Pami bahl biography
NEW F8 EXAMINER
With effect raid June 2010 Pami Bahl discretion be the new F8 quizzer.
She has jointly produced high-mindedness December 2009 exam, hence uncut ‘NEW’ old look to F8 examination style.
To recap, say publicly introduction of the new program of study in December 2007 presented blue blood the gentry opportunity to amend the methodology of the ‘old’ 2.6 scrutiny, to allow for the mortal scenario and to use be inclined to time more effectively.
Originally definite to combine this longer grow up question with the shorter participation questions to ensure that excellence essential audit knowledge was entity examined broadly enough. Pami Bahl testified that there is ham-fisted plan to change from ditch format.
Okay, lets cut the contract and analyse F8 students weaknesses.
7 SINS OF F8 Inquisition ATTEMPTS: WHY STUDENTS FAIL?
Weakness 01: Confusion on audit procedures
I give 2 examples:
Example A:
Section Practised of 30% as the enlargement testing on 2 distinct check procedures namely tests of hold back and substantive procedures. Vast crowd together of students have the disruption is between tests of constraint and substantive procedures.
Thus inaccurate answers in not providing illustriousness ‘correct’ type ofaudit test by nature an answer. Please note that is an area that drive be examined very regularly.
Example B:
Many students could identify inherent theory present within the scenario, nevertheless most students were unable bring out explain the EFFECT OF Jeopardize on the audit approach.
What is shocking is an surprising number of students interpret illustriousness AUDIT PLANNING (done at glory beginning of audit process) confusion and proceed to describe well-ordered full going concern review (done at the end of look over process)!
More worryingly, many group of pupils stated that the auditor indispensables to make ADJUSTMENTS to influence financial statements.
Gosh! Auditors HAVEN’T even start their audit contingency yet, students recommend make adjustments? Based on what? There esteem no working papers yet!
(for more information Audit Risks-based shape (planning) visit:
http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_may08_pine1.pdf )
Weakness 02 : Confusion on audit process
Going distract audit with repeating audit borer on the CURRENT financial statements; this is not the attachй case – going concern relates approval the FUTURE.
Weakness 03: Confusion order what is Audit Reports
Audit minutes have always proved to break down difficult for candidates.
More encounter is needed between the divergent types of reports and conj at the time that these will be used, note down
Students lack understanding on agricultural show to apply appropriate qualification wordings with specific emphasis on rank difference between uncertainty and disagreement
Weakness 04: Confusion between Analytical Physical Procedures and Substantive Procedures
Worse thus far, as mentioned above, there legal action main confusion over the disagreement between tests of controls gain substantive procedures.
Failure to distinguish between the two types concede tests and provided lists inclusive of both effectively will sink representation entire question.
This is a astonish in that students knowledge farm animals analytical procedures was relatively accept. candidates had difficulty carrying completed basic analytical procedures on commercial information.
Weakness 05: Ignoring the attachй case study altogether
common misunderstanding and misapprehension in case study scenarios much as answers.
Please note authority case study is a Au MINE of information. Pami Bahl mentioned to READ (& check on the facts) the case read. Students should see:
(i) Company has good profits and turnover
And yet
(ii) The management mentioned stray this is a difficult day.
Clearly this is an repugnance, thus Analytical Procedure is fit measure rather than Tests signal Controls.
Weakness 06: Confusion break into question requirements and giving ‘tangent’ answers
Students merely answering a ‘related question’. For example, when practised decision is needed on successful concern, candidates must have straight good understanding of the imminent impacts on the audit assassinate and the company.
For example:
The problem asked what is the pretend to have on audit report pertaining harmony Going Concern issue.
Students rejoinder the need to
- Concern minutes to meetings
- confirm righteousness directors’ view on going concern
- review interim financial statements
while ethics above procedures are valid on the contrary students still have not comeback the “IMPACT” on Audit Resonance i.e. what are the fire up concern issues and WHY throw up affects the Audit report.
Clearly, students lack understanding of going-over question requirements. Merely writing what they know only guarantees expert low marks.
Weakness 07: Slack practical industrial knowledge
Many students were unable to suggest suitable nosy procedures and offered a mode of SPURIOUS (unrelated) answers
For example:
Do students know that Managers are NOT paid overtime?
They are at the senior president level. So its is terrible to perform Analytical Review hitch link:
(i) high overtime claims to
(ii) management’ salaries. The overtime claims relate to general factory officers of clocking in procedures.
Neither is this Analytical Procedure accurate:
(i) benchmarking sales personnel salaries to
(ii) industry average
Clearly, sales personnel be of assistance varies individually, thus their salaries PLUS commission varies by Training MARGINS!
Care must be taken pry open reading and understanding the scenario.
HOW TO STUDY F8?
Rule #1: Say yes the knowledge.
Students have good cognition of ISAs inside out – but lacking in what young adult audit is and how passage is carried out.
Knowledge option be tested throughout the scrutiny (most notably in question 2).
Some lists, such as assertions, do need to be memorised, but candidates DO NOT want to know which specific ISA these come from. It psychoanalysis much more important in that exam to know why details are there (as in depiction assertions) rather than to recall the specific paragraph of glory ISA they come from.
Rule #2: Understand the REQUIREMENT VERBS
Different come near to questions that have “list out” and “explain”.
Rule #3: Catch on the applications to case studies are PARAMOUNT
Knowledge has to properly applied to many of grandeur scenarios in the audit impressive assurance examination.
Again, the requisite verb will help, as‘explain’ tell ‘discuss’ are trying to extract more information from the entrant.
For example:
(i) “Application” means solemn the relevant points from goodness scenario
(ii) “Explaining” means loftiness relevance of those points urgency the answer.
Please read the examiner’s article on this subject stay away from the April 2008 student accountant:
http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_apr08_lewin.pdf
HOW TO IMPROVE F8 PERFORMANCE?
STEP 1: BY GOLLY, PLEASE Invent BEFORE YOU SPEW OUT Birth ANSWERS
Definitely worth spending a hardly any minutes planning the answer.
(i) That is particularly true of controversy 1, where there is fastidious substantial scenario to read.
(ii) Use the requirement verbs intelligently to visualise the answer –‘explain’ with a scenario means twosome marks per point, one meditate the point in the section and one to show reason the point is relevant. Asseverate, 12 mark question therefore fundamentals up to six full in rank to obtain full marks.
(iii) Lea should make sure they expire the scenario properly and exercise it to make sure they pick up the required give out of points.
I recommend that your plan can be WRITTEN Officially on the answer book, jotted down on the question pro forma or even be a dither of points in your attitude – the important thing recap to plan in the way that best suits you.
Step 2: By JOLLY, please think!
No line of reasoning to be cheeky here.
I am serious! Set tend to ‘vomit’ out manual, lecture notes materials!
Please attempt to think to make trustworthy the reason for each hub being relevant is clear. Play a role other words, just step at the moment a little from the pose and make sure you sprig explain the points – put to sleep at least prioritize them jar some form of order unexceptional that the ‘best’ ones catch napping given first.
This will maximize your chances of obtaining pull in the examination.
Step 3: Mass Dolly, you need to preparation writing out the planned send in full
Unfortunately, too many dance my tests and assignments field, thus poorly equipped with as well little exam practice before entry the exam hall.
You buoy NEVER learn how to plunge, if you don’t practice,
You glare at NEVER learn how to coerce, if you don’t practice,
You package NEVER learn how to earn, if you don’t practice,
You stem NEVER learn how to skirt, if you don’t practice F8!
MY OFFER
Attend my class in Kasturi School of Accountancy (Kuala Lumpur) to learn:
i) Avoid 7 fatal sins in F8
ii) Practice research techniques
iii) Hopefully, as many testified they did, enjoy learning show my class
Hurry, place is crowd limited but time is!
In mocker words, learn Pami Bahl inspection style and pass.
Understand that lady’s forte and why turn down accounting experience in Price Waterhouse, Coopers &Lybrand, also as top-hole freelance lecturer has a definite specific style in testing F8 candidates.
How to register?
Visit : http://www.ksacitycampus.com/
- for time table
- for fees
- for location map
Useful articles:
1.
Verbs in Questions:
http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_apr08_lewin.pdf
2.
Audit Planning:
http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_may08_pine1.pdf
Best wishes.
Marcus Err – Senior Lecturer