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Per Objectives

ACCA PER Objectives
Module

acca financial reporting (ACCA F7)

54 Documents
Students shared 54 documents in this course
Academic year: 2022/2023
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Association of Chartered Certified Accountants

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Professionalism and ethics During my tenure as an Accountant in the Accounting & Finance services of my office (Ulka Games Limited), I came across several instances where I had to maintain ethical and professional behaviour.

On one Instance, while on a business valuation engagement, the client asked me to ignore some fixed assets which looked damaged, the people in charge of the machinery in the factory recklessly agreed that the machinery had not been in use for the past two years. If I agreed to not account for the impairment of those assets for the valuation, they would have given me several benefits. both monetary and non-monetary. I refused, as it unethical for an accountant to act against public/stakeholder interest. Upon consultation with a qualified engineer who was chosen based on his objectivity, competence, scope and relevance of previous work, a material amount was found to not have been charged, thereby overstating profit and assets. If I had not acted ethically, the shareholders of the business being valued would not have a true and fair view of the total assets owned by the organization, the organization acquiring the business would not be getting the assets they paid for and buying liabilities they didn't know existed. Most importantly, if I had not acted ethically, the firm I worked for could have faced charges based on negligence, which would have been detrimental to the goodwill of the organization.

Stakeholder relationship management One cannot fathom the importance of stakeholder relationship management in audit practice. Being a supervisor in the Accounting Services and advisory department in an audit firm in Bangladesh meant that I had to deal with clients who were not necessarily aware and familiar with accounting standards, so reports, statements had to be presented so that it is understandable for them and thus act as an aid in their decision making process. In addition, because of my role in the organization as the audit supervisor, I had to ensure that members of my team were continuously motivated to be at their best which I tried to achieve by consulting important aspects of the assignment, dealing calmly yet timely with problems my team members faced, this ensured that I had earned the trust of my co-wrokers, team members which went on to provide good quality work submitted in due time. In addition, I have also allowed my co-workers, who were Muslim, breaks during prayers times even during times of intense pressure to get their best outputs. Through this, I have had improvements in communication skills, have a better understanding of the needs of stakeholders, and thus go on to build a professional network with my client base and co-workers.

Strategy and innovation One of the finest aspects of being in an audit firm for me was the diversity of the clients and the tasks I came across in my tenure as an employee in Ahsan Kamal Sadeq & Co. Dealing with this vast variety of work means that I need to be at my utmost to get the desired outcome from my team members. This could be done only by keeping them dedicated and motivated. To ensure there was no lacking from the side of the firm for this to happen, I would have meetings with other job in charges to propose possible flaws in systems within the organization and find out the most viable remedy and convey them to the partners/consultants. For example, soon after I became an audit supervisor, I along with another audit supervisor found out there were no written guidelines regarding documents one would need to gather from the client for conducting an audit or some of the more common audit procedures that needed to

be done on almost all assignments. This was tedious and thus I contributed to research by learning from better audit firms, to make a list of the most common documents and procedures needed for audit and after having that approved from my supervisor, implemented it slowly on all audit assignments. Due to this, less time was spent in doing things that are common for most assignments. I myself also created several excel formats for various non audit services such as daily receipt and payment format that automatically links and creates a yearly receipt and payments which drastically reduced the time required for any assignments of preparing external financial statements.

Governance risk and control For any audit firm, it is very important that proper governance exists which is perhaps crucial to mitigate risks through implementation of proper controls, the firm I was employed in was no exception to that. During my tenure in the firm I have tried my utmost to ensure that they are maintained by everyone I was involved in projects with. I have tried my utmost to mitigate any reputational risk my firm faced through poor quality of work. To achieve this, I have always maintained segregation of duty within a particular job, never gone out of my firm's chain of command to do anything and reported to my supervisor on any discrepancies and suggested any improvements I deemed necessary. Although I was offered to do so by several clients, I've never provided any service to any client without following the formal procedures that my firm had in place or that my supervisor did not know of. For particular jobs, I reported any ethical threats to my firm for accepting the engagement to my supervisor. Whenever a new trainee joined my firm I would almost always brief on the controls that the firm had in place and especially before any engagement I would sit with my team and convey to them the purpose of the engagement, brief them on legal regulations relevant to that particular assignment to ensure that firm faced no risks of being legally negligent. Because of this, I am now aware of how risks can be mitigated and how good governance can be used to provide good quality services.

Leadership and management During my tenure as the audit supervisor in an audit firm meant that I needed to be at my best in terms of managing my team to effectively get the work done. A leader is not upto the mark if he doesn't posses the ability the best candidates in his team for the respective tasks, thus at the start of any assignment I would concentrate on the best candidates for the job. For example in an assignment required for the preparation of a fixed asset register of an organization with several branches I'd choose someone who likes travelling to places instead of someone who's more into desk jobs. To manage my team better I'd also involve my team members in strategizing the flow at which the job would be completed, this helped me prepare a reasonable timeline for all aspects of the job, during the course of the job I'd continuously be in touch with my team members to manage them so that they were not at their best because of them succumbing to time pressure/excessive workload and also that the timeline for a particular part of a job was maintained and any problems my team members faced were dealt with as soon as possible, for any and every instance the timeline were breached, I would personally communicate with the personnel responsible for that part of the job to ensure the job was done properly and also that they didn't feel low. To lead my team efficiently I'd also as a bridge between my team members and the partners/consultants of my firm by conveying the needs of both parties to each other. This ensured goal

Prepare for and plan the audit process Working in an audit firm, I have had my fair share of audit experience both as trainee and audit supervisor. In line with the culture in my firm, an individual climbs the hierarchical ladder with time instead of designation which resulted in me being bestowed with the responsibilities of being the 'in- charge’ of several audit engagements. As the person who is in charge of an audit, I would often accompany my supervisor to meetings with clients and that was the best way for me to get a very good understanding of the scope and services to be provided to the specific yet ethical needs of the client and accordingly I would set up my team. Through ICQs, ICEQs, analytical procedures etc I along with my team would then identify risks associated with the particular assignment and determine materiality. Upon testing the internal controls, I would then design substantive tests to be conducted to give a reasonable assurance about the truthfulness and fairness of the financial statements being produced by the client. As the audit supervisor I would be present in the client premises during the course of the audit and using my appropriate knowledge of auditing standards I would modify/change where ever and whenever it was deemed necessary for the purpose of the assignment. This has helped me plan and prepare better for long - term assignments, gain a better understanding of auditing standards and deal with ethical threats to independence better. In short, over time this has helped me be a better auditor as time went by.

Collect and evaluate evidence for an audit While working as both a trainee and an audit supervisor in an audit firm, I've had the chance to be part of both internal and external audit assignments on numerous occasions and the one thing common for all my audit assignments was collecting sufficient and appropriate evidence to provide reasonable and limited assurance as per the nature of client. As the audit supervisor in charge of a team I tried my best to always keep myself available for any problems my team members would face to ensure timely completion of the work. As on all my audit assignments, substantive procedures along with risks would generally be planned out initially, as the job in charge, I would myself carry out those tests and also ensure my team members carried out those tests, documented the outcomes etc. Since most of the audit I was a part of were done in medium-sized and large teams, it was crucial for me as the job in charge to evaluate the appropriateness of audit evidence obtained both through previously set out procedures and modified substantive procedures. For example, I would not deem it acceptable if one of my team members accepted a written representation for cash coming in from an unknown source recognized as sales, as sufficient and appropriate evidence. I would then ensure that all risk areas as outlined in the initial audit plan are dealt with. Throughout the process I would maintain a questioning mind not accepting anything without proper evidence from my clients. Taking the evidence gathered into consideration I would then help my supervisor to form an opinion on the truthfulness and fairness of the financial statements of the client. Because of this, I have nurtured and still nurture a questioning mind.

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Per Objectives

Module: acca financial reporting (ACCA F7)

54 Documents
Students shared 54 documents in this course

University: Association of Chartered Certified Accountants

Was this document helpful?
Professionalism and ethics
During my tenure as an Accountant in the Accounting & Finance services of my office (Ulka Games
Limited), I came across several instances where I had to maintain ethical and professional behaviour.
On one Instance, while on a business valuation engagement, the client asked me to ignore some fixed
assets which looked damaged, the people in charge of the machinery in the factory recklessly agreed
that the machinery had not been in use for the past two years. If I agreed to not account for the
impairment of those assets for the valuation, they would have given me several benefits. both monetary
and non-monetary. I refused, as it unethical for an accountant to act against public/stakeholder interest.
Upon consultation with a qualified engineer who was chosen based on his objectivity, competence,
scope and relevance of previous work, a material amount was found to not have been charged, thereby
overstating profit and assets. If I had not acted ethically, the shareholders of the business being valued
would not have a true and fair view of the total assets owned by the organization, the organization
acquiring the business would not be getting the assets they paid for and buying liabilities they didn't
know existed. Most importantly, if I had not acted ethically, the firm I worked for could have faced
charges based on negligence, which would have been detrimental to the goodwill of the organization.
Stakeholder relationship management
One cannot fathom the importance of stakeholder relationship management in audit practice. Being a
supervisor in the Accounting Services and advisory department in an audit firm in Bangladesh meant
that I had to deal with clients who were not necessarily aware and familiar with accounting standards, so
reports, statements had to be presented so that it is understandable for them and thus act as an aid in
their decision making process. In addition, because of my role in the organization as the audit supervisor,
I had to ensure that members of my team were continuously motivated to be at their best which I tried
to achieve by consulting important aspects of the assignment, dealing calmly yet timely with problems
my team members faced, this ensured that I had earned the trust of my co-wrokers, team members
which went on to provide good quality work submitted in due time. In addition, I have also allowed my
co-workers, who were Muslim, breaks during prayers times even during times of intense pressure to get
their best outputs. Through this, I have had improvements in communication skills, have a better
understanding of the needs of stakeholders, and thus go on to build a professional network with my
client base and co-workers.
Strategy and innovation
One of the finest aspects of being in an audit firm for me was the diversity of the clients and the tasks I
came across in my tenure as an employee in Ahsan Kamal Sadeq & Co. Dealing with this vast variety of
work means that I need to be at my utmost to get the desired outcome from my team members. This
could be done only by keeping them dedicated and motivated. To ensure there was no lacking from the
side of the firm for this to happen, I would have meetings with other job in charges to propose possible
flaws in systems within the organization and find out the most viable remedy and convey them to the
partners/consultants. For example, soon after I became an audit supervisor, I along with another audit
supervisor found out there were no written guidelines regarding documents one would need to gather
from the client for conducting an audit or some of the more common audit procedures that needed to

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