Useful Mnemonics for ACCA P1 Governance, ethics and risks

Preparing for exams, I have noticed that such enormous amount of new information is not able to be retained in my mind (!) How to improve the memory? The answer of this question is given by mnemonics. Many of teachers at Opentuition, BPP & LSBF use this technique in their lectures to improve the memorizing of their students.

I have collected some useful mnemonics for ACCA P1 Governance, ethics and risks. Hope it facilitates you to remember the relevant. :)

Ethical principles
PrOFIT

Probity
Openness
Fairness
Integrity
Transparency


Internal controls - categorisation
OPA SPAMS

Organisational Controls

• Control over the organisation structure including managers having specific responsibilities and delegations tasks.

Authorisation

• Controls to ensure that transactions do not proceed until an appropriate individual has given approval.

Physical

• Protection of assets against theft, unauthorised access or use.

Supervision

• Oversight of work of other individuals to ensure tasks are carried out correctly.

Personnel

• Controls in place to ensure the suitable people are employed.

Arithmetic Accounting

• Checking accounting transactions for accuracy, includes use of accounts and reconciliations (e.g. bank reconciliation).

Segregation/rotation

• Different people for each transaction to – Authorise, Record, Maintain physical custody of any assets (i.e. petty cash), pay for it.

Management Controls

• Control actions taken by management depending on the contents of reports received. Managers should be involved in the day to day supervision of staff.

Internal control - objectives

SCARE

Safegard Assets

Comply with Laws&Regulation

Accurate Financial Information

Reduce Fraud

Efficient Business

Corporate governance - concepts

HAIR DRIFT

Useful mnemonics for ACCA F8 Audit and Assurance

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