Cormac Kavanagh ACCA, MSc Finance Paper Specialist: F8, P1, P4 23 Placings at 1st, 2nd & 3rd  in Ireland

Cormac’s focus on the practical application of theory, ‘making it real’ and relentless attention to exam performance techniques in pursuit of the magic 50% are repeatedly cited by students as the unique benefits of participation in his lectures. Lectures are peppered with examples drawn from his experience in practice and industry gained both in Ireland and Internationally. Having availed of every opportunity to interact with the ACCA examiners, and having set equivalent exams himself, students can expect to profit from his first hand identification of current hot topics, and minimise the risk of exam hall surprises. Exam preparation is always entertaining with this popular and highly regarded member of the DBS ACCA lecturing team.

F8 - Audit and Assurance explained

AIMS AND OBJECTIVES

To develop knowledge and understanding of the process of carrying out the assurance engagement, and its application in the context of the professional regulatory framework.

On successful completion of this paper candidates should be able to:

• Explain the nature, purpose and scope of assurance engagements including the role of the external audit and its regulatory and ethnical framework
• Explain the nature of internal audit and describing its role as part of overall performance management and its relationship with the external audit
• Demonstrate how the auditor obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements
• Describe and evaluate information systems and internal control risks and their potential consequences, making appropriate recommendations
• Indentify and describe the work and evidence required to meet the objectives of audit engagements and the application of the International Standards on Auditing (UK and Ireland)
• Evaluate findings and modify the audit plan as necessary
• Explain how the conclusions from audit work are reflected in different types of audit report, explaining the elements of each type of report.

P1 - Governance, Risk & Ethics explained

AIMS AND OBJECTIVES

To apply relevant knowledge, skills and exercise professional judgement in carrying out the role of the accountant relating to governance, internal control, compliance and the management of risk within an organisation, in the context of an overall ethnical framework.

On successful completion of this paper candidates should be able to:

• Define governance and explain its function in the effective management and control of organisations and of the resources for which they are accountable
• Evaluate the professional accountant’s role in internal control, review and compliance
• Explain the role of the accountant in identifying and assessing risk
• Explain and evaluate the role of the accountant in controlling  and mitigating risk
• Demonstrate the application of professional value and judgment though an ethical framework that is in the best interests of society and the profession, in compliance with relevant professional codes, laws and regulations.

P7 – Advanced Audit and Assurance explained

AIMS AND OBJECTIVES

To analyse, evaluate and conclude on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.

On successful completion of this paper, candidates should be able to:

• Recognise the legal and regulatory environment and its impact on audit and assurance practice
• Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
• Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments
• Identify and formulate the work required to meet the objectives of audit and non-audit assignments and apply the International Standards on Auditing (UK and Ireland)
• Evaluate findings and the results of work performed and draft suitable reports on assignments
• Understand the current issues and developments relating to the provision of audit- related and assurance services