ACCA Paper P7 (INT) Advanced Audit & Assurance Class Notes December 2011 Lecturer: Contents INTRODUCTION TO THE PAPER 2 CHAPTER 1 – REGULATORY ENVIRONMENT 3 CHAPTER 2 – PROFESSIONAL AND ETHICAL CONSIDERATIONS 8 CHAPTER 3 – PRACTICE MANAGEMENT 13 CHAPTER 4 – ASSIGNMENTS I: THE AUDIT OF FINANCIAL STATEMENTS 16 CHAPTER 5 – ASSIGNMENTS II: GROUP AUDITS 42 CHAPTER 6 – AUDIT REPORTS AND OTHER REPORTS 45 CHAPTER 7 – ASSIGNMENTS III: OTHER ASSIGNMENTS 57 CHAPTER 8 – CURRENT ISSUES
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S T U D Y T E X T PERFORMANCE MANAGEMENT BPP Learning Media is the sole ACCA Platinum Approved Learning Partner – content for the ACCA qualification. In this‚ the only Paper F5 study text to be reviewed by the examiner: • • • • • • • • We discuss the best strategies for studying for ACCA exams We highlight the most important elements in the syllabus and the key skills you will need We signpost how each chapter links to the syllabus and the study guide We provide lots of exam focus points demonstrating
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only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall. The Association of Chartered Certified Accountants Paper P7 (INT) This is a blank page. The question paper begins on page 3. 2 Section A – BOTH questions are compulsory and MUST be attempted 1 You are an audit manager in Hound & Co‚ responsible for the audit of Parker Co‚ a new audit client of your
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Answers Professional Level – Options Module‚ Paper P7 (INT) Advanced Audit and Assurance (International) December 2012 Answers 1 (a) Briefing notes To: Audit Partner From: Audit Manager Regarding: Audit planning and ethical issues in respect of Grohl Co Introduction These briefing notes evaluate the business risks facing Grohl Co‚ and identify and explain four risks of material misstatement to be considered in planning the audit of the financial statements for the year ended 30 November
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ACCA P1 Governance‚ Risk & Ethics ExPress Notes Chapter 1 Some Key Points to DO at Paper P1 START The Big Picture • • • Use mnemonics to help recall lists of facts (but then apply them – see below!) Prioritise the three areas of the syllabus within your study: Give more time to studying corporate governance than the other two areas‚ since there is more detail in this area to be learned. But make sure that you know all three areas well before the exam. You will not pass with expert knowledge
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ACCA Paper F4 (GLO) Corporate and Business Law For exams in 2012 Notes theexpgroup.com ExPress Notes ACCA F4 (GLO) Corporate and Business Law Page | 2 © 2012 The ExP Group. Individuals may reproduce this material if it is for their own private study use only. Reproduction by any means for any other purpose is prohibited. These course materials are for educational purposes only and so are necessarily simplified and summarised. Always obtain expert advice on any specific issue. Refer to our
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ACCA P3 – PROFESSIONAL LEVEL Business Analysis SMART Notes Prepared by Darren Sparkes Email: darrensparkesnotes@sky.com ACCA P3 - Business analysis These notes are not intended to cover the whole of the ACCA P3 syllabus ©Darren Sparkes‚ 2010 1 Contents Page no. Paper 3 Examiners Approach…………….….... 3 Extracts from the Examiners report ……….…...4 Examination Technique……………….…..……..7 Background and examination format..…............9 Syllabus Overview………………………...........10 Strategic
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ACCA P7 (INT & UK) Chapter 1 REGULATION IN A GLOBAL ECONOMY 2 3 4 5 Corporate governance 6 Chapter 2 CODE OF ETHICS AND CONDUCT 7 8 9 10 11 12 Chapter 3 PROFESSIONAL APPOINTMENTS 13 Acceptance considerations 14 15 16 17 18 Chapter 4 QUALITY CONTROL 19 20 21 Chapter 5 ADVERTISING‚ PUBLICITY‚ OBTAINING PROFESSIONAL WORK AND FEES 22 23 Chapter 6 TENDERING 24 Reasons for changing auditors 25 Tendering Advantages of Tendering • More efficient
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Part A - Governance and Responsibility 1. Principles-based vs. Rules-based 1.1 Principles-based approach (1) Principles-based approach requires the company to adhere to the spirit rather than the letter of code. (2) The approaches focus on objectives rather than the mechanisms by which these objectives will be achieved. (3) The approaches can lay stress on those elements of corporate governance to which rules cannot easily be applied. (4) The approaches can applied across different
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01 technical accounting for property‚ plant and equipment RELEVANT TO ACCA QUALIFICATION PAPER F7 The accounting for IAS 16‚ Property‚ Plant and Equipment is a particularly important area of the Paper F7 syllabus. You can almost guarantee that in every exam you will be required to account for property‚ plant and equipment at least once. This article is designed to outline the key areas of IAS 16‚ Property‚ Plant and Equipment that you may be required to attempt in the F7 exam.
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