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[11:01:22] werty : Ok, are there any questions?
[11:04:12] freefallin : so for p1? any important articles?
[11:04:14] hamza.bhoy : sir
[11:04:16] werty : articles? Internal and external actors from August (?) last
year
[11:04:19] angel7 : Do u think nationalised cos will be an issue?
[11:04:22] freefallin : cool yea
[11:04:40] hamza.bhoy : srry 4 askin a p7 questionn
[11:04:42] werty : I've not thought about it, but I see no reaason why not
[11:04:49] tklinn : {werty} Rules based and principles based approachis P1 I
suppose
[11:05:15] werty : {TKLinn} and CC is principles based
[11:05:26] tklinn : yes, thanks
[11:05:46] hamza.bhoy : {werty}is computer basd audit is imp?
[11:05:47] angel7 : {werty} What about nationalised companies??
[11:06:00] werty : {angel7} sorry Angel, I have replied to your question, but
didn't click your name first
[11:01:22] werty : Ok, are there any questions?
[11:04:12] freefallin : so for p1? any important articles?
[11:04:14] hamza.bhoy : sir
[11:04:16] werty : articles? Internal and external actors from August (?) last
year
[11:04:19] angel7 : Do u think nationalised cos will be an issue?
[11:04:22] freefallin : cool yea
[11:04:40] hamza.bhoy : srry 4 askin a p7 questionn
[11:04:42] werty : I've not thought about it, but I see no reaason why not
[11:04:49] tklinn : {werty} Rules based and principles based approachis P1 I
suppose
[11:05:15] werty : {TKLinn} and CC is principles based
[11:05:26] tklinn : yes, thanks
[11:05:46] hamza.bhoy : {werty}is computer basd audit is imp?
[11:05:47] angel7 : {werty} What about nationalised companies??
[11:06:00] werty : {angel7} sorry Angel, I have replied to your question, but
didn't click your name first
[11:04:55] tklinn : SoX is rules based
[11:05:02] werty : {TKLinn} Oh, you are naughty!
[11:06:23] freefallin : werty: Ethical behavior...i think of context and issue
related factors, anything other i should learn on ethical behavior? its a tip from
kaplan...
[11:06:26] werty : angel7: I've not thought about it, but I see no reaason why
not
[11:06:57] angel7 : {werty} Thanx -do u think it will b or cud be in the context
of banks?
[11:07:35] werty : {Freefallin} The whole paper has got ethics in there -almost
throughout the paper.
[11:08:07] tklinn : the questions Angel7 asking are P1 or P7, I'm just curious coz
I got shock, if P1, I've not heard before .. heehee
[11:08:12] freefallin : hmmm so profession -professionalism, code of ethics etc
is included in there ok :/
[11:08:15] werty : {angel7} Angel -it could involve ANYTHING at all -oil
companies, banks, small businesses, local authorities -anything
[11:08:28] shafinez : {werty} what the difference between 'fairness' and
'rights'???
[11:08:30] werty : {Freefallin} yes
[11:08:45] valoche29 : Is Ethics Education Framework examinable?
[11:09:01] angel7 : {werty} No problem -its just that Bank of Scotland cud b an
issue!!
[11:08:45] valoche29 : Is Ethics Education Framework examinable?
[11:09:01] angel7 : {werty} No problem -its just that Bank of Scotland cud b an
issue!!
[11:09:02] werty : {shafinez} they're closely inter-related -what's fair is also
probably what's right ( in a moral sense )
[11:09:45] werty : {valoche29} Check the examinable documents at the front of
the rev kit -I've not covered it in lectures, but that doesn't mean it's not in the
syllabus
[11:10:26] werty : {angel7} Do you know they pay A FORTUNE for training?
Unbelievable considering they are nearly / were nearly bankrupt
[11:10:26] valoche29 : ok..thx
[11:11:21] arij6 : Hi guys, i joined in a bit late so might have mised a few
things...
[11:11:41] freefallin : werty: can we have an example of deontological and
teleological? to uinderstand these two things
[11:12:00] arij6 : i am self studying and am not realy sure which articles in the
student accountant we are suposed to look at... can you think of any specific
articles?
[11:12:01] werty : Hi, no there's not been much so far -there hasn't been much
on the "Ask the tutor" page either in these last 4 weeks
[11:12:23] rachaeltucker : {werty} can you help me out with the difference
between deontological and absolutism theoretical views?
[11:12:41] lauzzio : {werty} Please can you distinguish deontological ethics and
telelogical for me?
[11:12:52] freefallin : haha we asked all 3 the same thing almost
[11:12:54] lauzzio : {Freefallin} Haha, I just asked that too!
[11:13:02] werty : {Freefallin} I came to eastern Europe "as a missionary" to try
to help the local population qualify and therefore hopefully help to eliminate the
corruption which I already knew existed -that's deontological
[11:13:10] valoche29 : what are the exact roles of external auditors?
[11:14:15] werty : I came to eastern Europe to make money by setting up
tuition courses -hoping to make a good profit. Oh, by the way, it has also helped
the local population to qualify and, as a by-product, they may help to eliminate
corruption
[11:14:22] werty : That's teleological
[11:14:48] freefallin : so teleological is always about getting the best for me?
[11:14:51] werty : {valoche29} Wow! Primarily to report on the "truth and
fairness of the view shown by the fin stats"
[11:14:57] freefallin : without thinkin of society
[11:15:08] werty : {Freefallin} yes, it's consequentialist in its approach
[11:15:33] werty : {Freefallin} Society may benefit -but that isn't the primary
motivator
[11:15:50] freefallin : ok
[11:16:32] werty : {valoche29} There are other matters which ext auds direct
their attention to -advice, systems design assistance, due diligence, assurance
services, but T & F is the main one
[11:17:20] valoche29 : ok, i didn't see lot of details on external auditors on the
notes that's why
[11:17:48] werty : {valoche29} well, you've probably passed F8 and that's
deemed knowledge for all later papers
[11:17:59] arij6 : Can i just ask, which notes are you referring to?
[11:18:06] sicily : What speciafically shall we study about risks and RMS? oK we
know classification, we know objectves ...
[11:18:08] lauzzio : {werty} I thought that deontological was based on the
actions being ethical, and telelogical was based on the end result of your
actions??
[11:18:10] valoche29 : open tuition
[11:18:18] werty : {arij6} Course notes, downloadable free from the OT site
[11:18:45] werty : {lauzzio} I've a feeling that you've just said, in different
words, what I was trying to express
[11:19:00] lauzzio : {werty} okay that's good then! :D
[11:19:40] hamza.bhoy : {werty} cud u gimee a few last minute tips on p7?
pleasee
[11:19:44] lauzzio : I skimmed F8 and F9, I'm worried that these professional
ones will be harder and I won't pass. Is there a big difference in difficulty?
[11:19:47] werty : {sicily} At this stage, sicily, I think I would just be reading
and re-reading the qs in the rev kit, planning an answer, and then checking the
suggested solution against my plan
[11:19:57] hamza.bhoy : {werty} em gttin a lil tensed now
[11:20:03] werty : {hamza.bhoy} see my answer to Sicily three lines up
[11:20:51] werty : {lauzzio} It's a step up -Campbell is looking for answers
which reflect an increase in job seniority since those pearly days of F8 and F9
[11:21:09] shafinez : {werty} the role of audit comittee is to review the function
n systems of entity, but they are not responsible for the effectiveness of the
system...is it right????
[11:21:10] hamza.bhoy : {werty} tnx
[11:21:14] sicily : As I understood there will be tested mosly 3 things on the
exam: corporative governance, ethics and risks .... It would be another to get the
pass rate
[11:24:38] werty : {GKEvans} depends what you mean by "associate" level and
what is senior . I think that by the time you are doing P level exams, it is
anticipated that you are doing more senior work / assignments in your workplace
[11:21:47] werty : There are likely 6 professional marks in the exam -they are
specifically for "quality of explanation, ability to solve / identify the problems and
communicate effectively, persuasiveness of an answer etc
[11:22:06] gkevans : what level are we suppose to be at when studying
professional papers I am concerened because I am only at asociate level and
some people are senior.
[11:22:13] werty : {hamza.bhoy} no point getting tense -that helps no-one,
least of all yourself. Time to chill
[11:22:43] hobenu : how do determine if risk is embedded in the systems
[11:23:09] werty : {shafinez} correct ( ish ) Where they identify ( or have
identified to them by the int auds ) they should ensure that execs take on board
any int recommendations to strengthen the systems
[11:23:31] werty : {sicily} Those are certainly three BIG areas
[11:24:30] arij6 : {werty} Im starting learning the course just now, what sort of
a revision plan would be recommend?
[11:25:15] angel7 : {werty} Am I right in assuming that all NEDs are
independent?
[11:25:15] sicily : Can you please give your very short explanations for such
verbs (and mention you examples): critically evaluate, discuss,assess, explain,
demonstrate, describe, advise, recommned ... it is essention for me and for many
of us
[11:25:27] werty : {hobenu} There's a q in the P2 exam about that, in the rev
kit. "How would you find out that all employees were aware of the co's risk
attitude?"
[11:25:33] werty : Answer -ask them!
[11:26:16] rachaeltucker : {werty} If Neds are paid how can they be fully
independant?
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