CA -|- Chartered Accountants Thread

[hammad800]

PAC Lahore... mein CA ki rag rag se wakif ho



LOL! I know all that, by studying like never before I meant that I studied everyday did revisions many times, solved past papers.
I don't believe in taking notes to examination center and I don't study night before exam, Bro ACCA is much different from CA so only CA students can understand what I am saying

I'm studying for the ICAEW advanced level exams so technically, I am a CA student.

 

[musaumair]

well i am doing ca .. acca .. bcom ...
i am not a new chawal to this accountancy edu system
so bhai jo sach hey who bataya larkey ko
acca me bhir bi mazey hain c.a me ghantey key mazay nahe hey

agar tumney ca kra hota to tum meray view ko support krtey
ask your brother , who bata ey ga tumhey ca kiya hota (reality is different)

totally agree with you bro (from another victim of ca)

@limpix007 I agree 100% with you bro!!!
But Alhamdulillah I am soon getting rid of it after wasting 2 years of my life when my parents realized that I am behaving like a man of 60 years when I am only 20 years old. Now I am taking medicines and visiting physiatrist and looking for a university for BBA. And regretting for entering into CA.

brother mere advice yahe hai k "dont quit i know exactly how you feel , i have been facing the same thing and i almost quit ca after failing in b mod 1/5 years ago but Alhamdu.lillah a friend stopped me and motivated me, i had wasted almost 2 years for just 3 papers(a mod + law) and i was frustrated so were my parents but Allah has the best plan for all of us, so , if it makes a difference i ask you to just be patient for atleast 1 more year and give your every thing , because this is currently the best field IMO in pakistan, and the reason is b/c its not easy ,
p.s i am waiting result for my last 4 papers .

 

[CA student]

I'm studying for the ICAEW advanced level exams so technically, I am a CA student.

But not from ICAP ( just kidding )
Yes you are a CA student and I respect your struggle and hardwork

 

[limpix007]

But not from ICAP ( just kidding )
Yes you are a CA student and I respect your struggle and hardwork

hammad agar icap ka ca student hota to usko hamara dard samaj ata

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totally agree with you bro (from another victim of ca)


brother mere advice yahe hai k "dont quit i know exactly how you feel , i have been facing the same thing and i almost quit ca after failing in b mod 1/5 years ago but Alhamdu.lillah a friend stopped me and motivated me, i had wasted almost 2 years for just 3 papers(a mod + law) and i was frustrated so were my parents but Allah has the best plan for all of us, so , if it makes a difference i ask you to just be patient for atleast 1 more year and give your every thing , because this is currently the best field IMO in pakistan, and the reason is b/c its not easy ,
p.s i am waiting result for my last 4 papers .

mod f key papers ke result ka wait ???

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PAC Lahore... mein CA ki rag rag se wakif ho



LOL! I know all that, by studying like never before I meant that I studied everyday did revisions many times, solved past papers.
I don't believe in taking notes to examination center and I don't study night before exam, Bro ACCA is much different from CA so only CA students can understand what I am saying

isko samaj nahe aye ga yar choro isey menay bi samjhaney ki koshish ki thee ....

 

[CA student]

[MENTION=92022]limpix007[/MENTION] in which mod you are right now BTW I am waiting for result of mod B which I repeated.

 

[limpix007]

@limpix007 in which mod you are right now BTW I am waiting for result of mod B which I repeated.

swimming in mod c (fa2 passed baki uncleared) and d

 

[CA student]

Best of Luck to all CA students for tomorrows result

 

[musaumair]

mod f key papers ke result ka wait ???
....

nai inter takk

 

[Ahmed Zamir]

Passed module C

 

[CA student]

passed FA1 and Eco but 43 in law

 

[Wassix]

I'm studying for the ICAEW advanced level exams so technically, I am a CA student.

Could you give an overview of ICAEW ? like how hard are the exams ? Do they provide their own course ? How would you rate ICAEW ? .

 

[Wassix]

Happy news for all AFC students .

50% average passing ratio for Business.Communication / Information.Technology / Functional.English ; the bad news , Q.T mah tn gae bhai ! .

 

[Ahmed11121]

Asalamulaikum guys, I have recently completed my fsc part 2 and now looking to go in a good field, I'm thinking to go for BBA or BSC from any good reputable university, Szabist, Cbm, fast etc but on the other hand I am also inclined towards CA.
I have done FSC part 2 in Commerce and I have a good interest in accounting, I can work hard as it's required but the problem in the end is time. I have to manage alot of other stuff too aswell in life other then studies. Do i qualify for CA? Please experienced ones shed light on this? What are the basic cons, pros of this field. What difficulty I'll face the most as I know doing CA is not a easy job.

 

[musaumair]

Asalamulaikum guys, I have recently completed my fsc part 2 and now looking to go in a good field, I'm thinking to go for BBA or BSC from any good reputable university, Szabist, Cbm, fast etc but on the other hand I am also inclined towards CA.
I have done FSC part 2 in Commerce and I have a good interest in accounting, I can work hard as it's required but the problem in the end is time. I have to manage alot of other stuff too aswell in life other then studies. Do i qualify for CA? Please experienced ones shed light on this? What are the basic cons, pros of this field. What difficulty I'll face the most as I know doing CA is not a easy job.

w/salam it is pretty difficult but that depends on your sharpness,intelligence , hard working capabilities and you should consider doing c.a only if you have the courage to keep hard work despite the results not in your favor some time,(or almost every time) i would advise you to meet some c.a in person to get better understanding

 

[Pakiyoungster]

can any one give me detailed guidance about tackling scenario based questions IN f8 ?
i can tackle , CORPORATE GOVERNANCE , SALES , PUCHASE , RECEIVABLES , INVENTORY , CASH PROCEDURES BUT THIS " AUDIT RISK" HAS BECOME PAIN IN THE ARSE....
Each fuckin question in the past paper related to "audit risk" seems quite different from the previous one hence making it more difficult to write by relating it to the scenario .....
in our syllabus , ISA 315,300 only provides definations of AUDIT RISK ( INHERENT , CONTROL , DETECTION) But there isnt any detailed guidance as to how these risks can be identified and mitigated..
in the past examiner has tested AUDIT RISK by giving the scenario of charity organisation,
why the hell examiner asks such a pratical/ technical questions even she knows that 80 percent of the majority sitting in f8 exam do no possess any practical field related experience ....
I cant neglect this part of the syllabus as examiner has explicitly said that this question will be tested again and again due to poor performance of students in this particular question, so any tips and tricks from u guys regarding this quesiton ?

 

[hammad800]

can any one give me detailed guidance about tackling scenario based questions IN f8 ?
i can tackle , CORPORATE GOVERNANCE , SALES , PUCHASE , RECEIVABLES , INVENTORY , CASH PROCEDURES BUT THIS " AUDIT RISK" HAS BECOME PAIN IN THE ARSE....
Each fuckin question in the past paper related to "audit risk" seems quite different from the previous one hence making it more difficult to write by relating it to the scenario .....
in our syllabus , ISA 315,300 only provides definations of AUDIT RISK ( INHERENT , CONTROL , DETECTION) But there isnt any detailed guidance as to how these risks can be identified and mitigated..
in the past examiner has tested AUDIT RISK by giving the scenario of charity organisation,
why the hell examiner asks such a pratical/ technical questions even she knows that 80 percent of the majority sitting in f8 exam do no possess any practical field related experience ....
I cant neglect this part of the syllabus as examiner has explicitly said that this question will be tested again and again due to poor performance of students in this particular question, so any tips and tricks from u guys regarding this quesiton ?

I'm gonna try and explain what audit risk is and how to identify it but be warned, I SUCK at explaining things, so if you don't understand anything at all then it's not your fault, it's mine.

Firstly, audit risk is the risk that the auditor expresses an inappropriate audit opinion (that is, gives an unmodified audit report / unqualified audit opinion) even though the Financial Statements do contain a misstatement(s) that is/are material either individually or in aggregate.

Audit risk is basically the multiple of Inherent risk, control risk and detection risk. (You should be knowing the definitions as you stated)

Inherent risk and control risk are collectively called Financial Statement Risk so Audit Risk = FS Risk X Detection risk.

If I recall correctly, most questions in F8 asked either about business risk and/or financial statement risk.

You should already be knowing the 3 types of business risks that are financial, operational and compliance.

When a question asks for business risks, all you have to do is identify the risks that the entity is exposed to.

When a question asks for financial statement risks or audit risks, you have to identify the risks that the entity is exposed to and how those risks might lead to a misstatement in the financial statements (what could go wrong in the financial statements).

A simple example is that, say, something has been found in an entity's product that is in breach of a law or regulation. The business risk is that the company is in breach of a law or regulation (compliance risk) and might be liable to fines and/or penalties. The financial statement risk is that liabilities might be understated, there may be possible impairment of inventories so inventories overstated and expenses understated thus leading to overall overstatement of profit.

I do hope you got at least 10% of what I wrote. Feel free to ask me to clarify anything or everything

 

[Xzan23]

Nah, i got a job in Audit in one of the Big 4 firms.. so i had to change my service line but im happy.. atleast got the chance to move abroad !

oh man thats huge!... it shows us that there is always a possibility of switching your service line AND moving abroad even after you have completed your training period in another service. Thats good to know.

Congrats again bro. So can you give us a realistic view of the market there in UAE? What would you prioritize at the top to secure a job? Experience, Qualification, Brand or luck?

 

[Pakiyoungster]

I'm gonna try and explain what audit risk is and how to identify it but be warned, I SUCK at explaining things, so if you don't understand anything at all then it's not your fault, it's mine.

Firstly, audit risk is the risk that the auditor expresses an inappropriate audit opinion (that is, gives an unmodified audit report / unqualified audit opinion) even though the Financial Statements do contain a misstatement(s) that is/are material either individually or in aggregate.

Audit risk is basically the multiple of Inherent risk, control risk and detection risk. (You should be knowing the definitions as you stated)

Inherent risk and control risk are collectively called Financial Statement Risk so Audit Risk = FS Risk X Detection risk.

If I recall correctly, most questions in F8 asked either about business risk and/or financial statement risk.

You should already be knowing the 3 types of business risks that are financial, operational and compliance.

When a question asks for business risks, all you have to do is identify the risks that the entity is exposed to.

When a question asks for financial statement risks or audit risks, you have to identify the risks that the entity is exposed to and how those risks might lead to a misstatement in the financial statements (what could go wrong in the financial statements).

A simple example is that, say, something has been found in an entity's product that is in breach of a law or regulation. The business risk is that the company is in breach of a law or regulation (compliance risk) and might be liable to fines and/or penalties. The financial statement risk is that liabilities might be understated, there may be possible impairment of inventories so inventories overstated and expenses understated thus leading to overall overstatement of profit.

I do hope you got at least 10% of what I wrote. Feel free to ask me to clarify anything or everything

ur explaination was excellent
btw bussiness risk isnt in our syllabus , it will be tested in p7

actually i was finding a bit difficulty in attempting a question by relating it with a scenario.
but now i am feeling a bit accomplished after attempting final MOCK and got positive feedback from my tutor.

btw i have sent u pm , plz check

 

[limpix007]

I'm gonna try and explain what audit risk is and how to identify it but be warned, I SUCK at explaining things, so if you don't understand anything at all then it's not your fault, it's mine.

Firstly, audit risk is the risk that the auditor expresses an inappropriate audit opinion (that is, gives an unmodified audit report / unqualified audit opinion) even though the Financial Statements do contain a misstatement(s) that is/are material either individually or in aggregate.

Audit risk is basically the multiple of Inherent risk, control risk and detection risk. (You should be knowing the definitions as you stated)

Inherent risk and control risk are collectively called Financial Statement Risk so Audit Risk = FS Risk X Detection risk.

If I recall correctly, most questions in F8 asked either about business risk and/or financial statement risk.

You should already be knowing the 3 types of business risks that are financial, operational and compliance.

When a question asks for business risks, all you have to do is identify the risks that the entity is exposed to.

When a question asks for financial statement risks or audit risks, you have to identify the risks that the entity is exposed to and how those risks might lead to a misstatement in the financial statements (what could go wrong in the financial statements).

A simple example is that, say, something has been found in an entity's product that is in breach of a law or regulation. The business risk is that the company is in breach of a law or regulation (compliance risk) and might be liable to fines and/or penalties. The financial statement risk is that liabilities might be understated, there may be possible impairment of inventories so inventories overstated and expenses understated thus leading to overall overstatement of profit.

I do hope you got at least 10% of what I wrote. Feel free to ask me to clarify anything or everything

sajid kapadia student han ??

 

[alamode]

oh man thats huge!... it shows us that there is always a possibility of switching your service line AND moving abroad even after you have completed your training period in another service. Thats good to know.

Congrats again bro. So can you give us a realistic view of the market there in UAE? What would you prioritize at the top to secure a job? Experience, Qualification, Brand or luck?

Experience definitely. Most of us got hired because we have experience of audit firms here in Pakistan. Infact ALL of us who are hired, we all have experience in audit firms. So if you want to move abroad, getting experience in Big 4 firms is a big plus (but not a guarantee mind you)

Qualification is not that important to be honest over here. If you have one qualification (ACCA or CA) that would be fine but there are people who have no qualification yet they are Senior then me only because they've started their career from Middle East..