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Showing posts from February, 2010

NEW F8 EXAMINER - WHY STUDENTS FAIL & HOW TO IMPROVE?

Excerpts: I specialise in Audit (F8, P7), Corporate Relations (P1) and Corporate Strategy (P3) papers. With deep interests in ACCA students' future and success, the the following F8 article is meticulously prepared for your close scrutiny and post-mortem on past students weaknesses. I sincerely hope this is constructive and CHANGEstudents study techniques!

NEW F8 EXAMINER
With effect from June 2010 Pami Bahl will be the new F8 examiner. She has jointly produced the December 2009 exam, hence a ‘NEW’ old look to F8 examination style.

To recap, the introduction of the new syllabus in December 2007 presented the opportunity to amend the style of the ‘old’ 2.6 examination, to allow for the longer scenario and to use reading time more effectively. Originally decided to combine this longer form question with the shorter knowledge questions to ensure that the essential audit knowledge was being examined broadly enough. Pami Bahl testified that there is no plan to change from that format.

BEST WISHES Over Your Exam Results

Motivating and maximising the potential of every
ACCA student in Kasturi College International.


Results are out today:
= be courageous
= be mature
= be rational
= be a "wei Ji" (mandarin) every crisis there is an opportunity. Seek OPPORTUNITIES out of problems. Change your strategy in studies, change lecturers & college (if you must) and NEVER NEVER QUIT.

You know how it is...students know they should study, but they don't hard enough or got the wrong study techniques.

Why's that?
1. Well, you wouldn't get into a taxi unless you knew your destination.....
2. Equally, you wouldn't run a race unless you knew where the finish was!

------ "What's the point of working hard at school unless you know why?"------
------ "Let's face it, nobody does anything unless there's a reason WHY!"------

The life-changing stuff we do inspires and motivates students to find their reason 'WHY'. It's called 'The Big Picture'!

OilCorp, Ho Hup & EON Bank: Corporate Governance Works!

- relevant to F8, P1 and P7 and
...not forgetting our uncles & aunties who like to invest in Stock Market.


2 years ago, I have a wonderful time discussing with F8 students in a certain college in Petaling Jaya about the corporate governance dilemma. With Malaysia adopting the UK Combined Code governance, I am of the opinion that its superior to other countries governance particularry the Germans and Japanese.

I recall in that class mentioning that its 'fishy' for OilCorp directors to insist (over) valuation of Plant by RM10million. (See article on http://marcusong88.blogspot.com/2008/08/auditors-appointment-professional.html). Then the directors use Horwath AUditor to pit against the opinions of BTMH Auditors. As an investor, I tend to side the current Auditors - BTMH, as they have ethical advantage of being independent.

Why go against your auditors? Bear in mind, OilCorp Directors have an earlier accounting dispute on valuations. They relented by writing off RM20 million o…

Can Malaysia “TIGER” economy catch up? (Part II)

Yes, Malaysian has a 'lost decade' of the 21st century'. Wasteful subsidies, flip-flop government policies, noisy but ineffective opposition political parties, bureacratic federal government are all that scared off investors. These are main concerns to Malaysia's lagging economy.

Stop for a while and think, why would Resort World Berhad invest over RM13 billion in Singapore to build competing Casino? Isn't Singapore currency strong and expensive, with small captive population? A simple answer is Singapore has morphed albeit evolutionarily to become the best place to do business in Asia. NOte they are ranked the 5th least corrupt nation in the World! As for Malaysia, it was 56 in 2009!Worse ranking than gangster land Macau at 43! Or Brunei at 39, Chile at 25.

The emphasis is not how much FDI Malaysia should attract, but how it creates a conducive risk taking business environment for entrepreneurs to thrive.

Re-position mindset to attract Foreign Direct Investments
Mal…

Can Malaysia “TIGER” economy catch up? (Part I)

- Relevant to Professional Level of ACCA. I have consistently encouraged candidates to update themselves on socio-political development that invariably are linked to business-economic sentiments. Since we know “all” P-level papers are either case study based or theory-centric emphasis, to know the current development improves your maturity and approach in exams.

MUCH has been learned from the global financial crisis – capitalism is not infallible, Wall Street is not that clever, integrity is more important than intelligence – are some that come to mind. And lessons will continue for years to come. And so will reaction; central bankers haven’t gotten very far with new rules at all and the world financial architecture remains by and large the same.

Are caucasions or developed countries of the West superior in intellect and governance? The results of mismanaging its sub-primed properties, gambling speculation banking derivatives, twin trade and budget deficits certainly compels resounding …

P1 AB Announcement : Classes is at 1330 to 1930 hours

-relevant to Kasturi's (KL) P1 Candidates

P1 A & P1 B - Classes resumes on:

Sunday, 21 February,2010 at 1330 hours to 1930 hours.

Please note the time.

Have a productive, constructive and intense preparation for ACCA exams holiday. One needs to be Kia-Su and Kia-Si to be relatively ahead of your course mates who likely enjoy holidays.

Best regards
Marcus Ong

P1: Answers for Kasturi Candidates (edited)

-relevant to Kasturi P1 Candidates (ACCA)

ANSWER A
(i) Principles base approach – No specific guides
Audit fees should be disclosed together with Other services – taxes advisory, corporate finance or head hunting services, rendered by external auditors. Disclosures empowers investors to gauge the suitability of ‘combined’ services and judge if EA are truly independent or perceived to be.

Audit partners should be rotated every 3 years to reduce threat of familiarity. Audit committee should recommend and propose if this is appropriate or even to propose replacement of external auditors.



(ii) Principles base approach –specific guides
Combined Codes requires more than 51% of members to be NEDs or iNEDs. 50% members gives rise to deadlock at Board level when there is voting exercise.

iNEDs should form majority members of Remuneration and Appointment Committees to have independent review of overall Board’s performance.

EDs may propose or merely recommend to Committees like Nomination Committee…