- This topic has 11 replies, 5 voices, and was last updated 11 years ago by
.
- Posts
Hi Mike,
I’d like to ask your precious advice on the topic in subject, in June passed P2 with 67 but failed P7 with 37 (second fail ever after F8, with 46, a couple of years ago) and I currently have the two optionals to clear (I am a part time student, studying during weekends, and I’m not a primary English speaker).
I think I have a good knowledge of IFRS and ISA’s but, at this stage, I probably need some additional exam technique to take into consideration in order to avoid any other fail(s) at least regarding P7 (I like such subject, even because of my background as an auditor for almost 5 years, and although the recent failure I would avoid to “swap” it with P4 or P6).
In June sitting I answered to all the questions and the points I made (as far as I remember) were many of those identified in the examiners report (but I can imagine they were not deep enough).
I feel a bit disoriented now (first time since 2010 when started this adventure) since I don’t see where the improvements points lie (except handwriting but I don’t really now how to improve such element in the computers era and when being 34 years old…)
What do you think about it, any suggestions ?
thanks a lot
Marvin
Hi Marvin
There are a number of articles concerning examination technique on this site including pointers included within audio / video lectures.
Have you read those relevant articles? Read them (again if necessary) and if there’s anything you still need to ask, then ask
And good luck
Good – so follow the advice in the various articles – there’s very little difference in the messages they give
can some one please send me some P7 audios and Video
Phillip
E-mail phillipnjazie@yahoo.co.ukcould someone please let me know how materiality is calculated when planning send me the response through e.mail phillipnjazie@yahoo.co.uk
Materiality levels vary from client to client and year to year for the same client. They are calculated based on the audit planner’s assessment of the strengths of the clients’ internal controls (therefore the level of control risk), the level of inherent risk (which, when combined with control risk is called “risk of material misstatement), and the auditor’s assessment of detection risk. Based on risk of material misstatement, the auditor will calculate detection risk in order that “Audit Risk” (the product of risk of material misstatement multiplied by detection risk) can be reduced to an “acceptable” level.
Having calculated the level of detection risk necessary to arrive at the target audit risk level, the auditor may then determine values for assets, liabilities, incomes and expenses above which the auditor needs to carry out audit procedures. Those values are the materiality values to be followed and applied (and constantly reviewed through the course of the audit)
OK?
When auditing a company financial statements , as auditors which audit strategy to adopt (systems audit/ balance sheet approach/risk based /directional testing/ analytical testing) or all of the strategy need to apply when auditing a company financial statements. Additionally, my experience is that u test internal controls (system audit) substantive testing on balance sheet amounts and analytical testing on contracts for expenses etc. Kindly advice if each of the above strategy need to apply and give examples Thank u
- Topics: 0
- Replies: 2
- ☆
hello, can you tell me wat is the difference between public interest entity and public limited company? and in BBP text in ethics chapter thr is seperate portions in each threat regarding public interest entity m unable to understand these,plz help
Public Limited Company (or public company) in the context of English Law is defined in English Law. However, for the purposes of P7 paper, the examiner will normally say that the company is a “public quoted company” or “a public company whose shares are quoted on the local stock exchange” That really says it all so far as “public company” is concerned.
A public interest entity would be, for example, the national electricity supplier (if that were not a public company in its own right) or the water or waste management organisation in the country. These are organisations literally of public interest although not in public ownership
OK?
- Topics: 0
- Replies: 2
- ☆
thnx mike,
can u plz tell me high percentage fee rule regarding ethics,in case of
1)private company
2)public company
3)public interest entityplz also let me know about rotation of staff in case in familiarity threat in case of
1)private company
2)public company
3)public interest entityplz also tell me about providing internal audit services in case of
1)private company
2)public company
3)public interest entity
- You must be logged in to reply to this topic.