
FINANCIAL STATEMENTS ASSERTIONS:- ACCA COVER
Accuracy
Completeness
Cut off
Allocation
Classification and understandibility
Occurence
Valuation
Existance
Rights and Obligations
SOURCES OF EVIDENCE: AEIOU
Analytical Procedures
Enquiry and Confirmation
Inspection
Observation
recalcUlation and performance
ETHICS – FUNDAMENTAL PRINCIPLES :- OPPIC
Objectivity
Professional Behaviour
Professional competence
Integrity
Confidentiality
ETHICS – THREATS :- ASSIF
Advocacy
Self interest
Self review
Intimidation
Familiarity
ETHICS – INDICATORS OF THREATS:- FULL STOP
Friends and family
Undue fee dependence
Loans to/from
Litigation
Shares in clients
Taking gifts and hospitality
Overdue fees
Provision to the other services
CORPORATE GOVERNMENT- CONCEPTS:- HAIR DRIFT
Honesty/probity
Accountability
Independence
Responsibility
Decision taking / judgement
Reputation
Integrity
Fairness
Transparency / openness
STAKEHOLDERS – ANYONE OR ANY GROUP:- PINK LAVR
Primary or secondary
Internal or external
Narrow or wide
Known or unknown
Legitimate or illegitimate
Active or passive
Voluntary or involuntary
Recognized or unrecognized
INTERNAL CONTROL – CATEGORIZATION:- OPA SPAMS / SPAM SOAP
Organizational
Physical
Arithmetic and accounting
Segregation of duties
Personnel
Authorization and approval
Management
Supervision
AUDIT COMMITTEE – ROLE AND FUNCTION:- CLARISSA
Create a climate of discipline and control
Lend credibility in financial statements
Assist CFO by providing a forum
Review financial statements to improve quality
Independent judgement
Strengthen the position of the internal auditor
Strengthen the position of the external auditor
Assist in the resolution of disputes between external auditor and the board
February 8, 2018 at 6:36 am #435143
nadiranks
Member
- Topics: 25
- Replies: 59
Internal controls – categorisation
OPA SPAMS or SPAM SOAP
Organisational
Physical
Arithmetic and Accounting
Segregation of duties
Personnel
Authorisation and approval
Management
Supervision
Audit committee – role and function
CLARISSA
Creat a climate of discipline and control
Lend credibility in financial statements
Assist CFO in 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 board
February 8, 2018 at 6:36 am #435274
nadiranks
Member
- Topics: 25
- Replies: 59
Internal controls – categorisation
OPA SPAMS or SPAM SOAP
Organisational
Physical
Arithmetic and Accounting
Segregation of duties
Personnel
Authorisation and approval
Management
Supervision
March 2, 2018 at 11:21 am #439702
tinotendah
Participant
- Topics: 0
- Replies: 3
Thank you!
April 14, 2018 at 4:34 am #446616
poezarphyu
Member
- Topics: 0
- Replies: 3
Thank you so much.
May 4, 2018 at 3:54 pm #450106
Boitumelo Tshuma
Member
- Topics: 0
- Replies: 1
Internal Controls Components-CRIME
Control activities
Risk assessment
Information system
Monitoring of controls
Environment control
March 9, 2024 at 4:10 pm #702528
tiyamu2
Participant
- Topics: 0
- Replies: 1
These are the procedures performed to obtain audit evidence. Sources of evidence could be accounting records(invoices,bank statements,receipts),personnel,financial statements,minutes of the board/management,
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