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Learning Unboxed

Qualifications
Master of Science in Analysis, Design and Management of Information Systems, University of London, UK
Degree of Bachelor of Accountancy, National University of Singapore

Membership
CA (Singapore), Institute of Singapore Chartered Accountants

Mr Fung Chee Kong (CK) graduated from NUS with a Bachelor of Accountancy (Hons) degree and obtained his Masters degree from the London School of Economics, UK. He is a Chartered Accountant and was an auditor with one of the then Big Eight international public accounting firm before joining the teaching profession in 1995. He has more than 13 years of teaching experience with FTMSGlobal. Taught the auditing papers in Singapore, Malaysia, Vietnam, Cambodia, China, Hong Kong and Australia.

ACCA P7 - Hot Topics for March 2017 Exams (by Mr CK Fung, FTMSGlobal Subject Specialist)

P7 MARCH 2017

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT YOUR OWN RISKS!

(compiled by Mr Fung Chee Kong, FTMSGlobal Subject Specialist)

Likely to have a question on identifying business risks. (see Dec 2014 Q1a, Dec 2012 Q1a, Dec 2010 Q1a, June 2009 Q1a) Must learn to link business risks to FS risks of MM (see June 2008 Q1, June 2014 Q4a theory) Dec 2014 Q1b).

Be prepared for risk of material misstatements (previously known as FS risks). Practice Dec 2008 Q1a, Dec 2009 Q1c, Dec 2010 Q1b, June 2011 Q1ai and June 2012 Q1aii, June 2013 Q1a, June 2014 Q1a. For identifying risk of MM, see Dec 2012 Q1b, Dec 2010 Q1a, June 2009 Q1a. See also Dec 2008 Q1a and Dec 2009 Q1c.

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ACCA F8 - Hot Topics for March 2017 Exams (by Mr CK Fung, FTMSGlobal Subject Specialist)

F8 MARCH 2017

Professional ethics – May have a question on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4c, June 2012 Q3b, Dec 2013 Q4c, New Pilot Q1a, June 2015 Q1, Dec 2015 Q1).

If the above ethics case study is not here, take note of confidentiality and what are the exceptions to this principle. (See Dec 2011 Q4c) Plus conflict of interests (June 2011 Q4a, June 2014 Q3c).

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ACCA P7 - Hot topics for the coming December 2016 exam

P7 DEC 2016

ACCA P7 - Hot topics for the coming December 2016 exam

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT
YOUR OWN RISKS! (Compiled by Fung Chee Kong (CK), FTMSGlobal in Singapore)

Likely to have a question on identifying business risks. (see Dec 2014 Q1a, Dec 2012 Q1a, Dec 2010 Q1a, June 2009 Q1a) Must learn to link business risks to FS risks of MM (see June 2008 Q1, June 2014 Q4a theory) Dec 2014 Q1b). Since we are learning risk of MM, the points here can also be used as audit risk points.

Be prepared for risk of material misstatements (previously known as FS risks). Practice Dec 2008 Q1a, Dec 2009 Q1c, Dec 2010 Q1b, June 2011 Q1ai and June 2012 Q1aii, June 2013 Q1a, June 2014 Q1a. For identifying risk of MM, see Dec 2012 Q1b, Dec 2010 Q1a, June 2009 Q1a. See also Dec 2008 Q1a and Dec 2009 Q1c.

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F8 - Hot Topics for December 2016 exams

F8 DEC 2016

F8 - Hot Topics for December 2016 exams

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT
YOUR OWN RISKS! (Compiled by Fung Chee Kong (CK), FTMSGlobal in Singapore)

Professional ethics – May have a question on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4c, June 2012 Q3b, Dec 2013 Q4c, New Pilot Q1a, June 2015 Q1, Dec
2015 Q1).

If the above ethics case study is not here, take note of confidentiality and what are the exceptions to this principle. (See Dec 2011 Q4c) Plus conflict of interests (June 2011 Q4a, June 2014 Q3c).

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ACCA F8 - Hot Topics For September 2016 Exam by CK Fung

ACCA F8 SEPT 2016 EXAM TIPS

(Compiled by Mr Fung Chee Kong (CK), Subject Specialist Lecturer at FTMSGlobal in Singapore)

Professional ethics – May have a question on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4c, June 2012 Q3b, Dec 2013 Q4c, New Pilot Q1a, June 2015 Q1, Dec 2015 Q1).

If the above ethics case study is not here, take note of confidentiality and what are the exceptions to this principle. (See Dec 2011 Q4c) Plus conflict of interests (June 2011 Q4a, June 2014 Q3c).

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ACCA P7 - Hot Topics For September 2016 Exam by CK Fung

ACCA P7 SEPT 2016 EXAM TIPS

 THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT YOUR OWN RISKS!

(Compiled by Mr Fung Chee Kong (CK), Subject Specialist Lecturer at FTMSGlobal in Singapore)

Likely to have a question on identifying business risks. (see Dec 2014 Q1a, Dec 2012 Q1a, Dec 2010 Q1a, June 2009 Q1a) Must learn to link business risks to FS risks of MM (see June 2008 Q1, June 2014 Q4a theory) Dec 2014 Q1b). Since we are learning risk of MM, the points here can also be used as audit risk points.

Be prepared for risk of material misstatements (previously known as FS risks). Practice Dec 2008 Q1a, Dec 2009 Q1c, Dec 2010 Q1b, June 2011 Q1ai and June 2012 Q1aii, June 2013 Q1a, June 2014 Q1a. For identifying risk of MM, see Dec 2012 Q1b, Dec 2010 Q1a, June 2009 Q1a. See also Dec 2008 Q1a and Dec 2009 Q1c.

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ACCA P7: Hot Topics for the Coming June 2016 Exam

ACCA P7 JUNE 2016 EXAM TIPS

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT YOUR OWN RISKS! 

Likely to have a question on identifying business risks. (see Dec 2014 Q1a, Dec 2012 Q1a, Dec 2010 Q1a, June 2009 Q1a) Must learn to link business risks to FS risks of MM (see June 2008 Q1, June 2014 Q4a theory) Dec 2014 Q1b). Since we are learning risk of MM, the points here can also be used as audit risk points.


Be prepared for risk of material misstatements (previously known as FS risks). Practice Dec 2008 Q1a, Dec 2009 Q1c, Dec 2010 Q1b, June 2011 Q1ai and June 2012 Q1aii, June 2013 Q1a, June 2014 Q1a. For identifying risk of MM, see Dec 2012 Q1b, Dec 2010 Q1a, June 2009 Q1a. See also Dec 2008 Q1a and Dec 2009 Q1c.

Be prepared for a group audit question. This topic has been appearing every exam since June 2012 (7 exams in a row!). Need to review these 7 questions on group audit (usually in Q1 but some are in Q2 or Q5). Could be identify audit risks/risk of MM for a group?! (June 2012 Q1, Dec 2013 Q1, June 2014 Q1).

Roles of audit committee (= Functions of AC) and impact of AC on external audit. See June 2010 Q2d.

Internal auditing – Outsourcing IA issues to consider (from audit firm’s point of view, from company’s point of view), advantages and disadvantages of outsourcing IA to external audit firm. See Dec 2006 Q2 and June 2010 Q2. Using the work of IA – See Dec 2013 Q1c.

Accounting problems/issues (Many past exam questions on these) Read up and focus on the recent 3 years for this type of question - Important areas include audit of provision (including warranty and decommissioning provision), deferred tax, share-based payments, leases, investment property, change in policy/estimate. You should be aware of the things to cover when question asked for “matters to consider”, then the principal audit procedures.

Use of analytical procedures – Factors to consider when deciding the extent of use and reliance on analytical procedures in testing Dec 2009 Q1a). Although just tested in June 2013 Q1a, plus previously in Dec 2011 Q1a and Dec 2009 Q1a (theory), better to review these 3 questions in case we need to use ratios to get the audit risks. Review June 2006 Q1c and Dec 2006 Q1b too.

Ethical issues facing the auditor – practice lots of the ethics questions. Take note of confidentiality. (Identify circumstances in which the disclosure is permitted or required and discuss the factors, which may justify disclosure under public interest). Providing non-audit services (Valuation, IT services, Internal Audit service = Dec 2012 Q3b) and referral fees.

QC is important – can be linked to ethical issues above and how ethical conflicts can affect quality of work. Read up QC cases like June 2015 Q4, June 2014 Q3, June 2013 Q2a, June 2011 Q1c, Dec 2009 Q2b, Dec 2007 Q1c.

Assurance engagement – A possible question like factors to consider when accepting assurance services (see June 2011 Q3a, Dec 2010 Q2, June 2009 Q2). Need to review how to audit PFI – See Dec 2007 Q2, Dec 2008 Q1, June 2012 Q2 and Dec 2013 Q5b.

Almost certainly a question on audit reporting – Emphasis of matter (June 2010 Q5), adverse and except for opinion. Read a new article (taken from Nov 2013) on proposed new standard of audit report (a current issue), know the proposed new format and new para to be included.

Subsequent events – See Dec 2009 Q5 and review Dec 2010 Q3c.

Compliance with laws and regulations (see Dec 2006 Q4a and Dec 2011 Q2c). Auditor’s responsibility, procedures and reporting duties. See new article in August 2015. This topic could be linked to money laundering. Have to study money laundering – see the same August 2015 article. See Pilot Paper Q5, Dec 2007 Q4, Dec 2009 Q2 and June 2012 Q3, June 2014 Q2b.

Related party – See Dec 2011 Q2aiii, June 2011 Q1b.

Audit of opening balance – See June 2011 Q3b and Dec 2011 Q5c.

Insurance for auditors – two types, advantages and disadvantages of buying insurance.

Remember the key to this paper is practice lots and lots of past exam papers.

And lastly, look out for any relevant P7 article(s).

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ACCA F8: Hot Topics for June 2016 Exams

ACCA F8 JUNE 2016 EXAM TIPS

Professional ethics – May have a question on identifying ethical threats and safeguards / responses. (See June 2006 Q4, June 2007 Q1a, Pilot Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4c, June 2012 Q3b, Dec 2013 Q4c, New Pilot Q1a, June 2015 Q1, Dec 2015 Q1).


If the above ethics case study is not here, take note of confidentiality and what are the exceptions to this principle. (See Dec 2011 Q4c) Plus conflict of interests (June 2011 Q4a, June 2014 Q3c).

Compliance with laws and regulations (See Dec 2011 Q1c)

Acceptance decisions – factors to consider before accepting an engagement. See June 2010 Q4, including preconditions for audit and content of engagement (See Dec 2010 Q3a, Dec 2013 Q4).

Theory of evidence – Factors affecting sufficiency of evidence (see June 2008 Q2a). Identify the assertions for account balance and class of transactions (see June 2009 Q2b, Dec 2009 Q2a and Q5a, new Pilot Q4a).

Internal audit (IA) is important and very likely it will be appearing in this exam. Reliance on IA by EA – what are the factors to consider (see Dec 2011 Q1e, Dec 2009 Q4b, try and understand June 2009 Q3b). Read up Dec 2007 Q3a too, a good question on IA independence. Read up functions of IA (June 2013 Q4b), IA vs EA (see new Pilot Q1b), factors to consider when setting up IA department (Dec 2012 Q3c).

Planning is important, using June 2009 Q1a and Dec 2009 Q1a (Strategy vs Plan). See also Dec 2006 Q1a for risk assessment procedures (RAP).

Must read up on audit risk and responses to risk (see June 2010 Q1a, Dec 2010 Q3, June 2011 Q3, Dec 2011 Q3, Dec 2012 Q3 and June 2013 Q3b, Dec 2013 Q1, June 2014 Q3, Pilot Q5a, Dec 2014 Q2, June 2015 Q5b, Dec 2015 Q4). Almost every exam will have this topic except June 2012 exam. Examiner may set it again!

The control objectives and internal control you would expect to find in the sales and cash receipt system (see June 2010 Q3 and June 2012 Q1a). Identify weaknesses and recommend improvements. Perform test of controls (see June 2011 Q1a and June 2012 Q1aiii for sample) for SALES system. Must have a backup question – do PURCHASE system (See June 2015 Q4, New Pilot Q6, June 2013 Q1, Dec 2010 Q1, Dec 2009 Q5).

The substantive tests used to gather audit evidence in respect of major assertions (completeness, existence, valuation and allocation, accuracy, cutoff), especially in relation to receivables, inventory (Stocktake, NRV test) payables and bank balance (see June 2009 Q1, June 2011 Q1b, Dec 2012 Q4b and all past Q&A related to these balances).

Define true and fair – See Dec 2010 Q2a.

Corporate governance is important. Identify weaknesses and recommend improvements on CG (See Dec 2011 Q4, June 2014 Q4b).


Audit of non-profit organization – Characteristics of non-profit organization, the risks and how these risks affect the audit approach. (Dec 2006 Q4, Dec 2008 Q4).

Subsequent event is important. Definition, responsibility and procedures (see June 2013 Q5b, Dec 2011 Q5, Dec 2008 Q5 and Dec 2005 Q4).

5 elements of assurance engagement (See June 2010 Q2a).

Computer audit is important. Use of CAATs (audit software, test data) by auditors to perform the audit. Adv and disadv of using CAATs. (See Dec 2012 Q1c).

Audit of accounting estimates – See Dec 2010 Q5a, see audit of depreciation & provision (New Pilot 2014 Q2).

Sampling – See June 2012 Q2b and Dec 2006 Q5.

Management representation letter – Purposes (Dec 2012 Q5a), content and actions if mgt refuse to sign. (Dec 2010 Q5b, June 2005 Q2).

Other topics – Purposes/benefits of audit, limitations of audit (Dec 2012 Q2c) and rights of auditor (Dec 2012 Q2a).

Look out for any new article on topics relevant to F8 in the Student Accountant magazine.

The above topics are just my GUESSES. Use at own risk!

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How to Pass ACCA F8?

How to Pass ACCA F8?

Paper F8 can be passed by a candidate who understands the underlying theory of auditing and can apply that theory to relatively basic audit situations – knowledge itself is not sufficient to pass this exam. My advice, therefore, is to study the basics of auditing, read relevant technical articles and then practice applying their audit knowledge to scenarios by doing lots of past year exam questions.

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Mr Chin Yoke Lan Francis, ACCA F6 Lecturer - June 2015 Exam Tips

Mr Chin Yoke Lan Francis, ACCA F6 Lecturer - June 2015 Exam Tips

ACCA Paper F6 - Taxation

"Exam Tips for F6 Tax Paper"

(A) Corporate Tax

1. Tax Computation

2. Deduction of Expenses

3. Capital Allowances

4. Unabsorbed Tax Losses/CA

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Mr Fung Chee Kong (CK) ACCA P7 Lecturer - June 2015 Exam Tips

Mr Fung Chee Kong (CK) ACCA P7 Lecturer - June 2015 Exam Tips

ACCA P7 - Hot topics for the coming June 2015 exam

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT
YOUR OWN RISKS! (compiled by Fung CK, FTMS Singapore)

Likely to have a question on identifying principal audit risks. See latest June 2013 Q1a and Dec 2011 Q1ai on using ratios for audit risks. See June 2010 Q1a too. Practice all other audit risks questions from Dec 2007 onwards till the latest June 2014 Q1a)

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Mr Fung Chee Kong (CK) ACCA F8 Lecturer - June 2015 Exam Tips

Mr Fung Chee Kong (CK) ACCA F8 Lecturer - June 2015 Exam Tips

F8 - Hot Topics for June 2015 exams (by Fung CK, FTMS)

Professional ethics – Will have a question this June on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4c, June 2012 Q3b, Dec 2013 Q4c, New Pilot Q1a). Take note of confidentiality and what are the exceptions to this principle. (See Dec 2011 Q4c)

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ACCA F8 Tips for Dec ’13 Exams by Mr Fung Chee Kong (CK)

F8 – Hot Topics for December 2013 exams (by Fung CK, FTMS)

Professional ethics – Will have a question this December on identifying ethical threats and safeguards/responses. (See June 2006 Q4, June 2007 Q1a, Pilot F8 Q3, Dec 2008 Q3a, June 2010 Q4, June 2011 Q4, June 2012 Q3b).

Acceptance of a new job (could be continue an existing job) – factors to consider before accepting/continuing with an engagement. Including communication with existing auditor before acceptance. See June 2010 Q4c.

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ACCA P7 Tips for Dec ’13 Exams by Mr Fung Chee Kong (CK)

ACCA P7 – Hot topics for the coming December 2013 exam

THESE ARE JUST GUESSES. USUAL HEALTH WARNING APPLIES – USE AT YOUR OWN RISKS!

(compiled by Fung CK, FTMS Singapore)

Likely to have a question on identifying business risks. Be prepared for defining and identifying risk of MM, see latest April 2012 article on the new term risk of MM. (See Dec 2008 Q1a and Dec 2009 Q1c). Must learn to link business risks to FS risks of MM (see June 2008 Q1). See Dec 2010 Q1a, June 2009 Q1 and June 2008 Q1a for business risk.

Roles of audit committee (= Functions of AC) and impact of AC on external audit.

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