Showing posts from 2013

Ethical Threats in Deloitte (UK)

- relevant to F8, P7 students and to some extend P1.
IFAC requires all Accounting professionals to adhere to ethical principles of objectivity, professional due care & competence, confidentiality and integrity when dealing with audit clients. Primary reason is to act as Independent Corporate Governance tool so as to protect shareholders' confidence when they read Auditors' Report. 
When failure to comply this is a serious professional negligence that UK court will not hesitate to punish.
Accountancy giant Deloitte has been fined £14m over "persistent" failings in its dealings with collapsed car manufacturer MG Rover.

Financial watchdog says the global accountancy firm repeatedly failed to spot conflicts of interest during consultations.The Financial Reporting Council (FRC) ruled both Deloitte and former Deloitte partner Maghsoud Einollahi had displayed a "persistent and deliberate disregard" of accountancy ethics by failing to spot conflicts of inte…

ACCA Graduation Ceremonies (5th October)

 - relevant to all ambitious ACCA candidates

Dear Hardworking ACCA candidates,

Exam results are out. Time to laugh/celebrate or to sob/regret is over. Time to move on and study really really hard. So hard that you put the Bees and Japanese men to shame.

I attended the Oxford Brookes University graduation held in Renaissance Hotel on 25th August. So pleased to see so many graduates coming from 16 countries including Singapore, Indonesia, Thailand, Hong Kong, Maritius and of course Malaysia.

Kasturi School of Accountancy wishes a HEARTIEST CONGRATULATIONS to our newly minted University Graduates from UK Based Institution! WELL DONE! SO happy to share joy with you, your family and friends on this auspicious memorable occasion.

(See Pic 04) One Graduate student said, "Never give up in trying. Never be afraid to fail for it means you are afraid to try. Graduation marks the end of learning but a beginning to new learning in career."

IT was pleasing to meet the Oxford Broo…

Which is your favourite Picture?

Reader's digest said that Laughter is the Best Medicine. Yes, to de-stress from a regime of jamming ideas into our over-loaded grey matter.

Have a look! Tell me which is your favourite picture by putting your comments below the article.


How Malaysian Universities rank in Asia? (edited version)

- relevant to ALL ACCA P-Level students 
I am always impressed with our Malaysian students. They are so hard working, focused, disciplined and despite the work pressure they are still constantly looking to upgrade themselves in qualifications and job performance.

What is the ranking of  Malaysian Universities in the Top 30? Well read the article below. Is it there? I feel disappointed that Malaysian Universities don't push themselves in new research and collaborate with commercial sector to develop new technologies, discoveries and knowledge.

Hence, I feel short changed, that I study and study hard at that in a local university only to see its ranking and recognition slipped.

UP THE ANTE (to increase the quality)
Any ACCA Candidate competing for a private sector job with other Malaysian University Degree Holders can up the ante by having a UK Qualification. The latter is better. Yes, the audit industry such as PWC, …

Oxford Brookes University's Mentorship & New links for ACCA Students

Dear Students,

On new links, I have inserted "London News" and "UK Business News" for your reference. It is good to know the happenings in London as you are taking a UK Based exam.

Read widely related to your exam papers.

The link to Student-Accountant Magazine is also reset.

Enjoy taking in knowledge and gives you upper edge in exams.

All the best to upcoming ACCA Results.

Look out for my Oxford Brookes University Research-Mentorship programme coming soon. It should be launched on 17 August, 2013.

"Never Give Up. I say once more, "Never,Never Give Up!" " (Winston Churchill, 1939 - UK Prime Minister during World War II)

Best Regards,

Being Beautiful is a Disadvantage

- Relevant to all ACCA Students awaiting results

Beauty - a limitation? 

We enjoy beautiful things in life. Be it starry skies, breathtaking waterfalls, awesome nature or gorgeous ladies. Well, the feminine gender can be appealing to the eyes, but there is a downside. In USA Iowa Court has ruled that it is legal for a male employer to fire a female employee simply because she looked too attractive. That's right! You read it correct. 
Reason is the gorgeous lady can be too distracting to male colleagues. Thus causing loss of work productivity. So, is this a disadvantage to our ACCA-undergraduate ladies? 

Who is Beautiful? This is a tricky question - How many of our students are beautiful (Compare Picture 01)? I am directing this question only to ladies, not guys! In my opinion, every lady is pleasant to the eyes, however Beauty lies in the eyes of the Beholder (in some cases Stalkers!).

JP Morgan's Jamie Dimon in shareholder revolt over role

- highly relevant to P1 GRE Candidates.

JP Morgan's board says keeping Jamie Dimon in both jobs is the "most effective leadership model" JP Morgan chairman and chief executive Jamie Dimon is facing a shareholder revolt as investors prepare to vote on whether he should be allowed to keep both jobs. 
A group of shareholders has demanded an independent chairman to help protect the bank from future trading fiascos.

The fallout from the so-called London Whale trades, which cost the US bank $6.2bn (£4bn), has sparked the furore.

Support for the proposal is running at just over 40%, according to Dow Jones. 

Although the result of the vote is non-binding, meaning Mr Dimon could continue as before, reports have suggested that he may resign if the votes are not in his favour.

Both Glass Lewis and Institutional Shareholder Services, influential firms that give advice to large shareholders, are recommending that the jobs be split. 

"An independent chairman is better able to ove…

Are Malaysians Richer by 50%? Applying Audit Techniques (Part 2)

- highly relevant to F8 and P7 candidates

A. If Malaysians Average Income have increased 49% from 2009 to 2012, why MORE qualify for the BR1M payouts?
When launching the ETP, PEMANDU said, “A key focus will be on ensuring that substantial improvements are made for people with the lowest household incomes.” Ironically, it is another so-called ‘achievement’ of PEMANDU which is really the total failure of the ETP in terms of raising the incomes of poor Malaysians.

The number of Malaysians eligible for welfare has been INCREASING under PEMANDU’s tenure. It was originally estimated that only 3.4m households comprising 53% of total households in Malaysia earned less than the RM3,000 per month threshold for entitlement to the RM500 Bantuan Rakyat 1 Malaysia (BR1M) handout . But ultimately, approximately 4.2 million applications were approved which resulted in RM2.1billion being paid instead of the originally anticipated RM1.8billion. Under the latest BR1M 2.0, which also includes individuals …

What are Substantive Analytical Procedures?

Critically relevant to F8 and P7 Candidates
Tutorial Notes:
Explanation of analytical procedures
'Analytical procedures' means evaluation of the financial and other information, and the review of plausible relationships among both financial and non-financial data. For example, sales have a direct relationship with royalty expenses, provided royalty payments are based on the number of units sold. Therefore analytical procedures will include determining whether the sale for a period has a direct relationship with the royalty expenses incurred during the same period.

The analytical procedure also includes investigation of identified fluctuations and relationships that are inconsistent with other relevant information or deviate significantly from predicted amounts. For example if the relationship between sales and royalty expenses is not direct, then the auditor would investigate the reasons for the deviations because it indicates a possibility of a misstatement of eith…