ACCA Exam Tips

Good morning,


2.1 Preparation Tips

Except for core papers, research the optional papers before deciding. Now, people normally would decide papers based on their job specialization. For example, if you are doing accounting & tax, you would take P6. I don't actually recommend this practice because be reminded the new ruling is 7 years to complete P papers, it might seem to be enough but I have seen people failing P-level paper (single) for numerous times, including myself : ) . So, just pick the option papers that you are confident with. Also, dont be afraid to switch papers but this need to be use with EXTREME CAUTION, I dont want to be held responsible. So, dont quote me on that.

After deciding what to sit, prepare your resources.The most critical resources are listed below:

1. Study text (backbone of your study material) - BPP (highly recommended), Kaplan and GTG also not bad. But it seems like GTG is shrinking, I used to like their P3 and P7 books.

2. Revision Kit (A must for practice) - BPP (highly recommended). I have never used other publisher. So, cant comment.

3. Your own personalized notes - depends on your style, I like to do my own summarized notes based on study text because I dont want to freak myself out during exam by seeing the wall of text.







Another important preparation is to know the examiner, you need to know your enemy before going into battle. Few ways to know your examiner, read examiner comments which can be found in ACCA web, read all the technical articles, surf opentuition.com (some top students will post tips there) and discuss with friends who have pass their papers recently.


2.2 Study tips


Consistency, study with consistency. I can say this, last minute study in ACCA will not work. Consistency here means, every week, you must be putting some input into your brain.

Usually, my plan is to familiarize a subject in the 1st - 3rd month. Then, 4th and 5th is usually practice and fixing weaknesses and loopholes.

Create your own personalized notes, making use of abbreviation, mnemonics, mind mapping and other study techniques you are comfortable.

After familiarizing, make sure you practice past year questions and ample practice via revision kit (at least 70% of the total questions).

Besides practice, you need to recall your subjects regularly. That's why you need a summary notes because P-level is very memory, fact-driven and theory intensive. Just like P5 examiner said, equivalent to a Master's degree with the exception you are writing your thesis in the exam hall with a time constraint of 3 hours 15 minutes. So, your research and inputs must be stored in your brain before exam : ) .




2.3 Exam tips


Exam tips is more towards health.

1. One week before exam, relax, exercise, go for movies. Don't let issues affect your emotional state. If you are in a relationship, tell your gf/bf to gtfo for the week or two until exam is done. Healthy mind, physical and emotion are important.

2. Before exam, I highly recommend avoiding caffeinated drinks because you are going to feel exhausted after 2 hours consuming caffeine. Highly recommend drinking FRESH FRUIT JUICES, good energy booster especially when you need to write a lot to increase your chance of passing.

3. Please go to web and research food to avoid before exam, oily & fatty foods for instance.

4. Attempt all questions. You need to try your best to attempt all questions even if you aren't confident. Markers can't award marks if answer scripts are blank.



These are mostly the tips I used to employ. So, if i recall anything, I would update again. Thanks for reading and Good Luck to you. Please share if you find this helpful.

Credit to: Binary Teo

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ACCA Exam Dates March 2016

For those who are planning to take exam in March 2016 ACCA Exam, these are the Dates for March 2016. The first session of ACCA exam in 2016!

Note: Take note on the variants given below for F and P series papers. 

ACCA Exam Dates March 2016:

DatesF Series (Variants)P Series (Variants)
Monday 7 March 2016F8P7 (INT, UK, IRL, SGP)
Tuesday 8 March 2016F7 P2  (INT, UK, IRL, SGP)
Wednesday 9 March 2016F5P1 (INT, SGP) P5
Thursday 10 March 2016F6 (UK, MYS, SGP)P3, P6 (UK, MYS)
Friday 11 March 2016 F9, F4 (MYS, SGP)P4



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Audit Partner License in Malaysia

If you had been working in the audit or tax or liquidator in Malaysia for more than 3 years and you gotten your MIA membership, you might be considering to join as one of the top managements (by investing money into the firm, where you'll calculate yourself the breakeven point, yes we all do that) and wish to put your glamorous signatory on the financial report like all the proud partners and you wish to obtain Audit Partner License in Malaysia, then this is the post you should be reading.....

Approval and Licence Renewal of Auditor / Company Liquidator

INDEX
1. What are the requirements to become an auditor?
2. What are the requirements to become a company liquidator?
3. How long is the waiting period for a particular candidate before being called for an interview?
4. Who are the interview panel and what are the aspects that are tested during the interview session?
5. What action should be taken if the candidate gets through the interview?
6. When should Form C be submitted to renew the auditor / company liquidator approval?
7. What action should be taken if the auditor and company liquidator approval period has lapsed?
8. Will tax approval also be given automatically when renewing the auditor’s approval?
9. How much is the total payment for renewing approval as auditor / company liquidator? What is the mode of payment? Can payment be made by cash or by using personal cheque?

1. What are the requirements to become an auditor?

The requirements to become an auditor;

A person must have approval which is recognised in Schedule 1 of the Accountant Act 1967

A member of the Malaysia Institute of Accountants (MIA) holding the status of Accredited Accountant Possess practising certificate from MIA

Has sufficient experience in auditing work in public accountant firms which is for a period of 3 years after becoming an MIA member. Candidates who have left their auditing career for so long are required to have at least 3 years of audit experience continously within the period of 4 years applying as auditor and;

Candidate is obliged to attend the Public Practice Program organised by MIA.

2. What are the requirements to become a company liquidator?

The requirements to be an auditor;

Obtained approval as auditor under the Companies Act for at least 1 year and

Have experience in the company liquidation field for at least 2 years


3. How long is the waiting period for a particular candidate before being called for an interview?

1 month – 3 months

4. Who are the interview panel and what are the aspects that are tested during the interview session?

The interview panel consists of:
Deputy Accountant General (Corporate) – Chairman
Representative of the Companies Commission of Malaysia (SSM)
Representative of the Malaysian Institute of Accountants (MIA)
Representative of the Securities Commission of Malaysia (SC)
Representative of the Central Bank of Malaysia (BNM)
Representative of the Insolvency Department of Malaysia (JIM) – if it involves company liquidator

Aspects that are tested
- SSM – Companies Act, 1965
- MIA – MIA By Laws, taxation, auditing, FRS and ISRC
- SC – Securities Industry aspect and capital market
- BNM – Banking and financial aspect
- JIM – Liquidation aspect


5. What action should be taken if the candidate gets through the interview?

5.1 Auditor Approval: The candidate is required to submit to the AGD the following:- Copy of provision letter of firm number issued by the Companies Commissioner of Malaysia. Copy of Form 5 of the Companies Act 1965 which is certified by the Companies Commissioner of Malaysia Approval payment of RM100.00 in the form of a cross cheque / money order under the name of ACCOUNTANT GENERAL OF MALAYSIA; and Certified copy of identification card.

5.2 Company liquidator approval Approval payment of RM50.00 in the form of a cross cheque / money order under the name of ACCOUNTANT GENERAL of MALAYSIA; and Certified copy of identification card.


6. When should Form C be submitted to renew the auditor / company liquidator approval?

3 months before the end of the previous approval.


7. What action should be taken if the auditor and company liquidator approval period has lapsed? 

The auditor and company liquidator will need to renew the approval within the period of one year from the last date of the previous approval renewal. Throughout the said period, they should not act as auditors and are not allowed to sign any audit report. If the auditor and company liquidator fail to renew the said approval within the period of one year, they will need to re-sit the said interview by submitting a new application (Form A).


8. Will tax approval also be given automatically when renewing the auditor’s approval?

No. Starting from 1 January 2006, tax approvals and auditor approval renewals are separate. All applications in relation to auditors and company liquidators should be done to the Accountant General’s Department of Malaysia, whereas applications in relation to tax agents should be done to the Tax Analysis Division, Ministry of Finance.


9. How much is the total payment for renewing approval as auditor / company liquidator? What is the mode of payment? Can payment be made by cash or by using personal cheque?

Payment for auditor approval renewal is RM100 whereas company liquidator is RM500. Payment should be done to the ACCOUNTANT GENERAL of MALAYSIA using company cheque, postal order, money order or bank draft. Payment by CASH or PERSONAL CHEQUE is not accepted.


Voila! That's how you obtain Audit Partner License in Malaysia! Best of Luck!!

Source: http://portal.anm.gov.my/


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