P7 Mind Maps — OpenTuition Forums

Aanshul123315y ago

Dear All,

In short - Show ur knowledge, give and take education - Post your P7 mind maps here

Please feel free to correct me or point me to right direction as we go along...

My e-mail - [email protected]

Trick 1:- to remember Fundamental principles of ACCA and IFAC code of ethics ?

ACCA - IOCCC (Integrity, Objectivity, Competence, Care and skill, Courtesy)

IFAC - IOCCC(Integrity, Objectivity, Competence & care and skill, Confidentiality, Conduct (prof. behaviour)

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Trick 2 - All ISAs are now conform to a standard format, but what is this format ?
Answer - RADIO

I - Introduction
O - Objective
D - Definitions
R- Requirements
A - Application and other explanatory information

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Aanshul123315y ago#1

guys please do participate ... this is for everyone ... keep the motivation high.

Former user15y ago#2

nice

Aappadoov915y ago#3

Wow that nice.will post some soon..... thanx

Aappadoov915y ago#4

Wow that nice.will post some soon..... thanx

Aanshul123315y ago#5

Good stuff

Financial Statements Assertions

Trick to remember - ACCA COVER

A - Accuracy
C - Completeness
C - Cut Off
A - Authorisation
C - Classification
O - Occurrence
V - Valuation & allocation
E - Existence
R - Rights and Obligation

Thanks
Ash

Aaabubakar15y ago#6

really nice.good thinking.

Former user15y ago#7

many many thanks for this excellency.

Aanshul123315y ago#8

Before auditor can rely on someone's (other professionals) work, audit firm should perform - REQI

R - Reputation
E - Experience
Q - Qualification
I - Independence

e.g. - While auditing goldsmith Audit firm may hire ABC Ltd valuation company to value Jewellery as at year end stock. But before they rely on ABC valuations they must perform "REQI" on ABC Ltd.

Former user15y ago#9

Keep moving
Good work!!

KkiahmedSupporter15y ago#10

Keept it up guys!, here is another one....

Methods of obtaining audit evidence
A - analytical procedures
E - enquiry of knowledgeable partied / external confirmation
I - inspection of records
O - observation
U - recalculation / reperformance

FFaisal15y ago#11

Internal Control Objective]: ASTEP
A=Accuracy
S=Safeguard of assets
T=Timely prepared
E=Efficient business conduct
P=Prevention fraud and non-compliance of law

Audit Planing/Strategy: Marksat
M=Materiality level
A= Analytical procedure
R=Risk (AR=IR+CR+DR)
K= Knowledge of the business
S=Staff
A=Audit approach
T=Timing

Aanshul123315y ago#12

Brilliant everyone ... keep up the good work !!

Former user15y ago#13

thanks guys will also post if anything comes up
all the best in your exams guys

Bbon1015y ago#14

How to get Audit Evidence: DADA3

Directors
Assets
Documents
Accounting System
3rd Parties

Jjosvill201012y ago#15

ACCA code of ethics. It is confidentiality and not courtesy

Former user12y ago#16

That is good Keep on Gays

Ccatherine99912y ago#17

really nice.

AAmani12y ago#18

I like... Anybody got some new ones to share?

Former user12y ago#19

Any question that asks what 'matters' should be considered when planning an audit the answer should be given in the following format : Mrs. M - Materiality R - Risks related S - Standards - may be accounting or auditing standards. To verify an expert / component auditor you can use the acronym SODIT S - structure O - organisational structure D - due care and diligence I - independence T - technical competence

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