ACCA Ben Wilson's AAA audit castNov 09, 2023
Can AI help you to pass AAA?
How is AI impacting auditors, regulators.....and ACCA students! Ben gives advice on how AI can help with your exam preparation.
Waiting for AAA results
Be prepared! Ben gives practical advice on what to do whilst waiting for results.
ACCA's integrated report
Juicy facts about ACCA......and lots of commentary on ACCA's audit report. Great for your AAA exam preparation!
Silicon Valley Bank's collapse....and audit quality management
Silicon Valley Bank (SVB) collapsed spectacularly in early 2023......just 2 weeks after KPMG gave a clean audit report.
Why did the bank collapse? And what factors led to KPMG being implicated? Ben explores these questions in this edition of the audit cast.
Carillion, KPMG and ethics
What went wrong at Carillion? How were KPMG implicated? And what is Ben's top topic tip for the March 2023 exam? Listen to find out!
HSBC, PwC and the $1bn audit
Ben explores the rules on 'tendering' for large company audits, discusses 'audit quality', and considers why only 2 auditors (PwC & Deloitte) pitched for the HSBC audit.
Oh....and there's a 'FUN FACTS QUIZ' at the end!
Bouncing back from failing an ACCA paper with Jess Harcourt
Jess took several attempts to clear her nemesis paper......AFM. Here, she gives practical tips and advice to help any other students who are struggling with ACCA.
Remote Invigilation vs In Centre exams
If you have a 'choice' about whether to sit your ACCA exams remotely, or in a physical exam centre, this edition will help you to make an informed decision
Superdry, MUGC and auditor resignation
Superdry are facing going concern uncertainties...and their auditor (Deloitte) has resigned. In this edition, Ben discusses the challenges facing Superdry and gives exam insights on audit reports.
See Superdry's financial statements here https://corporate.superdry.com/media/3153/annual_report_2021.pdf
Current issue - ESG Reporting
ESG is highly likely to be tested in the AAA exam.....as the examiner has just published 2x technical articles on it!
I'm joined by Michaela, ESG expert at an investment bank, to discuss the main themes of the technical articles
Current issue - Quality Management
A new ACCA technical article has been published on Quality Management.....this is something that is very likely to be examined in AAA!
Andy, a senior EQCR reviewer at a Big 4 firm, shares his experiences of quality management in the real world of audit.
Read the article here https://www.accaglobal.com/an/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/isqm-1.html
Elon Musk, Twitter and Due Diligence
What is the normal due diligence process? What value to assurance providers add? And how did Elon Musk's $44bn offer for Twitter fail to follow this process? Find out in this edition of the audit cast.
Audit fines and quality control
KPMG, PwC and Deloitte have all been fined by the FRC recently for audit failings. In this edition of the audit cast, Ben discusses these cases and the implications for audit quality control, a key examinable topic.
How to score 81% in AAA
Michael Baker, a top performing ACCA student (who scored 81% in the AAA exam), shares his top tips for AAA success
Work life balance and the auditor
Big 4 audit partner Andy and I discuss how work life balance is changing in the modern UK audit environment.
Interest rates and impairment reviews
Ben discusses how rising interest rates can trigger / impact an impairment review, and the challenges this can pose for the auditor
UK or INT version of ACCA AAA and SBR?
I'm joined by Tom Clendon, expert SBR tutor, to give you the facts you need to make an informed choice
Money laundering and Natwest bank
Money laundering.....taking dodgy, illegally acquired funds and 'washing' them clean using the financial system. Natwest bank was recently fined £297m for its role in the money laundering activities of Fowler Oldfield, a UK jewellery firm. In this edition of the podcast, Ben discusses the case and uses it to illustrate the 3 phases of money laundering.
Prizewinner special edition
Sarah Salman, AAA prize winner for Qatar at the 2021 exam sitting, gives her top tips on how to maximise your chances of passing the AAA exam.
Tesco and the modern audit report
Audit reports are regularly tested in AAA. In this edition of the auditcast, Ben uses Tesco's 2021 auditor's report to bring this dry topic area to life!
You can access the audit report here (it starts on page 102) https://www.tescoplc.com/media/757589/tesco_annual_report_2021.pdf
Climate change and reporting
Reporting on climate change is a hot topic, particularly with the COP26 summit around the corner. Ben is joined by Tom Clendon, expert SBR tutor, to discuss the reporting rules as they currently stand and how companies are currently reporting. Ben then discusses the challenges for auditors in this area.
Current issues special edition
Big 4 audit partner Andy and I discuss current issues relevant to the AAA exam.....auditing in a pandemic, high profile audit failures, non audit services, data analytics, ISA 315 revised and professional scepticism. Its a long one at 17 minutes but loads of great content to help you prepare for the exam.
Fintech and due diligence
What is fintech? Why have there been so many fintech transactions in the first half of 2021? And what due diligence work will auditors perform on these transactions? Ben answers these questions in this edition of the audit cast.
Virus variants and data analytics
Data analytics have been used to drive governments' responses to the COVID-19 pandemic. Real time data over the emergence of new variants and their spread has helped to drive decision making over local lockdowns and vaccine rollouts. In this podcast, Ben discusses how auditors can make use of data analytics when planning and performing audits.
Inflation and the audit report
Inflation (prices rising over time) can cause going concern issues for a company, particularly if they are debt financed. In this episode of the audit cast, Ben explores how rising inflation rates can impact the audit report.
Warren Buffett and corporate governance
Warren Buffett's investment fund, Berkshire Hathaway, has earned huge returns for investors over the last 50 years. However, standards of corporate governance at the company are weak. In this edition of the audit cast, Ben re-caps key principles of corporate governance that are relevant for the AAA exam, using Berkshire Hathaway as a case study.
Home working and internal controls
The home working revolution of 2020/21 has dramatically impacted many workers. Internal controls have had to adapt to allow workers access to confidential information when working remotely. How has this impacted auditors?
Cryptocurrency, classification and subsequent events
Bitcoin and other cryptocurrencies are becoming more mainstream. In this podcast, Ben discusses challenges for the auditor around classifying bitcoin in financial statements and potential subsequent events.
COVID 19 and going concern
Auditing going concern during a global pandemic is a real challenge! Ben discusses the audit tests that should be performed and potential impacts on the auditor's report.
Ever Given, inventory, provisions and revenue recognition
What were the audit implications of the Ever Given container ship blocking the Suez canal? Ben discusses how inventory, provisions and revenue recognition could be impacted.