ACCA GrouP StudY

F8 pass rate

December 2020 - ACCA Exam timetables.

December 2020 Exam

Exams will take place between 7-11 December

Audit & Assurance

Accountability is the quality or state of being accountable; that is, being required or expected to justify
actions and decisions. It suggests an obligation or willingness to accept responsibility for one's actions.

Stewardship refers to the duties and obligations of a person who manages another person's property.

Agents are people employed or used to provide a particular service. In the case of a company, the people
being used to provide the service of managing the business also have the second role of trying to
maximise their personal wealth in their own right

From June 2020, Strategic Professional Computer Based Exam (CBEs) will launch across the UK.

We see five exciting career zones of opportunity in accountancy merging in the future. All of these work to build sustainable businesses and represent broad areas of career opportunity.

The assurance advocate is essential to the strong stewardship of sustainable organisations for the future in areas such as auditing, risk management, and compliance. They bring new levels of trust and integrity to organisational operations.

The business transformer is the architect of organisational change, driving the strategies of organisations, and supporting sustainable businesses for the future. They may be leading innovative smaller accountancy firms or SMEs, or exploring careers in advisory or business transformation.

The data navigator is a true business partner. They see extraordinary opportunities from the growth of data and uses emerging analytical tools to drive insights that deliver business outcomes. They champion ever-growing multi-rich data sets and use smart data to generate brilliant forward-looking analysis to support decision making.

The digital playmaker is a technology evangelist, who champions technology adoption and data governance within the organisation and sees remarkable possibilities with emerging digital tools in transforming the organisations in which they work.

The sustainability trailblazer is at the heart of performance management in the organisation. They play a key role in establishing frameworks that capture, evaluate and report on the activities that truly drive value and in ways that are much more transparent and meaningful to the outside world. They will transform management accounting fit for a multi-capital world and see emerging opportunities with better external disclosures to ever-growing stakeholder groups.

KPMG facing legal action !

KPMG could be facing legal proceedings over its auditing of the collapsed five-a-side group Goals Soccer centres, following an accounting scandal. Administrator Deloitte is reportedly pursuing it's fellow Big 4 firm over a mis-declaration of the groups VAT 'hole'. It is also looking to take ex-finance chief Bill Gow to court. Meanwhile, HMRC could be looking to recoup £16.3 million in back taxes. A team from BDO also unveiled the apparent creation of false fixed assets, false revenues and fake invoices

Audit & Assurance

Cut-off

Auditors should test cut-off by noting the serial number of GDNs and GRNs received and dispatched just before the year end, and subsequently testing that they have been included in the correct period.

Audit & Assurance

Management's commentary ( also known as Management's report, operating and financial review and Management's discussion and analysis(MD&A)) is one of the most useful section of the annual report. In this section, management discuss a variety of issues. IFRS guidance recommends that management commentary address the nature of the business, Management's objective, the company's past performance, the performance measures used, and the company's key relationships, resources and risks. Analyst must be aware that some parts of Management's commentary maybe unaudited.

Audit & Assurance

An audit report must also contain a section called (international reports) or (U.S), which highlights accounting choices that are of greatest significance to users of financial statements. These would include accounting choices that require significant management judgements and estimates, how significant transactions during a period were accounted for, or choices the auditor finds specially challenging or subjective and which therefore have a significant likelihood of being misstated.

It seems audit is hard one to pass !