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 ACCA V7, Global Body for Professional Accountants

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student2
post Jul 8 2011, 12:42 PM

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QUOTE(jc87 @ Jul 8 2011, 12:13 PM)
how fast to get affliate membership faster?minimum also nid 3 years rite?
so u mean work at commercial might nid mor than 3 years to get affliate membership?
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You are right.

Fastest should be 3 years. Work in commercial need more than 3 years.
student2
post Jul 8 2011, 06:27 PM

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QUOTE(jc87 @ Jul 8 2011, 12:50 PM)
ic..normally hw long cn it be when work in commercial? 4 years?or even longer?
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idk. I guess its double the time. Normally if you are an accounts exec in a corp; most likely you would do the same thing for quite some time.
student2
post Jul 8 2011, 10:05 PM

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QUOTE(YH90 @ Jul 8 2011, 07:23 PM)
The 3 years route at the Big4 is actually because they are the Approved Employer of ACCA. Not really sure a bronze, gold or platinum affects the duration but commercial firms are also one of them, namely Sime Darby, Accenture, etc....

You just need to find an approved employer so that you won't need to send in the PER every year.

Correct me if I'm wrong.
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A post for relevance.

http://forum.lowyat.net/topic/379762/+1800

The list.

http://www2.accaglobal.com/malaysia/employ...yer_support/aei

Usually you need to look for someone who is in public practise. Corporate (i.e. commercial) experience not so relevant and complete as mentioned in my previous posts.

Need to submit PER but no need to complete your TDM as you can get exemption (for gold and platinium)

Got different certification. i.e. Platinium will have someone supposingly very senior to supervise you and the entire team.
Gold means your supervisor or manager is qualified accountant. Approved means 'gold' condition when possible.

This post has been edited by student2: Jul 8 2011, 10:26 PM
student2
post Jul 8 2011, 10:34 PM

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Notmycupoftea

Looking for misc. info is quite time-consuming.

I think should limit to acca tuition provider, lecturer and exam/study tips.

ACCA Misc. info explanation is a full time job. Should look for an ACCA counsellor. Posters here still need to spend time to study and we are not getting paid to do ACCA's work.

IMO, Goal here is to get past the exams, other matters should be discussed in a separate forum.

This post has been edited by student2: Jul 8 2011, 10:38 PM
student2
post Jul 9 2011, 04:55 AM

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QUOTE(maggi @ Jul 9 2011, 12:24 AM)
guys, want to ask , after got ACCA cert , how can we get the recognition as Certified Internal Auditor ?by experience or by exam ?
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Hi Maggi

At least 3 years of professional working experience and training in internal auditing and possess any of the professional qualifications from CPA, CIMA, ACCA, CISA, AlA, ICSA (This list may be varied, as approved by Global IIA).

http://www.iiam.com.my/index.php?option=co...=117&Itemid=117

Btw, IA is not regulated in MYS. You don't need this certification to practise as an IA. Normally an IT degree is preferred, but if im an employer i would prefer CIMA due to VFM audits. If you have ACCA is more than enough. Why pay more membership fees?

IA is not compulsory. I think our CG code recommends to have it only if there is a need to have it.

This post has been edited by student2: Jul 9 2011, 01:53 PM
student2
post Jul 9 2011, 08:41 PM

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QUOTE(maggi @ Jul 9 2011, 06:43 PM)
hi,

just prepared before gov make it as a compulsory for all PLC to have a certified internal auditor.

another Q is how about those who were working only as external auditor, does they qualified as IA ? or have to start from beginning? although company nature can be another  factor.
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Hi Maggi

I hope i get your question right.

I think most likely would depend on co.'s IA function. If the co.'s IA focuses in VFM audits; and your experience is EA, most likely you would need to start from beginning.

If co's IA main role is to support EA by reviewing co's financial statement; i guess you don't need to start from the beginning.

If it relates to profesional experience for CIA; then you would need to check with IIA. They should have a membership committee that decides if your experience is relevant.


Added on July 9, 2011, 8:44 pm
QUOTE(tzxsean @ Jul 9 2011, 07:41 PM)
Hi, just to share abit bout Spencer Cheah

he told us that

in fact, he teaches P5 the longest in his teaching career

he teaches P5 for 12 years already
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I'm more concern about Navzar as I am going to attend his F7's class soon.

So far not much feedback.

This post has been edited by student2: Jul 9 2011, 08:44 PM
student2
post Jul 9 2011, 11:50 PM

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QUOTE(muppet @ Jul 9 2011, 11:10 PM)
Navzar juz read from notes onli. gud luck to u!
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Omg. Should inform earlier abit. Means he is bad?

So F7 should go Spencer, Keith Farmer or Ms Wong?

This post has been edited by student2: Jul 9 2011, 11:51 PM
student2
post Jul 11 2011, 01:18 AM

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QUOTE(Propernormal @ Jul 10 2011, 04:19 PM)
Hi Everyone. Im newbie here. smile.gif 

I have not signed up for any classes yet coz im not sure unsure.gif  whether i will pass my F7 and P1.

So, im self studying these papers again plus P3 rolleyes.gif too on my own ensuring to finish them before the results are out!

What i wanted to ask is , if l buy the Self study BPP package for GBP200 to study P2(INT) by myself after 22 Aug 2011,would i have enough time to study this P2 for 2 months before the exams in Dec 2011?

Or which options are better ?

My options are :-

1. P1, P2 , P3 - if i pass only F7
2. P1, P6, P3 - if i pass only F7
3. P2, P3 , P6 - if i pass P1 and F7
4.P2 and P3 - if i pass P1 and F7
5. P6 and P3 - if i pass P1 and F7 , leaving P2 and P7 to be done in June 2012

I have already checked with ACCA of my choices and they said since i have registered before June 2007 , the progression rules do not apply in my case and there i can chose to do a mix of Optional papers + Essential papers.

Pls , i need your best advise as to whether i can do it within 2 months of study after results are out while studyin for P3 on my own now onwards?
icon_question.gif
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P2 self study for 2 months? Wow. P2 is an ACCA 'CORE' and i stress 'CORE' paper. It is the only paper where they can really 'TEST' whether you have enough technical accounting knowledge to qualify as an accountant.

If you are doing it for the first time, maybe not such a good idea unless you are like former world prize winner student material or everyday sleep eat and study P2 for 2 months, maybe?

This post has been edited by student2: Jul 11 2011, 01:22 AM
student2
post Jul 11 2011, 11:21 PM

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QUOTE(Irresistible @ Jul 11 2011, 09:10 PM)
Who want Michael Mainwaring BLUFF NOTES ? (112 pages)

I attend his class this May 2011, still applicable for this coming sitting !

I can photocopy for u.... RM 50 (not include postage)
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I WANT IT!!! But RM50 for 112 pages? Isn't it like 10 cents per piece for photocopy? That totals up to like only RM11.20?

Are you charging royalty or service charge for the remaining RM38.80?
student2
post Jul 13 2011, 02:47 AM

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QUOTE(Osho @ Jul 13 2011, 01:01 AM)
Anybody has any idea what are the career prospects if I completed my OBU ( without P levels ), I'm planning to pursue P levels on part time while working.
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I think you can start to work for any audit firm, should be no problem.

If not mistaken OBU not recognized by MYS govt; so i guess you can't work for the civil sector using the OBU qualification.


Added on July 13, 2011, 3:01 am
QUOTE(Irresistible @ Jul 12 2011, 11:56 PM)
Who want Michael Mainwaring BLUFF NOTES ? (112 pages)

I attend his class this May 2011, still applicable for this coming sitting !

I can photocopy for u.... RM 50 (not include postage)

Is better than buying CRAP TEXT BOOK !
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Can scan and email to everyone for free or not? Do community a favor?

This post has been edited by student2: Jul 13 2011, 03:01 AM
student2
post Jul 13 2011, 04:12 PM

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QUOTE(RedShirt @ Jul 13 2011, 03:44 PM)
Since you're doing part-time, if you intend to attend for classes/tuition then you would have to do it after working hours or weekends.

Officially, work ends at 5.45pm and classes usually start at 6.45pm or 7pm. So you have to rush to the school or tuition provider after work, through the traffic and if you're lucky, you would either arrive early or just on time. That means no time for quick dinner.

Imagine, the fatigue and stress level after work and then you still have to listen to lengthy lectures ? Furthermore if you're hungry and worn out from driving and all.

Also, do you expect to be able to leave on time, all the time ? Just drop everything and leave ? You can't do that. Sometimes my colleagues are understanding and would allow me to leave on time but at times, I have no choice but to stay a bit longer to help out.

And then, imagine those classes on the weekends. Those are the worst. Imagine from 9am-5pm on one or both weekends.

Pretty much a sacrifice to get it done and over with as soon as possible. And force myself to psych myself positively to listen and concentrate during lectures.
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Very true. Thats why if you are taking part-time. Just do 1-2 subjects max per sitting. If not you really can go crazy. If you want to complete it faster; advisable to quit your dayjob.


student2
post Jul 13 2011, 04:35 PM

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QUOTE(YH90 @ Jul 13 2011, 01:47 PM)
You will have to sit for the remaining 5 papers in the professional level. CPA is deemed by many to be much easier than ACCA. And since you will be in Aussie till next year Oct, why not take CPA instead? The MIA recognises ACCA and CPA as equivalent in Malaysia.

If you are studying full time, you will be able to finish ACCA in a years time, provided you did not fail any of the papers.
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If I had the choice (i.e. with Accounting degree); most likely would take CPA. Heard from CPA graduates; its much easier.
student2
post Jul 14 2011, 01:09 AM

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QUOTE(Gina Yong @ Jul 13 2011, 05:14 PM)
im interested to work in banking/finance sector instead of auditing..
but heard that its better to work in big 5 and obtain 3 years practical experience there.. after qualifying only then switch to your preferable field.. can any seniors please advise me on this? thanks ^^

btw,  anyone joining deloitte tax challenge 2011?
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Sorry I'm not a senior but this is what i think.

Why don't you apply to the bank straight? How does auditing experience help you in a bank operations job? Unless you specifically apply to work for the financial reporting or IA dept, then maybe its better?

If you want to progress in banking/finance job its better you study CFA or CFP which is more finance related. ACCA for me is more to financial reporting and general business.

This post has been edited by student2: Jul 14 2011, 02:20 AM
student2
post Jul 14 2011, 02:46 PM

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QUOTE(kabyss87 @ Jul 14 2011, 11:49 AM)
I've attended full time classes before.. its torturous.. weekends intensive classes starts from 8am till 8pm nite!!  shakehead.gif

i'm not sure am i able to handle the papers through self study but at least it is far less stressful going through the whole tuition process..

nether the less, this is a sacrifice worth taking!! For those who are enduring the same sh*t as us, stay strong and strive for a better future!  rclxms.gif
Some may not have the privilege to quit their job and commit to acca full time.  But is it sane that one could accumulate enough $$, quit their day job and pursue acca fulltime for a year? Had anyone done this before  blink.gif
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For your hardship*, 1 word for you: perseverance*.

For financial, another word for you: Prudence. Core accounting concept and IRL too.

*Spelling correction.

This post has been edited by student2: Jul 14 2011, 11:12 PM
student2
post Jul 15 2011, 04:16 AM

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QUOTE(notmycupoftea @ Jul 14 2011, 07:17 PM)
hardsake?? i dunno the meaning
ur "perserverance" got an extra "r" in between, coz i googled translate it and found out, lol
have u taken F9 b4? F9 touches a bit about stock exchange, coz i rmbr i learnt stock market, derivatives etc
and our lecturer shared his experience of trading some stocks
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F9 i think mainly deals with business/corporate financing, firm valuation and investment appraisal. Not so much on share market. Maybe abit on EMH? Efficient Frontier? SML and CAPM? and basic definitions and roles of financial market.

P1 has share exchange element in terms of ruling (i.e. SOX)

Not sure for AFM. No plans to take it atm.

Idk, maybe should refer to CFA or CFP for more share market related material.

This post has been edited by student2: Jul 15 2011, 04:53 AM
student2
post Jul 18 2011, 12:29 AM

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QUOTE(Xeniouz @ Jul 17 2011, 10:14 PM)
i don't feel like having a look on the answers.. i have a feeling that i will fail P1 coz i only managed to answer 80% of the questions.. the remaining 20% empty  rclxub.gif
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QUOTE(hurly @ Jul 17 2011, 11:23 PM)
I don't wanna look also. Then I will be depressed until results are out, and then depress somemore.
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QUOTE(colleenlee @ Jul 17 2011, 11:27 PM)
i looked at the answers...but cant remember mine that well  hmm.gif

for the timebeing, just wait for the results.
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Unlikely our answers is going to be like the ones in the examiners answers. Their answers quite impossible to replicate within 3 hours and i doubt the examiner can finish writing that much in three hours also. So no point looking at it unless to use it as a guide to do PYQ.

Like you said just keep fingers crossed and wait for results better.

This post has been edited by student2: Jul 18 2011, 12:30 AM
student2
post Jul 22 2011, 09:07 PM

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QUOTE(Yanngel @ Jul 21 2011, 11:08 PM)
Facing dilemma on which 2 optional papers to choose and so hoping to get some precious suggestions from fellow seniors... =(

Actually Im planning to go into audit line after graduate.. So does it add value to my resume if im taking p7 - AAA?? Or actually it makes no difference on which paper im taking as long im able to pass them and get my ACCA qualifications??

And, is it not encouraged to take P4 - AFM if my F9 is not excellent?
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ACCA without P7 is like an ordinary business degree.

You should take P7 if you intend to be in the audit line.

Alot of countries require P7 to actually practise as an auditor.
student2
post Jul 23 2011, 02:19 AM

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QUOTE(Xeniouz @ Jul 23 2011, 12:59 AM)
no offence but a professional qualification is never like an ordinary business degree even if without P7.. there is a valid reason on why P7 is an optional paper..

the countries which require P7 to obtain ACCA practising certificate are UK, Republic of Ireland & Cyprus only.. and you have to take the specific variant of P7 for these countries.. for other countries, ACCA is silent on whether you should take P7 or not..

UK, ROI & Cyprus

Other parts of the world

nevertheless it is still advisable to take P7 if you intend to go for audit.. usually the recommended combination would be:
a. P6 & P7 - if you are sure that you want to enter audit/taxation field forever
b. P4 & P7 - you will have the choice of entering investment banking/ audit
c. P4 & P5 - if you do not wish enter audit at all (but some audit firms still do hire these candidates)
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FYI the ACCA qualification without OBU is just a certificate; I would say that a certificate is even more inferior than a diploma.

ACCA is an institute not an university; therefore they cannot confer degrees.

OBU was introduced due to this reason among others.

Alot of local accounting institutes are slowly derecognizing ACCA because ACCA graduates lack reputable degrees.

Most of those who have reputable degrees would op to take ICAEW. ICAEW have more MRA's compared to ACCA.

There are reputable business degrees which are superior compared to ACCA's certificate; some to the extent that it is immediately recognized by a local accounting institute (i.e. NUS and NTU business/accounting degrees recognized by the CPA SG).

ACCA qualification is a mixture of business knowledge and accounting knowledge. Accounting knowledge is also part of business knowledge.

Most business degrees have accounting as a core requirement but not Audit. To study for ACCA is to study for Audit. Without Audit it's just like any other business degree's syllabus without the status.

So make sure you study audit because ultimately that is what you are taking ACCA for; to have the extra edge to practise as an auditor. I have seen alot of people who takes ACCA and think otherwise; ultimately they drop the ACCA qualification and get involved in a regular commercial role (i.e. sales) or even lecturing.

P/s: Don't ask me to cite my information as most of it is available in the respective accounting institutes, the internet and some deduction based on my tacit knowledge. Also, my info might not be accurate to the dot so don't take it as the gospel truth.

This post has been edited by student2: Jul 23 2011, 02:36 AM
student2
post Jul 23 2011, 02:28 AM

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QUOTE(tzxsean @ Jul 23 2011, 02:22 AM)
doh.gif
i only have adv dip
and i dun have much interest in audit  sweat.gif

1 of the reason why i took acca instead of degree
was because of family financial issue
I oso want to have fun in degree life
but situation does not permit me to
however, degree or watever is just a piece of paper
ur ability is the most important part
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I dont agree on your last statement. Ability without that piece of paper will get you no where. I have never seen any CEO or top management people without that piece of paper. There are exceptions but its a rarity.

On the other hand, with that piece of paper even without the ability you still can earn a decent living.

This post has been edited by student2: Jul 23 2011, 02:58 AM
student2
post Jul 23 2011, 03:38 AM

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QUOTE(Xeniouz @ Jul 23 2011, 03:06 AM)
lol.. if ACCA certificate is even more inferior than a diploma/degree, then why those with diploma/degree have to get exemptions from ACCA instead of the other way round.. i have a diploma in accounting and i noticed that the syllabus covered are from F1 - F9 but slightly easier than ACCA.. degree is never the same as professional qualification..
actually most degree holders can only prove that they have money to get the certificate..

Despite some of the facts u said are true, like:

1. ACCA is an institute not a university; therefore they cannot confer degrees.

2. Most of those who have reputable degrees would op to take ICAEW. ICAEW have more MRA's compared to ACCA.

3. There are reputable business degrees which are superior compared to ACCA's certificate; some to the extent that it is immediately recognized by a local accounting institute (i.e. NUS and NTU business/accounting degrees recognized by the CPA SG).

but for business degrees, the accounting knowledge covered is very shallow.. how can it be compared to ACCA qualification in terms of accounting.. it would be different if u take an accounting degree (accounting degrees do have audit in their syllabus as well), but most of the degrees can be easily gained except for some of the reputable ones.. ACCA is a professional qualification that makes you an all rounder..

ACCA is also another route for further education.. there are actually some people who actually took ACCA and further their studies in CFE, CFA etc.

basic audit has already been covered in paper F8, thus, majoring in audit is an option.. the optional papers are purely options.. not necessarily that u must take P7.. i have even seen a person with CIMA opening up his own audit firm..
i've actually heard of CEOs and directors without any qualification.. it is just that u have not met any of them.. there was once an interview with a general manager of a 5 star hotel who does not possess any qualification that came out in star newspaper.. when u come out to work its not all about qualification bro.. u must have contact, the right communication skills, ability, and also luck.. there are also some people with excellent qualification but work like slaves.. i personally have a friend with spm qualification only but working as a manager already.. the reason is because he is very persuasive.. my bro also got a friend without any qualification but he managed to be the sole distributor of a "hot" product which i shall not name it for privacy purposes..
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Exemptions are given to avoid replication of studies rather than your insinuated point.

Most reputable degree holders (i.e. LSE, Harvard, MIT, Stanford, Oxford) are the elites of the academic field. It proves that you have the ability of Tiger Woods in his field as compared to yours. It doesn't simply mean you have the money to pay for the tuition.

A degree from a university is for life; you will never get deregistered.

ACCA is a practitioner based model institute therefore they are less academic in nature and are more vocational. They apply standards based on best industry practises and academic models from universities.

Despite what you said, degrees holders should be the all rounders and not ACCA holders as the latter is more technical and vocational.

CIMA members are slowly moving away from audit as it is not one of their main focus areas.

If you are right, I request that you name one PROFESSIONAL MANAGER from a fortune 500 company or FTSE that doesn't have at least a degree. Even if you do succeed, it will not constitute the majority.

The people that you cite are most likely OWNER MANAGERS therefore they are in a different category (i.e. entrepeneurs).
MYS Companies Act doesn't require any of the directors or shareholders to hold any academic qualifications; however major firms usually have HR policies that include an academic qualification as a criteria of hiring.

Like i mention before, that piece of paper is a prerequisite not ability.

I hope you get clarity from this.

This post has been edited by student2: Jul 23 2011, 04:41 AM

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