Pre-IRC P7AAA message

Dear ACCA FINALIST, 

Be Industrious - I will graduate soon.

We worked very hard the past 4 months with classes on practicing questions, covering complex issues and systematically interpreting questions. Now IRC is coming.

I must commend you WORKING STUDENTS in doing the assignments, attending classes, doing mock exams while balancing with your other responsibilities as Professionals, family commitments and extended matters.

You may review the Tests as attached. You may also read the latest P7AAA Article on Latest Ethical Issues dated 23rd Sept, 2014.

An important emphasis in IRC is to use the same concepts and apply them in different case studies context. P7AAA is very practical as in real-life Auditors facing real issues. I would also show that not all marks are created equal. How to get the low hanging fruits and not overspend time on tough issues. The overall theme is PRACTICE! PRACTICE! PRACTICE! 

NEVER GIVE UP! 

Marcus 

PS: Please see your email for more P7 AAA review. 

Oxford Brookes - ACCA Intake for Aug/Sept 2014

UPGRADE YOUR QUALIFICATION WITH A BRITISH UNIVERSITY DEGREE!

WHY ALWAYS RESPECT WOMEN?

10 Countries Where Women Are More Educated Than Men

Yep, it is official. Women being more disciplined, focused are outperforming men in tertiary education. In Substance, they have knowledge and in form, they have that too. 

Respect women for what they have achieved. Male chauvinists should stop thinking that women place is in kitchen.  More women joining the workforce, this means somebody has to stay in kitchen. If too relaxed, it could mean men as the home-maker while women as the bread winner status.

ACCA RESULTS

Results are out. Look, cry/laugh, and move to next step. Never Give Up! Many succeeded as ACCA Graduates but it comes with tears, lots of determination and time. 

Invest in your future and do your best. Women worldwide have done it, now that is a respectable example to imitate. 

The value of education is boundless and for many it grants the opportunity to have a fighting chance in the competitive and increasingly selective arena of the professional world. The rise in female university attendees and graduates is now a growing global trend; educated women outnumber educated men in many parts of the world.

According to a Yale University study, women in the US account for 60 percent of the annual university graduates and hold 60 percent of master’s degrees and 52 percent of doctorate degrees. Far from the antiquated mould of uneducated female homemaker, it’s evident that a woman’s passion and dedication to succeed in academia can be just as zealous as – and apparently now even more so than – a man’s. And since women make up half of the world’s total population, it’s fair to say that to place less emphasis on women’s participation in higher education and the subsequent greater career opportunities that it abounds overall hinders a country’s prosperity — economically and otherwise.

As no great achievement can exist without its challenges, we must note the threat that exists to women’s education in countries where misogynistic or extremist ideals maintain the counter-progressive outlook that women must remain subservient to men. This is a reality which has proven all too horrifying in the case of over 200 young girls who have been recently abducted in Nigeria for attending school. Their oppressors, the Boko Haram (a name which means, disturbingly, Western Education is a Sin) exist as a mournful reminder that education — that which breeds and nurtures individualism, global consciousness, and personal fruition — can prove a dangerous thing to despotic reigns of power as it counters their stratagems of control.

But despite obstructions, the rise in women pursuing higher education is a pivotal achievement of our era. It’s especially noteworthy when we consider that women in the US were granted the right to vote just less than a hundred years ago, or that in Saudi Arabia, for instance, that right wasn’t introduced until 2005.

The rapid advancement of women’s rights signifies the import of female leadership in a world hitherto strictly governed by men. Women are now empowering themselves through education, taking hold of all its limitless advantages and keeping a firm grip.
While there’s always more to be done in the pursuit of equal rights, the following list features countries in which women now surpass men in university attendance and graduation rates while also drawing attention to the disparity that still exists for women in the labor force around the world.

10. Saudi Arabia

 

The Saudi Embassy reports that there are currently 1 million students enrolled in universities in Saudi Arabia and of that number, over half of attendees are women. A Yale University study reports that women make up 51 percent of those enrolled in university—a highly progressive achievement, considering the fact that Saudi women aren’t even allowed to operate a vehicle alone. Despite the fact that a higher percentage of Saudi women are educated compared to Saudi men, women in this country still constitute a very slim minority of the labor force.

9. Argentina

Since the 1990s, the percentage of female university attendees and graduates in Argentina has hovered above 50 percent. Despite this steady achievement, 74 percent of Argentine men participate in the workforce compared to 47 percent of women.

8. United States of America

In the US, women make up 57.4 percent of all university attendees. Since 2008, the rate of master’s degrees awarded to women has increased by 54 percent. In 2010, the US department of education noted that women now surpass men in “enrollments at higher-education institutions at every degree level.” Yet, women only hold about 3 percent of the highest positions in corporate America and are still paid less for the same work – an average of 77 cents to every dollar earned by men. The employment rate for women in the US is just above 60 percent.

7. Brazil

 

In 2009, women made up 60 percent of university graduates and postgraduates in Brazil according to a report by the Organization for Economic Co-operation and Development (OECD), an international think-tank that works toward advancing economic growth and employment rates globally within 34 countries constituting its members. The employment rate for women in Brazil is slightly over 50 percent but despite the fact that there are more female university graduates than men, women still earn 30 percent less than men for the same work. Of the 594 seats in the Brazilian Congress women occupy only 56.

6. Spain

In Spain, women made up 60 percent of all university graduates and postgraduates in 2009 according to the OECD’s report. In Spain, 65 percent of working-age men are employed and only 51 percent of women.

5. Estonia

In Estonia, a Northern European country, more than two-thirds of university graduates are women. This marks the country as having the highest percentage of female graduates of the 34 countries that are members of the OECD. Estonia also has a comparatively high female employment rate of slightly over 60 percent.

4. Chile

In 2009, women made up almost 60 percent of female graduates and postgraduates in Chile. The female employment rate in Chile is at slightly over 40 percent and this is attributable to a number of factors. A notable contributing cultural factor to women’s absence from the labor force is that in Chile, women must often choose between working or raising a family. The notorious ‘machista’ or male perspective that women should remain at home common in Latin American countries tends to discourage women from joining the labor force, despite their level of education.

3. Iran

In 2003, more than 60 percent of all college attendees in Iran were women. That year, every 6 out of 10 college graduates were women as well. A graduate degree increases an Iranian woman’s chance of joining the labor force by 28 percent but only a quarter of female graduates actually participate in the workforce. This is due to the fact that the country’s strict traditional and religious values continue to stifle women’s independence and often deter their participation in the workforce by offering poor compensation, exhibiting workplace abuse and exploitation, or simply not hiring women.

2. Canada

In Canada, 64.8 percent of women have higher education compared to 63.4 percent of Canadian men. In 2006 and 2007, women made up 57 percent of all college enrollments and were also 62 percent of all university graduates in Canada. The female employment rate in Canada is relatively high at 70 percent.

1. Finland

In Finland, 80 percent of women are enrolled at a higher education institution. Finnish women also make up over 60 percent of all university graduates and postgraduates in the country. The female employment rate in OECD countries averages at 55 percent and in Finland it’s 66 percent, the highest of all OECD countries.

Source:

Melina Pérez, 2014, 10 Countries Where Women Are More Educated Than Men, http://www.therichest.com/rich-list/10-countries-where-women-are-more-educated-than-men/?view=all, May 17

URGENT : YOU HAVE MAIL - P1GRE - Revision Students

Dear P1 GRE Students, 


E-mailed critical information for your careful scrutiny.

Do your best. 

BEST WISHES TO ALL ACCA STUDENTS. You can do it! Just Do It! 

Marcus Ong

URGENT: P1GRE June 2014 Target Questions & Answers

To my P1 GRE Candidates (Intensive Revision Class - Students) ,

"Be forewarned is to be forearmed." 

This means to prepare for the topics that are likely to come out in exams.

I thought of adding value to your preparations and to optimise your exams success. I have sent via email the Target Questions with special emphasis on new type of questions. Never tested before questions!
The questions come with answers. I hope you spend an insanely amount of hours to practice on past years questions and my revision pack.

Wishing you ultimate success in ACCA exams,

Your dedicated lecturer,
Marcus Ong. 

Disclaimer of Liabilities: Over-reliance on the Target Q&A is both detrimental to your exams success and emotional well being. I always emphasise the need to prepare for entire syllabus with special emphasis on selected topics. 

Top Tips from ACCA Medalists

Dear candidates, 

I have just completed a few Revision Classes. Really intensive and constructive. I appreciate that you all really, really did your best. Attending classes, work in office that comes with less understanding boss and family responsibilities either your own kids or taking care of parents-siblings. 

Well, I support you! I enjoyed working hard with you during the Intensive Revision classes. You were focused, yet not to seriously stressed. You were identifying the exam techniques and know that rote learning will not do. 

Enjoy the Video on TOP MEDALISTS sharing their experiences on how they succeed. Listen to it over and over again that will boost your motivation. 

All 3 top medalists are WOMEN. CONGRATULATIONS! I always respect individuals who value Hard Work.

Like I always assert in class, the fairer sex is more intelligent, disciplined and focused. Men? Well, the opposite - dark skinned sex, distracted and side-track tendencies. 

So, may we men learn from women. Be humble and graduate too! 

Some key points: 

1. Time management. 

2. Planning answers.

3. Take risks and take best educated answers. Don't loiter on difficult questions. Pick marks on other questions instead. 

4. Read Examiner's Report

5. Practice questions under time constraints - ALL 3 Ladies - Medalists said it! 

6. No TV! I repeat NO TV! This is extended to all electronic gadgets. Crush that phone with Candy Crush. Or delete it. 

7. Re-read questions requirements that you are on track. 

8. BE POSITIVE! 

9. Classes & Past years question bank are critical 

Enjoy the link on TOP TIPS FROM TOP WOMEN MEDALISTS. 

Intensive Revision Classes are still ongoing. Get the best out of it. 

Best regards,
Marcus

Forensic Audit Interview with PWC on BFM

- Related to P7 AAA Candidates

Exam pressures are closing in. Nice to relax for a while. Heard a good practical interview with Director of Forensics Lead Alex Tan on approaches on survey related to Corporate Fraud. This is an international studies and as you have guessed right that Malaysia is ranked quite high on Fraud risks. As you can see many 'unresolved' scandals posted below. Note that the sources were taken from Government controlled press. Biased it would be in "protecting" its own leaders. But have a read and see if you can't help it but see glaring Corporate Governance failures, lack of accountability and opaque explanations.

To play the above mentioned interview, please go directly to link below:

PwC's 2014 Global Economic Crime Survey - The Malaysian Cut

Sit back and enjoy this interview of about 30 minutes. It touches on Forensic strategies, ethical approaches in conducting it and Report Assurance Findings (also known as Negative Assurances Report). All of which are related to P7 AAA exam preparations.

 Source:Shawan, 2014,

SHAZWAN MUSTAFA KAMALJanuary 13, 2014

SHAZWAN MUSTAFA KAMALJanuary 13, 2014

http://www.themalaymailonline.com/malaysia/article/is-pkfz-scandal-a-crime-without-culprits-pakatan-asks, January 13



Enjoy learning on case company Target (USA) Inc.

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Case Company: Target Markets (USA) 

Target hackers may have exploited backdoor in widely used server software

KrebsonSecurity digs in to point-of-sale malware infecting retailer's network.

Wikipedia

Update: About 24 hours after this report was published, BMC issued a statement that said in part: "BMC has confirmed that the password mentioned in the press is not a BMC-generated password. At this point, there is nothing to suggest that BMC BladeLogic or BMC Performance Assurance has a security flaw or was compromised as part of this attack."

Widely used management software running on Target's internal network may have given an important leg-up to attackers who compromised 40 million payment cards belonging to people who recently shopped at the retail giant by KrebsonSecurity.

Malware that infected Target's point-of-sale terminals used the account name "Best1_user" and the password "BackupU$r" to log in to a control server inside the Target network. The malware used the privileged insider access to temporarily stash payment card data siphoned out of the terminals used in checkout lines so it could then periodically be downloaded to a different service for permanent storage. In Wednesday's post, Krebs filled in some intriguing new details that suggest a poorly secured feature inside a widely used server management program may have played a role. Krebs explained:

That “Best1_user” account name seems an odd one for the attackers to have picked at random, but there is a better explanation: That username is the same one that gets installed with an IT management software suite called Performance Assurance for Microsoft Servers. This product, according to its maker — Houston, Texas based BMC Software — includes administrator-level user account called “Best1_user.”
This knowledge base article (PDF) published by BMC explains the Best1_user account is used by the software to do routine tasks. That article states that while the Best1_user account is essentially a “system” or “administrator” level account on the host machine, customers shouldn’t concern themselves with this account because “it is not a member of any group (not even the ‘users’ group) and therefore can’t be used to login to the system.”
“The only privilege that the account is granted is the ability to run as a batch job,” the document states, indicating that it could be used to run programs if invoked from a command prompt.

Krebs went on to quote a part of the BMC article that said:

Perform Technical Support does not have the password to this account and this password has not been released by Perform Development. Knowing the password to the account should not be important as you cannot log into the machine using this account. The password is known internally and used internally by the Perform agent to assume the identity of the “Best1_user” account.

Krebs asked BMC if "BackupU$r" is the password that controls access to the "Best1_user" account. Company representatives have yet to provide an answer.

Krebs also cited a report that Dell SecureWorks privately distributed to clients earlier this week. "The Best1_user account appears to be associated with the Performance Assurance component of BMC's Software's Patrol product," Dell SecureWorks researchers wrote. "According to BMC's documentation, this account is normally restricted, but the attackers may have usurped control to facilitate lateral movement within the network."

Krebs also repeated what Ars that there's a compelling case to be made that, just like the co-conspirators of now-convicted Albert Gonzalez, the people who hacked Target may have first penetrated the network by mounting a SQL injection attack on Target's website. Wednesday's report from Krebs has many more details, including a recent dump of more than 2 million compromised payment cards, all of them used at Target between November 27 and December 15.

Toughest Job that no Chartered Accountants want!

Hi ACCA Candidates,


Truly exciting prospects you have when you graduate. Of course, you will choose a career that is promising. Not one that works you 365 days a year!


Will you choose this job? Follow the interviews on the video below and tell me what you think. You may not be qualified for the job though, as it requires Finance Degree, Social Science with excellent inter-personal skills and not to forget culinary skills.

Happy studying and sharpening exams techniques.

Best regards,
Marcus

 

PRIZEWINNERS : HOW TO PASS WITH FLYING COLOURS?

Prizewinners from the June 2013 exam session hail from around the world.  Discover their top exam and study tips. Perhaps their advice could help you. Gold medal winner, 407 marks Roshenka Madanayake, Sri Lanka 'My exam preparation tips include employing effective time management, revising the entire syllabus and practising past exam questions. If nothing else, practise as many past exam questions as you can. They are a lifesaver as they provide some insight into what’s to come. Silver medal winner, 393 marks Anitha Sudarsanam, Singapore 'To succeed in the exams, it is crucial that you are well prepared by covering the entire syllabus and working through past exam papers. It is also important that you  read through ACCA’s exam resources, the examiner’s reports and technical articles, especially when preparing for Professional level papers. 'It is vital that you answer the entire paper, all questions and all parts of the questions. Time management is very important and if you get into difficulties with a particular part, you should move on. 'For questions that require carrying forward answer figures from previous question parts, I suggest you make an assumption for the figure and indicate it to the examiner. This will be very helpful since you can answer the next part and will be rewarded for the steps in that part, provided they are correct.' Bronze medal winner, 387 marks   William Thompson, UK 'My advice would be to make full use of tutors during your studies and build up your revision gradually towards the exam. During the exam, good time management is key to maximising marks.' Paper F4, joint winners, 93 marks Anton Ulyakin, Russia 'Try to enjoy the subject as you learn. This is often easier said than done, but it is effective. Linking your studies to real-life work experience helps a lot too.  'My tips on succeeding in Paper F4 are to: learn keywords, definitions and key phrases by heart. This will, in turn, help you to manage your time effectively in the exam know all the topics – of course, the extent of your knowledge may vary depending on the time you spent on each topic learn to write quickly as this is crucial for Paper F4, but make sure your writing is legible.' Sharoze Ali, Pakistan 'Read the question requirement carefully and try not to deviate from it. Write in a concise manner and to the point. I try to prepare for all syllabus areas, rather than undertake selective studying. As with all papers, time management is crucial.' Zhenyi Zhao, China 'Each paper must be approached seriously – you must place sufficient attention on your studies. For Paper F4, especially, an in-depth understanding of each sentence is important.' Paper F5, 99 marks Rebecca Whyman, UK 'Practise as many questions and past exam papers as possible. I found that this helped in my preparation and the type of questions to expect. Paper F5 has a range of subject areas and I found it useful to write cue cards for each subject area covering the main points. While  going through past exam questions I made a note of any questions that I got wrong so that I could go back and attempt them again.' Paper F6, 99 marks Ying Zheng, Singapore 'There are no shortcuts. Studying my textbook and exercise book thoroughly was the only way to pass. When working through exercises, make sure you really do them by hand, not just in your head. Thinking is different from actually writing things down. The latter helps you identify what you haven’t grasped and where you need to refocus your studies.'                       Paper F7, 97 marks Jennifer Smith, UK 'I think that you need to back up your general knowledge with good exam technique. You need to have an approach that not only works for you, but one that you know will also convey your points clearly and score you marks. If there are tables or formats for presentation, learn them by heart. For Paper F7, I learnt the formats for consolidations and cash flows and practised these a lot until I knew the process for each without taking too much time to think about it. For written questions, I split everything into small paragraphs and sentences.  I think that it helps to highlight the point you are making and score marks.' Paper F8, 94 marks Catherine Coleman, UK 'Question practice is really important in general, but this is especially true with Paper F8. There are a few key areas to grasp such as how audit risk differs from business risk and the different types of audit report but, once you understand these, the questions seem a little bit easier. 'Much of the paper also revolves around writing audit procedures and a single 10-mark question on the subject can appear daunting. My tuition provider’s revision course provided some good advice on how to break down this type of question. First, look for a couple of generic tests such as recasting the relevant ledger or re-performing a control account reconciliation, then a few analytical procedures such as a proof in total or some ratio analysis, and then finally some substantive procedures that prove each assertion. You need to be specific in your procedures  to gain the marks.' Paper F9, 94 marks Muhammad Husnain Kakar, Pakistan 'The key to passing Paper F9 is understanding the underlying concept and then applying it to the exam  question with an open mind and taking into account the implications for each piece of information given.' Paper P1, joint winners, 84 marks Andreas Kyprianou, Cyprus 'I always attempt at least three exam questions every week. In the final month in the run-up to the exam I always time myself under exam conditions. I never study the day before the exam – usually, I will visit my favourite restaurant and treat myself to my favourite meal. 'I use the first 15 minutes of the exam to read all questions and answers on the exam paper and make bullet points for all questions. Very importantly, I use the classroom time to obtain as much knowledge and information as possible. Finally, I always make a plan of how to study effectively and how to pass the exam. 'In addition to sitting past exam papers, I also studied my instructor’s model answers and  I focused much of my time on understanding exam question requirements.' Olayinka Oseni, Nigeria 'Attempt as many questions as possible and try to cover the entire syllabus. I solved all the questions in my exam kit at least three times to make sure I had a sound grasp of the different concepts and principles. I also tried as much as possible to cover most of the topics in the Study Guide. Additionally, I set up a study plan at the beginning of my studies to help me stay focused and keep on track.' Paper P2, 88 marks Virginia De Gersigny, UK 'Study a little each day, right from the beginning. I tend to set aside an hour each morning before work. Also, do plenty of practice questions. 'For Paper P2, I think you need to make sure you understand the basics before you start  trying to add in the complex bits and use the proformas that your tuition providers suggest for Question 1, otherwise you may end up being completely confused and lose your way in the exam.'                             Paper P3, 93 marks Alayna Cloake, Trinidad & Tobago 'Read the entire textbook and practise as many questions as possible.' Paper P4, 89 marks Anitha Sudarsanam, Singapore Also the silver medal winner.                             Paper P5, 91 marks and Paper P7, 90 marks Stephen Jackson, UK 'My tip would be to simply answer the question set.  That may sound obvious but I honestly believe that most people who sit exams have the knowledge to pass but, in the exam hall, they panic and identify only a few keywords in the question before simply ‘knowledge dumping’ at the expense of reading the actual question requirement. 'I would recommend: taking a deep breath and realising that everyone is feeling nervous but that you have studied and are as prepared as anyone in the exam hall reading the scenario and making sure you understand the situation, dates, group structures and key events. In Paper P5, especially, most of the marks are for application to the scenario. This is an absolute gift! If you carefully read the scenario with the requirement in mind, then your memorywill be prompted and you will identify clues in the scenario that you can use when answering identifying in the question the exact requirements, making note of the word ‘and’ – for example, ‘identify and explain’. This will help you when you look at the available marks as you will have a clear idea of how many points you need to achieve managing your time. It is simple – 1.8 minutes per mark in a three‑hour exam like Paper P5. Be tough on yourself. If you are running out of time, then very briefly and concisely put down your points before moving on using headers and leaving big spaces. It took me until Paper P2 to work this out and I credit an article in Student Accountant for helping me to realise this. If you are making clearly identifiable separate points you are putting the onus on the marker to deny you the marks. The markers are on your side and want to give you the marks, so make it easy for them. Give them a paper that looks nice and is easy to mark forgetting introductions to answers and essay-style answers. Don’t bullet point either but do just make concise, separate points learning enough about all syllabus areas and then practising past papers. This taught me how the examiners think, what they are looking for, question style, time management, etc. You will also find that you learn while you look at the answers to the past questions spending the day before the exam cramming. Get those acronyms learnt the day before, read articles, learn the exact structure of the more complex models.'   Paper P6, 91 marks David Oliver, UK 'Attempt all questions in the question bank that your tuition provider provides you with. Also, attempting past papers will also alert you to the style of questions and how they are worded. Some people try to question spot and focus on parts of the syllabus that they believe will be examined. However, I strongly disagree with this. Instead, I believe you should study the entire syllabus. Doing all of the practice papers and other questions available to you is a great way of ensuring you have covered all the syllabus and have a good all‑round knowledge of everything that could come up.' Conclusion The above are splendid examples of very normal people with extraordinary focus, discipline and energy to pursue success. If they can, SO CAN YOU! Happy practicing, focusing and energising in your exam preparations. The KSA Revision Classes have already started. Please visit  KSA REVISION TIME TABLE  .  Make sure, please, that you confirm the dates and plan your study leave accordingly. Best wishes, Marcus Ong Source: Accaglobal, 2014,  Study tips from the June 2013 prizewinners, http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/sa/study-skills/study-tips-from-the-june-2013-prizewinners.html, Visited on May 6th