BPP Tips - Paper 3.1 - Dec06
<p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-outline-level: 1;"><b><span style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: Arial; mso-font-kerning: 18.0pt;">Paper 3.1i Exam Tips<p></p></span></b></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><b><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">ACCA Paper 3.1 (Global)<br/>Audit and Assurance Services<br/>December 2006 Exam Tips</span></b><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Suggested practice questions from the BPP Practice and Revision Kit (2006 edition) are shown after the relevant area. We recommend you tackle all of them to get broad syllabus coverage.<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><b><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Section A</span></b><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><b><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Questions 1 and 2</span></b><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><br/> <p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Scenario questions in the context of audit risk/business risk/financial statement risk.<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">May also include:<p></p></span></p><p></p><p></p><ul type="disc"><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Control suggestion and/or evaluation <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Audit evidence on Paper 2.5 accounting areas (see also Q3 suggestions) <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Group audit issues (including audit work on fair values) <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Planning/practice management/quality control issues <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Assurance services, e.g. performance measurement or prospective financial information <p></p></span></li></ul><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">2006 P&R Kit Questions: </span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">10 Azure, 17 Signet, 22 Alakazam, 26 Hydasports, 47 Ferry, 55 Imperiol, Mock Exam 1 Q2 (Plaza)<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Question 3</span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Audit evidence. Comment on the matters you would consider and the audit evidence you would expect to find as audit manager conducting a review of audit files.<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Likely to be several scenarios covering various Paper 2.5 level accounting standards, e.g:<p></p></span></p><p></p><p></p><ul type="disc"><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Events after the balance sheet date <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Provisions <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Impairments <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Earnings per share <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Segment information <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Related party disclosures <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Deferred tax <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Discontinued operations <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Standard costing <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Intangible assets <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Revenue recognition <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Borrowing costs <p></p></span></li></ul><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">2006 P&R Kit Questions: </span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">33 <place wst="on"></place><city wst="on"></city>Phoenix<city></city><place></place>, 34 Aspersion, 35 Visean, 40 Verdi, 42 Data<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><p></p></span></p><p></p><p></p> <span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span><strong>Section B<p></p></strong></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Question 4</span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Part (a): Any syllabus area. Part (b): A related question on reporting.<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">2006 P&R Kit Questions: </span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">59 Delphinius,60 Avid, 61 Cinnabar Group, 65 Kite Associates<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Question 5</span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Ethics, professional and quality control issues scenario question.<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">2006 P&R Kit Questions: </span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">3 Aventura International, 4 Corundum, 5 Isthmus, 9 Ebony<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><br clear="all" style="mso-special-character: line-break;"/></span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Question 6</span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"><p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Discussion question on current issues, e.g:<p></p></span></p><p></p><p></p><ul type="disc"><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Fraud and auditor liability <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">International convergence <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Audit exemption for small companies <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Risk-based auditing <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Related parties <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Corporate governance <p></p></span></li><li class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">Laws and regulations <p></p></span></li></ul><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">The discussion question often covers a scenario on a topic where the examiner has written an article in your <i>Student Accountant</i> magazine in the months prior to the exam. You should check the magazine/ACCA website for new articles in the months leading up to your exam.<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">2006 P&R Kit Questions: </span></i><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;">1 Assurance provision, 15 Fraud and error, 18 Audit failures, 19 Convergence, 50 E-commerce, 58 Environmental issues<p></p></span></p><p></p><p></p><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"></p></span><p class="MsoNormal" align="left" style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;"><b><span style="FONT-SIZE: 7pt; FONT-FAMILY: Arial; mso-font-kerning: 0pt;"></span></b></p>页:
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