Preparing for exams, I have noticed that there are an enormous amount of new information to memorize. My mind explodes. How to improve the memorizing? Mnemonics is an answer. Many of lecturers on Opentuition use this technique to improve the memorizing of their students.
Art of memory was very important in preliterate times when priests, shamans and the teller had to memorize vast amounts of information. The first texts about Mnemonics were written by the ancient Greeks. In the Renaissance, the knowledge was especially valued, so the ability to keep the knowledge in mind was the key to success. Giordano Bruno has published a book on mnemonics "The shadows of ideas." He was invited by the French King Henry IV, who tried to find out - how he had so much knowledge) And in our time interest in mnemonics is not waned.
I have collected some mnemonics to memorize the information of ACCA F8 Audit and Assurance and ACCA P1 Governance, ethics and risks.
Financial statements assertions
ACCA COVER
Accuracy
Completeness
Cut off
Allocation
Classification and understandibility
Occurence
Valuation
Existance
Rights and obligations
Sources of evidence
AEIOU
Analytical procedures
Enquiry and confirmation
Inspection
Observation
recalcUlation and reperformance
Ethics - fundamental principles
OPPIC
Objectivity
Professional behaviour
Professional competence
Integrity
Confidentiality
Ethics - threats
ASSIF
Advocacy
Self-interest
Self-review
Intimidation
Familiarity
Ethics - indicators of threats
FULL STOP
Friends and family
Undue fee dependence
Loans to/from
Litigation
Shares in client
Taking gifts and hospitality
Overdue fees
Provision to the other services
Corporate governance - concepts
HAIR DRIFT
Honesty / probity
Accountability
Independence
Responsibility
Decision taking / judgement
Reputation
Integrity
Fairness
Transparency / openness
Stakeholdres - anyone or any group
PINK LAVR
Primary or secondly
Internal or external
Narrow or wide
Known or unknown
Legitimate or illegitimate
Active or passive
Voluntary or involuntary
Recognised or unrecognised
Internal controls - categorisation
OPA SPAMS or SPAM SOAP
Organisational
Physical
Arithmetic and Accounting
Segregation of duties
Personnel
Authorisation and approval
Management
Supervision
Audit committee - role and function
CLARISSA
Creat a climate of discipline and control
Lend credibility in financial statements
Assist CFO providing a forum
Review financial statements to improve quality
Independent judgement
Strengthen position of the internal auditor
Strengthen position of the external auditor
Assist in the resolution of dispites between external auditor and the board
Control objectives
A STOP
Accuracy
Safeguarding asset
Timing reporting
Orderly efficient business conduct
Prevention fraud or non-compliance of law
Control procedures
CARCAP
Comparison
Authorisation
Reconciliations
Computer controls
Arithmetical
Physical
Evaluation of expert's work
CCO
Competent ?
Capable ?
Objective?
Please, add your mnemonics in the comments )))
See the free video about substantive procedures
See the free video about past exam paper F8
The summary notes of F8
Art of memory was very important in preliterate times when priests, shamans and the teller had to memorize vast amounts of information. The first texts about Mnemonics were written by the ancient Greeks. In the Renaissance, the knowledge was especially valued, so the ability to keep the knowledge in mind was the key to success. Giordano Bruno has published a book on mnemonics "The shadows of ideas." He was invited by the French King Henry IV, who tried to find out - how he had so much knowledge) And in our time interest in mnemonics is not waned.
I have collected some mnemonics to memorize the information of ACCA F8 Audit and Assurance and ACCA P1 Governance, ethics and risks.
Financial statements assertions
ACCA COVER
Accuracy
Completeness
Cut off
Allocation
Classification and understandibility
Occurence
Valuation
Existance
Rights and obligations
Sources of evidence
AEIOU
Analytical procedures
Enquiry and confirmation
Inspection
Observation
recalcUlation and reperformance
Ethics - fundamental principles
OPPIC
Objectivity
Professional behaviour
Professional competence
Integrity
Confidentiality
Ethics - threats
ASSIF
Advocacy
Self-interest
Self-review
Intimidation
Familiarity
Ethics - indicators of threats
FULL STOP
Friends and family
Undue fee dependence
Loans to/from
Litigation
Shares in client
Taking gifts and hospitality
Overdue fees
Provision to the other services
Corporate governance - concepts
HAIR DRIFT
Honesty / probity
Accountability
Independence
Responsibility
Decision taking / judgement
Reputation
Integrity
Fairness
Transparency / openness
Stakeholdres - anyone or any group
PINK LAVR
Primary or secondly
Internal or external
Narrow or wide
Known or unknown
Legitimate or illegitimate
Active or passive
Voluntary or involuntary
Recognised or unrecognised
Internal controls - categorisation
OPA SPAMS or SPAM SOAP
Organisational
Physical
Arithmetic and Accounting
Segregation of duties
Personnel
Authorisation and approval
Management
Supervision
Audit committee - role and function
CLARISSA
Creat a climate of discipline and control
Lend credibility in financial statements
Assist CFO providing a forum
Review financial statements to improve quality
Independent judgement
Strengthen position of the internal auditor
Strengthen position of the external auditor
Assist in the resolution of dispites between external auditor and the board
Control objectives
A STOP
Accuracy
Safeguarding asset
Timing reporting
Orderly efficient business conduct
Prevention fraud or non-compliance of law
Control procedures
CARCAP
Comparison
Authorisation
Reconciliations
Computer controls
Arithmetical
Physical
Evaluation of expert's work
CCO
Competent ?
Capable ?
Objective?
Please, add your mnemonics in the comments )))
See the free video about substantive procedures
See the free video about past exam paper F8
The summary notes of F8
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