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mezbah.ahmed@bimsedu.com
http://groups.yahoo.com/group/acca_bd/
F8 ACRONYM DIRECTORY
Specific tests can be used for receivables: 3Cs
C Circularisation
C Cut-off
C Cash paid after the y/e
Specific tests can be used for trade payables: CRAP
C Cut-off
R Reconcile supplier statement
A Analytical procedure
P Post year ending invoice review
Company objectives for internal controls: AS PIE
A Accurate accounting records
S Safeguard the assets
P Prevent and detect fraud
I Internal policy followed
E Efficiency
General controls expected in an organisation:
- Good recruitment procedures
- Good training procedures
- Internal audit department
- Management of 3As: Attitude, Awareness, Action
- Incentives
Specific controls expected in an organisation: ACCA MAPS
A Authorisation
C Comparison: i.e. analytical review
C Computer controls: e.g. passwords
A Arithmetic: i.e. add-up
M Maintain a trial balance
A Accounting reconciliations
P Physical controls
S Segregation of duties
What should be present in a panning document: MARK SAT
M Materiality and tolerable error
A Analytical review
R Risk
K KOB
S Staffing
A Audit approach
T Timetable
Page 2 of 2
mezbah.ahmed@bimsedu.com
http://groups.yahoo.com/group/acca_bd/