ACCA Exams tips for September 2017 - Are you serious?

Dear ACCA - Future Chartered Accountants,

Famous phrase - "Be Forewarned is to be Forearmed" 




Pic 01: If you know what enemy questions are coming out, be prepared. 

So many years in ACCA lecturing that I really don't bother counting. Such experience are valuable as you understand examiners' favourite topics.

Please review the topics below.

The the First Time in lecturing history, I have the utmost satisfaction working with ACCA Candidates who joined on 2 months programme lecture-Revision Workshop and ready for the September 2017 exams.

Confident that you will do your 101% best.

Review the topics below:

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Exam Tips for 2017 September

F8AA

MCQs

Wide coverage includes:

·      Responsibilities of EA on fraud

·      Ethical safeguards against lowballing

·      Advantages of Audit Committee

·      Reasons to outsource IA Department

·      5 types of sampling

·      Statistical sampling error vs non-Sampling error

·      Corporate governance over EDs powers

Question 16

Audit Strategy relationship with Audit plan

Audit risks and Audit response

Internal Controls and New recommendations on Wages function (Reminder: ON recommendations insert “New Policy: [write the new procedures eg. Obtain Sales Director’s signature of approval by 4^th each month for new price list]

Substantive Tests on NCA items

Question 17

Ethical Threats and safeguards

Contents of Auditors’ Findings Report

Sources of information that are strong audit evidences

Question 18

Five potential indicators of Going Concern – include ratios

Audit Procedures to test the Going Concern assumption

Impact of audit report. (Reminder: must use at least 2 assumptions)

Question 19

Audit Procedures during inventory counts

Audit procedures on Intangible assets (Reminder: Use ST)

Audit Committee functions

CAAT – advantages and disadvantages

Disclaimer of Liabilities: Whilst the above are highly valuable to prepare your exam strategy, however, to over rely on them could be detrimental to your mental health and exam outcomes.

Exam Tips for 2017 September

P1GRE

Question 1

·      Stakeholders discussion on claims by Trade Union and pressure groups.                                                                [8 marks]

·      Explain corruption and bribery in context of relativists ethics.

                                                                        [6 marks]

·      Evaluate the impact of risks on business. (apply High impact and high probable events as Red Zone risks)     [8 marks]

·      Apply Tuckman if company should invest in medical project that requires testing on animals                                     [6 marks]

·      What is Kohlberg’s application on Board of Directors decision to divest from corrupt country and withdraw defective products from shelves?                                                   [8 marks]

·      What are the contents of effective Risks Committee Report?                                                                          [6 marks]

·      Why are the advantages of Environment report and Environment audit?                                                                  [8 marks]

Question 2

·      Role of Corporate Citizen in context of Proponents of Social Contract                                                             [7 marks]

·      What are the relationship between accountability with Pristine Capitalist.                                                      [5 marks]

·      Basic integrated report framework                    [5 marks]

·      Characteristics of Public Sector.                      [3 marks]

Question 3

·      Evaluate if company should adopt transparency [7 marks]

·      Evaluate the failure of chairman’s roles in case study [7 marks]

·      Evaluate the ineffectiveness of Nomination Committee and why NEDs shouldn’t earn variable salaries.                [6 marks]

Question 4

·      Why set up internal audit function?                          [7 marks]

·      Why internal controls are ineffective – external factors and internal factors.                                                         [7 marks]

·      What is correlated risks and why this is important when linking foreign exchange risks with customers risks            [6 marks]

Disclaimer of Liabilities: Whilst the above are highly valuable to prepare your exam strategy, however, to over rely on them could be detrimental to your mental health and exam outcomes.

Exam Tips for 2017 September

P3 BA

Question 1

·      Evaluate Current performance of each subsidiary. [Models: BCG, Benchmark, five forces]                   [15 marks]

·      Give reasons to support the acquisition [Models: FAS and Finance ratios]                                        [15 marks]

·      Recommend how to improve its current opeations. [Models: TOWS Matrix]                                        [10 marks]

·      Recommend growth strategies [Models: Ansoff, Core competencies, Strategic Clock]         [10 marks]

Question 2

·      What are the paradigm and configuration that predicts the company’s failure to adopt the new high tech business from basic manufacturing business? [Culture paradigm and Mintzberg’s configurations]                           [7 marks]

·      Swimlanes to simply, reduce wastes and add value [Exam reminder: each solution is 2 marks!]              [10 marks]

·      E-marketing and Customers relationship Management

[8 marks]

Question 3

·      Project Initiation Document content and value of Project Gatekeepers                                       [8 marks]

·      Analyse Simple Moving Average.            [5 marks]

·      Analyse the Decision tree                      [5 marks]

·      Contextual factors of strategic change   [7 marks]

Question 4

·      Human resources leadership styles and appropriateness

                                                             [10 marks]

·      Evaluate the expansion using the franchises, organic growth and high gearing                          [9 marks]

·      Porter’s Diamond factors                       [8 marks]

Disclaimer of Liabilities: Whilst the above are highly valuable to prepare your exam strategy, however, to over rely on them could be detrimental to your mental health and exam outcomes.

Exam Tips for 2017 September

P7AAA – Sept 2017

Question 1

·      Discuss specific matters to the planning of initial audit engagement which should be considered in developing audit strategy.                                                             (8 marks)

·      What matters to consider on the material misstatement risks factors to consider in the audit planning.               (15 marks)

·      Review the audit evidences you expect in audit file in relation to:

o  Acquisition of 88% of new subsidiary

o  Impairment of assets                                 (8 marks)

·      Respond email to the partner’s requirement.     (4 marks)

Question 2

·      Engagement Partner requires you to comment matters to consider and review the audit file evidences  for:

o  20 year lease of machineries with an useful life of 25 years.

o  Revaluation of Land                                   (8 marks)

·      Disposing 50% of Component to reduce holdings to 9% ordinary shares during the year.                                  (8 marks)

·      Discuss the auditors responsibilities relating the fraud cases in Finance Department. (Reminder: Include the NOCLAR implications done in our Revision-Workshop)     (9 marks)

Question 3

·      What is the implications on approaching audit with Quality Control?                                                               (6 marks)

·      Recommend principal audit procedures on the revenues recognition and the contract with property developer.

(6 marks)

·      Recommend principal audit procedures on the Prospective Financial Information.                                            (8 marks)

Question 4

·      Discuss the implications on the proposed advertisements for the audit services.                                            (6 marks)

·      What factors affect audit fee?                          (6 marks)

·      Propose the content for the tender document    (8 marks)

Question 5

·      Identify the going concern indicators.               (8 marks)

·      What are the additional procedures related to the subsequent events.                                                             (6 marks)

·      What are the impact on the audit report. (Exam approach: As discussed in Revision Workshop, clearly state the 2 scenarios that management may react to)                            (6 marks)

Disclaimer of Liabilities: Whilst the above are highly valuable to prepare your exam strategy, however, to over rely on them could be detrimental to your mental health and exam outcomes.