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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 – ash.acca@gmail.com
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 – RADIOI – Introduction
O – Objective
D – Definitions
R- Requirements
A – Application and other explanatory information****************************************************************************************************
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nice
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 ObligationThanks
Ash- Topics: 6
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many many thanks for this excellency.
Before auditor can rely on someone’s (other professionals) work, audit firm should perform – REQI
R – Reputation
E – Experience
Q – Qualification
I – Independencee.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.
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Keep moving
Good work!!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 / reperformanceInternal Control Objective]: ASTEP
A=Accuracy
S=Safeguard of assets
T=Timely prepared
E=Efficient business conduct
P=Prevention fraud and non-compliance of lawAudit 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- Topics: 0
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thanks guys will also post if anything comes up
all the best in your exams guysHow to get Audit Evidence: DADA3
Directors
Assets
Documents
Accounting System
3rd Parties- Topics: 0
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That is good Keep on Gays
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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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