ACCA: Technical articles: Recent Episodes
ACCA Student Podcasts
This topic is covered in the Strategic Business Leader syllabus. The purpose of this podcast is to introduce this topic and give some pointers as to what the important themes are in terms of teaching and learning.
This two-part podcast aims to give clarity on the level of response that is required in a APM answer. It will address a specific past exam question that caused considerable difficulty in the March 2021 session. This episode follows on from the first part, which gave examples of weak answers, and this one will discuss two possible pass standard solutions to this question.
This two-part podcast aims to give clarity on the level of response that is required in a APM answer. It will address a specific past exam question that caused considerable difficulty in the March 2021 session. This part will present and discuss two possible poor solutions to this question.
This podcast focuses on assertions as identified by ISA 315 (Revised 2019) and also provides useful guidance to candidates on how to tackle questions dealing with these.
The board of directors forms one of the pillars of a robust corporate governance framework. Recent academic literature suggests that one of the ways to enhance corporate governance, arguably, is to diversify the board and this is included in the Strategic Business Leader syllabus. This podcast explores the concept of board diversity and how it may benefit the organisation, as well as the possible costs of board diversity and the current regulatory initiatives that apply to it.
In 2013, the International Integrated Reporting Council (IIRC) released the first version of its framework for integrated reporting. The framework established principles and concepts that govern the overall content of an integrated report. This podcast explores the content, uses and impact of the integrated report framework.
This two-part podcast aims to give clarity on the level of response that is required in an APM answer. It will address a specific past exam question that caused considerable difficulty in the March 2021 session. The first part of this podcast gave examples of weak answers, and this one will discuss two possible pass standard solutions to this question. Before listening, it is essential to have read the scenario and requirement for Question 1, part (b) (i) of the March 2021 APM exam and it will be helpful to keep these to hand.
This two-part podcast aims to give clarity on the level of response that is required in an APM answer. It will address a specific past exam question that caused considerable difficulty in the March 2021 session. This part will present and discuss two possible poor solutions to this question. Before listening, it is essential to have read the scenario and requirement for Question 1 part (b)(i) of the March 2021 APM exam and it will be helpful to keep these to hand.
Public sector governance is covered in the Strategic Business Leader syllabus. The purpose of this podcast is to introduce this topic and give some pointers as to what the important themes are in terms of teaching and learning. It explores agency in the public sector, forms of organisation, political influence and stakeholders.
In 2013, the International Integrated Reporting Council (IIRC) released the first version of its framework for integrated reporting. The framework established principles and concepts that govern the overall content of an integrated report. This podcast examines the framework in detail, including the key components of an integrated report and its focus on relationships with stakeholders.
The board of directors forms one of the pillars of a robust corporate governance framework. Recent academic literature suggests that one of the ways to enhance corporate governance is to diversify the board and this is included in the Strategic Business Leader syllabus. This podcast attempts to elaborate on this topic by first introducing the concept of board diversity and how it may benefit the organisation, followed by a discussion of the possible costs of board diversity and a comment on the current regulatory initiatives of board diversity.
Learning outcome F4c of the Financial Management (FM) syllabus is as follows: Describe the significance of investor speculation and the explanations of investor decisions offered by behavioural finance. The learning outcome is at intellectual level 1, meaning that knowledge and comprehension of this topic is required. This podcast briefly looks at what behavioural finance is and some important terms related to behavioural finance which students should know.
IAS® 38 Intangible Assets is one of the key standards in the Financial Reporting (FR) exam, covering how companies should account for intangible assets. This standard can be examined in all sections of the exam. A well-prepared candidate needs to be able to understand and explain the key principles of the standard, in addition to preparing calculations.
The audit of group financial statements is an area frequently examined in the Advanced Audit and Assurance examination. It can be tested at any stage of the audit cycle and therefore in any section of the examination. It is important that candidates are able to identify risks arising from aspects of group audits and the responsibility of auditors in this regard. This podcast focuses on the key areas of group audit, highlighting sections of ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Candidates should be familiar with the standard prior to sitting the Advanced Audit and Assurance exam.
‘Relevant costs’ can be defined as any cost relevant to a decision. A matter is relevant if there is a change in cash flow that is caused by the decision. This podcast looks at the different kinds of costs that can be considered as either relevant or irrelevant, and then considers some specific examples that might be found in an exam question.
This podcast is relevant to Foundations in Audit (FAU) and Audit and Assurance (AA). It focuses on assertions as identified by ISA 315 (Revised) and also provides useful guidance to candidates on how to tackle questions dealing with these.
This podcast explores the three "V"s of big data: Velocity, Variety and Volume. It also looks at the processing and analysing of big data, as well as the dangers and risks.
Islamic finance rests on the application of Islamic law, or Shariah, whose primary sources are the Qur'an and the sayings and practice of the Prophet Muhammad. Shariah, and very much in the context of Islamic finance, emphasises justice and partnership. The ACCA Financial Management syllabus contains a section on Islamic finance (Section E3). This podcast explores the main tenets of Islamic finance and how it applies in a contemporary business world.
Understanding the business model of an entity is helpful in analysing and communicating the essence of a business and for predicting the implications of a change in circumstance on a business. Strategic Business Reporting (SBR) candidates should use this technique to improve their answers to SBR questions and this podcast should help them to do this.
There are many issues that accountants may encounter in practice for which no accounting standard currently exists; one example is cryptocurrencies. For example, as no accounting standard currently exists to explain how cryptocurrency should be accounted for, accountants have no alternative but to refer to existing accounting standards. This podcast demonstrates to Strategic Business Reporting (SBR) candidates how this can be done using cryptocurrencies as an example.
The Sustainable Development Goals are 17 goals tackling major world issues agreed by 193 UN member states to be achieved by 2030. In this podcast we look at what the goals are and how they can provide insights for companies into how to create economic, social and environmental value for their investors and other stakeholders.
This podcast provides some insight into the matters that need to be considered by auditors when engaged to provide the external audit service to a client operating in a specialised industry.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations replaced the Money Laundering Regulations 2007 with updated provisions that implement in part the EU Fourth Money Laundering Directive, which in turn applied the latest Financial Action Task Force (FATF) standards. This podcast will look at the changes introduced by the new regulations.
There are a number of possible criminal offences relating to tax evasion. Some of these are statutory and others are covered by the common law. This podcast provides an overview of the measures introduced by the Criminal Finances Act 2017.
Failing an exam can feel like the worst thing in the world – how do you pick yourself back up? Understand what went wrong so you pass next time. Here are some tips for moving forward with a positive mindset.
The purpose of this podcast is to give candidates an insight into the thinking of the SBR examining team when setting Section B of the SBR exam. It particularly relates to questions 3 and 4 of the SBR exam and further reflects on the specific skills and qualities that accountants are required to have in the work place.
Learning outcome F4c of the Financial Management syllabus is as follows: Describe the significance of investor speculation and the explanations of investor decisions offered by behavioural finance. This podcast briefly looks at what behavioural finance is and some important terms related to behavioural finance which students should know.
The Financial Reporting exam aims to develop knowledge and skills in the understanding and application of accounting standards and the conceptual and regulatory frameworks of accounting to the preparation of financial statements of single and group entities. This podcast looks at the format and structure of the exam, and the aspects of the syllabus that may be examined.
This series provides some helpful tips on how to complete the ACCA practical experience requirement. Training others on an area of work could help you towards achieving performance objective 5, Leadership and Management. In this podcast we look at the best ways to train a colleague.
This series provides some helpful tips on how to complete the ACCA practical experience requirement. Demonstrating collaboration and teamworking skills could help you towards achieving performance objective 5, Leadership and Management. In this podcast we look at the best ways of working effectively with colleagues and explore the potential pitfalls to be aware of.
This series provides some helpful tips on how to complete the ACCA practical experience requirement. Displaying effective networking skills could help you towards achieving performance objective 2, Stakeholder Relationship Management. In this podcast we look at the dos and don'ts of networking at conferences, and how you can make the most out of attending an event.
A key part of the Financial Reporting exam is the ability to analyse a set of financial statements. The statement of cash flows is one of the primary financial statements, and Financial Reporting candidates must be able to explain the performance of an entity based on all of the financial statements including the cash flows given. This podcast explores how candidates can understand the different sections of the statement and analyse the implications for the business.
Transaction costs occur whenever a good or service is transferred from a provider to a user. This podcast looks at transaction cost theory and how it can be used to maximise shareholder profit within organisations.
This two-part podcast is relevant to candidates preparing for the P6 (MYS), Advanced Taxation exam, and is based on the prevailing laws as at 31 March 2017. It collates and discusses the provisions in the Income Tax Act 1967 and the Real Property Gains Tax Act 1976 relating to tax administration. Part 2 deals with powers of the director general, liabilities of a director, responsibilities as a payer/acquirer, statutory time bar, advance/private rulings, and tax audits and investigations.
This two-part podcast is relevant to candidates preparing for the P6 (MYS), Advanced Taxation exam, and is based on the prevailing laws as at 31 March 2017. It collates and discusses the provisions in the Income Tax Act 1967 and the Real Property Gains Tax Act 1976 relating to tax administration. Part 1 deals with responsibilities as a taxpayer, responsibilities as an employer, and rights of a taxpayer.
The idea behind business rescue proceedings is to restore a company to a profitable entity or, if that is not possible, to secure a better return for the creditors, and to avoid liquidation. This podcast considers the meaning of business rescue and provides some recent interesting cases on business rescue proceedings.
The completion stage of the audit is when the auditor reviews the work performed and considers the implications for the auditor’s report. A crucial part of this review is the evaluation of misstatements found during the audit. This podcast discusses the requirements of ISA 450, Evaluation of Misstatements Identified during the Audit, and provides some examples of the application of the ISA in the context of the Advanced Audit and Assurance exam.
In order to meet the objective of financial reporting, information provided by a particular measurement basis must be useful to users of financial statements. A measurement basis achieves this if the information is relevant and faithfully represents what it essentially is supposed to represent. In addition, the measurement basis needs to provide information that is comparable, verifiable, timely and understandable.
Clive Webb, Senior Professional Insights Manager, ACCA, gives an overview of ACCA’s latest report examining the opportunities technology presents finance. "The Race for Relevance" identifies the key steps required for an implementation programme and throws a spotlight on six key technologies: cloud, cyber, social media, analytics, robotic process automation (RPA) and artificial intelligence (AI).
The aim of P6 (UK) is to ensure that candidates can provide individuals and businesses with the information and advice they require regarding the impact that the major UK taxes may have on their financial decisions and situations. P6 (UK) is directly underpinned by F6 (UK). Knowledge and understanding of the technical content of F6 (UK) is, therefore, vital if candidates are to be successful at P6 (UK).
This podcast is relevant for all candidates preparing to sit the P6 (UK) exam. It is one of a series of five short podcasts on exam technique. The more questions you practise, the more confident you will be that you have an approach that works for you and the better you will perform in the exam. You will also become more familiar with the way in which information is presented in exam-standard questions and the sort of tasks you will be expected to perform.
This podcast is relevant for all candidates preparing to sit the P6 (UK) exam. It is one of a series of five short podcasts on exam technique. Time is your most precious resource in the exam. There is enough of it provided you use it efficiently and do not waste it.
This podcast is relevant for all candidates preparing to sit the P6 (UK) exam. It is one of a series of five short podcasts on exam technique. When marking the P6 (UK) exam, it is quite clear that many candidates would benefit from spending more time thinking and less time writing.
This podcast is relevant for all candidates preparing to sit the P6 (UK) exam. It is one of a series of five short podcasts on exam technique. Marks are awarded in the exam for satisfying the requirements and not for other information. Accordingly, it is vital to identify the particular requirements and then address them in the correct amount of time.
This podcast is relevant for all candidates preparing to sit the P6 (UK) exam. It is one of a series of five short podcasts on exam technique. Reading an exam question is a skill that you should work at and try to improve. This will help you to identify the relevance of the facts of the scenario, and enable you to take advantage of the guidance and help provided in the question.
Businesses increasingly rely on relationships with external partners to perform critical business processes. Relationships such as outsourcing and collaboration allow business processes to be performed better or more cost effectively. This podcast explores some of the complex relationships that have developed, such as virtual organisations, hollow organisation and network organisations.
The two questions in Section A of the P6 (UK) exam are important because they represent 60% of the marks in the exam. So far in this three part series we have considered the importance of time management and the requirement, and we have looked at a suggested approach to take when answering Section A questions. In this podcast we look at some particular approaches to calculations that may be useful when answering Section A questions, and the importance of question practice.
The two questions in Section A of the P6 (UK) exam are important because they represent 60% of the marks in the exam. In order to be successful in the exam it is important to have a structured approach to these questions and to have practised as many of them as possible. In the first of this three part series, we explored time management and the requirement. In this episode we look at a past exam question and a suggested approach to take when answering Section A questions.
The two questions in Section A of the P6 (UK) exam are important because they represent 60% of the marks in the exam. These questions usually contain quite a lot of information and tend to involve a number of requirements and a combination of taxes. In order to be successful in the exam it is important to have a structured approach to these questions and to have practised as many of them as possible. In the first of this three part series, we look at time management and the requirement.
An integrated report sets out an organisation’s strategy, governance, performance and prospects, which lead to the creation of value. In 2013, the International Integrated Reporting Council (IIRC) released a framework for integrated reporting. The framework establishes principles and concepts that govern the overall content of an integrated report.
This podcast explores a number of themes within the field of corporate social responsibility (CSR). It begins by defining what is meant by CSR and strategic CSR, and then addresses the ethical question of whether CSR should be strategic.
This podcast explains that effective corporate governance has both internal and external drivers. It briefly introduces agency theory and the agency problem,
then compares ‘rules’ versus ‘principles’ based codes and the implementation of governance within organisations. The important links between corporate governance and corporate culture and values are also highlighted.
In this podcast we present three of the most powerful, scientifically-proven approaches you can use to make the most of your studying and give yourself the best chances of exam success.
When answering an exam question, it is important to consider the question requirements carefully to make sure you understand exactly what is being asked.
In this podcast we look at the common question verbs used in exams. First we take each question requirement and then look at its actual meaning.
This podcast covers the five most important traits employers require from their ACCA trainees.
This podcast is useful to those candidates studying for P2, Corporate Reporting. It is structured in two parts: first, it considers what might be included as the capital of a company and, second, why this distinction is important for the analysis of financial information.
An internship is not a ticket to a job, but play your cards right and you could be offered a graduate position at the end of it. In this podcast we explore ways to make the most of the opportunity.
The ability to network successfully and maintain the working relationships you create is vital. Here is some advice on networking both online and face to face.
Asking for more money is one of those work conversations many of us dread, but it needn’t be the case if you prepare. In this podcast we look at ways of tackling the payrise conversation.
In this podcast we take a look at the importance of contacts and the best ways to make and maintain them.
Learning how to respond to criticism can help you turn a negative situation into a positive one.
In this episode we consult industry professionals to find out why developing leadership skills as early as possible in your career is so important, whatever your future aspirations.
How much time is really needed to learn a few facts or memorise key data? This podcast looks at ways to make use of short study periods.
To what extent do you perform at your best under pressure? This podcast explores psychological techniques that can help manage anxiety and boost test results.
For students who are keen to get more out of their revision time, the concept of multiplying their reading speeds is highly attractive. This podcast takes a look at some of the contemporary approaches to speed reading.
Preparing to take your next exams? We provide some essential guidance to help you plan for success.
This podcast is relevant to F4 (LSO). The Companies Act (CA) 2011 defines a ‘promoter’ to mean any person who applies for incorporation of a company. This podcast considers the definition of a promoter, preliminary contracts made by promoters and the duties and liabilities of a promoter.
This podcast is relevant to candidates preparing for P6 (MYS) and the laws referred to are those in force at 31 March 2016. It discusses only the provisions in the Income Tax Act 1967 (the Act). While listening to this podcast, candidates are encouraged to make concurrent references to the relevant provisions of the Act, as amended.
In recent years, the International Auditing and Assurance Standards Board (IAASB) has considered the issue of auditing disclosures in financial statements, prompted by a number of factors including developments in IFRS requirements and the increased level of complexity and subjectivity involved in the preparation of information to be disclosed in financial statements. This podcasts examines this issue, and reminds candidates to review the examinable documents list for guidance.
The aim of F9, Financial Management, is to develop the knowledge and skills expected of a finance manager – in relation to investment, financing, and dividend decisions. This podcast explains the approach to examining F9 and clarifies any uncertainty regarding the content of the syllabus.
This podcast briefly deals with the new social and ethics committee (SEC) applicable to certain companies in terms of the South African Companies Act (CA), 2008. This is especially important in the context of Syllabus Area F (1) – Management, administration and regulation of companies and close corporations (company directors).
It is always important to be seen as essential to your company as good workers are always in demand. In this podcast we explore the ways in which you can help to make yourself and indispensable member of your team.
LinkedIn is without question one the most important social media networks for professionals. In this podcast we uncover some tips for extracting additional value from LinkedIn to make sure you stand out in a crowded social media network.
You can increase your employability by showing off your people skills. Employers are far more likely to recruit candidates with better interpersonal skills. This is because these skills are a must in increasingly collaborative workplaces.
When you have little or no work experience, good communication skills learnt in the classroom can really help you land your first job. In this podcast we explore the different types of communication that are vital to the career of a professional accountant.
As an accountant, you will be required to make best-practice recommendations to the management and clients on how to reduce costs and risks, enhance revenues and improve profits. To do this, first you will need to research and make sense of complex business and financial information.
In your professional life, good technical skills will be taken for granted. If you want to make a real difference to your career, you need to acquire the soft skills involved in influencing others.
When studying P7, Advanced Audit and Assurance, candidates should remember that current issues is part of the syllabus. One of the particular topics of current issues specifically mentioned in the syllabus is that of IFAC developments. In the context of auditing, this means that candidates should be aware of important projects that are being undertaken by the IAASB. This podcast aims to provide an overview of the more significant currently active IAASB projects.
The aim of F5, Performance Management, is to develop knowledge and particularly skills in the application of management accounting techniques to quantitative and qualitative information for planning, decision making, performance evaluation, and control. This podcast explores the relationship between F2, F5 and P5, the syllabus structure and format of the exam and how best to prepare for it.
This podcast provides an outline of the aim of P5, its structure and how the syllabus is tested. It begins by considering the syllabus and overall aims of the exam, how it relates to previous exams and the format of the exam. It concludes with advice about how best to approach the exam.
There are a number of forms of communication essential in a successful career. In this podcast we bring you tips on mastering internal, external, oral and written forms.
Teamwork is prerequisite to the success of any organisation, and to the success of the individuals who work there. It’s vital you keep developing the skills that enable you to collaborate well with colleagues and clients. In this podcast we enlist the help of executive coach Heather Townsend, LSBF's Alex Caroll and Monkey Puzzle training's John McLachlan to explore what makes a good team-player.
This podcast looks at just how crucial work experience is to your career progression chances.
This podcast looks at the best ways to prepare for ACCA exams, focusing on the importance of time management and good motivation. Paying attention to your own biorhythms can also help you study at the most effective time for your body.
This podcast looks at the soft skill of the future: collaboration. Modern accountants must develop collaboration skills that go beyond traditional teamwork capabilities.
In this podcast we provide advice and a little inspiration to help you on your journey towards achieving ACCA membership and realising your career goals.
There are a number of major traits employers look for when hiring trainees. In this podcast we take a look at some of the most common.
In this podcast we take a look at how to develop a career plan to help ensure your career stays on the right road.
The syllabus and study guide for P7 Advanced Audit and Assurance includes a section entitled ‘The audit of performance information in the public sector’. This podcast is intended to provide insight into this area and explain some of the issues of which candidates should be aware when studying this aspect of the syllabus.
Foreign accounts receivable present some additional challenges to a business that are not present with domestic-based customers. It is harder for a business to pursue any overdue amounts from a business in another country with a different legal system. This podcast considers the risks and explores the various options for reducing investment in foreign accounts receivable.
On 28 May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers. Application of the standard is mandatory for annual reporting periods starting from 1 January 2017 onward and earlier application is permitted. This podcast considers the application of IFRS 15 using the five-step model. IFRS 15 will be examinable in F7 from the September 2015 session.
An important part of an external audit is the consideration by the auditor as to whether the client has complied with laws and regulations. Candidates preparing for F8, Audit and Assurance and P7, Advanced Audit and Assurance should have an understanding of how laws and regulations affect an audit. The auditing standard that is relevant to this podcast is ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements.
This is the second of a pair of podcasts looking at the key principles of IFRS 15, Revenue from Contracts with Customers. The five step revenue recognition model was explained in the first of this pair of podcasts. This podcast will explore the issues surrounding the definition and nature of a contract according to IFRS 15 in greater depth, as well as the scope of the standard and its interaction with other standards.
This is the first in a series of two podcasts considering the application of IFRS 15, Revenue from Contracts with Customers. The new standard was issued on 28 May 2014 as a result of a joint project between the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) and introduces a five step model for recognising revenue.
The term lean was first used to describe the Toyota Production system. It means far more than simply cutting costs, as the history of lean production shows. In this podcast we look at the history of lean in Toyota, and how it has inspired methodologies that have since been applied to other industries. Features of lean information systems are also explored, and an overview of the Five S Model is provided.
In this podcast, we consider potential finance sources that an SME could use. There is a particular focus on the more modern sources of crowdfunding and supply chain financing that have been introduced to the F9 syllabus and are examinable from September 2015. Finally, we consider how, and why, governments often try to assist the SME sector.
In recent years, regulatory bodies including the IAASB and the UK FRC have emphasised the importance of professional scepticism in an audit of financial statements. This podcast provides an overview of what is meant by professional scepticism and explains why it is such an essential part of the auditor's mindset.
Integrated reporting has been developed and promoted by the IIRC and has been introduced to the syllabuses of many of the Professional level papers. This podcast looks at the definition, aims, guiding principles and contents of an integrated report and explores how the idea of integrated reporting is relevant to the Paper P3 syllabus.
The issue of audit quality is a key consideration for auditors. This podcast explores how and why audit firms sometimes compromise on audit quality, and the impact of this on the profession. This issue is relevant to Paper P7.
The purpose of the statement of profit or loss and other comprehensive income is to show an entity's financial performance in a way that is a useful to a wide range of users. This podcast explores the meaning of profit or loss and other comprehensive income and the relationship between them when presenting data in financial statements as required by IFRS.
This podcast explores different theories of job design and looks at the contributions of four different approaches. It covers theories of motivation, post-industrial job design, human relations and ethical issues of job design. These are all topics relevant to sections H2 (a), (b) and (c) of the Paper P3 Study Guide.
This podcast summarises the aims of Paper F6 and gives an overview on how the paper is structured, what marks are available for each question and which syllabus areas are most frequently examined.
Earnings management occurs when companies deliberately manipulate their revenues and/or expenses in order to inflate or deflate figures relating to profits and earnings per share. There is an increased risk of earnings management or even fraudulent financial reporting in companies affected by the global economic downturn. Auditors therefore need to conduct risk assessment and audit procedures carefully and may need to approach all companies’ financial statements with an increased degree of scepticism.
The significance of financial reporting standards in an audit of historical financial information cannot be over-emphasised. The Study Guide for Paper P7 contains a list of financial reporting matters which are examinable from the auditor’s point of view. Candidates can expect to be faced with at least one requirement, and most likely several requirements each sitting dealing with such matters. This podcast provides extra guidance in this area.
This podcast explores some of the issues relevant to forensic investigations. ‘Forensic auditing’ covers a broad spectrum of activities, with terminology not strictly defined in regulatory guidance. The work normally involves an investigation into the financial affairs of an entity, particularly when there is alleged fraudulent activity. Forensic accountants could also be asked to look into non-fraud situations, such as the settling of monetary disputes in relation to a business closure or matrimonial disputes under insurance claims.
Islamic finance has been a recent addition to the Paper P4 syllabus. This podcast provides an overview of the tenets of Islamic finance, and explores how it works in organisations, common Islamic financial products and Sharia boards. Questions on this area in the exam could focus on developments and understanding of Islamic finance as well as on the application of Islamic finance as an additional source of finance, and assessing its benefits and drawbacks, in different business scenarios and situations.
This podcast begins by considering the syllabus and overall aims of the paper, how it relates to previous papers and the format of the exam. It then gives advice on the examiner's approach to the paper, using suitable example questions from recent exams to illustrate points.
Ethics is a crucial and topical area for auditors and accountants and is constantly under scrutiny by both the industry and the press. For students, ethics feature as a key part of the entire ACCA professional syllabus and are examined in many ways in many papers. In Paper P7, Advanced Audit and Assurance, the ethical focus is on auditor behaviour and the rules and principles that auditors must abide by.
In June 2012 an Invitation to Comment was published by the IAASB, asking for feedback on a range of proposed changes to the structure and content of the auditor’s report, aiming to enhance its usefulness for decision making. In July 2013 an Exposure Draft was issued which specifies the revisions planned to be made to a suite of International Standards on Auditing (ISAs), changes that will mark a substantial change in the way that auditors report their findings. This podcast provides a summary of the main issues featured in the Invitation to Comment.
This podcast looks at the topic of assurance in the context of Paper P7, Advanced Audit and Assurance, describing a framework for the classification of assurance and non-assurance engagements, and giving guidance on the practical approach required when undertaking assurance assignments.
Paper P5 is an advanced performance management paper. It looks at different types of performance management systems and considers whether or not they provide useful information to the management of an organisation. Much higher skills are required at Paper P5, and there is much greater application of your knowledge to life like scenarios. This podcast explores the knowledge and skills that must be carried over from Paper F5 and how they must be developed in order to succeed at Paper P5.
This podcast takes an in-depth look at the causes and consequences of the European debt crisis. It explores the courses of action that have been taken so far and what might be done next, as well as the implications of these actions for businesses and individuals.
When ethics appears in an optional question in the Paper P7 exam, it is often a popular choice for candidates, but their answers often lack detail and are not well applied to the question scenario. This podcast aims to assist candidates in terms of knowledge and question technique when tackling a question on ethics.
Paper P4 is the advanced financial management paper at the Professional level. It follows on from Paper F9 at the Fundamentals level. Paper P4 expects candidates to have more depth of knowledge, better analytical skills, and to be able to exercise greater professional judgement than at Paper F9. This podcast explores the key knowledge that must be brought forward and developed from Paper F9, how to study Paper P4 and what to do in the exam.
A learning organisation is a sustainable enterprise. The risk of not being a learning organisation is stagnation or elimination. The learning of an organisation is determined by the learning of the individuals. Organisations need to continue to learn and retain that learning, their skills and abilities, to sustain their position in the dynamic marketplace.
Part B of the syllabus for Paper F1/FAB, Accountant in Business is concerned with the study of business organisation structure, functions and governance. Mintzberg’s model breaks down the organisation into five generic components, considering the role of each in relation to coordinating its activities. This podcast explores Mintzberg's model in detail.
This podcast addresses a specific question that caused considerable difficulty in the June 2014 exam in order to give a marker’s perspective on the breadth and depth of response that is required in a Paper P5 answer. Continuing on from Part 1, which looks at weak solutions to the question, Part 2 analyses two possible passing solutions. Before listening, it is essential to have read the scenario and requirement for Question 1 part (i) of the June 2014 Paper P5 exam - available at www.accaglobal.com
This podcast addresses a specific question from the June 2014 exam in order to give a marker’s perspective on the breadth and depth of response that is required in a Paper P5 answer and to help candidates avoid making basic mistakes. Part 1 analyses some poor answers to the question. Before listening, it is essential to have read the scenario and requirement for Question 1 part (i) of the June 2014 Paper P5 exam - available at www.accaglobal.com
This podcast focuses on the provision of direct assistance to external auditors by the internal auditors of an entity, which – to date – has been a very controversial issue. ISA 610, Using the Work of Internal Auditors, focuses on whether the external auditor can use the work of the internal audit function for purposes of audit, and the revised version of the standard, published in 2013, clarifies whether the internal auditors can be used to provide direct assistance to the external auditor. The material pertaining to direct assistance is effective for audits of financial statements for periods ended on or after 15 December 2014.
During recent years the business environment has become far more complex, dynamic, turbulent and uncertain. The weaknesses of traditional budgeting processes have been the subject of much attention. This podcast looks at the 'beyond budgeting' model and its potential application in both the private and the public sectors.
Activity-based management (ABM) can be defined as the entire set of actions that can be taken on a better informed basis using information derived from activity-based costing (ABC.) The aim is to achieve the same level of output with lower costs. This podcast describes the stages of activity-based management, looks at operational and strategic ABM and explores the use of ABM in conjunction with other performance improvement strategies.
Recent years have witnessed major changes in business structure. Business units are larger and more complex, often spread over several territories. Therefore it is of paramount importance that organisations have effective control mechanisms that will enable management to ensure the survival of the organisation. This podcast explores the contingency theory of management accounting in response to the changing circumstances of the business world.
Relevant to Paper FAU and ACCA Qualification Paper F8 (INT) and (UK), this podcast focuses on the audit of wages, although many of the points made also apply to salaries (the term payroll covers both). Areas covered include common types of payroll fraud, the typical stages in a wages system and the different ways of testing the internal control system.
This podcast takes a look at business-to-business and business-to-consumer e-commerce and its benefits for business, as well as the social and employment costs involved.
If you are aware that danger accompanies an undertaking, then it makes sense to understand the nature of the undertaking and how the danger can be managed. This podcast explores the key phases and features of project management, including rational strategic planning, the project lifecycle, the project initiation document, the project manager and the different kinds of risk that need to be considered.
The law in Singapore concerning restraint of trade is governed by case law rather than legislation. Restraint of trade clauses are commonly found in different kinds of contracts – for example, employment contracts and sale of business contracts. The focus of this podcast is on restraint of trade clauses in employment contracts.
The law relating to companies in Lesotho used to be very similar to the old English Companies Act 1948. However, this is no longer so, and Lesotho now has a new Companies Act (CA) 2011. Relevant to Paper F4 (LSO) this podcast discusses how the companies are incorporated under the CA 2011.
For many years, managers of large businesses have been accused of focusing on short-term rather than long-term performance. This podcast explores the causes of management short termism and the remedies available.
The purpose of this podcast is to provide candidates with a more detailed appreciation of matters pertinent to an auditor, focusing on the need for the auditor of a large limited liability company (in the UK – a limited company) to evaluate the effectiveness of the company’s control environment.
The business rescue provisions are some of the most important new provisions brought about by South Africa’s Companies Act (CA) 2008 applying to companies and close corporations.This podcast provides a brief overview of the meaning of business rescue, the legal consequences of business rescue proceedings and the role of the business rescue practitioner.
The syllabus for Paper F1, Accountant in Business includes the theory of organisations and related topics. Candidates must be familiar with the different organisational structures that can be adopted, as well as related concepts such as departmentalisation, divisionalisation, centralisation and decentralisation, span of control, scalar chain and tall and flat organisations. In addition to these topics, candidates should also study some of the more contemporary organisational models. These include ‘boundaryless’ organisations and shared services organisations, both of which are examinable for the first time in 2014. This podcast provides an overview of some of these concepts.
With at least one requirement relating to forensic accounting in three out of five Paper P7 exams between December 2011 and December 2013, this is an area of the syllabus that students cannot afford to overlook. This podcast explores some of the issues relevant to forensic accounting.
CEOs and senior managers are increasingly judged on the success of their companies’ business strategies. Yet, despite the existence of complex strategy formulation processes in many organisations, many corporate strategies fail to actually get implemented. This podcast explores the main pitfalls of successful strategy implementation.
The emergence in the 1990s of low-cost airlines and the expansion of the European travel market has shown how competition can significantly affect the structure of an industry. This podcast examines how the balanced scorecard might be used to maintain the low-cost carriers' competitive edge.
Talent and knowledge are an organisation’s capabilities and abilities. The management of knowledge requires focus if it is to be the basis of market success or failure. This podcast explores ways of enhancing and supporting the concept of knowledge management as a strategic contributor to an organisation.
TAP into Paper P7: a very common theme in Paper P7 questions is to present you with information that embodies an accounting issue. Sometimes the information is presented as a standalone requirement but is often, for instance, included in a set of notes of a conversation with an audit client’s finance director. This podcast explores some topical examples.
The issue of auditor’s liability is included in the syllabus for Paper P7, Advanced Audit and Assurance. Candidates need to understand and apply the principles of establishing liability in a particular situation, as well as being able to discuss the ways in which liability may be limited. This podcast considers the current legal position of auditors in the UK. It also discusses the impact on the competitiveness of the audit market and some of the methods available to limit exposure to expensive litigation.
It is important that when studying Paper P7, Advanced Audit and Assurance, candidates remember that current issues is part of the syllabus. One of the particular topics of current issues specifically mentioned in the syllabus is that of IFAC developments. In the context of auditing, this means that candidates should be aware of important projects that are being undertaken by the IAASB. This podcast aims to provide an overview of the more significant currently active IAASB projects.
This podcast critically evaluates the two main methods for preparing budgets - the incremental approach and the zero-based approach.
This podcast discusses the challenges of people when considering business strategy. Areas covered include strategic human resource management, recruitment, job design, transactional and transformational leaders and business process re-engineering.
Since June 2011 environmental management accounting has been included on the Paper F5 syllabus. This podcast gives a general introduction to the area of environmental management accounting, the issues that businesses face and the different methods they can use to account for their environmental costs.
The second part of this two-part series continues its discussion of the new topics introduced under section A9 of the Paper P1 Study Guide, relevant from the December 2014 exam session. This episode compares different types of public sector organisation and contrasts their governance arrangements and strategic objectives with those of private sector organisations. It also looks at the issues related to political influence in the public sector.
There is a new section of the Paper P1 Study Guide for exams from December 2014 onwards. It is on public sector governance and is included as a new addition under section A9. The purpose of this podcast is to introduce these topics and give some pointers as to what the important themes are in terms of teaching and learning.
This podcast looks at ways in which staff motivation can be improved and also shows how some of the management theories that you may have come across can be applied to a workplace situation, including Maslow's hierarchy of needs and Herzberg's two-factor theory.
Equal opportunities is a universally used and understood term which describes the idea that everyone in an organisation should have an equal chance to apply and be selected for posts, to be trained or promoted and to have employment terminated fairly. This podcast outlines the approaches to management of equal opportunities and diversity.
Understanding what motivates people in all walks of life is basic to all who aspire to management. One of the best known of all the writers on motivation is Herzberg. This podcast explores Herzberg's theory of motivation and how managers' understanding of it can improve the performance of their workforce.
This podcast explores various theories around teams, including stages of team development, and typical team roles.
Many governments around the world have undertaken reforms aimed at making public sector organisations more accountable. One of the key features of these reform programmes has been the increasing use of performance measures like benchmarking, where one organisation compares its performance in a specific area with another - the benchmark - to identify areas for improvement.
This podcast looks at various different approaches to leadership and some of the theories behind them.
This podcast explores the three main purposes of appraisals, which are often misunderstood, and looks at the different approaches to appraisals and the ways in which they may be regarded by staff.
The second of two podcasts about not-for-profit organisations takes a deeper look into charities, which are one of the more important types of not-for-profit organisations.
Several papers in the ACCA Qualification may feature questions on not-for‑profit organisations. This is the first in a two-part podcast about not-for-profit organisations, and podcast describes the generic characteristics of not-for-profit organisations.
This podcast focuses on the syllabus area relating to an organisation’s core values and mission to the public, shareholders and employees. This is an objective which can easily get overlooked in the rush to master environmental analyses, strategic choice and outsourcing decisions.
This podcast gives an overview of professional ethics, and provides a platform for further study. Ethics is a vitally important aspect of the work of the accountant - and a relatively new addition to the Paper F1/FAB syllabus as of December 2011.
Microeconomics is the branch of economics that considers the behaviour of decision takers within the economy, such as individuals, households and firms. This podcast provides a broad overview of the subject and is intended to introduce key topics to those who have not studied microeconomics, and to offer a revision to those who have done so.
This podcast introduces corporate governance and some of the basic concepts that underpin it, and explains the roles of the board of directors, the different types of company director and standing committees. The episode ends with some sample questions that allow you to test your knowledge.
Paper F1/FAB candidates need to have an understanding of the functions of all the main departments in a business organisation. This podcast focuses on and defines the role of marketing, the marketing mix, and the relationship between the marketing plan and the strategic plan.
A major part of performance management involves managing employees and managers, as their performance will have a major effect on the performance of the organisation as a whole. This podcast looks at how reward schemes can be used to influence the behaviour of employees, and includes an in-depth look at several different types of performance-related pay schemes.
This podcast looks at the nature of human resource management, and at the link between human resource management and performance management. It then examines aspects of the staff appraisal system, and considers the impact of these on the performance of an organisation.
The second of a two-part episode focuses on stakeholders and stakeholding by looking at a number of different stakeholder groups. The issue of stakeholders lies at the heart of most discussions of ethics and accordingly, is very important for ACCA Qualification Paper P1. Being able to identify the stakeholders mentioned in a case scenario, and describing their individual claims upon an organisation, is an important skill for Paper P1 candidates to develop.
This is the first of a two-part episode introducing the idea of stakeholders and stakeholding. It begins by defining the relevant terms, looks at the nature of stakeholder claims, explores the Mendelow framework relating to influence, and finally covers the different ways in which stakeholders are categorised.
This podcast takes a look at two of the main decision-making frameworks, as featured in Study Guide Section E1 (d) – namely the American Accounting Association (AAA) model, and Tucker’s 5-question model. The frameworks are examined and then applied to case scenarios.
This podcast examines the guidance published by the Committee of Sponsoring Organisations (COSO.) Relevant to ACCA Qualification Paper P1: Governance, risk & ethics.
This podcast explores the theory of independence, and discusses why it’s vital in many contexts relating to corporate governance and professional behaviour. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.
This podcast introduces some of the main themes in relation to the control of corporate governance and discusses how this control differs by country. In particular, the aim is to clarify the features and characteristics of rules-based and principles-based approaches to corporate governance, how each type of system is regulated, and to examine some of the associated benefits and drawbacks. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.
Not all elements of a company's corporate governance system are part of the internal structure. External actors can have a role to play in governance too. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.
Risks are bound up with all aspects of business life, from deciding to launch a major new product
to leaving petty cash in an unlocked box. The Paper P1 syllabus highlights risk management as
an essential element of business governance. The examiner has emphasised that being aware of
all possible risks, and understanding their potential impact – as well as the probability of their
occurrence – are important safeguards for investors and other stakeholders. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.
This podcast looks at two specific items in the Paper P1 Study Guide: Section D1c, which is about describing and assessing the role of internal or external risk auditing; and Section E7d, concerning the nature of a social and environmental audit and the contribution it can make to the development of environmental accounting. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.
This podcast considers two broad types of non-corporate organisation: public sector organisations and charitable/voluntary organisations. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.
From 2013, environmental reporting will become part of the Paper P1 syllabus and, therefore, an examinable topic due to its relevance to many discussions around accountability, transparency and sustainability - key themes of the paper. This podcast outlines what environmental reporting is, where it can occur and its advantages and purposes. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.
Internal audit - the control of controls - can feature as a key part of the corporate governance framework of an organisation, and can be viewed as a high level control in response to risk or by considering the detailed work required of internal audit. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.
In the Paper P1 Study Guide, section A3i requires students to (i) explain the meaning of ‘diversity’ and (ii) critically evaluate issues of diversity on the board of directors. This podcast elaborates on this topic by introducing the concept of board diversity and how it may benefit the organisation, followed by a discussion on the possible costs of board diversity. It concludes with a comment on the current regulatory initiatives of board diversity. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.