[19:32:40] babar2012: nb: 30 marks Q: plan your answers & brb in 18 mins to discuss in detail
[19:32:51] begum: ok
[19:38:38] donnyry: done this Q via the kaplan exam kit
[19:40:08] fatina: {donnyry} do you remember the name of it? Actually it repeats in Kaplan and LSBF
Mock
[19:40:23] donnyry: island co
[19:40:36] fatina: the same name?
[19:40:50] donnyry: i've found my written answers, so i can join in without re-doing it
[19:40:51] fatina: wow... I see it...
[19:40:59] akinola: it is 12/07
[19:41:13] akinola: the name is island
[19:41:18] donnyry: yes
[19:43:16] amanda7787: I've done this question as well, few days ago - at work
[19:48:39] --------------------------Paper P6-------------------------[19:49:11] --------------------------Paper P7-------------------------[19:49:23] babar2012: <========================>
[19:49:27] babar2012: Q1
[19:50:01] babar2012: READY FOLKS : ) !! excluding donny,amanda, fatina: 3 guru's who'll be leading
this Q;
[19:50:32] begum: Highly specialised industry so auditor needs to ahve good understanding of the
co
[19:50:38] begum: ?
[19:50:49] babar2012: we're starting with PART - C - ii
[19:51:02] babar2012: QC i.e. ? ISA 200 / ISQC1 ?
[19:51:08] begum: Oh sorry. I totally jumped in there!
[19:51:10] babar2012: 4 makrs
[19:51:18] babar2012: anyone ?
[19:51:42] begum: Appropriate Supervision of the staff
[19:52:05] bebeli: Consultation, the audit partner should arrange consultation on difficult matters
[19:52:16] babar2012: please read the Q !! :(
[19:52:21] babar2012: c - ii
[19:52:25] babar2012: & relate to tit
[19:52:29] begum: Staff must be chosen carefully with appropriate skills
[19:52:35] bebeli: ii?
[19:52:39] babar2012: :no:
[19:52:46] babar2012: part - ii
[19:52:49] babar2012: yes
[19:53:08] fatina: Training of the staff
[19:53:24] bebeli: small firms usually lack the resources to carry out review and consultation in a
case where many people are required for the review
[19:53:26] fatina: use of the expert especially in WIP section
[19:53:27] babar2012: {fatina} plz explain some more detail; prob / solutions
[19:53:48] babar2012: {bebeli} spot on !!
[19:54:03] babar2012: {bebeli} & how do we solve this prob ?
[19:54:42] kingy: this can be solved by joining an association of local small accountants to review
and consult for ea\ch other
[19:54:48] bebeli: we can arrange with other firms to provide consultation
[19:54:56] babar2012: {kingy} spot on !!!
[19:55:02] babar2012: that;s it DONE
[19:55:07] babar2012: <==========>
[19:55:09] fatina: The staff must be trained for being updaited for laws and regulations concerning
this particular industry. Because the problems could arise with the understanding of the business
and the legal environment of this business. Also the ethics of course.
[19:55:20] babar2012: lets look @ part - b
[19:55:28] bebeli: lack of specialist experience where special skills are need for an engagement
[19:55:33] babar2012: 5 - marks - to audit provision;
[19:55:35] akinola: small audit might be too small to practice rotation
[19:55:38] babar2012: what ISA ? isa 540 ?
[19:55:50] babar2012: who're preparing it ? anything biased ?
[19:55:55] bebeli: {babar2012} :yes:
[19:55:57] begum: what about c (i)?
[19:56:09] babar2012: {begum} will come back to it: (
[19:56:19] fatina: IAS 37
[19:56:29] babar2012: put down your procedures on the audit of prov then ?
[19:56:33] babar2012: be fast..
[19:57:00] begum: check last years prov'n vs last years actuals
[19:57:05] fatina: the warranty provision should be made based of the statistical data from prior
periods of the firm/ If the firm does not have it then the market statystics should be taken.
[19:57:25] fatina: Thus we need to get the statystics of warranty claims
[19:57:33] fatina: and make the expectation based on them
[19:57:42] fatina: And based on the volume of sales of this year
[19:57:45] bebeli: develop point estimate or a range to evaluate mgts point estimate
[19:58:35] babar2012: - check the sys used to prepare PFI - assumptions of mgt are reasonable /
realistic given the dynamic business envirionment - recalc the calc / check calc is accurate, reliable,
complete - check the terms/conditions of the warranty - post year payment check - compare with
prior yr provi to ..
[19:58:38] Corettamc: look at previous warranty estimations and compare it with actual claims
claimed ...to determine reasonableness of assumptions/estimate
[19:58:45] begum: Follow step bvy step the estimation calculated by Kate to make sure it makes
sense. Can everything be given this estimation?
[19:59:29] babar2012: agreed
[19:59:46] Corettamc: warranty can be recalculated to determine accuracy
[19:59:51] babar2012: we got more then 5 points above ---- that'll suffice for 5 marks
[20:00:01] babar2012: <===================>
[20:00:05] fatina: Inspect the contracts with the customers conserning the terms af warranty
[20:00:13] babar2012: {fatina} :yes:
[20:00:18] Corettamc: {fatina} yes
[20:00:50] babar2012: lets look @ c - i
[20:00:56] fatina: if there are only 5 customers than the number of claims should not be very many
[20:00:59] fatina: of
[20:01:00] fatina: ok
[20:01:56] begum: Staff must be chosen carefully with appropriate skills
[20:02:06] fatina: {begum} your favourite :)
[20:02:10] babar2012: - direction by eng partner - supervision e.g. of junior staff by senior pros performance review : inline with terms of eng, - consultation in case of contentious issues, if any
[20:02:13] begum: yes :-)
[20:02:23] fatina: The briefing meeting should be made
[20:02:26] begum: How do I respond to a specific person's comment on here?
[20:03:12] Corettamc: There should be proper review of work done by the team by senior members
or partners
[20:03:14] bebeli: carry out acceptance procedures annually, assessing integrity of client
[20:03:26] begum: If it is an on going client then there should be review annualy to ensure
everything such as acceptance conditions still the case
[20:03:31] fatina: Ethical implimentations of the staff should be carefully checked
[20:04:03] fatina: Consultation - necessary consulting meeting with experts should be planned
[20:04:20] fatina: All the information should be properly documented
[20:04:27] begum: {fatina} what do you mean by "Ethical implimentations of the staff should be
carefully checked"
[20:04:36] babar2012: that would sufice for 8 marks:
[20:04:45] Corettamc: CDD done before accepting a client
[20:05:01] babar2012: CDD = cleint due digilence ;)
[20:05:03] bebeli: {begum} by making sure that audit team members do not have an interest in
client maybe
[20:05:04] fatina: {begum} If all the staff are independent from the client
[20:05:13] begum: ok thank you
[20:05:16] babar2012: <================>
[20:05:23] fatina: {bebeli} thanks
[20:05:25] babar2012: PART - A
[20:05:32] babar2012: prof marks ?
[20:05:36] babar2012: how to secure these ?
[20:05:36] bebeli: {fatina} welcome
[20:05:38] akinola: for individual qc, Directing, Supervising and Reviewing are three points
[20:05:42] begum: this is the fun part :)
[20:05:50] akinola: each should be developed separately
[20:06:03] begum: Its easy with reports and briefing notes always the same format :-)
[20:06:10] babar2012: i.e. ?
[20:06:14] babar2012: spell it please
[20:06:21] begum: To:
[20:06:23] begum: From
[20:06:24] begum: Date
[20:06:26] begum: Subject
[20:06:32] fatina: To: The Partner, From The audit Manager< Subject audit risks of Island Co
[20:06:33] begum: Then Introduction:
[20:06:36] bebeli: introduction
[20:06:39] babar2012: agreed
[20:06:51] begum: This rpeort/briefing note aims to explain/identify etc
[20:06:52] fatina: At the top: BRIEFING NOTES
[20:06:53] babar2012: please put down your headings now to secure 11 marks ?
[20:06:56] babar2012: as per Q asked ...
[20:06:58] Corettamc: introduction should contain the requirements asked in the q
[20:07:04] akinola: the format of the question has made it easier
[20:07:17] akinola: just reply to the mail
[20:07:22] babar2012: PLANNING matters ?
[20:07:29] bebeli: {Corettamc} :yes:
[20:08:09] begum: Going Concern: 5 customers only!
[20:08:10] akinola: line by line approach will be better
[20:08:18] fatina: {begum} yes ISA 570
[20:08:39] begum: Revenue recognised too early
[20:08:40] fatina: {akinola} Then first goes ISA 18 Revenue
[20:08:41] donnyry: Potential loss of a key customer (GC threat)
[20:08:54] begum: Revenue reciogntiion says it should be when rights and ownetrship has
transfered!
[20:09:10] akinola: it is a new audit and this will affect detection risk
[20:09:12] begum: They recognise 50% at the begining
[20:09:15] thetominator: {fatina} Or IAS 11 Construction Contracts
[20:09:20] akinola: agreed (fatina)
[20:09:33] babar2012: - new client - timeframe (client has a date in mind, can we cater for that) revenue recog ias 18 - wip < or > stated - fx mistat ias 21 - debtors mistat - lost reve GC isa 570 since only 5 cust, 2 are having issues - litigations IAS 37 - ias 24 disclosure
[20:09:33] bebeli: Disputed receivable
[20:09:37] begum: They should recognise revenue as per completion over 6 month period
[20:10:18] fatina: {thetominator} Really? No.. I think not. IAS 11 is used when the contract is spread
over the long term. Here only 6 months. Not valid I think
[20:10:18] babar2012: rev is not recog as per ias 18 .... audit risk
[20:10:19] akinola: they recognised 50% of the revenue when the order is confirmed
[20:10:21] babar2012: new client -----planning issues ---isa 315
[20:10:26] donnyry: Inherent risk - (intimidation threat)... Kate Shannon looking to sell shares,
therefore keen to overstate profits to inflate share price and maximise her earnings
[20:10:29] akinola: this is against ias 18
[20:10:41] babar2012: client has date in mind ------ planning ---logistics ----canwe do it
[20:10:49] Corettamc: Revenue should be be rognised based on a stage of Completion, thus when
matching Rev. with it's respective cost when incurred...there is a risk that Revenue can be overstated
if the total amount is accounted for before the obligation is fulfilled
[20:10:49] begum: Inherent risk also highly specialised indystry
[20:10:52] akinola: risk and reward has not been transferred
[20:10:55] fatina: And what should we do with the note about WIP?
[20:11:09] thetominator: {fatina} think if you are providing a single substational asset for a customer
and on contractual terms then yes!
[20:11:09] bebeli: warranty probably understated, not in line with growth in revenue, unless there
has been an improvement in quality of product
[20:11:17] babar2012: client has a obligation & need to recog a provi.....is the prov accurate
.....audit risk ias 37
[20:11:47] thetominator: {babar2012} if not contingent liability at worse, looks like none is done!
[20:11:48] babar2012: {donnyry} :yes: she does ..
[20:12:05] begum: {babar2012} Again check last years to compare with this year
[20:12:08] babar2012: {thetominator} :yes: certainly ...
[20:12:18] begum: Usually with warranty its prov'n, is this true?
[20:12:21] fatina: {thetominator - ok, could be
[20:13:00] bebeli: Forex risk, due to the oversea supplier
[20:13:08] babar2012: {Corettamc} yes correct ---ias 18 :yes:
[20:13:16] Corettamc: need to account for impairment loss for Jack Mine ...the amount for
Receivable can be overstated if not accounted for
[20:13:23] begum: Is Trade payables calcukated correctly due to forex complications/
[20:13:30] babar2012: may i say something ;;;;;
[20:13:34] bebeli: controls over recording of forex weak
[20:14:36] babar2012: in the real exam you;ll've a lot of stuff wrtie on this type of Q
[20:14:36] babar2012: but pleaese contorl your knowledge & only write very crucial points;
[20:14:36] begum: {babar2012} hope so :-)
[20:14:36] babar2012: try to put down some meaning headings .... :)
[20:14:37] bebeli: {babar2012} :)
[20:14:37] babar2012: *meaningfull
[20:14:49] Corettamc: sure...as we can over write and waste valuable time too
[20:14:53] thetominator: {babar2012} would you put the standard in your heading or just Foreign
Exchange?
[20:14:53] amanda7787: shall we look at each section separately
[20:14:56] babar2012: what they call in P% ..the CSF !!!
[20:15:00] babar2012: *p5
[20:15:07] bebeli: so for the 13marks we needed 8points for risk
[20:15:35] babar2012: {thetominator} just heading : dont really need standard; but can show off in
the body ;)
[20:15:42] babar2012: i.e. what i am planning to do ...
[20:15:52] babar2012: that's it ---guys we're DONE with Q1 !!
[20:15:53] thetominator: {babar2012} Snap
[20:15:53] bebeli: lol
[20:15:55] babar2012: <=====================================>
[20:16:11] babar2012: very quickly moving on to Q 4;;;my fav !!!!!!!!!!!
[20:16:30] babar2012: Mr Donny please throw the Q :)
[20:16:34] begum: Oh I hate this one :cry:
[20:16:41] fatina: DONNY HELP
[20:16:47] babar2012: {begum} awww....dont worry you're in safe hands...
[20:16:51] bebeli: {begum} dnt worry babar wil help
[20:17:00] akinola: can we have the question pls
[20:17:04] babar2012: this's my the MOSt fav !!!!!!!!!!!
[20:17:04] donnyry: its quite blurred down the side
[20:17:07] donnyry: one moment
[20:17:08] akinola: just like the first
[20:17:12] babar2012: oops ...
[20:17:17] babar2012: please throw it DOnny; ;;;;
[20:17:20] babar2012: lets see ..
[20:17:27] begum: how do you even start answering a quation on auditors repsonsibilites?!?
[20:17:44] bebeli: {babar2012} is it the Q on Kite Associate?
[20:17:54] babar2012: :yes:
[20:17:57] babar2012: {bebeli}
[20:18:08] babar2012: Kit associates indeed
[20:18:15] babar2012: is it in KAPLAN ?
[20:18:34] bebeli: yea
[20:18:42] bebeli: Question 53
[20:18:57] bebeli: June 04...online
[20:19:09] babar2012: great - ok guys please follow Bebelis instructions :)
[20:19:30] babar2012: i am ready ----let me know when you're ....
[20:19:39] babar2012: would say 10 min @ max !!
[20:19:41] bebeli: how many mins?
[20:19:45] babar2012: 10 !
[20:19:57] babar2012: its easy Q ..
[20:19:58] bebeli: ok
[20:20:04] begum: Ok see you then. I'll spend that time wiping my tears away!
[20:20:31] MAYSOON: what is name of the q?
[20:20:33] donnyry: hang on nearly got it
[20:20:49] begum: {MAYSOON} kite Associates
[20:20:59] bebeli: {MAYSOON} Kite associate
[20:21:03] bebeli: {begum} *hands u a tissue
[20:21:08] MAYSOON: {begum} {bebeli} thanx
[20:21:11] donnyry:
http://www.flickr.com/photos/15950549@N02/6437907837/sizes/l/in/photostream/
[20:21:32] begum: {bebeli} so appreciated :)
[20:21:35] akinola: thanks
[20:21:41] babar2012: {donnyry} smashing ;;;;;;;;;
[20:30:47] fatina: That is strange statement in the opinion - that they admit that the client has
sound ground for departure from IAS 7, but still they qualify the opinion
[20:31:03] babar2012: shhh
[20:31:17] babar2012: <=================>
[20:31:25] babar2012: READY Guys ??????????????????????
[20:32:28] donnyry: yes
[20:32:28] Corettamc: yep
[20:32:28] babar2012: chak de ........lets go
[20:32:48] babar2012: Q4 - A
[20:32:53] humey36: ascertain the value invoilved and its materiality
[20:33:29] babar2012: {humey36} please ellaborate further ...
[20:33:55] donnyry: i would have a heading active duty and one for passive duty - with an
explanation of the respective responsibilties in each
[20:34:12] begum: They must continue performning audit procedures up to the date of the auditors
report to ensure there arent anything thats happened after the end of reporting period that may
affect the accounts?
[20:34:16] babar2012: {donnyry} spot on !!!! says it all !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[20:34:30] humey36: need to know the value involved to determine whether the opinion given is
the correct one
[20:34:30] babar2012: now my turn ...
[20:34:37] fatina: The auditor has active duty to investigate the events after the balance sheet and
befre the auditors report. The other periods - only passive responsibility
[20:34:41] bebeli: i would define sub. event, and separate it into 3 parts, and state the responsibility
of the auditor
[20:34:53] amanda7787: the auditor should consider if the subsequent events are adjusting or nonadjusting ones. If adjusting – the FS need to be amended. If not amended – the auditor need to
consider the materiality, thus forming the basis of the audit opinion
[20:35:14] Corettamc: auditors have an Active duty to obtain sufficient and apprpriate evidence
about events occuring between the FS date and the date of the audit report
[20:35:37] Corettamc: need to consider whether to adjust or not or make disclosures
[20:35:38] fatina: {amanda7787} Yes, also the examples of adj and non-adj events would be perfect
[20:35:56] thetominator: auditor has no responsibility to enquire into subsequent events after the
audit report is issued however he may wish to assess the materiality of it in the F/S and discuss with
management
[20:36:20] thetominator: IAS 10 is the Accounting standard
[20:36:25] amanda7787: {fatina} sorry, do you need me to give you examples?
[20:36:28] begum: {thetominator} but if they become aware of the subsequent event then they
need to act on it
[20:36:29] Corettamc: {thetominator} if brought to their attention
[20:36:37] babar2012: 1 - Events occuring up to auditors report & SOFP = ACTIVE Duty 2- Events
occuring after Auditors report / SOFP date = PASSIVE Duty 3 - Events occuring after FS're issued to
SH / Users = PASSIVE Duty = however if matter's material consider changing the opinion/seek legal
advice /resign;
[20:37:05] thetominator: {Corettamc} {begum} brought to their attention by management i meant
to add
[20:37:16] fatina: {amanda7787} well, if you want. I ment that at the exam that whould be good to
give a couple of examples. Lisa likes them
[20:37:25] donnyry: {babar2012} :yes:
[20:38:02] babar2012: & i.e. as per ISA 560 ...i.e. all we have to say ....nothing else ...
[20:38:14] babar2012: there's no need to talk about IAS 10 here !!!
[20:38:38] fatina: {babar2012} really? No mentioning of IAS 10?
[20:38:56] babar2012: :no: LISA says so ...:( not that i like it ..i love ias 10 !!!
[20:39:21] thetominator: {babar2012} where a material event has been found the auditor should
consider whether management have accounted and/or disclosed of it properly in F/S and its IAS 10
[20:39:33] fatina: So in such a questions we do not need to cite the IASes but only ISAs
[20:39:37] bebeli: {babar2012} there is , cos if during our active duty we find events after b/s date ,
we will need to ask mgt to either adjust or disclose
[20:39:52] kingy: {donnyry} {babar2012} thanks for clarifying active and passive duty. I get this
confused
[20:40:22] thetominator: {babar2012} if it comes up on monday i dont care what you think, im
mentioning IAS 10!! :d
[20:40:52] akinola: ias 10 is relevant
[20:41:27] amanda7787: {thetominator} same here :)
[20:41:45] babar2012: i am only quoting the examiners remarks on this Q; not something that i
invented :( please feel free to use your own natural instinct .....
[20:42:11] donnyry: shall we move on..
[20:42:18] babar2012: please.............
[20:42:22] babar2012: <===============.
[20:42:28] babar2012: q4 - b
[20:42:41] babar2012: 12 marks
[20:42:41] babar2012: criticise it !!
[20:43:10] begum: Why do they qualify if they accept the accounting treatment? Conflicting!
[20:43:14] akinola: the heading is too long
[20:43:18] babar2012: exactly ...
[20:43:32] donnyry: clarity is a major issue - users will not have a clear understanding of it - i don't.
[20:43:32] akinola: and the name of the ias 7 was not mentioned
[20:43:42] fatina: the inconcistency between the heading and the contents
[20:43:46] Corettamc: very contradicting as they are giving a qualified opinion yet also saying that
the departure doesn't impact on truth and fairness of the FS
[20:44:03] bebeli: IAS 7 should be written out in full
[20:44:05] begum: And shouldnt you move away from the ISA requirement only if necessary to do
so not because its too complicated!!
[20:44:22] begum: I mean IAS
[20:44:30] fatina: {begum} of course
[20:44:43] fatina: At least I agree with you
[20:45:03] Corettamc: group CF not done because it is too complex...lol....I wonder if P2 students
should think the same
[20:45:04] bebeli: management's opinion shouldn't be part of the report .
[20:45:29] begum: {Corettamc} :d just what I was thinking!!
[20:45:50] akinola: statement of cash flow is an integral part of financial statement
[20:45:51] bebeli: why qualify the auditor report when they said the departure does not impact on
the truth and fairness of the F/S
[20:45:57] fatina: {begum} I think if it would be in real life it would be even more LOL
[20:46:04] babar2012: - heading is inappropriate - no reference to full heading of ias 7 CF stat seems like they wanted to Qualifiy the report - Group got to provide a CF stat - FS are not in
accordance with FR stands i.e. IAS 7 CF stat - T&F view is also not given resultantly - opinion s/b
qualified not complying with
[20:46:06] akinola: it can be used to assess the going concern
[20:46:07] wardak: 1 heading for 2 paragraph
[20:46:18] bebeli: {wardak} :yes:
[20:46:27] humey36: no reasons have been listed, just on say so of auditor so where is the proof?
[20:46:27] donnyry: {babar2012} agreed
[20:46:34] akinola: and omitting it will mae fs meaningless to users
[20:47:09] begum: But how all this make up 12 marks? It seems like we have 4-5 things and thats it.
[20:47:13] amanda7787: shall we remind ourselves of the different audit opinions - I always confuse
them
[20:47:36] fatina: I think this opinion looks like the EOM more
[20:47:40] babar2012: ok - guys - i got a jackpot of few points - to share
[20:47:47] maysoon: management signed the representation letter which says that the preperation
of the FS and cash flow is their responsibility and the auditor should explain to them that this is the
way to comply with IFRS
[20:47:48] bebeli: the auditors did not mention that last year's report was qualified as well
[20:47:49] babar2012: first Q4 is DONE
[20:47:59] babar2012: congrats !! we've done 2 Q's !!!
[20:48:11] humey36: professional competence of auditor should be brought into question
[20:48:11] fatina: we are quick today
[20:48:18] babar2012: :yes:
[20:48:25] donnyry: what next?
[20:48:27] akinola: (amanda)qualified except for, adverse opinion and disclaimer
[20:48:36] babar2012: lets revise these small bits n pieces & REVERT back to this mock;
[20:48:42] babar2012: this's a 10 mins; these points;
[20:48:45] babar2012: so relax ;
[20:48:47] amanda7787: {akinola} thanks!
[20:48:59] bebeli: {babar2012} please could u help out on why it is difficult for auditors to audit
subsequent events?
[20:49:17] babar2012: {bebeli} coz info is confined to mgt - first
[20:49:36] wardak: :yes:
[20:49:40] bebeli: {babar2012} for 6marks?
[20:50:08] babar2012: {bebeli} auditors s/b use their prof scepticis to gather suff / app audit
evidence; as there's no escape for them; [ duty of care / public interest]
[20:51:01] babar2012: {bebeli} they should consider the implications on FS / users of FS; if the event
is something they have a PASSIVE duty for
[20:51:07] fatina: {babar2012} but can we ask the management for the representation conserning
the subs events, that they revealed everything that they know and did not hide anything?
[20:52:24] maysoon: {bebeli} some managers don't understand what is subsequent event hence
they don't mentioned it
[20:52:24] bebeli: :(
[20:52:24] bebeli: {maysoon} :yes:
[20:52:24] bebeli: {babar2012} thanks babar
[20:52:24] babar2012: {bebeli} Therefore, its difficult for auditor to audit this; if NEVER gets told
anything about those ISSUES ; got it now ?
[20:52:32] --------------------------Paper P7-------------------------[20:52:41] babar2012: what's this expression CHINESE WALL's is all about ??
[20:52:51] begum: whats next? Hope i will like this one :d
[20:52:56] babar2012: {begum} what's this expression CHINESE WALL's is all about ??
[20:53:15] fatina: {babar2012} where did you get it from?
[20:53:32] babar2012: :( personal R&D ...
[20:53:39] bebeli: {babar2012} two separate teams to avoid confidentiality issues i think
[20:53:58] babar2012: {bebeli} i think so ...
[20:54:00] Corettamc: {babar2012} yep
[20:54:08] Corettamc: {bebeli} sorry ...yep
[20:54:08] akinola: it is an audit firm using 2 separate teams to audit 2 competing clients
[20:54:09] babar2012: <==>
[20:54:13] begum: To resolve conflict of interest co's implement a policy
[20:54:14] fatina: {babar2012} ahh, yes... I looked up in the Dictionary
[20:54:17] babar2012: TIPPING off ?
[20:54:24] --------------------------Paper P6-------------------------[20:54:27] --------------------------Paper P6-------------------------[20:54:27] [You are already in this room.]
[20:54:30] --------------------------Paper P7-------------------------[20:54:42] akinola: the firm separate the teams in such a way that they dont meet in the office
[20:55:03] akinola: like having a separate office for each team
[20:55:22] begum: Tipping off? is this a term in it self? I never heard of it.
[20:55:31] babar2012: {begum} :yes:
[20:55:32] akinola: e.g. audit firm auditing nestle and cadbury
[20:55:43] babar2012: {akinola} spot on :yes:
[20:55:55] wardak: tipping off+letting the person about any ongoing invstigation regarding moner
laundering
[20:56:13] begum: |Ahhh ofcourse I know this :-)
[20:56:24] donnyry: can tipping off be related to insider dealing to?
[20:56:25] akinola: we separate audit team that is auditing cadbury from those auditing nestle
[20:56:32] bebeli: {akinola} :yes:
[20:56:39] babar2012: {donnyry} i think so ...
[20:56:44] akinola: what they use to separate the is referred to as the chinese wall
[20:56:53] begum: {donnyry} I think so as its serious fraud
[20:57:01] maysoon: {donnyry} i don't think so
[20:57:14] bebeli: {begum} how is that begum?
[20:57:36] amanda7787: {maysoon} agreed
[20:58:18] babar2012: <===>
[20:58:19] begum: On thinking again I guess you wouldnt let someone continue with the deal there
would you?
[20:58:35] babar2012: ISA 240 250 - who's responsible ???? mgt or auditor?
[20:58:55] begum: Maybe it doesnt apply to insider dealing. I am confused :?
[20:59:05] babar2012: i would say Mgt ..... .
[20:59:24] begum: What was ISA 240-250?
[20:59:31] babar2012: 240 = fraud/erro; 250 = law/regulations
[20:59:33] fatina: MGT is responsible , but auditor also - if the fraud is material
[20:59:48] begum: Only management.
[21:00:00] fatina: ISA 240 Fraud , 250 the laws and regulations
[21:00:29] amanda7787: {begum} :yes:
[21:00:44] babar2012: :yes:
[21:00:45] maysoon: tipping of (covering )for someone in case such as money laundery but insider
dealing using the information to gain money by disclosing it to competitor for example!
[21:00:45] babar2012: {maysoon} awesome - you know your stuff !!!! :)
[21:00:46] begum: Auditor needs to make sure that it has done all it can to detect any material
misstatement which mayvbe result of fraud! But doesnot aim to prevent fraud
[21:00:52] maysoon: {babar2012} :)
[21:00:54] babar2012: <===
[21:00:57] fatina: {begum} thank you
[21:01:17] babar2012: why would an auditor wont want to be re-elected ???
[21:01:22] babar2012: reasons ?
[21:01:26] donnyry: the term 'tipping-off' generally relates to sharing confidential information.
[21:01:39] fatina: dispute
[21:01:42] begum: Management do not agree to amend FS
[21:01:46] donnyry: {babar2012} lack of independence
[21:01:52] babar2012: {donnyry} :yes:
[21:01:54] hassaniqbal: may i tell?
[21:01:56] babar2012: what else.................
[21:01:57] begum: Ethical reasons such a independence
[21:01:58] akinola: because of conflict of interest
[21:02:43] maysoon: change in the size of the company
[21:02:43] humey36: not enough resources to carry out audit if client has expanded
[21:02:43] donnyry: conflict of interest
[21:02:43] babar2012: Fee's not value for money ;
[21:02:43] begum: familiarity?
[21:02:43] Corettamc: fees can't cover cost
[21:02:43] fatina: The rotation
[21:02:43] hassaniqbal: 1: independence
[21:02:43] akinola: risk
[21:02:43] hassaniqbal: 2: conflict with client
[21:02:44] babar2012: client has > in size; you can thandle / cope with it given your firms size /
resources
[21:02:44] bebeli: lack of competence if the client diversify
[21:02:44] fatina: the auditor has not enough resourses any more
[21:02:44] Corettamc: Resources neccessary for the job
[21:02:51] hassaniqbal: tthe size of client has increased
[21:02:59] akinola: disagreement about the accounting standard
[21:02:59] babar2012: agreed
[21:03:03] babar2012: <===>
[21:03:30] babar2012: whats ENFOREABLE duty of care ? ???
[21:03:40] amanda7787: {babar2012} affect on firm's reputation is associated with a particular
client
[21:03:52] babar2012: *enforceable
[21:04:14] humey36: legality
[21:04:19] fatina: The fact that the auditor may be sued for his neglegence
[21:04:28] babar2012: how to < it ; what remedial measure can a firm take ?
[21:04:36] fatina: be competent
[21:04:40] babar2012: {fatina} true ..
[21:04:48] smartgirl: pii
[21:04:49] babar2012: {fatina} spot on & . .
[21:04:50] begum: {fatina} :)
[21:04:53] fatina: get more training, be up to date, train the staff
[21:04:54] babar2012: what else ?
[21:04:57] babar2012: & ?
[21:05:03] babar2012: & ?
[21:05:06] kingy: liability disclaimer agreement
[21:05:07] begum: insure themselves?
[21:05:13] babar2012: {kingy} yes one of it
[21:05:14] babar2012: & ?
[21:05:16] humey36: member of professional body
[21:05:23] babar2012: one more point
[21:05:27] babar2012: a vital one...
[21:05:27] maysoon: IAS
[21:05:40] smartgirl: PII
[21:05:47] babar2012: {smartgirl} spot on !!!!!!!!!!!!!!!!!!!!!!
[21:05:53] babar2012: & one more ?????????
[21:05:55] babar2012: ;)
[21:05:59] smartgirl: FGI
[21:06:03] fatina: whats PII I forgot
[21:06:08] fatina: :cry:
[21:06:11] begum: Proff Indemnuty Ins
[21:06:13] akinola: performing audit in accordance with isa
[21:06:14] babar2012: {smartgirl} awesome - you know your stuff !!!!
[21:06:14] fatina: aaa
[21:06:17] babar2012: <====>
[21:06:17] Corettamc: Professional indemnity Insurance
[21:06:25] begum: *indemnity
[21:06:26] babar2012: thats it my jackpot points done ..
[21:06:29] akinola: having quality control in place
[21:06:32] babar2012: lets revery back to BPP mock now;
[21:06:33] fatina: But there was already a comment about insurance
[21:06:37] babar2012: <===========================>
[21:06:51] donnyry: FGI
[21:06:53] begum: {fatina} Babar missed that one :-)
[21:06:53] donnyry: ?
[21:06:55] babar2012: Donny please throw Q 2
[21:06:59] begum: what is FGI?
[21:07:16] babar2012: PII = prof indemnity insurance
[21:07:25] amanda7787: it's been two hours now, are you happy on 5 minute break?
[21:07:35] babar2012: FGI = fedelity guartantee insurance
[21:07:45] babar2012: lets take a brea guys
[21:07:51] begum: What is FGI then never heard of it?
[21:07:52] babar2012: amanda thanks for a reminder
[21:07:53] donnyry: Q2 may be un-readable...
[21:07:59] fatina: Let's get a Q and the break at the same time
[21:08:00] babar2012: we'll finish off this mock paper tonight!!
[21:08:02] donnyry:
http://www.flickr.com/photos/15950549@N02/6437810137/sizes/l/in/photostream/
[21:08:09] babar2012: please stay online ....
[21:08:21] babar2012: lets take a break + read the Q in the mean while;
[21:08:28] babar2012: please make a plan & brb in 20 mins
[21:08:34] begum: ok
[21:08:35] babar2012: to resume proceedings ...
[21:08:39] babar2012: :)
[21:08:41] donnyry: Can people read it?
[21:08:56] maysoon: yes
[21:09:04] fatina: {donnyry} yes
[21:16:49] fatina: BPP seems to lack fantasy... DEC 2002 Q2
[21:17:56] begum: accounting proffesiion lacks fantasy :d
[21:18:34] fatina: somebody still has it :) Dressing their windows... lol
[21:21:21] begum: is there mock exams in Kaplan book?
[21:21:25] begum: *Are
[21:21:51] danielmarkan: {begum} yes pilot paper in Kaplan but BPP has more
[21:21:55] fatina: {donnyry} Can you tell the names of the Q 3 and Q5?
[21:22:06] fatina: please
[21:22:18] begum: {danielmarkan} Thank you.
[21:22:35] bebeli: {fatina} dexy for q3
[21:22:55] fatina: {bebeli} thank you
[21:22:59] fatina: and Q5?
[21:23:04] danielmarkan: I would focus on Lisa Weavers question, There are 45 of them I believe
[21:23:05] bebeli: Ebony
[21:23:19] fatina: {bebeli} :*
[21:23:47] babar2012: we'll be ready to crack @ Q2 in 3 mins !! beware ;)
[21:23:59] bebeli: {fatina} :*
[21:25:11] babar2012: {fatina} if you got KAPLAN dec-2011 KIT mock; pls share & we can do that
mock !
[21:25:37] danielmarkan: {babar2012} it doesnt have a mock just the pilot paper
[21:25:47] fatina: {babar2012} let me see in my KIT
[21:25:59] babar2012: cool :)
[21:26:05] begum: A few days ago there were Kaplan mocks posted on the forum. I printed these.
Have you guys already been through them? The Interim and Final one?
[21:26:13] babar2012: <=======================>
[21:27:08] fatina: {babar2012} where should it be? In the exam KIT?
[21:27:08] babar2012: ok guys lets --- finish off this Q first please & then we talk about mocks etc
[21:27:15] babar2012: Q2 - PART A
[21:27:20] babar2012: 5 MARKS
[21:27:30] babar2012: DEFINE : PFI: FORECAST : PROJECT ?
[21:27:33] babar2012: PROJECTION
[21:28:20] fatina: {babar2012} no kit mock in my books :( I downloaded them from my employer in
may...
[21:29:00] danielmarkan: forecast based on management assumed actions
[21:29:00] wardak: PFI= information about future events and management actions
[21:29:00] danielmarkan: projection based on different assumations not based around management
more risky
[21:29:01] fatina: Projection - is made on hypothetical assumptions
[21:29:05] Corettamc: Forecast PFI is based on assumption that management expect to happen in
the future and the actions that they expect to take
[21:29:22] wardak: forcaste= best estimated assumption
[21:29:31] akinola: :yes:
[21:29:41] fatina: The assurance is only negative
[21:29:50] maysoon: pfi: financial information based on assumption about events may occure in the
futureand the possible actions by management
[21:29:55] wardak: projection=based on hypothesis
[21:30:18] babar2012: forecast = mgt assumptions what'll happen in future [ best possible]
Whereas => Projection: based on hypothetecal assumptions
[21:30:41] wardak: :yes:
[21:30:42] danielmarkan: {babar2012} yes that was what I was trying to say
[21:30:54] babar2012: {danielmarkan} spot on !!
[21:30:59] bebeli: Projection, based on hypothetical assumption about future events and
management's action which are not nec. expected to take place
[21:31:02] sqgilani: hey, what things or matters auditor should consider before accepting a pfi
review eng
[21:31:51] donnyry: {sqgilani} thats part b
[21:31:51] danielmarkan: {sqgilani} resource, fee knowledge of business, management expereience
[21:31:51] sqgilani: lol , i just said ;)
[21:31:51] sqgilani: didnt knew you are doing q
[21:32:12] babar2012: what about PFI assurance ?
[21:32:12] bebeli: i think there are some 5 points specific to pfi plus the general matters to consider
[21:32:12] begum: we are doing BPP mock 2 off the exam kit
[21:32:23] wardak: negative assurance
[21:32:23] babar2012: {begum} :yes:
[21:32:26] danielmarkan: limited ?
[21:32:35] fatina: negative
[21:32:44] bebeli: Elements, nature of assumptions, distribution ,use of infor and period covered
plus the general matters
[21:32:53] humey36: negative or reasonable assurance?
[21:33:00] babar2012: {humey36} certainly ....
[21:33:05] danielmarkan: negative
[21:33:16] humey36: negative in this scenario
[21:33:32] akinola: as in nothing has come to the attention ............................
[21:33:32] begum: highly objective therefore negative assurance
[21:33:34] fatina: how can we give reasonable assurance??
[21:33:46] fatina: it is impossible, I think
[21:34:04] babar2012: that nothing has come to our attention that cause us to belive that the PFI is
not correct etc = negative assurance ? ??
[21:34:05] fatina: {babar2012} yes
[21:34:09] akinola: agreed
[21:34:15] danielmarkan: {babar2012} :yes:
[21:34:17] humey36: yes in this scenario reasonable assurance cannot be given, but its the
alternative
[21:34:25] babar2012: <====>
[21:34:27] fatina: seems to be enough for 5 marks
[21:34:48] maysoon: {humey36} negative
[21:34:48] babar2012: part - c
[21:34:51] danielmarkan: part b ?
[21:34:55] begum: {fatina} {fatina} its says in the book that a stateemnt of neg assurance as to
whether the assumptions provide a reasonabkle basis for prospective financial info
[21:35:00] babar2012: procedurs to audit PFI ? 10 marks;
[21:35:13] babar2012: we need 10
[21:35:17] babar2012: procedures....
[21:35:21] babar2012: write it now ..
[21:35:21] danielmarkan: analtical and enquiry
[21:35:24] donnyry: Analytical - compare KPI's
[21:35:35] maysoon: analytical procedures
[21:35:53] danielmarkan: compare to fs historical accounting policies
[21:35:59] humey36: analytical procedures
[21:36:04] bebeli: the PFI has not been given so do we give general points or we adjust the figures
and work from there?
[21:36:04] humey36: ratio analysis
[21:36:06] begum: discuss with management
[21:36:08] maysoon: ratio analysis-prrof in totals
[21:36:14] danielmarkan: ratios
[21:36:28] fatina: discuss with the management the grounds on which they made the assumptions
[21:36:29] begum: analytical is ratio analysis, isnt it?
[21:36:35] amanda7787: assessment of the assumptions whether they are reasonable
[21:36:36] donnyry: agree opening balances in the estimated figures to known closing balances to
actual figures
[21:36:52] begum: oh ignore that about analytical vs ratio!!!!!!
[21:36:52] donnyry: *in actual figures
[21:37:04] danielmarkan: segmental reporting information
[21:37:13] humey36: actual v budget
[21:37:16] danielmarkan: check against actual figures
[21:37:35] humey36: industry comparitives
[21:37:48] begum: Acco0unting policies should be checked
[21:38:10] danielmarkan: we need to check relationship between figures in the statements
[21:38:11] sqgilani: HELP : i want answer to final BPP Mock , if some one has please let me know !!
[21:38:47] begum: do the figures tally with industry average
[21:38:58] babar2012: - sys used to prepare PFI i.e. their reliability / accurancy; - compare with
previous estimates & the actuals & variations - re-calc - check arithmetics - assumptions made by
mgt are reasonanle [ mgt bias / hypothetical assump]
[21:38:59] amanda7787: verification of estimated costs, some of them do not tend to fluctuate
greatly therefore easier to confirm
[21:39:53] humey36: going concern status - is the company expected to continue trading?
[21:40:20] begum: {humey36} thats a good one
[21:40:29] maysoon: what about the chairman's statement?
[21:40:29] humey36: ie, cash flows are prepared for the next 12 mths
[21:40:41] babar2012: sorry guys we're doing part- c
[21:40:46] danielmarkan: management accounts or profit forecasts
[21:41:00] babar2012: anyways ---- part -c done now :)
[21:41:10] amanda7787: agree the impairment charges, consider events that may have any affect
[21:41:18] babar2012: LAST past of Q 2 ------- B
[21:41:23] babar2012: *part
[21:41:36] babar2012: 15n marks - start writing now
[21:42:03] danielmarkan: resource, fee, timescale, knoweldger of business, management experience
of PFI, is it based on historial policies
[21:42:21] donnyry: we should consider who the report will be presented to - and therefore our
liability.
[21:42:24] babar2012: {danielmarkan} :yes:
[21:42:33] maysoon: why discorpio didn't carry out the PFI?
[21:42:55] wardak: yes same as for new audit engagement, change of wordings only!
[21:42:56] babar2012: {donnyry} very imp !! indeed the audience
[21:43:14] humey36: contact with previous auditor for any problems/disputes
[21:43:22] babar2012: we dont want to be sued in the end ..... ;-) so better get that sorted in the
first place
[21:43:23] danielmarkan: limited liabilty, only analytical and enquiry,
[21:44:08] humey36: relevant experience and knowledge to carry out work
[21:44:21] bebeli: if it will be limited or general distribution, ltd more risky
[21:44:58] donnyry: before acceptance, as with any job, we should conisder the fee we will charge
the client - this will help in allocating staff & planning time
[21:44:59] danielmarkan: we need to use the figures more for this question I think my points maybe
too general
[21:44:59] babar2012: hang on ---- got a Q
[21:45:05] humey36: managements representation letter has been signed
[21:45:09] babar2012: why dont they use their existing auditors ?
[21:45:20] bebeli: if client can distinguish btn BES and HA
[21:45:23] wardak: :yes:
[21:45:28] babar2012: hmm --- guess what ---- there's negative assurance !! whats that about !
[21:45:36] humey36: yes, thats why they need to contact previous auditors!
[21:45:58] danielmarkan: oh yes your not their auditors
[21:46:06] Corettamc: this is not an audit
[21:46:20] akinola: because the existing auditor has knowledge of the biz
[21:46:47] akinola: and can easily fault their assumption base on the knowledge of the biz
[21:47:24] babar2012: ok ageed
[21:47:37] danielmarkan: do they need permision from auditors to carry out the PFI ?
[21:48:02] babar2012: they're seeking a debt finance; based on this pfi; does that have any bearing
on our acceptance;
[21:48:12] humey36: would think it is a matter of courtesy rather than permission
[21:48:19] akinola: yes
[21:48:35] begum: {babar2012} yes it has in that we need to be careful about liability!
[21:48:54] danielmarkan: {babar2012} dont want a advocacy
[21:49:01] babar2012: what're inherent risks here ; should we bother given we're only checking pfi
here ?
[21:49:20] akinola: that is why the auditor need to consider USE of the PFi before accepting
[21:49:20] babar2012: {danielmarkan} right ...
[21:50:02] babar2012: {begum} agree
[21:50:24] Corettamc: {akinola} yes and also who the report audience are
[21:50:25] amanda7787: decline in the market, profit reduced significantly - potential GC issues consider the possibility of the client not being able to pay our fees?
[21:50:27] bebeli: {akinola} :yes:
[21:50:28] babar2012: {begum} you mean: prof liab / negligence claims
[21:50:46] begum: {babar2012} yes
[21:50:49] wardak: they should conisder inherent risks as it is a part of "knowledge of the business"
[21:51:46] maysoon: i thought always companies ask an audotor to carry out PFI to raise fund?
[21:51:56] begum: Can they use disclaimer on PFI?
[21:52:12] humey36: could there be self interest threats here? there is a chance the internal audit
dept will be outsourced!
[21:52:15] akinola: yes
[21:52:18] babar2012: what about wind dressing / creative a/c on th epart of client here; should the
accountant - who's checking the pfi; pay any regard to that; ; ISA 315 / 240;
[21:52:47] babar2012: does ISA 315/ 240 apply to pfi type services or not ?
[21:52:50] akinola: disclaimer is another way of reducing the auditors liability
[21:53:07] maysoon: professional akepticisim always should be high in such an engagement
[21:53:08] danielmarkan: {babar2012} I thought PFI had is own ISRW
[21:53:12] danielmarkan: ISRE
[21:53:27] babar2012: {danielmarkan} :yes: theres one ...you're right
[21:53:39] wardak: yrd 3400
[21:53:42] danielmarkan: ISRE 3400
[21:53:55] wardak: :yes:
[21:53:56] bebeli: ISAE
[21:54:18] fatina: {danielmarkan} wow guys, do you remember it by heart???
[21:54:27] babar2012: good work - all ---DONE
[21:54:30] babar2012: <===================>
[21:54:31] danielmarkan: {fatina} no just the number
[21:54:50] fatina: {danielmarkan} but that's enough
[21:54:54] begum: {danielmarkan} thats still impresive :-)
[21:54:54] wardak: yes just the number
[21:55:04] amanda7787: {fatina} I know one only - 240, thanks to babar as I googled it
[21:55:09] danielmarkan: {begum} I know I wish I knew the detail
[21:55:18] babar2012: Donny --- please throw Q 5 in ...thanks :)
[21:55:32] fatina: I know 550 and 560 and 570 :)
[21:55:48] begum: Well you know that much more than I do. I am sure you'd get half a mark if you
were 49.5% :-)
[21:56:20] babar2012: where: 550 = RP, 560= subs events, 570 = GC
[21:56:22] fatina: {babar2012} Aplauds
[21:56:29] fatina: aplouds
[21:56:30] danielmarkan: My money is on ISA 560 the other 2 were in June
[21:56:44] donnyry: i'm having connection issues ; brb
[21:56:54] maysoon: {danielmarkan} agree
[21:57:01] begum: {danielmarkan} Well we've just done a question on that so i hope it will come up.
Thanks yo Babar
[21:57:04] babar2012: {donnyry} no - no worries
[21:57:06] begum: *to
[21:57:07] fatina: {babar2012} is it EBONY
[21:57:19] begum: {fatina} yes
[21:57:31] fatina: then it is no 22 at the revision KITY or dec 04
[21:57:35] babar2012: yup - Ebony
[21:57:52] amanda7787: {begum} yes, how nice it would be for a guestion we've discussed to come
up
[21:58:00] danielmarkan: bye for now nearly half a sleep
[21:58:06] babar2012: in the mean while ; lets revise some standards; shall we
[21:58:07] begum: Bye Daniel
[21:58:31] begum: {babar2012} yes great idea. though i am doing UK so I will just remember the
standard not the number :-)
[21:58:31] amanda7787: {babar2012} should we not continue with the rest questions?
[21:58:40] bebeli: {babar2012} accounting or auditing standards?
[21:58:50] babar2012: when do we use IAS 10 subs events & when do we use ISA 560 subs events ?
[21:59:10] begum: Prepping FS and auditing FS?
[21:59:16] begum: Total guess :-0
[21:59:19] babar2012: {amanda7787} we'll once Donny's back; as he got the Q - i gave him all ;;
[21:59:30] fatina: IAS 10 we use in paper P2 and ISA 560 in P7 LOL
[21:59:36] babar2012: {amanda7787} prob you got them too now ;) haven't ya !
[21:59:50] babar2012: {fatina} LMAO !!!
[21:59:51] amanda7787: {begum} IAS are still relevant for those sitting UK version but you don't
need to know the numbers. I never got to learn the FRSs but I know the IAS numbers :)
[22:00:06] fatina: LMAO !! what does it mean?
[22:00:16] babar2012: whats IFRS-8 ? how would AUDIT that ?
[22:00:20] begum: Yes I know. The only reason i am here and hopefully it'll be my saviour :-)
[22:00:23] babar2012: *you
[22:00:37] bebeli: {fatina} laughing my Auditing out ;)
[22:00:41] babar2012: haha
[22:00:51] maysoon: loool
[22:00:53] begum: {bebeli} :d good one!
[22:01:01] amanda7787: {babar2012} yes, thanks :)
[22:01:07] Corettamc: lol
[22:01:07] begum: Laughinbg my assurance out :-)
[22:01:16] bebeli: {begum} lol
[22:01:22] fatina: {bebeli} tnx for educating me :)
[22:01:26] babar2012: Guys LISA has accepted my request to be mine ....on linked in ;)
[22:01:37] fatina: {babar2012} wow
[22:01:42] babar2012: nb: mine = prof contact !!!
[22:01:45] begum: *off not out LOL
[22:02:30] fatina: ask her to give us the right MOCK
[22:02:31] donnyry: hi
[22:02:31] akinola: LOL
[22:02:31] babar2012: Hey Donny please throw Q5 in ......
[22:02:31] donnyry: ok...
[22:02:40] amanda7787: {babar2012} seriously, may be another Lisa
[22:02:51] fatina: it is her shade
[22:03:01] donnyry:
http://www.flickr.com/photos/15950549@N02/6437918733/sizes/l/in/photostream/
[22:03:19] begum: First part of Q5 for 5 marks is: What is lawballing and discuss current guidance
[22:03:21] babar2012: {amanda7787} :yes: ----- Forensic is needed on that one .....:(
[22:03:43] amanda7787: {babar2012} :)
[22:04:43] bebeli: {begum} not quiet there is a change in part a
[22:05:04] begum: {bebeli} how do you mean?
[22:05:10] babar2012: ok - please spend 12 mins to PLAN your answer & brb .. to discuss in detail agree ?
[22:05:54] begum: {bebeli} {bebeli} Sorry went back to Mock 1 for some reasonb! Thanks for letting
me know
[22:06:02] bebeli: {begum} :) was wondering...lets ride on
[22:06:37] babar2012: NB: this's our last question for tonights session !!!!
[22:06:48] begum: Thank
[22:06:59] begum: God :-)
[22:06:59] donnyry: cool
[22:07:42] akinola: what abt q1
[22:07:43] begum: Is anyone off tomorrow by the way? I find this type of revision really useful if
anyone wanna join?
[22:08:32] amanda7787: {begum} yes
[22:08:38] begum: {akinola} we've already done that
[22:08:38] akinola: bateleur
[22:08:38] babar2012: {begum} we'll be doing MOCK # 3 of BPP ; please join us again :-) your
presence'll be valued by many ....
[22:08:58] begum: I dont have a mock no 3 in my Kit :?
[22:08:59] babar2012: {akinola} we've done Q1,2,3 & now 5;
[22:09:16] begum: {babar2012} thank you
[22:09:18] babar2012: {akinola} PS: we're only require to do 4 in the paper; hence 4 Q's tonight :-)
[22:09:18] akinola: how time flies
[22:09:58] babar2012: {akinola} sorry not 3
[22:09:58] babar2012: {akinola} Q1,2,4,5
[22:10:12] donnyry: i remember doing this Q already on here a few weeks back. So i'm off for the
night. Bye all! tc
[22:10:27] babar2012: {begum} I do - hence i am here :( been scanning like a ...... its painful job ;
scanning i.e.
[22:10:44] babar2012: {donnyry} no worries
[22:10:52] babar2012: {donnyry} thanks :-) ttyl
[22:11:04] babar2012: we'll only do part- A though
[22:11:15] babar2012: as part B is very predictable ;
[22:11:24] begum: {babar2012} ok great. Will that be at 7pm again?
[22:11:31] babar2012: {begum} yes ..
[22:17:25] amanda7787: the work of the trainees should be supervised / ensure that the staff have
the relevent skills and experience / consider threats to objectivity / risk assessment
[22:17:40] fatina: 1. Common issues - chack all the legal information concerning the client - the
name, statutory documents, ML issues, business history of the client. 2. HR - put the correct staff
onto the engagement (grades vs roles) in order to miximise the efficiency of the audit, so that not to
overaudit
[22:18:14] babar2012: {fatina} spot on !!!
[22:18:24] fatina: 3. Leadership - ensure that the roles are spread correctly within the team Partner - Manager - Seniour - Assistants - Trinees
[22:18:33] humey36: all information should be properly documented
[22:18:40] begum: Have working papers in ship shape?
[22:18:51] begum: Better put by Humey than I :-0
[22:18:52] begum: :-)
[22:19:01] humey36: :)
[22:19:07] begum: Need good planning
[22:19:08] fatina: 4. Monitoring and review - documented information and procedures and
reviewed by the superior.
[22:19:37] amanda7787: all working papers should be completed, reviewed and signed off
[22:19:50] fatina: 5. Consultation - if the external specialist needed, we need to plan his
involvement
[22:20:33] babar2012: {amanda7787} :yes:
[22:20:53] begum: That should do for 5 marks, shouldnt it?
[22:21:10] babar2012: awesome ---fatina you killled it !!! :) weldone !! smashing answers !!!
[22:21:26] humey36: yeah, well done!
[22:21:41] amanda7787: {fatina} very good :)
[22:21:51] fatina: {babar2012} 10% 0f pass - I dream of it
[22:22:10] babar2012: aww - you'll get it !!! :)
[22:22:19] fatina: hope so
[22:22:23] babar2012: ok - guys what next ?
[22:22:27] babar2012: shall we complete this Q ?
[22:22:32] amanda7787: last question?
[22:22:38] fatina: last
[22:22:39] babar2012: this's last Q
[22:22:41] begum: yes definitely then off to sleep!
[22:22:42] amanda7787: ok
[22:22:46] babar2012: unless you wanna do Q3 too
[22:22:47] babar2012: ?
[22:22:49] fatina: what about 3?
[22:22:49] begum: only 3 more bits to go!
[22:22:56] babar2012: {begum} yes
[22:23:12] amanda7787: {babar2012} yes
[22:23:20] babar2012: ok - lets start with part - iii
[22:24:03] begum: interesting one that one!
[22:25:22] humey36: has been filed for further information - possibility of being forgotten about so
due care is reduced
[22:25:22] begum: She needs to start planning things and this info is already available to her so not
sure why she is oputting it away
[22:25:22] begum: She should infact use the info in there for the audit risk assessment
[22:26:18] humey36: she is the audit senior, so should have professional duty/experience to carry
out her tasks efficiently and effectively
[22:26:29] begum: {babar2012} I do have the mock3!! DOH!
[22:27:17] fatina: {begum} can you share? Cause I will be late for tomorrow session...
[22:27:35] begum: I cant :-( I dont have a scanner. So sorry.
[22:27:52] amanda7787: {begum} how about the question names?
[22:27:56] babar2012: {begum} hmmm ---QC / ISQC 1 i.e. ;) not having a scanner !
[22:27:56] humey36: time scale is an issue as now on 11/12/08
[22:27:57] fatina: Pity.
[22:28:20] fatina: No android to?
[22:28:25] fatina: There are good apps to scan
[22:28:25] begum: I have an iphone. Can I use that?
[22:28:30] fatina: yes
[22:28:39] akinola: there is no need to file it "to be dealt with later" it is other information and does
not require other input
[22:28:46] fatina: you can download the free app called scanner
[22:28:51] babar2012: {humey36} {akinola} agreed
[22:28:58] begum: Q's are: Q1 Jolie Ltd
[22:29:11] begum: Q2 Eastwood Plc
[22:29:12] fatina: {begum} ok, that will also do
[22:29:14] akinola: the audit senior should use it to confirm that it does not contain material
inconsistency with fs
[22:29:37] begum: Q3 Clooney Ltd Q4 Neeson & Co
[22:29:46] begum: Q5 Willis Ltd
[22:30:03] begum: I will try this app later on :d
[22:30:10] fatina: {begum} :*
[22:30:13] amanda7787: {begum} great thanks
[22:30:17] babar2012: ok guys back to Q please
[22:30:27] babar2012: we're done with - part iii
[22:30:30] begum: {babar2012} sorry :d
[22:30:32] babar2012: part- b
[22:30:42] babar2012: alex? what he is up to ?
[22:30:51] babar2012: any QC issues there ?
[22:30:55] babar2012: any ethical issues?
[22:31:03] babar2012: should he be reported to acca ? for what ?
[22:31:13] humey36: would have been if he remained in the profession
[22:31:15] begum: Yes as long as he is registered tho
[22:31:21] begum: though
[22:31:25] azramalik2009: Sorry I have just joint what question are you doing/?
[22:32:03] begum: He has been very unproffessional and not performed his duty of care and
diligence
[22:32:08] babar2012: {azramalik2009} :( cant read sorry ; plz change dont colour
[22:32:22] begum: I thinbk he should still be reported incase he comes back into the proffession]
[22:32:22] amanda7787: his work should be re-performed
[22:32:32] babar2012: & what about prof issue here ?
[22:32:33] humey36: is there proof that this is the case or is Kurt trying to tarnish Alex's name#
[22:32:35] akinola: lacks integrity
[22:33:01] humey36: could be a soured friendship
[22:33:03] amanda7787: what prove do we have though?
[22:33:05] begum: {azramalik2009} BPP Mock 2 Q5 from the exam kit
[22:33:09] akinola: claiming he did activities he did not do
[22:33:09] bebeli: what ever recommendation was given to his new employer should be revoked :)
nt sure
[22:33:30] amanda7787: * proof
[22:34:00] humey36: it is only verbal exchanges....
[22:34:00] babar2012: what about his work? need to re-check ?
[22:34:03] akinola: he was not supervised - qc issue
[22:34:19] begum: He shoul
[22:34:25] begum: Ignore that.
[22:34:37] humey36: reperform sample testing on his work
[22:34:38] begum: His work should have been checked at the time anyway. Who signed as his
senior?
[22:34:57] babar2012: what if ---alex was joking ! a possibility - cant rule that out too !
[22:34:59] humey36: Alex should have signed and then been signed by a superior
[22:35:14] babar2012: {humey36} agree
[22:35:24] begum: Overall quality control needs to be reviewed within the organisation. Staff
shouldnt just be able to do these and get away with it!
[22:35:39] bebeli: maybe not enough staffs to carry out supervision
[22:36:06] begum: {bebeli} then the org'n needs to take a hard look at itself :-)
[22:36:09] akinola: carry out cold review on all his work
[22:36:14] babar2012: otherwise it would show a shortcoming in the QC of the firm; or the person
reviewing his was not trained enough to spot it if there were; .e.g Alex ticked something that in
reality should / cannot be TICKED !!
[22:36:20] humey36: brings into doubt alex's previous assignments
[22:36:25] bebeli: {begum} :)
[22:37:09] amanda7787: whoever checked his work should have spotted inconsistencies.
[22:37:19] fatina: We need to write to his new employer and tell all this
[22:37:22] babar2012: therefore the firm needs to ensure the seniors're properly trained so that
they spot these kinda situations & the audit is done inline with ISQC 1 - ISA 220 ;
[22:37:28] bebeli: Kurt is in a better place to replace alex
[22:37:39] begum: what happens if they find that there were material mistatements that were
missed?
[22:37:52] humey36: he's in a more senior position that alex was?
[22:37:59] begum: Inform management, re-issue auditor report?
[22:38:03] babar2012: {amanda7787} :yes:
[22:38:16] babar2012: DONE
[22:38:19] babar2012: <===>
[22:38:22] babar2012: Part - i
[22:38:46] babar2012: familiarity threa; RE Xavier ?
[22:38:54] fatina: yes
[22:38:58] humey36: FD of Almond could be accused of intimidation
[22:39:00] fatina: also pressure
[22:39:02] begum: totally!
[22:39:11] humey36: he is stating who can and cannot be present for the audit
[22:39:26] babar2012: can FD choose staff explicitly ?
[22:39:33] babar2012: asking for xavier
[22:39:34] humey36: no
[22:39:37] begum: No he certainly cant!
[22:39:40] Corettamc: no
[22:39:46] humey36: intimidation
[22:39:50] begum: Auditor should be telling him in no uncertain terms that he cant
[22:39:51] babar2012: whats prof issue here ?
[22:40:02] begum: Self interest
[22:40:18] begum: Intimidation
[22:40:42] fatina: {begum} I think these are ethical issues, are they
[22:40:45] amanda7787: it should be mentioned in the engagement letter - it is up to the auditors
to decide on the team based on relevant experience for the particular assignment
[22:40:56] begum: yes they are sorry getting too excited :-)
[22:41:15] humey36: rotation of xavier may be necessary
[22:41:22] akinola: should inform FD that the firm has rotaion policy in placee and that all staff have
been well trained and competent to do the audit
[22:41:32] begum: {akinola} agreed!
[22:42:03] begum: Also need to speak to Xavier and see what is going on and remind him of his
duties too!
[22:42:11] babar2012: what about Xavier's exp of this client is that useful to exploit by the firm;
should we keep him on this audit or let him go else where? what the best solution ?
[22:42:11] bebeli: increase in fee if trainees are not preferred
[22:43:52] fatina: yea, also tell the client that if we use the higher that trainees grade for certin
rutine work it will cost him much more
[22:43:52] humey36: is he in receipt of hospitality/gifts
[22:43:52] bebeli: we could keep him on the audit to train junior staffs
[22:43:52] babar2012: +
[22:43:52] babar2012: what about his role ?
[22:43:59] --------------------------Paper P7-------------------------[22:44:08] babar2012: to < ethical threats
[22:44:19] babar2012: e.g.
[22:44:19] akinola: agreed
[22:44:19] babar2012: familiarity ..
[22:44:32] begum: I think Ive done the ethical ones :d
[22:44:40] babar2012: you've indeed..
[22:44:48] humey36: me too...
[22:45:11] azramalik2009: self interst threat also perhaps
[22:45:17] babar2012: {amanda7787} {bebeli} {fatina} {akinola} {babar2012} {humey36} weldone ...
[22:45:17] fatina: let's move to the last one?
[22:45:28] begum: {fatina} Q3?
[22:45:30] babar2012: Q5 DONE
[22:45:34] fatina: {babar2012} thank you! YOU TOO!
[22:45:40] babar2012: <=======================>
[22:45:47] babar2012: we've done 4 Q 's tonight !!!
[22:45:52] babar2012: +
[22:45:58] babar2012: we did some TOPIC revision:
[22:46:02] babar2012: & now
[22:46:19] babar2012: we can review the examiner's report for JUNE 2011 ? ? ? ? ?
[22:46:32] babar2012: & establish out exam strategy ?
[22:46:35] babar2012: anyone up for it ?
[22:46:38] azramalik2009: Can you go over the topic revision as I just jointed
[22:47:08] begum: I am suffering with sore throat so off to bed. Catch you guys tomorrow at 7pm!
[22:47:08] amanda7787: {babar2012} yep
[22:47:20] babar2012: plz find the link :( anyone
[22:47:26] babar2012: i am exhausted ..
[22:47:36] babar2012: link to report ...june11
[22:47:48] babar2012: {azramalik2009} ok
[22:47:53] amanda7787:
http://www.acca.co.uk/pubs/students/acca/exams/p7/reports/0611_p7.pdf
[22:48:35] babar2012: plz read the report - 7 mins & brb to discuss the CORE / attention areas;
[22:48:56] babar2012: {azramalik2009} please wait i'll reply to you .....
[22:49:45] bebeli: {begum} was nice having on, make sure u dnt laugh ur assurance out u will be
needing it on monday nyte nyte
[22:49:45] bebeli: u*
[22:50:08] azramalik2009: I am still here
[22:50:11] amanda7787: lol, illegible handwriting
[22:53:25] azramalik2009: Has everyone gone?
[22:54:29] babar2012: {azramalik2009} no, we're reading the examiner's report for June2011 paper
[22:55:00] babar2012: {amanda7787} :yes:
[22:55:34] babar2012: audit risks were ignored by students.....got acrried away with bus risks. .
[22:56:34] maysoon: if we r asked to do financial statement risk ,do we have to ignore detection risk
?
[22:56:35] amanda7787: quality and not the quantity is important, long vague discussions may not
earn a single mark unfortunately
[22:57:17] babar2012: true--- + no need to show off your a/c stnds knowledge as such ;
[22:57:31] fatina: seems that she has forgotten that she gave us only 3 hours for 4 big Qs
[22:57:44] babar2012: but try to relate them in a more precise / exact way
[22:58:45] amanda7787: I always get stressed out just after the first 15 minutes, when the clock
starts, I have a feeling I'm the only still reading the question. However, understanding the question
and the requirements is vital.
[22:58:59] babar2012: Again, some candidates continued their obsession with going concern
matters here, discussing at length whether it was the right decision to sell off the business segment,
and advising management to reconsider.
[22:59:06] babar2012: lol @ obsession
[23:00:12] amanda7787: identifying the issues will not earn a mark without explaing them,
surprising though...
[23:01:22] babar2012: ok - i've said this before
[23:01:32] babar2012: n some people thought i was inventing
[23:01:36] babar2012: read this now
[23:01:36] maysoon: {babar2012} i love going concern i keep wrting stuff about it in exams it makes
me feel i know so much
[23:01:38] babar2012: Finally, there were 2 professional marks available for requirement (a). The
majority of candidates attempted to achieve these marks by using an appropriate format but often
no conclusion was provided.
[23:02:09] babar2012: so remmeber to ADD one i.e. conclusion !! i usuall LOVE conclusions !!
[23:02:22] babar2012: the only reason i passed p2 las time was i did conclusions
[23:02:28] babar2012: {maysoon} oh dear .....
[23:02:34] maysoon: loool
[23:03:07] babar2012: so to claim prof marks ,,,we not only do the right format
[23:03:08] babar2012: but
[23:03:12] babar2012: also conclusion!!
[23:03:18] babar2012: remember that !
[23:03:42] azramalik2009: Will do
[23:03:43] fatina: what should we put there?
[23:04:06] fatina: that the client has high ROSM?
[23:04:12] babar2012: did you notice something in this report itself;
[23:04:18] babar2012: i.e.
[23:04:20] babar2012: CONCLUSION
[23:04:25] fatina: yes yes
[23:04:29] babar2012: this tells us something
[23:04:34] bebeli: {fatina} ROSM ?? wats dat plz
[23:04:35] babar2012: her love with conclusion
[23:04:54] fatina: Risk of Significant misstatement
[23:05:08] bebeli: {fatina} thanks
[23:05:42] azramalik2009: do you have any other mnemonics to remember?
[23:05:59] maysoon: what is the difference in the formate between report and briefing notes?
[23:06:18] babar2012: well in the conclusion@: just throw light on the overall situation in a prof
manner being very attentive to the overall situation in hand & try to reach a particular view point;
[23:06:28] fatina: {maysoon} seems to be nothing
[23:06:30] babar2012: conclusion shows the examiner that you're able to think as prob solver
[23:06:46] babar2012: you can apply academic knowledge & are able to make viable decisions
[23:06:47] babar2012: etc
[23:07:04] maysoon: {fatina} ok
[23:07:14] bebeli: {maysoon} briefing notes to Engagement partner is difft from briefing notes for a
palnning meeting...i think
[23:07:28] fatina: {bebeli} LOL
[23:07:34] maysoon: {bebeli} :(
[23:07:43] fatina: The last one can be illustrated :^)))
[23:07:47] bebeli: lol...
[23:07:48] babar2012: Memo, Briefing Notes, Report ====== conclusion or not ?
[23:07:56] fatina: Memo not
[23:08:18] fatina: what is the format of memo by the way?
[23:08:23] azramalik2009: Report conclusion
[23:08:24] amanda7787: as now I read this report, I started panicking...already :(
[23:08:40] maysoon: {amanda7787} same here :(
[23:08:41] bebeli: Used for planning.... Briefing nots, subject, intro n babar's conclusion
[23:08:57] bebeli: then for Partner
[23:09:03] fatina: {azramalik2009} yea, because she always critisizes...
[23:09:12] fatina: oops that was for AMANDA
[23:09:20] bebeli: To, from , subject, intro conclusion read dat online
[23:09:38] fatina: {bebeli} is it about memo?
[23:09:59] azramalik2009: what about date?
[23:10:23] azramalik2009: i mean for date on briefing notes
[23:10:39] amanda7787: who's sitting the UK variant?
[23:10:42] bebeli: {azramalik2009} ermmm, dunno :)
[23:10:50] azramalik2009: I am
[23:11:04] humey36: I am
[23:11:26] babar2012: so what did you learn from this report ?????????????????
[23:11:52] azramalik2009: not very good attempt?
[23:12:16] bebeli: Conclusion, neat presentation, quality ansa, no scatter gun approach
[23:12:28] amanda7787: {humey36} {azramalik2009} what areas apart from matters of insolvency
are examinable for UK variant. I read an examiner's report that insolvency will not be examined in
each seating - what is left then. there will be a separate requirement worth about 7 marks...
[23:12:39] humey36: i need to bribe the examiner to pass!!!
[23:12:48] azramalik2009: (babar2012) Can you recommend any good tips
[23:12:49] bebeli: {humey36} lol ...
[23:13:25] amanda7787: {azramalik2009} {humey36} forgot to mention above - also, the only
difference between the UK and INT variant is meant to be insolvency
[23:13:28] bebeli: 7am, need some rest...thanks guys, hopefully will b on tomorrow, all the best *
waving at y'aill
[23:13:32] sqgilani: tip : dont take it too seriously , just relax
[23:13:57] azramalik2009: Report format.. I was told that there is a paragraph in UK which is
different to International.
[23:14:16] babar2012: {azramalik2009} TIPS:
[23:14:27] amanda7787: {azramalik2009} do you remember them?
[23:15:20] babar2012: Quality control, Forensic / Money laundering, Planning / Evidence, Ethics,
Reporting
[23:15:59] sqgilani: Evidence, Ethics, Reporting , obv
[23:16:56] amanda7787: are the Open Tuition tips available at all?
[23:17:00] babar2012: {azramalik2009} http://opentuition.com/acca/acca-exam-tips-december2011-exams/
[23:17:04] azramalik2009: As I have not done P2 and have jumped the gun, I cant remember how to
write about audit procedures and audit evidence
[23:17:25] babar2012: oh dear ----> p2 is vital to pass p7
[23:17:38] azramalik2009: Thats what I have been told now.
[23:17:41] babar2012: but dont worry ----- still manageable
[23:17:48] babar2012: know your financial reporting
[23:17:53] babar2012: stick to basics
[23:18:00] babar2012: Accounting assertions
[23:18:03] babar2012: ACCA COVER
[23:18:07] babar2012: remember that
[23:18:12] babar2012: n you;ll be fine !
[23:18:34] humey36: thanks for your tips, i also haven't done P2!
[23:18:51] babar2012: Tips for ACCA P7 Advanced Audit and Assurance (INT)
q1 reply to an email from a partner about a new audit assignment /
assurance engagement planning exercise – maybe where there was a suspicionof fraud last year and
a change in management
[23:19:18] babar2012: what's Assurance engagement ????????
[23:19:37] azramalik2009: when you take on an audit
[23:19:39] babar2012: is it when client is thinking to acquire a SUB ; is it ?
[23:19:46] babar2012: oops
[23:19:51] babar2012: i got mixed up
[23:19:53] babar2012: :(
[23:19:55] amanda7787: {babar2012} do you know the ACCA COVER?
[23:20:00] babar2012: yea i do
[23:20:03] babar2012: Accurancy
[23:20:06] babar2012: completeness
[23:20:07] babar2012: cut off
[23:20:10] babar2012: valuation
[23:20:14] babar2012: classification
[23:20:18] babar2012: what else
[23:20:33] babar2012: let me think
[23:20:37] amanda7787: verification, reliance
[23:20:38] akinola: allocation
[23:20:42] babar2012: yea
[23:20:47] akinola: right and obligation
[23:20:57] amanda7787: thank you
[23:21:00] babar2012: now tel me the ones you would use for Assets / liab ? SPECIFICALLY
[23:21:05] akinola: occurence
[23:21:07] humey36: Existence
[23:21:11] akinola: existence
[23:21:11] babar2012: - valuation ,
[23:21:18] babar2012: yup
[23:21:22] babar2012: & how to check existence ?
[23:21:27] babar2012: physically?
[23:22:05] akinola: existence is for account balance - mainly tangible assets
[23:22:16] babar2012: ok - i got a question to ask !!!!!!!!!!!!!!!!!
[23:22:19] akinola: occurence is for transactions
[23:22:23] babar2012: tell me if you guys agree ........
[23:22:25] babar2012: see
[23:22:34] babar2012: when we do prepare accounts practically
[23:22:41] babar2012: we got rules of Dr/Cr agree ?
[23:22:44] babar2012: agre ?????????//
[23:22:49] humey36: yeah
[23:22:51] babar2012: so
[23:22:58] babar2012: when we do auditing;
[23:23:02] babar2012: &
[23:23:24] babar2012: if we knew ACCA COVER cant we or shouldnt we be able to audit anything
really ?
[23:23:58] babar2012: cant we use ACCA COVER as our framework in the exam
[23:24:01] sqgilani: :yes:
[23:24:04] babar2012: n get away
[23:24:10] amanda7787: agreed
[23:24:14] sqgilani: :yes:
[23:24:16] babar2012: i think we can ...
[23:24:20] sqgilani: :no:
[23:24:24] babar2012: lolzz
[23:24:30] babar2012: prove it please
[23:24:43] babar2012: lets hear it from from the experts ...............:(
[23:25:11] sqgilani: you can use anyth to pass
[23:25:23] azramalik2009: such as
[23:25:30] humey36: the textbook....
[23:25:43] azramalik2009: too much to read and not enough time
[23:25:57] humey36: no, i meant in the exam...
[23:26:22] humey36: only joking, i wish lol
[23:26:47] azramalik2009: probably take 3 hours to find the answers to the questions lol
[23:26:57] humey36: yeah
[23:27:30] azramalik2009: can i review any of your questions that you did earlier somehow from
here
[23:27:55] amanda7787: if we have the time tomorrow, shall we read the latest technical artical re
"Completing the Audit"
[23:27:56] babar2012: lets now review the TIPS guys
[23:28:07] babar2012: & see if we're ready for this exam ...
[23:28:19] babar2012: http://opentuition.com/acca/acca-exam-tips-december-2011-exams/
[23:28:45] babar2012: {amanda7787} i got a last session in place on saturday @ 12 pm UK time
[23:28:57] babar2012: you could even use that for articles / Q&A
[23:29:10] amanda7787: {babar2012} good!
[23:29:24] babar2012: but effectively tomorrow is a FINAL SHOW
[23:29:30] babar2012: after tomorrow
[23:29:40] babar2012: once should be 10001%ready !!!
[23:29:46] babar2012: *one
[23:30:07] babar2012: ok as per TIPS: we've covered Q1
[23:30:20] babar2012: Q 2 as well
[23:31:12] babar2012: Make sure to read Lisa’s article from October 2011 student Accountant about
“Completing the audit”