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.

How to Choose Topic for Oxford Brookes Research & Application Project? (Video included)

Dear Candidates,

Time to move forward. Now is the time to enroll for University Oxford Br. Research in collaboration with ACCA. The submission date is final week of October.

I have amazing time working with your talented classmates. They are working full time, attending classes, family commitments and doing research Project with Oxford Brookes University. Such demands on time really bring the best out of a person. Your classmate, Penny Chang (Name is changed) earned FIRST CLASS HONOURS with GRADE A research Quality.

On choosing topics in Oxford Brookes, please refer to my today's email.

Pic 01: John Playe (Right), Oxford Brookes Chief Moderator

Please see a short 6 minutes video of Chief Moderator John Playe (see below video) . I have the pleasure of in depth discussion with him on what are the traps students must avoid. For example, how do you benchmark a firm that is a monopoly in the country, say  Nasional Electric Utility company? This is really tricky, there is no other rivals and yet the research boundaries require it!!

It is like asking Adam (first human) to find an opponent to play badminton with him. He is the ONLY MAN alive, that time. How?? Fun right? Well, don't let this common traps get you. Having passed the QUALIFIED APPROVED Mentor Oxford Brookes Exam Assessment. Scoring 90% (I know, I could do better if not for the time constraints of studying for it) and the among the FIRST in the world to pass it.

If you have any queries, please forward them without hesitation to

marcus_ong88@hotmail.com

As always, wishing you the best in achieving your academic professional qualifications.

Best regards,
Marcus

What is Love? (Include Video)

Dear Working Professional- students.

Exam results are around the corner. That is something you can't change. The past.

Move on, whatever the results will be.

Here is a video that says that love is about sacrifice, not how I feel about you.

 Make sacrifices for your love ones and you will yield the results for many years to come.

Best regards,
Marcus - your always supportive lecturer.

New Links Loaded

Dear Candidates,

Many are confused between motion and progress. Best illustrated with a rocking horse.



Thus, to progress in forward motion, one must invest in intellectual knowledge and APPLY IT! Pointless for one to know that exercise coupled with nutrient supplements are essential to health but continues to be a couch potato (TV , Facebook addict). 

Please see hidden side bars, and note that ACCA Exams are always up to date with Financial and Corporate governance issues. Scandals on Enron, Worldcom, Adelphia or Occidental Petroleum are just a few mentioned and examined extensively as 50% case studies.

 

Thus, I have updated the financial links which include:



BBC UK News
Financial Armegeddon news
Elite Finance Thinkers sponsored by George Soros (See pic below)

 

When bored, go to such links and update yourself with financial and business terms so that your answers sounds like one (even though you may not have the faintest idea) .

Avoid redundant activities include facing your book, crushing your candies and getting angry at birds. Refer to Rocking Horse picture above, please.


Cheers.
Marcus

"It's the economy, stupid" (Bill Clinton, 1994)

- Neutral view on politics 
- Deep view on business networking

Dear Readers,

Ex-president of USA Bill Clinton has said the above caption. How did Malaysia's Prime Minister do in this regard? Well, he has been busy networking in business and obtain approved billions of investments including from China into the country. It works and resonates well with the people.



Today, had a nice chat with an Indonesian Professional who said that income was much better  in marketing rather than in administration department. How true! Even our Prime Minister knew and apply the importance of networking. In fact, Bill Gates, Robert Koyosaki guru and current USA President Donald Trump were purportedly saying that if they don't have the success now and having to re-do, they will be in network marketing. 

Visit this website and see for yourself:
https://www.youtube.com/watch?v=WVPvxu98xRs





Guess what? Everyone is in network marketing but many are doing it as a fixed income employee. When an employee 'sells' the company reputation to a client, recommending friends to apply job with the firm or negotiating with a supplier, that is networking.

Another note, when you go and apply for a job, how did you choose one? Wasn't it by friends, family, business contacts or Community , in short for FFBC?

How did you meet your girlfriend or got her as your wife? Wasn't it via networking with FFBC?

Read below article from seasoned political analyst who said that the Barisan Nasional is poised to win the next election. My view, it looks likely unless some scandals arise relating to religion, race or royalty arise.

Exams are coming. Continue practice out your exams regularly.

Best regards,
Marcus

________________________________________________________________________________

Tide has turned for Najib

From day one, the opposition coalition’s strategy of capturing Putrajaya was based solely on bringing down Najib rather than on building a narrative of what they had done and what they could offer.
But they seriously underestimated Najib’s survival instincts and the strategy has gone down the drain. Having failed to dislodge Najib, they are now grasping for a new storyline that, unfortunately, resembles a fairy tale.




Stepping down is the last thing on Najib’s mind. Najib is preparing to go the distance, he has started to go on the attack mode and has switched up the we-can-win rhetoric.

There has been an unmistakable turn-around in his political fortunes over the course of the last year. Some think it began after his productive trip to China where the Chinese leaders welcomed him like an old friend and he returned with an armful of investments.








EPU Minister Datuk Rahman Dahlan (see pic above) said Najib often tells his ministers that the strength of the government is not just about domestic policies, it is also about strategic relations with big nations.
“He likes to say that we cannot be isolated, we need to network, to position ourselves as a trading nation and that’s where Barisan has the edge and standing,” said Rahman.

On the political side, Najib gained a solid footing after a successful Umno general assembly. Everyone could see how the party, especially the three wings, rallied around him.

Najib’s tenacity in fighting off Tun Dr Mahathir Mohamad, said Rahman, went a long way in earning him the respect of his party. The myth that Dr Mahathir is invincible has been debunked.

Rahman said the former Premier’s mistake was to misread the mood and thinking of Umno members.
“When he criticised Pak Lah (Tun Abdullah Ahmad Badawi), we lost several states as well as our two-thirds majority. Then he started going for Najib, but people were already fed-up. They wanted Najib to sort out the 1MDB issue but they did not want another crisis. They didn’t want to repeat the mistake of 2008,” said the EPU Minister.

Rahman said the other flaw in Dr Mahathir’s strategy is expecting the Malays to go along with him in a coalition dominated by DAP.

In hindsight, the RUU355 also turned out to be one of those things that happened for a reason. The government’s decision not to take over the RUU355 accomplished more than just resolving an issue that had divided the nation.

It sent the signal that Barisan Nasional is a coalition of consensus, that the partners although unequal in strength had equal say in this critical matter. It was a test of the ruling coalition’s bond.
It has been a while since Barisan has been this confident in facing the general election.

Perak Mentri Besar Datuk Seri Dr Zambry Abdul Kadir has started using the slogan, “retain and regain”, which will be one of the rallying calls in the general election. They intend to hold on to what they have and win back seats lost in 2013.

Reports from those who have attended the Umno political retreats in the party’s Janda Baik centre said Barisan is poised to win 128 seats but the target is somewhere in the 140-seat zone.
“Najib has steered the economy through a rough patch, he is seen as governing. There are problems to be solved but we are not a failed economy,” said a political insider.

For instance, the Malaysian Indian Blueprint that was launched last week is a pivotal signal of his government’s commitment to the Indian community.

It is true that in the past, leaders made promises that were not kept but this document will hold the government accountable and form the basis for policies targeted at the community.

Barisan’s first confidence boost came from the landslide victory in the Sarawak election last year. This was followed by the Kuala Kangsar and Sungai Besar by-elections where the margins of win surprised even the Barisan leaders.

The exit of Umno big-guns Tan Sri Muhyiddin Yassin and Datuk Seri Shafie Apdal in mid-2016 shook the party, but by the time the party convened for its annual general assembly, it was clear that their departure had actually pulled the party together rather than apart.

Moreover, the party could not accept the fact that their former leaders had joined forces with DAP and the line of “us versus them” was drawn in the sand.

For a while too, Shafie’s potential impact in Sabah was a source of concern. Hence the rumblings for an early state election in Sabah which has now petered out.

“Discussions about a separate state election in Sabah has died down. I think it means the PM is confident Sabah will come along with Barisan,” said Rahman.

At the same time, Pakatan Harapan has also stopped boasting about capturing Johor. Without PAS on its side, Pakatan will struggle to capture the Malay seats that it needs in order to win Johor. Pakatan’s priority now is to hold on to Selangor and Penang.

For much of last year, Pakatan supporters used social media to paint a picture that the Johor palace had problems with Najib. Instead, it is Dr Mahathir whom the Johor Sultan has problems with.
The significance of states like Sarawak, Sabah and Johor is that they have to fall before Pakatan can capture Putrajaya and the signs are that these three big ones are still with Barisan.

In politics, a party’s strength is also a result of how strong or weak the opponent is. Pakatan’s hopes of taking Putrajaya were crushed the day PAS was thrown out of the coalition. PAS’ strength lies in having a core support and the moral authority it commands among many Malay voters.

Najib played his cards well in befriending PAS in its moment of need. Who can forget all those solicitous hospital visits to PAS leaders when they were ill?

Malay leaders are very much into the practice of ziarah, visiting the sick, infirm and elderly – it is encouraged in Islam and it has become a part of the Malay culture. But when the Prime Minister makes a high-profile visit to a PAS leader in hospital, it is also very much about politics.
Of late, the two parties have been singing the same song but with different lyrics.

Datuk Seri Hadi Awang said in an interview with Mingguan Malaysia that the Malays should vote for a party that defends Islam and that means either PAS or Umno. A couple of days later, Najib told an audience in Terengganu to reject an Opposition that does not want to see the development of Islam.
But those who imagine PAS and Umno have an electoral pact going on, had better think again. The two parties will be going head-to-head in the Malay crescent states of Terengganu, Kelantan and Kedah.

It is no secret that Barisan is closely watching Terengganu and Kedah which have a reputation as swing states. However, Rahman said Najib was upbeat after spending the weekend in Terengganu.
“He has been there so many times, but he told us there was something genuine and special in the air, he could feel the warmth and eagerness,” said Rahman.

According to Deputy Foreign Minister Datuk Seri Reezal Naina Merican, global events have also enabled Malaysians to view politics and policies in a more balanced light.

Opposition supporters had demanded that Najib step down after his coalition won only 47% of the popular vote in 2013. They look at America and they can now see that one can lose the popular vote by more than two million and yet move into the White House.

In India, Prime Minister Narendra Modi is planning to implement GST on an even wider scale than Malaysia. India’s GST ranges from 5% for items such as cooking oil to 12% for processed goods and 28% for luxury items.

Over in Jakarta, the Christian-Chinese candidate popularly known as Ahok lost in his bid for the Governor’s post. The racial and religious overtones that led to his defeat sent out chilling signals.
All this is happening as Malaysia prepares to press the political reset button.

The tide has turned, and Najib is in a bullish mood. The man who was born with a silver spoon in his mouth, has had to fight hard to stay on top and he is now on attack mode.


Source: Jocelyn Tan, 2017, The Tide Has Turned, http://www.thestar.com.my/opinion/columnists/analysis/2017/04/30/tide-has-turned-for-najib/, 30 April

Are marriages happier when women control the money?

Disclaimer of Liabilities: Articles are uploaded in the spirit of humour and motivation. Please don't personalised it to extent that is detrimental to your mental health. But take to heart the lessons from the world around us and learn the good factors to improve our character. 

Dear Hardworking ACCA men,

The world is becoming complex. It was complex a long time ago where women rules the world in a certain society in India. Alert! Such practice can spread with the author Jo Piazza best selling book. Many parents or mothers might be thinking to let the women wear the pants, so to speak. 

 

To prove yourself as men useful, invest lots into your qualification and experience. Hone skills to add value to enterprise and ultimately your self. 


Please read and may this NOT HAPPEN to you. If it does, well Jo Piazza may have another sequel book.
Remember, to succeed one must be focused and disciplined. Exams are round the corner, minimise idle time but invest in contructive time sharperning Exam Techniques. 

Best regards,
Entrepreneurial approach to life - Marcus


_________________________________________________________________________________



Jo Piazza is the author of the new book How To Be Married in which she crowdsourced marriage advice from around the world in an effort to figure out how to have a successful partnership. This is an excerpt from her travel memoir. 

I would have missed out on one of the most interesting models for marriage and partnership in India if I hadn’t started talking marriage with this tuk-tuk driver outside the Kamakhya temple in Guwahati, India.

“You can’t leave without going to Meghalaya,” he insisted. At this point I was used to being told I couldn’t leave India without seeing at least one thing, be it the Taj Mahal or the new Taco Bell in Delhi.

“What’s special in Meghalaya?”

“It’s the place where the women are in charge. They’re the heads of the family,” he explained. It was all he had to say. I changed my plans.

That’s how I ended up in Shillong, the capital of the northeastern state of Meghalaya, so close to the border with Bangladesh that the two cultures spill into each other.

Author Jo Piazza crowdsourced marriage advice in India. (Jo Piazza)

The Khasi and Jaintia hill tribes of Meghalaya are matrilineal. Property and assets are passed down through the youngest daughter in a family. All of the children take the mother’s name instead of the father’s. The husband moves into his wife’s home, often bringing with him just a single suitcase of his things—a few changes of clothes, maybe his guitar or his cricket bat. It’s the women who run the households and are largely in control of the finances and the major financial decisions. The men work, but they often hand their money over to their wives.

Meghalayan tribes have been matrilineal as long as anyone who lives there remembers, since long before the British came, back when all of what we now call India was just a medley of tribes linked by geography. No one could tell me for certain where the matrilineal tradition originated. It’s as old as the oldest stories they talk about.

I’d traveled to more than thirty countries in the past two years and never been anywhere, including the States, where women were institutionally favored above men.

The way the women in Meghalaya control the money and the property made me think of my own marriage and the dynamic between money and power. When Nick and I first met, I earned the higher salary, which made me feel like I had the right to manage our finances and make major decisions.
I drove into the bustling capital, where I was supposed to meet up with a translator named Sukher, a petite, soft-spoken, and meek man in his twenties. His shoulders curled into his body in a way that made him take up even less space.

“Of course the men just accept that the women have power here. That’s just the way it is,” he told me very matter-of-factly in a voice as low as a whisper. “It’s important to listen to my wife. She makes good decisions.” His wife is the second daughter in the family, but not the youngest. This means that she doesn’t stand to inherit any of the family’s property. I kept asking why it was the youngest and not the eldest daughter who inherited. The answer makes a lot of sense. The youngest daughter will be around the longest, so she’ll be able to use the family property and money to take care of her parents and then the older siblings as they age.

Sukher had recently moved into his wife’s ancestral home in a neighboring village called Mawlynnong and he commuted into Shillong each day to work as a translator and tour guide. He and his wife had been arguing because Sukher wanted to move closer to the city to make his commute for work easier, but his wife was adamant about not leaving their village. In the end, she won.

Sukher dutifully led me into Shillong’s Khasi market, which was tucked down a dank, narrow alleyway, past a series of winding side streets, dark tea shops, and counters for placing bets on professional archery. They love professional archery in Shillong, and skilled archers are the equivalent of NFL football players in the United States or soccer stars in Europe. The Khasi market is a series of never-ending stalls where the women sell everything from betel nuts and banana leaves to tobacco and fancy dresses for less than five American dollars. Elsewhere in India the men control the markets, but here the women do the buying and the selling. The only men I saw sat quietly in the backs of the shops, sometimes making change, feeding a baby, or running an errand for their female boss.

The women of Meghalaya in India control the money and property. (Jo Piazza)

I struck up a conversation with a young woman from the Jaintia tribe named Daphi, the proprietor of a small dress shop. The shop had been passed down through the women of her family for three generations. A photograph of her deceased mother hung above the counter, gazing down at her daughter with pride. Her mother’s younger sister owned the dress shop across the way, and they teased one another about which stall had the prettier dresses and better deals.

“My mother made all of the decisions for our family herself,” Daphi told me. “When I get married, I will be the one to make the big decisions. This is just the way our culture is.” Daphi was the youngest daughter in a family of two girls, which meant that ownership of the store went to her when her mother passed. “It’s a lot of responsibility,” she explained. “But I hope to find a husband to share it with me.”

“To share it with me” was an interesting choice of words. I asked Daphi if she thought that being the owner of her shop would present problems in her future relationship.

“I don’t think so. I think that I will always consult my husband and we will have discussions about all of our decisions. I saw my mother do that and my female relatives do that. We involve the men. Why wouldn’t we?”

I thanked Daphi for being so honest and bought two colorful Indian nightgowns from her and one fancy child’s dress from her aunt across the street.

Down the alleyway I ran into a woman named Diana standing barefoot in front of tall bins of betel nuts, wearing the traditional Khasi checked kyrshah, or apron. Her hair was pulled back in a tight ponytail revealing a high, regal forehead.

She told me she was forty-two years old and that she’d been married for more than twenty years. She and her husband had three boys. She’d love to have a girl who could inherit, but she was too tired to keep trying. Instead, her sons would be the heirs when she and her husband passed away.
Diana laughed when I asked about the merits of living in a matrilineal society.

“This is the best place in the world to live. In other places it is hard to be a woman,” she told me, her positive pride in her culture evident in her thrown-back shoulders and expanded chest.

“We are a very special people, you know.” Her eyes danced with mischief. “Obviously it’s the women who have the power. Doesn’t that make sense?” she said and smiled, flecks of betel nut caught in her teeth. “I never do anything at home. My husband does the cooking, the cleaning, everything. But he does that because he likes to do that. You have to have an understanding in marriage. Marriage is a compromise. If he needs help, then I help him.” She leaned in close to me. “You have to give the men some understanding. You work hard to understand each other, but the men, they need it more.”

The Khasi and Jaintia women control the money and the property, and yet every woman I met talked about understanding and compromise. They told me it wasn’t their place to force their husband to do things. They stressed that no matter who controls a family’s wealth, the most important thing in a marriage is an understanding of equality between the two partners, compromise.

 Source:

Jo Piazza, 2017, Are marriages happier when women control the money?, https://moneyish.com/heart/are-marriages-happier-when-women-control-the-money/,  2017