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.

Top 10 Questions on Why do ACCA-Oxford Brookes Degree?

Dear Candidates,

Time and again, I am pleased to witness many Oxford Brookes Degree holders get ahead in their careers. Top Accounting Firms such as KPMG, Touche D, E&Y, PWC, Howarth, Baker Tilly and many more willingly accept ACCA-Oxford Brookes Degree Holders.

 

Not to forget the Private Sector where degree holders move to better pay and prospect using this degree.

However, there are many questions such as:

Q1: I am going to get my ACCA degree anyway, should I still pursue Oxford Br. Degree? 

There is a timing difference. You earn the degree now to get ahead in your promotion opportunities. If you are awaiting for ACCA Final results, using Oxford Br. degree to get in to top employers FIRST before other ACCA would be Affiliates.

 

Q2: What if my marks put in lower end degree class classification such as 3rd class or 2nd class lower?











 

Please, politely reason with your job interviewer:

[1]

 

As a full time working professional, with family responsibilities and still having to attend evening and weekend classes, I believe to earn UK Degree which is HIGHER RANKED than any Universities is a big achievement.

If given opportunity to study 3 years on full time basis, perhaps earning 1st class is much easier but my family doesn't give me that luxury. Thus, I earn my degree while working full time.

How many candidates can balance work and study, I leave that to you sir/madam? But it certainly proves that I am reliable, able to produce research dissertation of 9500 words and earn an award recognised by ACCA.

[Do you think the above works?]

[2]
 


As a full time undergraduate, I have many study opportunities. However, I chose ACCA because of the challenges and recognition worldwide. I earn my Oxford Br degree based on my marks in F-Level. I respectfully share with you, sir/madam, that I have no prior working experience to fully comprehend the practicality of ACCA exams. In fact, the exams are HARVARD Based exams, which means they are case studies. I passed that! And I want to pass as FAST as I could, regardless of the marks. Time is money, so they say.

I pursued Oxford Br. Degree which I find many employers value it as it shows my research skills, writing and communication techniques. British University accepts this. I hope my skills will similarly add value to your esteemed firm.

I am not a person who back out easily just because my degree class could be low, but I am determined. Train me, and I can learn fast and contribute value to your firm. [This is where you smile with confidence]

[What do you think of the above? Any suggestions you can contribute?]

Q3 Should I do my Research Project and take ACCA P-Level simultaneously? 


This you have to honestly evaluate yourself:

• Do I have 20 hours a week to invest on my Research Degree Project? 
• Can I select Research topic that complements my P1 and/or P3 Studies? 
• If so, which Research topic enhances my P1 and P3 studies?

 Generally, Working professionals are advised to either take Research Project or together with ONE P-Level Paper as in attending classes.

Q4 If I already have ACCA qualification or close to it, isn't it redundant to take a degree? 



It is true that ACCA is higher qualification than Oxford Br Degree. However, believe it when I say this, countries such as USA, Canada, Singapore or Taiwan only recognise UNIVERSITY DEGREE and not professional qualification. Ridiculous, you may say. But that is their immigration law. You can use your ACCA as entry requirement to say Morgan Stanley or Kraft Heinz but USA government will not grant you work pass without the degree.

You can't tell the future on career opportunities, if some international firm say JW Marriott Hotels offer you a job in California, you can't go without the degree.

Another note, if you are applying job with BOTH qualifications compared to another with only ACCA degree, which of the 2 candidates do you think the employer will select? It is not hard to guess if one has DOUBLE or TRIPLE degree apply for that job with the same pay.

It is a competitive world, my dear students.

Q5 How can I increase my chance is passing and earning this degree? 


Risking sounding self-review threat, please let me present the facts. Since 2001, at the first inception of ACCA-Oxford Br Degree collaboration,  I have mentored literally hundreds of students and they reached graduation. As an APPROVED Oxford Br Mentor on the FIRST BATCH  ie November 2015, I am bound with ethical guidelines to provide you best competent mentoring and directing.

I have done deeper research myself while pursuing my Master of Science degree with Nottingham University, which requires numerous assignment research work including a 20,000 word thesis. Fun but a lot rigorous than basic degree.

Customised weekly meeting will be conducted with the use of Internet of either Media-Video Conference such as Skype or emails. That way, I can track your progress.

Q6 Has Oxford Brookes marking scheme gone harder? 


Yes. Thus, you need to be careful as to which topic or organisations you want to research. That can be provided.

Q7. What happens if my first submission fails? 


I hope you don't get to that stage. If you work sufficiently hard, you will be able to pass the paper FIRST ATTEMPT. However, should there be reasons to resit, a minimal extension fee is charged.

Q8. How can I get more information? 



Please email me at marcus_ong88@hotmail.com on your queries.

Q9. When can I start on the research project? 
 


The intakes are EVERY AUGUST and FEBRUARY of the year. To inquire on how to register, please refer to Q8's answer above.

Q10. Where Can I get more information on Oxford Brookes-ACCA collaboration? 



Please visit:
ACCA-OBU Research Topics

OBU Submission