TARC ACCA 2005: Tips for paper3.1

~~~~~~~~~~~~~~~Motivation Quote~~~~~~~~~~~~~~~~ ~~~~~~~~~~Sometimes it takes a lot of rain before you get your rainbow!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~Just FOcus On The Key Topics That You Know And Ignore What You Don't!!!!!!~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~The glory is not in never failing but in rising again everytime you fall!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~YOU MAKE THE FAILURE COMPLETE WHEN YOU STOP TRYING!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~

Sunday, November 14, 2004

Tips for paper3.1

Tips from BPP
ACCA Paper 3.1 Audit And Assurance Services

December 2004 Exam Tips
Section A
Question 1: Scenario based question on audit risk, business risk, in conjunction with group audit issues.

Question 2: Scenario based question on audit risk, business risk, assurance services or quality control.

Question 3: Audit evidence. Comment on the matters you should consider and the audit
evidence you would expect to find. Three scenarios will cover various accounting Standards.

Section B
Question 4: Part a) wildcard on any syllabus area. Part b) Audit Reports
Question 5: Ethics and Professional Issues
Question 6: Discussion question, so watch out for articles in the student accountant!

Tips from LCA
Paper 3.1

1. Ethical situations & action to reduce risks to independence, objectivity & conflicts of interest
2. Accounting treatment & audit work (IASs /FRSs)
3. Audit report criticisms including impact of IFRS 1
4. Business risks analysis
5. Due diligence engagement

Tips from FTC
Paper 3.1

1. Risk and Assessment and audit strategy
2. Assurance Services - Ethical supply chain management
3. Accounting treatment and audit evidence
4. Audit reports - principles from SAS 160
5. Professional and ethics issue - auditors liability and ways to minimising it/capping /proportionate / liability /LLps