Showing posts from November, 2008


- Relevant to F8 candidates. Call this F8 exam tips if you like, but they are important reminders i.e. avoiding pitfalls common to candidates of F8 Audit and Assurance paper in exam. I have incorporated Alan Lewin, 2008, article in Student Accountant journal of October issue.
- Relevant to all who want success but feel its eluding them. Well! Don't give up!

Earl Nightingale said 'You become what you think about'...

Napoleon Hill said ' What ever the mind of man can conceive and believe it can achieve'

C W Longenecker “… get our thinking processes working for us rather than against us.”

Pic 01: Every step you take, you are closer to your to victory.

Pic 02: You are your own worst enemy, if you let it.

Pic 03: Focus on the goal, you will achieve it.

Pic 04: Can you see yourself succeed? YES, YOU CAN!!


If you think you are beaten, you are.
If you think you dare not, you don't.
If you like to win but think you cant,


- relevant to P3 candidates

Dear all candidates,

Exam is coming, tension is buiding but whatever the case may be, you all do what is humanly possible. If you are in worse case scenario of not able to cover the entire syllabus, the only thing you can do now is prioritise topics based on the IRC question bank and Closed Book Exercise that was given. I have given out complete answers for both.

I have already sent out the Progress test 2 answers on Question 2 [case study on plant closures and redundancies in UK and the effect of managing change] and Question 3 [case study on investment strategy in South East Asia]

Sincere best wishes.

Announcement F8: Answers to Westra (pilot paper)

In view of approaching exam I certainly hope that now you are only doing 3 things with your time - Practice! Practice! Practice! The above answers are duly sent to you all via e-mail. Please note the simple structure of segregating Audit Principles, Audit Procedures and Audit Reasons which gives a clear appraoch on using substantive tests are in a table format. A diagram which I use in lectures are also posted to show linkage as to where the audit work is perform. Then in exam you will have a systematic approach.
Please practice Alan Lewin's latest article on avoiding Top 10 most common mistakes published in October 2008. Please note that he said "independence" is not a fundamental ethics principle but still is a concern for auditors. Thus the need to insert audit safeguards.

Announcement P3: Answers on Lockheed-Martin

The answers on Lockheed-Martin are duly sent to you all via mail. Please analyse carefully the linkage between theories and application in what ACCA terms it as "synthesisation". Strategic Intent: "Practice makes perfect"
Best regards.

The Power of Focus - Habits Determine Your Future (Part 1)

- Discover your natural brilliance! Strategy on the power of focus is habits determine your future.

Pic 02: I'm privilege have pictures with International Students (China) : Future Successful Chartered Accountants (Graduating soon)

Pic 02 : I'm privilege have pictures with International Students (Pakistan, India)- Future Finance Ministers, IMF Finance Director, Chief Executives (Graduating soon)
Its my pleasure to have you all as my students. We work so hard together attempting to encapsulate the many complex theories in simpler formats surely are winning strategies in ACCA exam. What a wonderful sight, if the above pictures are a regular, habitual activity. If you have good studying habits which of course include quantity of hours invested in a study room daily, surely success is within your reach. Your Habits will Determine Your Future. If your automatic behaviors or repetitive actions involve eating unhealthy food than your future will include struggling with staying in shape a…

Jerry Yan Part B Answer

- 6 Sigma complemented by diagnostic tool - CMMI

Pic 01 : Infamous F4 - who couldn't afford RM7 hair cut Pic 02: F4 with sure bad back ache due to poor posture Pic 03: Barbie Doll of Taiwan Pic 04: Guy- "I bet my hair is longer."

1. 6 SIGMA is a statistical analytic system to ensure that defects remained only 3.4 defects per 1 million units. To improve the value added system, J Yan could use the DMAIC methodology.

2. Management tool to diagnose current capability is the use of CMMI technique. J Yan’s operation is in Level 2 of CMMI of a “managed process” in the distribution system where books delivery ranges from 48 hours to 4-5weeks according to book types ordered. Application on the web site processing of customers’ orders:

DEFINE CUSTOMERS’ NEEDS 3. allowing customers access to the information they require about the books of interests to them. Contents of book, chapters, editor’s reviews, critiques and other readers can also be viewed. 4. faster delivery for the rar…

The Power of Focus - Habits Determine Your Future (Part 2)

- relevant to all who wants progress in life. I recommend and encourage you to spread this information to your juniors and friends.

Pic 01 : Highest paid athlete in USA. Was he simply taking a swing with the golf stick that puts him top of the game?

Pic 02 & Pic 03: Can you do the stunts above on first try? Take a week? a month? Hmmm... I think it takes a lifetime of good discipline and successful habits.
CHANGING HABITS TAKE TIME You will turn your negatives into positives by changing your habits now. Change takes an instant to occur and time to mature. Your change goes into effect the moment you choose to change. That very instant! But it will take some time to see your changes mature to where you can enjoy the fruit of your improvements. Your change will take time because developing success habits takes time.
Of course, with ongoing exams currently, you may say that its bit too late to change. While I agree with you but don't forget you need this quality to succeed in career, …

BPR Answers to Jerry Yan

- relevant to P3 IRC (ACCA)
(note: Steve Skidmore dislikes the practice of BPR as opposed to re-designing process, so please remember to criticise the tool's risk - radical and risk of spectacular failure if system(s) is unacceptable to market.)

CASE STUDY ON BOOKS SALE (10 marks) ANSWER (a) Business Process Reengineering is a change to organization which is
‘fundamental’, ‘radical’, ‘processes are new’ and ‘dramatic’. JY can change its main processes replaced by new processes.

BPR principles and applications to JY business:
- customer-focused outcome : faster supplies for JY instead of weeks to deliver for rare books, less costly to customers and provide rich content information enable customers to better self-select books wanted.
- Customers can be made to ‘process’ the information where they perform a review of certain books. This promotes more perspective on books review to complement the existing critiques.
- Information gathering and information processing are …