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hey are there anybody ????
it’s the time to startOK I’ll start even I’ll be alone
OK, as usual no one came
let me start alone,
I’ve just received my P7 new materials today (a few hours ago), and for the revision group I’ve selected 3 important questions related to the first 4 chapters (Opentuition notes)
those are;Pilot paper Q Dedza
Q5 (a) about the Need for ethical guidance for accountants
(b) about Ethical and other professional issues that you should;
Identify + comment on the point + state what action you’ll be takeand the examiner answers plan was as follow;
Answer plan;
a) Need for ethical guidance for accountants
Ideas (illustrative)
• Legal responsibilities
• Risk of offence
• Confidentiality
• Other reporting responsibilities
• Professional etiquette
• Accountants working in other jurisdictions(b) Ethical and other professional issues
Ideas
(i) Tax investigation
• New client (relatively) – CDD
• ‘professional etiquette’ – change in professional appointment
• Quality control eg second review
• Criminal property includes proceeds of tax evasion
• Money laundering offence?
• Suspicion of fraud (intent) vs error in incorrect tax returns
• Disclosure by Dedza vs voluntary (confidentiality)
• need for STR(ii) Advice on payments
• Not a tax issue
• Corruption and bribery/extortion – designated categories of offence
• clear intent
• seriousness in context of domestic laws
• need to report to FIU?(iii) Financial advisor
• designated non-financial profession
• Customer due diligence/record keeping
• Politically exposed person (PEP)
• Reputational risk
• Additional measures
• Refusal to actso as proposed by me, if the revision group will start, we should do the following;
discuss the answers plan,
practice our hand and mind by give a brief answers for this questionbut as it’s still no one here (and will not come anyone) so I’ll follow to the next important question
For the *b* part of your question, BPP uses the method
i. identify
ii. evaluate the significance of the threat
iii. apply safeguard
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Handy and ifeoma. I am available plz.
the answer plan you gave is very valuable as just identifying the threat alone will not give any mark
the second exam question related to first 4 chapters is;
June 2012 Q 3 (Lark)3 (a) (i) ask about the Implications of the audit senior’s note
(ii) ask about the Reporting that should take place(b) ask about the Professional skepticism (definition + the actions should
be taken by the auditor)hey every body
what a good surprise for mego on
everyone please to give your opinion
waitprofessional skepticism has to do with having a questioning mind and being alert to conditions that might show a material misstatement
for the first question (pilot paper)
I’ll try to practice my hand and mind
as I remember the answer by BPP is planed as follow;
(i) Tax investigationwe should write about the procedures of accepting new client
– obtain relevant information from previous auditors and / or other firm personnel
– identify other issues like the client’s integrityand for the case of tax underdeclaring amount
– to check if it’s a fraud case or just error?
also the materiality of the case ?
also if there is money laundering offence?for the (ii) Advice on payments
as I remember (and also quick cheat from the answer 🙂
the answer will be around the following ;
– if accept to give advice, we should consider the risk of “” self-review” as to not review work that we’re already also do
– also consider that it is not allowed to make management decisions on behalf of the company
– also to consider that the preparation of financial statements is the management responsibility and not the auditors
– also to consider if the payment is tax deductible or not (ask for tax adviser’s advice)hey ifeoma
hey everybody
could you please give your opinion
try to write anything related to the two questions
write anything to practice your hand and mindgood answer Ifeoma (really I was not remember the answer)
also I forgot important point about (ii) Advice on payments
to consider if the case is a bribery offence?
for the same pilot paper question
(iii) Financial advisor
as I remember (and also quick cheat from the answer 🙂the answer will be around;
– that it is not allowed to carry out transactions on behalf of the client, which will affect or may cause reputation risk for the auditor profession and the auditor firm itself– also to consider (PEP) politically Exposed Persons
this issue (PEP) I’ve try to understand well so can anyone discuss/ speak in clear points about it???For the need of ethical guidance :-
i will try practice my hand using the examiner answer plan .
But we need to elaborate more on the reporting responsibilities , as there different ethical stances , therefore is very difficult to provide a unitary ethical guidance , or standards .it’s just 15 minutes remaining for end this first session
anyway the discussion will be opened during this week all the days
so any one need to ask question about the first 4 chapters
or want to practice his hand and mind by answer any related questionsplease come and post in this thread
i think PEP are people who have obtained wealth through their being in a political position
@ali0264 said:
For the need of ethical guidance :-i will try practice my hand using the examiner answer plan .
But we need to elaborate more on the reporting responsibilities , as there different ethical stances , therefore is very difficult to provide a unitary ethical guidance , or standards .please go on to benefit from what you wrote
wait you@ifeyan said:
i think PEP are people who have obtained wealth through their being in a political positionif it is as you said, it’ll be clear now to me
I wish if our Opentuition tutor @Mikelittle here to confirm our answers
🙂
@ali0264 said:
For the need of ethical guidance :-i will try practice my hand using the examiner answer plan .
But we need to elaborate more on the reporting responsibilities , as there different ethical stances , therefore is very difficult to provide a unitary ethical guidance , or standards .can anyone help on this point?
Enron has 11 independent NEDs out 13 Directors sitting in the board but still the company went down , this why we need more of transparency in financial reporting to compensate the need for the ethical guidance.
a) Need for ethical guidance for accountants
there’re Legal responsibilities to avoid criminal offence
also profession responsibility by comply with the regualtions specially by ACCA
also to comply with our company code of conduct if there’s any• Risk of offence (money laundering, etc)
• Confidentiality (ethics guide us when to disclose the client information is permit and when is not)• Professional etiquette (can anyone advice about this point????????????)
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