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P7 revision group – first session

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › P7 revision group – first session

  • This topic has 58 replies, 13 voices, and was last updated 10 years ago by morebie.
Viewing 25 posts - 26 through 50 (of 59 total)
← 1 2 3 →
  • Author
    Posts
  • August 17, 2014 at 5:35 pm #190739
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    hey are there anybody ????
    it’s the time to start

    OK I’ll start even I’ll be alone

    August 17, 2014 at 5:51 pm #190742
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    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 take

    August 17, 2014 at 5:53 pm #190743
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    and 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 act

    August 17, 2014 at 5:58 pm #190745
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    so 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 question

    but as it’s still no one here (and will not come anyone) so I’ll follow to the next important question

    August 17, 2014 at 6:00 pm #190746
    ifeoma
    Member
    • Topics: 4
    • Replies: 38
    • ☆

    For the *b* part of your question, BPP uses the method
    i. identify
    ii. evaluate the significance of the threat
    iii. apply safeguard

    August 17, 2014 at 6:02 pm #190748
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 9
    • ☆

    Handy and ifeoma. I am available plz.

    August 17, 2014 at 6:03 pm #190749
    ifeoma
    Member
    • Topics: 4
    • Replies: 38
    • ☆

    the answer plan you gave is very valuable as just identifying the threat alone will not give any mark

    August 17, 2014 at 6:04 pm #190750
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    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)

    August 17, 2014 at 6:07 pm #190751
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    hey every body
    what a good surprise for me

    go on

    everyone please to give your opinion
    wait

    August 17, 2014 at 6:15 pm #190752
    ifeoma
    Member
    • Topics: 4
    • Replies: 38
    • ☆

    professional skepticism has to do with having a questioning mind and being alert to conditions that might show a material misstatement

    August 17, 2014 at 6:17 pm #190754
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    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 investigation

    we 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 integrity

    and 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?

    August 17, 2014 at 6:21 pm #190755
    ali0264
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    i am here as well

    August 17, 2014 at 6:27 pm #190756
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    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)

    August 17, 2014 at 6:30 pm #190759
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    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 mind

    good answer Ifeoma (really I was not remember the answer)

    August 17, 2014 at 6:34 pm #190760
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    also I forgot important point about (ii) Advice on payments

    to consider if the case is a bribery offence?

    August 17, 2014 at 6:42 pm #190761
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    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???

    August 17, 2014 at 6:44 pm #190762
    ali0264
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    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 .

    August 17, 2014 at 6:47 pm #190763
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    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 questions

    please come and post in this thread

    August 17, 2014 at 6:47 pm #190764
    ifeoma
    Member
    • Topics: 4
    • Replies: 38
    • ☆

    i think PEP are people who have obtained wealth through their being in a political position

    August 17, 2014 at 6:48 pm #190765
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    @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

    August 17, 2014 at 6:50 pm #190766
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    @ifeyan said:
    i think PEP are people who have obtained wealth through their being in a political position

    if it is as you said, it’ll be clear now to me

    I wish if our Opentuition tutor @Mikelittle here to confirm our answers

    🙂

    August 17, 2014 at 6:54 pm #190767
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    @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 .


    @mikelittle


    @ifeyan

    can anyone help on this point?

    August 17, 2014 at 7:00 pm #190768
    ali0264
    Member
    • Topics: 0
    • Replies: 5
    • ☆

    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.

    August 17, 2014 at 7:01 pm #190769
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    @ali0264

    https://app1.hkicpa.org.hk/professionaltechnical/assurance/exposuredraft/ed-isa700.pdf

    August 17, 2014 at 7:07 pm #190771
    hamdy hafez
    Participant
    • Topics: 16
    • Replies: 167
    • ☆☆

    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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