hello
i accidently make a new post out there. suppose to post it here hmm now another ACCA thing there hopefully i maybe able to delete it.
anyway any audit genious here i have failed this paper for three times feel bad coz i cannot take my core level now.
hopefully the audit sifu could help me out on this.

regards
rachel may

so tell me the different approach to handle 2.6 and 3.1? sure there is some audit genius can help me on this (thanks in advance)
regards rachelmay

thanks for your explaination sifu... i will keep in touch with you...(just send you my email address)

thanks hikari i will print this particular paragraph of yours because i think this is very important for my reminder.

but for paper 3.1, the textbook is important or not? coz i hardly touch the bpp 3.1 textbook...

hey i have something i need to confirm with you all.

in RPGT, for the "private residence exemption" now the husband AND wife can claim right? to be clearer, each entitle one claim eventhough they married already. unlike last time, if both married ONLY the husband can claim..am i right??? do correct me if i am wrong?


This post has been edited by rachelmay1402: Oct 6 2006, 03:17 AM

hehe thanks for your time to explain it to me (another sifu)

hey i have something i need to confirm with you all.

in RPGT, for the "private residence exemption" now the husband AND wife can claim right? to be clearer, each entitle one claim eventhough they married already. unlike last time, if both married ONLY the husband can claim..am i right??? do correct me if i am wrong?


anyone??? i confuse on this particular segment..

thank you, thank you couldn't say more than that, coolly...

my history of acca

1.1,1.2,1.3,2.2,2.5 (pass at second attempt)
2.1,2.3,2.4 (pass at third attempt)
now doing optional

i know when i go out for interview later I AM SO DEAD and people will BULLY ME and to be frank i am not a party-goer i stay at home after class but jus that i am not the ingredient for ACCA but since already pass many paper i don't wanna give up lor later go out basic must be rm1000 like that

yalor i shdn't worry too much abt it...i know if can stay away from the DEVIL TV i can do it...anyway, hope this dec i can go through...ching (thank you)

December 2006 Hot Topics (C) 2006 FTMSONLI1 NE

For 3.1, the hot topics for this coming December 2006 exams include:
a) Business risk identification (see past exam papers from June 2003 to June 2005). Prepare for identification of business risks and how the company should manage the risks or what internal controls will help to reduce those risks. See June Q2 and Dec 2004 Q1. Also linking business risks to FS risks like Dec 2003 Q1a.

b) Almost likely a question on identifying principal audit risks/financial
statement risks. See past papers (plenty of them).

c) Group audit and acquisition. Impact of an acquisition on the audit (see past year exam like Pilot Q1, Dec 2001 Q1). Include audit strategies/approaches. See June 2005 Q2 and June 2006 Q2 on due diligence and what factors to consider before accepting the engagement. Though appeared recently, may come back again!

d) Planning is important. Planning issues to consider - See June 2002 Q2a, Dec 2002 Q1a.

e) Auditing prospective financial information, PFI (see Dec 2002 Q2), including reporting on PFI.

f) Quality controls - practice management, setting of fees, paying commission for referrals. See Dec 2001 Q2.

g) Working papers - Explain the reasons for preparing and keeping working papers and the importance of reviewing them.

h) Insurance (define PII and FGI, factors affecting the amount of cover, adv and disadv of insurance).

i) Accounting problems/issues (the usual Q3) - Important areas include leases, deferred tax, related parties, earnings per share, government grants, intangible assets and impairment, investment property, assets held for sale/discontinued operations, going concern.

j) Ethical issues facing the auditor - practice lots of Q5 and take note of
confidentiality. (Identify circumstances in which the disclosure is permitted or required and discuss the factors, which may justify disclosure under public interest)

k) Assurance and other services - review, agreed upon procedures. Explain why agreed upon and compilation engagements do not (usually) meet the
requirements for an assurance engagement and illustrate the form and content of a report of factual findings

l) Ownership of documents/books and working papers. Explain the general principles governing the ownership of and right to access to documents and papers. Explain the legal right of lien and describe the circumstances in which it may exercised. The extent to which clients and third party may have access to documents and papers.

m) Responsibility for summarized financial statements, financial reporting on the internet (see Dec 2003 Q4bii)

n) Reporting - The usual Q4 audit report. But must also be prepared for
Review/Agreed upon procedures and reporting. (see item k above)

o) Internal audit (never been examined) - reliance on IA. Outsourcing of
accounting function to service organization and it's impact on the conduct of the audit (relying on service organization)

p) Identify circumstances in which auditor may have legal liability and explain the other criteria for legal liability to be recognized. Distinguish between liability to client and liability to third party. Lastly, discuss the advantages and disadvantages of audit liability claims being settle out of court. (this section never not being examined, maybe a Q6 this Dec??)

q) Environment and the auditor (Pilot Q6). Small company audit exemption. Any October/November 06 article by Kim? If yes, must study that. If no article, do not attempt Q6. Do Q4 instead

hello to my dear ACCA warrior,
i have just received the FTC HK exam tip which is relevant to us here is :
a) 2.4
b) 2.6
c) 3.1
d) 3.5-3.7
i tried to post it here but to no avail. so i love to know who is interested here to provide me your e-mail. i will wait until tuesday night then only i post to all of your mailbox. hope to hear from you soon

This post has been edited by rachelmay1402: Nov 20 2006, 08:36 PM

thank you coolly for helping me that. much appreciated. to all ACCA warrior, all the best in the exam

This post has been edited by rachelmay1402: Nov 20 2006, 11:03 PM

hallo ACCA warrior,
here is the website for FTC HK TIP try download from here...

http://www.ftckaplan.com.hk/img/products/a...cca_dec2006.pdf

hope that help! happy fighthing

can someone explain para 19 of RPGT in simple word for me ...thank you sifu

you are such a HERO to me. thousand appreciation rachel "kow tow" to niu niu. may the day fill with blessing

kinda make worry a bit about your question. this thing only strike my head after seeing your message.

breath in breath out keep this practice before entering into exam hall hehe hope can relax a bit

mixed with different feeling now wake up every few minutes, too pressured already ......