Acca Student Podcasts

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.