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ACCA March Exam Tips

19 February 2018

ACCA March 2018 Exam Tips

F8
As with other F papers, the whole syllabus needs to be covered, with special focis on:
* Audit risk and response.
* Internal controls objectives, procedures and tests.
* Substantive procedures.
* Audit report outcomes and content, including KAM.
* Objectivity threats and safeguards.

F9
As with other F papers, the whole syllabus needs to be covered with special focus on:
* Working capital management.
* Cost of capital.
* Investment appraisal.

P1
* The 11 core principles of governance.
* Benefits of NEDs.
* 1 v 2 Tier boards and family companies.
* Rules v principles approaches.
* Internal control reporting.
* Need for internal audit.
* Audit committees and audit independence.
* Strategic v operational risks.
* Risk correlation.
* Enterprise risk management.
* Embedding risk.
* Corporate citizenship.
* Gray, Owen & Adams.
* Kohlberg.
* Corporate codes of ethics.
* Accountants and the public interest.
* American Accounting Association 7 step process.
* Sustainability and integrated reporting.

P2
* Q1 is likely to be a b/s although neither p/l or cfs is impossible.
* Q2&3 are likely to be the usual wide ranging suspects including revenue and nca and fi and dt and sbp and pensions and friends.
* Q4 is due to address the current issues of provisions or goodwill or disclosure.

P3
* External analysis.
* Strategic choice.
* Management accounting impact on strategic decisions.
* Marketing.
* Software evaluation.

P4
* International investment appraisal.
* Financial reconstruction.
* Mergers and acquisitions (including corporate valuations).
* Hedging foreign exchange risk.

P5
* Evaluation of KPIs.
* Breakeven/financial impact of strategic decisions.
* Improving business processes.
* Types of information required.

P6
* IHT with the death estate including BPR and APR and lifetime gifts. Gifts with reservation and relief for a fall in value. Domicile including deemed domicile and election to be treated as UK domiciled and deed of variation.
* Lifetime gifts into a trust.
* Takeovers and mergers.
* Group question, sale of shares versus sale of the trade and assets, including
SSE and the degrouping charge.
* Overseas aspects of corporation tax including branch versus subsidiary.
* Incorporation of a business and relief for trading losses made by a sole trader/partnership at the end of the trading cycle.
* Investment in a VCT/SEIS the theory versus investing in a registered pension scheme.
* EMI and CSOP share option schemes.
* Property business profits including rent a room relief and the advantages of furnished holiday letting properties.
* Ethics.

P7
* Risk of Material Misstatement including ratio calcs.
* Business Risks.
* Assurance on forecasts.
* Forensic Investigations.
* Audit report scenarios, including MURGC, KAM, other information.
* Quality Control.
* Advertising.
* Tendering.
* Money Laundering.
* Laws and Regulations/NOCLAR.
* Big data and data analytics.
* Subsequent Events.
* Audit evidence re leases, impairment, provisions, intangibles, fair value, assets HFS and discontinued operations, share based.

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