General ACCAACCA Paper P1 Mnemonics Lounge

I have only this:
COSO provide a framework which is used to assess the effectviness of the system of internal control. It consists of 5 elements (CRIME)
1. Control activities
2. Risk assesment
3. Information and communication
4. Monitoring
5. Environment (control environment)

plz hurry up and post ur mnemonics.......

I have some..............
1. Benefits or elements of Corporate goverance-FOCUS
- provides a Framework for pursuing org startegies
-includes an Operation of appropriate and adequate internal control system with management of risks.
-increase Confidence of s/h in org and trust in fin stat
-Underpins capital market confidence into companies
-Offers safeguards to protect co's assets and s/h interest

Core principles of CG---- FIJI OPRA R
Fairness
Integrity
Judgement
Independence
Openness
Probity
Responsibilty
Accountability
Reputation

Charactersitics of Principle based approach--- FLAWS
Focus on objectives
Lay stress on areas where rules cant applied such as culture n s/h relationships
Applied to cross juridiction
Works on comply n explain basis
adopted where Stock market have prime role in setting standards

Charactersitics of Rule based approach- MENDO
More emphasis on definite approach
Easy to tick boxes whether comply or not
No leeway or deviation
Difficult to deal in questionable situation where not enough guidelines in rulebook
Obeying the letter of law rather than its spirit.

some more...
sarbanes oxley principles---PAN AQWA OIC
Public oversight board
Auditing standards
Non audit services
Auditor and audit committee
Quality control procedures
Whistleblowers protection
Off balance sheet transactions
Internal control reporting
Corporate reporting


Role of Chairman---REREFEET
Running the board
Ensure timely n accuarate info to board
Reporting in n singing off
Encourage active envolvement of all
Facilitate board appraisal
Ensure affective communication with s/h
Ensure sufficeint time allowed for controversial issues
Taking the lead in board development



Role of CEO----BRIBE
Business Strategy and management
Risk management
Investment and financing decisions
Board commitees
Evaluating structure of org operation n performance review


Purpose of internal Control System---ATASAP
Acheiving orderly conduct of business
Timely preparation of reliable info
Adherence to internal policies and laws
Safeguarding assets n s'h interest
Accuracy and completeness of a/c records
Prevention n detection of fraud

Corporate Governance objectives:
PII FOR RUJ

Corporate Governance Principles:

Honesty/Probity
Accountability
Integrity
Responsibility

Decision-taking/ Judgment
Reputation
Independence
Fairness
Transparency

- these give you HAIR DRIFT

Roles of a Risk Management Committee = PARMA

Providing early warning on emerging risk issue
Assesing an effectiveness of risk managem system
Reviewing reports on key risk
Monitoring risk exposure
Approvin org's risk management strategies and policies

corporate governance objectives
JAFRI TRIP
JUDGEMENT
ACCOUNTABILITY
FAIRNESS
RESPONSIBILITY
INTEGRITY
TRANSPERANCY
REPUTATION
INDEPENDANCE
PROBITY

objective of risk committee
pet- abc

best Practices in risk management are used
obtain External advice to ensure risk up to date
Training arragements.
Advising the board
act on Behalf of the board
Communication of the risk to employees

good work guys

I thought the idea of a mnemonic was that it was memorable.PAN AQWA OIC
hardly fits the bill!

Hey guys, i think FREE TREE for role of committee would be bit easier to remember:

Role of Chairman—FREE TREE

Facilitate board appraisal
Running the board
Ensure timely n accuarate info to board
Encourage active involvement of all

Taking the lead in board development
Reporting in n singing off
Ensure affective communication with s/h
Ensure sufficeint time allowed for controversial issues

Thanks for other ones they are brilliant. However, the sarbane oxley one don't make sense.

Thanks

Thanks.
For Sarbanes Oxley Act Principles
QWAC PIANO
Quality control procedures
Whistleblowers protection
Auditing standards
Corporate reporting

Public oversight board
Internal control reporting
Auditor and audit committee
Non-audit services
Off balance sheet transactions

very useful thnxx

Thank u ppl... these r helpful

nice work dude!

Ghizali please provide me P1 audios u got.. once I come to ur place today!!!

Thats great !! keep sending i wanna pass from here too...

Good job guys! awesome, great last minute help in revision...! best of luck to all!
God bless...

Internal Controls

OAP SPASM

Organisational Controls

• Control over the organisation structure including managers having specific
• Responsibilities and delegations tasks.

Authorisation

• Controls to ensure that transactions do not proceed until an appropriate individual has given approval.

Physical

• Protection of assets against theft, unauthorised access or use.

Supervision

• Oversight of work of other individuals to ensure tasks are carried out correctly.

Personnel

• Controls in place to ensure the suitable people are employed.

Arithmetic Accounting

• Checking accounting transactions for accuracy, includes use of accounts and reconciliations (e.g. bank reconciliation).

Segregation/rotation

• Different people for each transaction to – Authorise, Record, Maintain physical custody of any assets (i.e. petty cash), pay for it.

Management Controls

• Control actions taken by management depending on the contents of reports received. Managers should be involved in the day to day supervision of staff.

Corporate Governance elements

HAIRDRIFT

Honesty/Probity
Accountability
Independence
Responsibility
Decision taking/Judgement
Reputation
Integrity
Fairness
Transparency/Openness

Role and Function of an Audit Committee

CLARISSA

rachuhi1340 said 3 weeks, 4 days ago:
P-43 of opentution Course Notes 2011-is about ROLE and Functions of an audit committee. They are stated there as follows:
. create a climate of discipline and control… C
. lend an air of credibility and objectivity…… L
. assist CFO by providing a forum A
. review financial statements to improve the quality of… R
. independent judgement I
. strengthen position of the internal auditor S
. strengthen position of the external auditor S
. assist in the resolution of disputes……………… A

Types of Stakeholders – PINKLAVR

Primary/Secondary
Internal/External
Narrow/Wide
Known/Unknown
Legitimate/Illegitimate
Active/Passive
Voluntary/Involuntary
Recognised/Unrecognised

role of Non-Executive Directors (NED's)= StRiP Performance

St= strategic roles
Ri= risk assessment roles
P= People's role
Performance role

In accordance with Higgs report

Role of Charman (Higgs report) = RAISE DIP

R= run the board
A=(ensure) active engagement by board members
I= Induction programme
S= sufficient time for complex decision
E= effective communication with shareholders

development needs of directors
I= information provided are accurate and timely
P= performance evaluation

STAKEHOLDERS= ICE

Internal
Connected
Extenal

American Accounting Association approach to ethical issues.
FenABCD
F=Fact.
E=Ethic (Independence, Obedience, Confidentiality)
N=Norm (Objectivity,.Governance. Independence, transparency)
A= Alternative Course of action.
B=Best Course of action.
c=Consequences of each action
D=Decision

Corporate Social Responsibility:
PELE:
P- Philanthropic
E- Ethics
L- Legal
E- Economy.
Approaches to CSR
PRAD
P- Proactive
R- Reactive
A- Accomodative
D- defensive

Hi,

Can somebody send me BPP mock for P1 and QBD for both BPP & Kaplin my e-mail address is sukhi_s@hotmail.co.uk

these mnemonics are pretty cool and very helpful...thanks guys!

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