laymankt-门外汉

New Blog

2010-02-25T17:35:00.002+08:00

Dear All

As I was in oversea and was not able to access to blogspot

therefore if you still wish to follow my blog, kindly search under www.sina.com.cn of which i shall set up one by end of March

cheers

Part 6 The misunderstanding of AEIOU

2009-04-26T12:33:00.000+08:00

There is always an issues for students when it come to the understanding of AEIOU or how to answer question related to the audit work, audit testing or audit procedure that need to be carry out.
When such type of question is asked what the examiner wanted to know is probably as an auditor you are given an accounting area to “check and investigate” so as to ensure that you can obtain reasonable assurance that there is no material misstatement in the particular area.
Therefore remember the accounting area is there and all control elements and financial assertion should exist when the audit client record any transaction into the financial records. You as the auditor should assume all the above is in place and your present is to present an assurance to the 3rd party whom are also the person who appointed you- the shareholder (and sometimes the stakeholders)
So how do you carry out? As mentioned in previous post there are many ways that you can do it. But for exam purpose and an easy way for you as a student to start with maybe you can take AEIOU as a guide.
I shall now provide in this post some common solution to it before I get into more specific area in the next post. Let take AEIOU as a guide and I would like to mention again as this is just a guide to you. If you are clear of what audit procedure is all about do it “Your Way”
For easy start we should look at financial statement first before we get into the control system.
Analytical review (AR)
What is analytical review? In simple it is the comparison of data. What data ? it can be financial data and even non financial data. We should look at financial data for now. Well as an auditor you should at the start of the “field audit “perform analytical on some key data for example the Cost for property plant and equipment.
If there is no different between current year figure and previous year figure meaning that there is no movement in PPE. However such comparison should be carry out by class of PPE like land, building, motor vehicles and others.
If there is an movement the next audit procedure that an auditor should do is compare (which is also part of AR) on the differences. This is also part of an investigation. Remember auditor is the to give assurance and highlight any “audit issues” you are not an executor to do any work that a company finance team should do.
From this point on ward you might see that AEIOU is a continuous process whether it is inter related when it comes to the flow of audit checking.
From the AR you might then go to other audit testing method such as “EIOU”
Enquiries
What It mean by enquiries? To me it is simple, it mean discussion ask and probably meeting. Any conversation with another person will be considered as enquiries. Of course it must be related to the audit. Or in audit term it must be relevance.
Discussion with the Account staff, accountant financial controller and the director are considered as part of the evidence collection too. However it must be properly documented and some important area should be in formal communication method ie letters and memo.
Inspection of documents
This is the easiest process as auditor is checking on the relevant documents to collect evidence. This can include Company’s internal documents or external documents. Internal documents like those invoices, minutes of meeting and external documents like bank statement and valuations reports are all considered as related documents where auditor could collect evidence from.
Observation
This could probably be the hardest way for student to interpret during exam. What to observe and how observation can help in audit? This I shall leave it to the actual scenario as it is hard to explain!
Calculation
Well this is the easiest. Arithmetical checking make sure right calculation and right valuationGet yourself familiar with the above as this is key part of the exam. Leave a comment if you have a question

part 5

2009-04-20T22:48:00.001+08:00

After understanding the objectives for both internal control and financial statements, it is time now to get to know how to audit it.
First of all let get some phrase right. Many students are confused of the phrase audit test, audit work and audit procedure. Actually they are all the same meaning. It means the audit evaluation carry out by auditor.
So how do auditors carry out audit evaluation? It can be in many ways but it must meet its objectives which we have mentioned in the previous articles
However students find it hard to start with the question on audit evaluation. So let us start with some basic principles.
Auditor can carry out audit evaluation by using the principles of (but not limited to) AEIOU
A: Analytical review
E: Enquiries
I: Inspection of documents
O: observation
U: Calculation
(Remember the above is just a guide to help student to start off a question if you understand audit evaluation well you can do it your way)
Let have a simple explanation of the above
1. A: Analytical review: comparison of data to evaluate the differences. This become a lead to the start of audit evaluation.
2. E: Enquiries: means discussion or obtaining the audit evidence through oral form
3. I: Inspection of documents: checking of hard evidence or written evidence
4. O: observation: observed the situation in order to confirm certain evidence
5. U: Calculation: to ensure right valuation.
Oh definitely the above sound simple. When applying into the question, it never click as question will never be direct to it.
Now let crease some question on the question
A: Analytical review: What should we compare and why should be compare?
E: Enquiries: who should we discuss and what should we discuss
I: Inspection of documents: what documents should we inspect and why should we inspect?
O: observation: what should we observe and why should we observe?
U: Calculation: this sound simple but what are the area that we should set the valuation right?
Let think about it before we continue

Part 4

2009-04-20T22:46:00.000+08:00

My apology, I was real busy and real sick over the weather here. Can you imagine snowing in April? What a day and I have sick for the past 2 weeks. Anyway it is time to follow up with the blog commitments.
Let look the 5 monsters –COVED how do we put it in simple and provide a good example?
As we know financial assertion is the assertion that a recorded must ascertain before they record a “BUSINESS TRANSACTION” into the financial records. For your information, the financial records comprise of
1. The book of prime entry
2. The Ledger book
3. The trial balance and
4. The financial statements
Your question: How can the two be correlated?
Completeness: Is to ensure that the business transaction is properly recorded, ie: A car. When a car is being purchased it should properly be record in
1. The book of prime entry : the journal voucher and the Fixed asset register
2. The Ledger book : Cost account, depreciation account and accumulated depreciation
3. The trial balance : Debit side for cost and credit side for cash or credit
4. The financial statements: the income statement for depreciation the balance sheet for cost and accumulated depreciation
Ownership/obligation: you need to prove that you own the car before you can record in the financial record above. So how you prove it? That is what required auditor to counter check in the exam. Audit client need to prove the ownership to the auditor and auditor need to get the evidence.
For the above and the following, bear in mind it is for the audit client to assure the financial assertion and the auditor to obtain reasonable assurance (evidence).
Valuation: the Audit Client need to ensure that the right valuation is being recorded! For example: Inventory cost it should be at the lower of cost or NRV! That is valuation, the client put in a valuation and the auditor obtains evidence that the valuation is right.
Existence: The recorder need to ensure that those business transactions actually exist and auditor obtain evidence on that. There are three key areas where auditor needs to obtain evidences!
Disclosure: All business transaction needs to be properly disclosed.
FOR All COVED, the Company need to ensure that it exist and auditor is to obtain evidence on that
On that basis the COVED become the objectives for the auditor to carry their audit on financial statement.
So let reverse the statement for the Auditor.
1. Auditor need to obtain reasonable assurance that “business transaction” is completely recorded in the financial records for examples:………………………………………….
2. Auditor need to obtain reasonable assurance that the “business transaction” is own by the company or company is obliged with. For example……………………………….
3. Auditor need to obtain reasonable assurance that “business transaction” is properly valued. For example…………………………………………
4. Auditor need to obtain reasonable assurance that business transaction exist for example………………..
5. Auditor need to obtain reasonable assurance is properly disclosed for example………………….

For the next post we look at the audit testing. Take care

Exam focus - ACCA F8 June 2009 (3)

2009-03-29T14:24:00.002+08:00

I received many complains, why the next post is so slow? Why answer is simple, I am too busy too tired and of course lazy.
Well no excuse as I have promised to do so. Let continue to the journey of June 2009 examination. However I may skip the internal control apart as promised earlier and go on to another important area namely financial statement assertion. We shall do it in a layman way, MY WAY!
What is financial statement assertion? This is an area where students always misunderstand. Financial Statement assertions are assertion where company must observed when recording a business transaction into the Financial Statement.
In your student text there are seven assertions namely:

Existence
An asset or liabilities exist at given date

Right and obligation
An asset or liabilities pertain to the entity at a given date

Occurrence
A transaction or events took place which pertain to the entity during the relevant period

Completeness
There are unrecorded assets, liabilities or events or disclosure items

Valuation
An asset or liabilities is recorded at an appropriate carrying value

Measurement
A transaction or events is recorded in the proper amount and revenue or expenses is allocated to the proper periods

Disclosure
An items is disclosed, classified and describe in accordance with the applicable reporting framework

However usually we will summarized it into 5 category namely

Completeness
ownership/obligation
valuation
existence
disclosure

So how to make it relevant in exam?

When a Company records a business transaction (BT) in the financial statement the need to ensure that:

1. The Company need to ensure that the BT is properly recorded in the Financial statement to ensure completeness or
2. To ensure completeness the company needs to ensure that BT is properly record in the financial statements.
3. To ensure ownership or obligation, the company need to ensure that they own or obliged toa business transaction.
4. To ensure valuation, the Company need to ensure that the BT has the right valuation when recorded into the financial statement
5. The ensure existence, company need to ensure that the BT actually exist
6. To ensure proper disclosure, company need to ensure that all BT are properly disclosed in the financial statements

Practice Can you provide example for the above?

Stay tune with layman

Letter to Miss S

2009-03-29T13:46:00.000+08:00

I have read your answer and I must say that the answer is not wrong but not up to standards.

Definitely with this level of writing and interpretation in examination, no examiner can pass you.

You need to get more in-depth to the answer writing. You must write in a way where you assume that the examiner or the marker does not know anything about audit. You must write in a way to convince and explain what is the subject about.

It is like a Children asking for their parent to buy a toy. The Child if shout and scream that he want a toy like “I want the toy, I want the toy…………………..” it does not convince the parent the need for the toy. However if a reason being given like, like the child telling the parent by buying the toy it mark a very important memory in his childhood, will the parent be touched?

It is like watching a movie. Who wants to go into the cinema watching a movie where from beginning to the end, you need to guess what the movie is talking about? Or till the end of the movie you also not sure what the movie is talking about. How can a movie does not express an objective and do not express a contents that viewer willing to see.

Going for the exam is just like making a movie, you can take 1 year to film it but usually you have only 3 hrs to present it. You might take a year to complete a subject but at each time you only have 3 hrs to proof you worth.

You now need to build up the quality of your contents. How to make it? Practice Practice Practice

Best wishes

Layman

Exam focus- June 2009 ACCA F8 (2)

2009-03-14T12:30:00.001+08:00

I am tired with work and life, time to divert to write a posting for you. I really hope you did your own revision before following this guide. Bear in mind that this is not a full lecture as I can’t conduct a lecture through blog but at least I can give you a simple guide and show you the hidden part of the examination to help you pass your examination.

Last posting we talk about “Control Elements”. This as far as I am concern is a very important area for examination as understanding the control elements can help you answer many “types” of examination question involving internal control system.

How?

A favorite exam question; what is the “control objective” of “internal control” system. I am not surprise that lot of students still confuse with this area. So let look this part of the exam favorite.
An objective mean what you wanted to achieve; control objective mean what type of control you wanted to achieve. Well in common in order to implement control into a system we aimed to achieve the following:

Objective of having internal control system.

 The financial records are accurate and complete
 Fraud does not occur
 The company is efficiently managed
 Business in conducted in orderly and efficient
 Timely preparation of information for decision making purposes.

However if a student were to take the above as their answer, something is still lacking which I regards as the lacking of audit reasons. How to fill the gap and have an answer with substance? Well bring in the control elements as the element is indirectly your objective or purpose in implementing control.

For example a bank and cash system:- What is the objectives or purpose of having such control?
I will always standardized the answer by using the word reasonable assurance or ensure as a start.

For example: to obtain reasonable assurance or to ensure………………………………………………..

The Answer: - sample

The control objectives or purposes are
1. To obtain reasonable assurance that there are proper physical security measure in cash
handling system so that asset of the company is not lost due to lack of safeguarding
2. To obtain reasonable assurance that proper authorization procedure on cash or bank payment to avoid fraud
3. To obtain reasonable assurance that operation of bank and cash are efficient through proper supervisory
4. To obtain reasonable assurance that there is no arithmetical mistake to avoid inaccuracy in financial records

From the above I am using very simple illustrations to give answers to your examiner and the answer is surrounding two parts: the control elements and the general objectives to internal control. Understanding of control elements could actually help more in the internal control system questions.

You might want to practice further or probably refer back to the past year question for some practice you will find that the above topic is common in exam and the answer might not be so complicated.

In the next post we shall discuss further on internal control system and your foundation on control elements is important as that will be our base for further discussion for your 2009 examination.

Layman will be back to work and my dear buddy stay tune with layman

Exam Focus – June 2009 – ACC F8 (1)

2009-03-12T21:29:00.000+08:00

Ok let start out the first posting of our exam focuses series.

Under your examination syllabus, the following areas are considered as part of the internal control system, namely:
1. Revenue and receivables,
2. Purchases and payable,
3. Inventory,
4. Revenue and capital expenditure,
5. Payroll,
6. Bank and cash.

Under audit, you are not required to set up an internal control system. However you are required to check on the internal control system whether it is reliable or it is not reliable. On examining whether the internal control system is reliable or not it depend on the following three key factors namely:

1. Control environment
2. Control Procedure and
3. Control elements

Control Environment
Means the overall attitude, awareness and actions of directors and management regarding the internal control system and its importance to the entity. It encompasses management style, corporate culture, values, philosophy and operating style, the organizational structure, personnel policies and procedures.

Personnel policies and procedure, for example, would include those covering recruitment, retention and dismissal. The organizational structure should have clear lines of reporting responsibility, and the maintenance of an internal control function and audit committee demonstrates a commitment to high-level of control.

The control environment provides a background to detailed control procedures. It does not of itself, of course, ensure the effectiveness of the internal control system as a whole.

Control Procedures
Control procedures are those established to achieve the entity’s specific objectives. In an accounting context these objectives include the proper authorization, timely and accurate recording of transactions in the correct period, the safeguarding of assets and ensuring the existence of assets recorded. They include particular procedures to prevent, detect and correct errors. They differ from entity to entity and are affected by the size of the entity
(You are required to read further on the above topics)

Now the most critical part to understand is the control elements. Control elements mean the “control action” that should exist within the internal control system. Without such control elements in the system, the control will not be effective.

In short these control elements are PAPAMOSS_PR
1. Physical security
2. Arithmetic
3. Personnel
4. Authorisation
5. Management
6. Organization
7. Supervisory
8. Segregation of duties
9. Pre-numbered documents
10. Recording

(You are required to read further above control environment and control procedure)

The most common use elements are physical security, arithmetic, authorization, supervisory, segregation of duties, pre-numbered documents and recording.

For example:
Cash control system: if there is no physical security control on cash, the cash will easily be stolen

urchase control system: if there is no proper authorization procedure item purchase might be improper

Arithmetic: if the figure calculated is wrong how to we ensure earnest of the recording?
Therefore students must understand each and every control elements before going further on the topics of internal control system. Get yourself familiar and revise with it.

Stay tune with LAYMAN

Exam focus-June 2009 – ACCA F8

2009-03-10T23:08:00.001+08:00

On your request, I will start this exam focus series for all of you with the focus to tackle on the key spotted areas for June 2009 sittings. This series will be helpful for those repeaters and for the first timer you might find it useful after you have completed the syllabus.
Any one of you is welcome to send questions to me via my laymankt@gmail.com
As for me there are three key areas in your examination, namely:
1. Test of control/Compliance test for internal control system
2. Substantive testing for financial transaction and
3. The internal audit and control
For your examination purpose please makes sure you know the above area CORRECTLY.
Why do I stress the word correctly? Well I always felt that students understand wrongly on the above area which cost them the 50 marks they suppose to have. Therefore the first area I will focus on.
Examiners regardless of which sitting, new or old syllabus test of on the above. Many of you out there claim that the question style is different, hard to remember all the different scenario, exam scenario often changes. Well let address all these all at one go under this series.
You should now clear your mind and re-learn about these topics. My commitment to you to solve the queries and at the same time be open to accept the explanation on the next posts.
For those of you who are reading this now go revise the above topics and we shall see all action in the next post.
Stay with layman…………………………..

Choosing 2

2009-03-08T22:36:00.000+08:00

Generation back, may be my great grandfather time or my grandfather time; they might not have this problem. Why I remember my grandmother told me this that my great grandfather was a barber then he opens up a sundry shop till he passed away.
His life was simple and brought up three Children. Grand father has a more exciting life but also I don’t think he also face much problem of choosing. So we at this generation especially those who born after the 70s what is the issues then? I would say the social issues?
Those who born after 70s are considered as the lucky group as they do not face any big crisis war and etc. They were born in the new age and the world has since develop from the 70s. no food crisis, they have food, more and more entertainment coming and more choices so that is the reason they have the choice and need to choose.
However my dear friend out there, don’t be too short sighted. Let me share this with you. Almost 10 years back I have to make a choice. A choice which I believe is so important and determines who I am now. A 3.5K monthly income which I need to work only a few days in a week or I should say not more than 15 hours a week. The other one is to give up the 3.5k job which you work only 15 hrs a week and work for a monthly income of 1.8k for almost 25 days a month 18 hrs a day.
Well I then choose to be an auditor rather than a lecturer. Why long term career plan rather than short term benefits. Further in my working life, I do lecture part time and earn extra income. However if I insist of my 3.5k income then, I might still be a lecturer now and forgo all the exciting moments and I won’t be going to Bangkok and now in Beijing looking at the beautiful scenery on Chao Yang Park.
Just chat with a student and he also facing a dilemma whether to gave up his part time job (he got 4 part time jobs) or slow down on his ACCA study. He needs to choose. Well my advice is simple, what do you like? He is worried about economic crisis and thinks a lot on things that yet to happen (which I believe all of us have gone through).
Let not be so short sighted, for you the priority is to get your ACCA done then you can bargain out there. Unless you are financially not stable, then you have no choice. However he has a choice and he can choose either way. His situation makes me think of another student of mine, whom thinks that finding money is more important than getting ACCA. I advised him the same as did today many years back. However the short term profit he looks on back then makes him suffer now. Yes for sure he has yet to complete his ACCA and yet the big money is still not his!
You can refer to my other article under “my thought and memory lane” to find other inspiration that I might give you. Short term windfall will not make you rich and successful. I have seen enough of this example for the past 10 years. Earning 3.5k at the age of 20 doesn’t mean you can earn 35k when you reach 30s (may be 35K Thai baht). Despite getting such high pay at that age will bring your ego to a greater height and increase your greediness on spending especially on luxury item. You might not be able to hold back when ego and greediness take over you. I have really seen this , live example.So choose for your future and life simple. Stay tune with layman.

Capital Employed

2009-03-08T21:45:00.000+08:00

This time I shall put up a new column on “Corporate Finance” and let discuss about capital employed as this is a key topic under such economic situation.
So what is capital employed? In simple it is the capital you used to fund the operation of the Company.. well it made up of two simple elements which is the capital that you invest and the financing you obtain to run the business. To be academic for your understanding, it is your capital financing and your debt financing or in another way to explain is the Shareholder equity plus your long term liability.
The word finance can easily mean the cash you need to fund the business. So from your financial data how are you going to examine it? My advice is you do it step by step. First of all prepare your budgeted profit and loss account and check out three important item in you profit and loss account. First you sales; secondly your profit and thirdly any extraordinary item.
With that in mind prepare a pro-forma balance sheet based on your budgeted profit and loss account. In your pro-forma balance sheet include your capital expenditure for the coming year. Look for a company to continue operation, it is impossible to take out CAPEX but to reduce or manage CAPEX. Then you will find a gap in the pro-forma balance sheet as the balance sheet will not balance as something will be missing.
Split your pro-forma balance sheet into 5 parts which is
1. Non Current Asset
2. Current Asset - taking away deposit, prepayment and other non monetary item.
3. Current Liability- taking away non monetary item.
Add the three items above and less the following:
Long term liabilities and the shareholder equity
If the balance is positive mean you need to more funds injected and if the balance is negative then it is fine as the capital employed is sufficient.
Well the next thing you need to have a close examination is your short term liquidity by looking at you working capital cycle by calculating your stock turnover days add debtor turnover days and less your creditor days. You could also evaluate it by value. This help to view the healthiness of your working capital and bear in mind this evaluation does not include your CAPEX evaluation.
Try it will give you a good indication on your cash requirement.

Chairman retired. Can CEO replace the position on a temporary basis?

2009-03-01T17:04:00.001+08:00

Well now a day student can really think especially when it comes to imaginative question like the above.
If you know my style, the answer is always Yes or No !
When a Chairman retired or before the chairman retired the Company must have a succession plan. The Nomination Committee should plan for this as this is one of the functions of Nomination committee as the governing committee for nomination of Directors and Chairman.
Before a CEO is nominated to replace the Chairman on temporary or permanent basis, the nomination committee of the Board should evaluate whether there are other more suitable candidate.
For example, there is a senior independent Director in the Company, he/she should be the first choice to hold the position of Chairman on a temporary basis prior to the appointment of new Chairman. Don’t forget that the Senior independent director is also a very important position for a Company. He/She is seen to be the communication channel between the Board and the Shareholder and he is the main representative for all the minority shareholder in the Company.
Therefore in my view, the Senior Independent director should be the first choice for the succession on temporary or permanent basis. If the Company does not have the Senior independent director, well the next should be the independent director. We should encourage an independent director to be the chairman instead of the CEO.
Well in simple unless you don’t have any choice as the above (which I think is impossible ) then you appoint the CEO, why it is because of the spirit of CG.

let kick start with corporate governance

2009-03-01T16:41:00.001+08:00

so after result announce it is time for all of you to buck up again let start with the followi:

What is Corporate Governance?
Corporate governance is the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies. The shareholders’ role in governance is to appoint the directors and the auditors and to satisfy themselves that appropriate governance structure in place.

The responsibilities of the board include setting the company’s strategic aims, providing the leadership to put them into effect, supervising the management of the business and reporting to shareholders on their stewardship. The board’s actions are subject to laws, regulation and the shareholders in general meeting.
The directors have the free drive to bring their companies forward, but exercise that freedom within a framework of effective accountability. This is the essence of any system of good corporate governance.

In a more complicated explanation why we need corporate governance?

There are three type of business vehicles that is commonly available namely
1. Sole proprietor
2. Partnership
3. Incorporation (Limited Company)

All three types of business vehicles have their own characteristics

Sole proprietor
Sole proprietor is the earliest type of business vehicles set up to conduct business. The key characteristic of a sole proprietor is that the owner of the vehicle is also the worker of the company. The business is conduct on a small capital base and in a smaller scale.

Partnership
Partnership is known as the expansion of the sole trader. Where sole trader is operating in a one owner one runner scale, the partnership is running on more than one owner and more than one operator. The capital requirement for the business is higher and do require more than one operator.

Incorporation
This is what we commonly known as a “Company”. In the operation of a Company, there are two separate parties that exist, namely: Shareholder and the Director. Unlike the other business vehicle mentioned, the ownership and the operator of the Company will be separated.
The Owner of the Company is the shareholder whereas the operator of the Company is the director. The running of the Company will then be regulated by the Companies Act. In simple, the shareholder will invest in the Company and at the same time they also appoint the operator of the Company, the Director to run.

Therefore the Director will be accountable to the Shareholder on the operation of the Company. This also led to the Company being run by Director or manager who is distinct from the owners.
Governance issues do not appear to be serious under the sole proprietor and partnership model. It is when the incorporation model begins to become a force of business entity and due to the collapse and fraud case of several big corporations during the 20th century that lead to the governance issues. At that time, various interest group is concern over the governance issue hence give birth to the concept of corporate governance.

The Gap - for the individual in crisis

2009-02-28T16:04:00.001+08:00

This is a cold Saturday afternoon and guesses what; I am fed up with my PDA phone as I still can’t fix my PDA phone to receive the MMS news. Useless I and I believe this is not the phone problem, not the network problem and it is my problem!
What problem is that, it was me who don’t understand how to operate the PDA phone and it was me who don’t get myself fully understand the phone and this is really my fault. Same here throughout the whole world, do you understand what is the economic crisis about. Well I don’t claim I know everything but let exchange my two cents worth of opinion with all of you at least I believe it is still two cents worth.
There were some bubbles created by the mankind and the bubble become bigger and bigger so when the bubble bust the sound is loud and clear.
For another example, when you go purchase property worth 1 million at a price of 5 millions, do we expect to resale at 5 million or more? This is exactly the case right now.
Many people have pay 5 million for the 1 million worth of asset. So at good time no one bother as everyone will keep on spending as the believe they can afford, but during bad time when it is under distress and the liquidity is not there the bubble of 5 million will burst and it will definitely fall below 1 million.
Why below 1 million, it is because of a simple equation demand and supply. Less people who can afford to buy and here those who can afford knew it and they wish for a better bargain! Isn’t it that simple? Or everyone is still trying to complicate the issues? I wonder?
So if you are one of them who caught by the situation, what should you do? My view is, don’t dream on, it will not be at 5 million at any time if it is only worth a million. So forget about the 5 million starts it all over again.
For those of you out there who are under employment just like me or those of you who are looking for a job this is a challenging time and we should keep it to the basic theory of life which is “SIMPLE”
All of us have a gap to fill and the theory of having saving for rainy days is always right, and never wrong. Everyone out there should now create your own spending budget and your spending habits.
In the eye of many, I am living with a lavish lifestyle, but I spend with my budget and things that I can afford and I seldom “BLOW” it. In fact I am not a rich person or “cash rich” type as most of my income goes to the family for the past years. Well I am still having my Cigars and wine, getting myself nice clothing shoes and with style. But this is all within the key word “BUDGET” and never over spent, mind you and the plastic cash, your credit cards is dangerous, always keep the balance at zero.
I mechanical pencil that I am using now can now put into the museum where I have used it since my primary. I am still wearing the same Seiko and mine of I still go to those barber for my hair cut even though my mum use to complain about that as in there is no “hair style from there”. Who cares!
You can be successful and at the same time be simple. I know of a few billionaires who used to have their meal with me in a small store for “Yen Tau for”. They with their simple lifestyle, win the battle of economic crisis and their company are disaster prove.
So keeping it simple is important. Don’t get me wrong as in keeping simple mean don’t spend. Keeping it simple mean spend at your budget and do not over spend. Spend on item which worth the value and don’t simply spend. I wish to own a ROLEX submarine and when the time comes I will definitely get one but I will not spend 10 ROLEX watches one is more than enough.
I will not insist of a branded shirt worth RM 400 if the tailor made shirt in Bangkok fit me well with just RM 100, I am comfortable with that. That RM 300 is what I consider as a Gap. Having the extra 9 Rolex is what I consider as a GAP too.
It is nothing wrong to own Rolex big house or big car if you can afford it but watch the way you spend it must be according to your purchase power and make sure it doesn’t hit your reserve fund.
Start it now before too late and stick on to it with modest life. Having sushi in restaurant of a shopping mall meet the same objective compared to having it in a six star hotel that is to fill need or hunger. If you can afford it, no harm having it in a six star hotel else don’t put yourself into a crisis by having it is a six star hotel just to show off, it does serve any purposes.
Dear all, start crisis management even before crisis and manage it well. No point doing crisis management during crisis, it might be too late and regretful.
When the mind of man is unattached to the ups and downs of life, but is able to maintain equanimity under all circumstances, good physical health will be assured. Illness is caused more by malnutrition of the mind than of the body. Doctors speak of vitamin deficiency; I will call it the deficiency of "Vitamin G", and I will recommend the repetition of the Name of God, contemplation of the Glory and Grace of God. That is the "Vitamin G" medicine. Medicine for ill-health is one third of the treatment. Regulated life and good habits are two-thirds. By my beloved Swami-Sai Baba

ACCA results out!

2009-02-22T14:44:00.002+08:00

It took me sometime to settle down in Beijing and this Sunday finally have some time to write a few words to all of you.
Yes you might pass and no you might failed
But regardless of whether you pass or you failed, the most important thing is what your next steps is?
For those who passed, you should get yourself prepared for the next challenges, either it is time to find a job under such challenging economic situation or complete the remaining ACCA papers that you need to.
For those who failed, sometime knowing why you failed is a task and often no answer. So forget about finding out the reason but get yourself prepared for the next sitting.
So tow category of you reading the post here. One those who graduate and congratulate to those affiliate, two those of you who still need to continue your journey as ACCA students.
The Affiliate
If you are new to the job market my advice is don’t be choosy under such economic situation, if you have a job now you are lucky and need to thank GOD.
So where to start, I will always recommend the traditional way, The Accounting firm regardless of audit tax or corporate finance.
Which firm Big 4 or others, well you should of course aim for the big 4 but it is not the end of the world if you are not recruited by then. Try other medium firm and if you are good you will have a fair good chance if your career path in those Company. It is not important whether you start off with the big 4 or not but the right firm with the right attitude. Your attitude on your first job will decide your future. (Please refer to my previous post choosing and New Year resolution).
The students
You should now plan properly for those subjects you are taking.
Bear in mind, today is 22nd Feb and let’s assume exam date falls on 1st June, you should have 3 months left for exam preparation.
So the first thing you do is to plan for your time which means a good time table.
Get all the date down (I used to use Microsoft Outlook) and key in your work schedule, lecture schedule IRC and any important schedule that will occupied your schedule and all these date should be out by now. (Sacrifice your dates and unnecessary appointment)
Check after you have key in those schedules and you will find out that the time left for yourself is actually limited.
So what should you do? Get yourself prepared. How? Assume you are taking F8 P1 and P2 (for the benefit of JE one of my student) you should now schedule the revision time for the three subjects.
For the month of March and April, you should have all your revision done according to your class schedule. For the Month of May you should do a reverse strategy.
You should plan according to your exam date and IRC date systematically. (Kindly refer to the excel sheet, request a copy if you need it by email).
Then make sure you have sufficient sitting of PYQs. If you wonder how many sittings, my recommendation is always 1994 sitting till recent, else minimum 15 sittings ( a must). Please refer to my previous article – The Power of PYQ.
That should be the minimum effort that you should put in.
Good Luck

The A Star Students

2009-01-20T21:52:00.002+08:00

Few days back I was updating my profile after using the same profile write-up for many years and yet the old one doesn't seem to be impressive and reflective enough after "N" years. Therefore this time I took some serious effort to update the profile and at the same time ensure that the new profile is not exaggerated which is a common problem for profile writing.

With that in mind I have sent the draft copy for several friends of mine from different background to have a review on it. This is to ensure that the profile written is "true and fair", most importantly not exaggerated as I keep on telling those reviewer to point out to me and "don't give me face" on that. True enough I am glad that those reviewers have done a good "slapping" job on the profile but at the same time someone highlighted this to me and I added this into the profile.

The extract:

"He was the ex- president for the ACCA Student Ambassador and promoted ACCA's student's activities in Malaysia. Among the activities initiated during his tenure as students ambassador included study and exam technique seminar, which has benefited many ACCA students. The project begin since Year 1999 and NKT had extend his initiative starting from Penang, Ipoh, Klang Valley (Public and with specific institution) Johor Bharu, Kota Kinabalu, Kuching, Miri Batu Pahat, Muar and other locations. Through these years of interaction with students all around, he understands the needs and problems faced by students and he is highly regarded by many students and often acts as personal mentor for some outstanding individuals."

The first study and exam technique talk begin in Penang and was organized by the Penang SA team. If my memory is not short, the title for the seminar was "The A Star Students". This was also the first ACCA SA event in Penang after I took over as the President of SA and the first ACCA student event in Penang that provide exam and study technique to the ACCA students in Penang.

The objectives of the seminar were simple, 1) to promote the ACCA student activities in Malaysia, 2) to share the study and exam technique of the ACCA Star student in Malaysia which kick started in Penang.

The first event was held in IPG Penang Burmah road campus. It was attended by about 80 students and I was pleased with the response and it motivated me and my SA team to extend such activities through to the other state of Malaysia. If I am right the second stop was Kuching and then followed by Kota Kinabalu. What surprised me was the event life span continued even after me stepping down from my term.

It continued as ACCA Malaysia office events and my personal community service events to the ACCA students all around Malaysia. I traveled to many parts of Malaysia to share this with students all around and hope this might be one of the ways to help students passing their exam as many of us know that taking ACCA exam might be a painful exercise. I must also give credit to the ACCA Malaysia office for organizing it not only in the major city but also in the smaller town in Malaysia. There is lot of ACCA member out there whom also welcomed such event. Alexandar Chin (present UK council member), the ACCA chairlady from Sabah, whom coordinated and organized the second talk in Kota Kinabalu have more than 150 students turn out for the events. One of the highest turnout rates!

I am not bias toward the place or town which such talks should be carry out. My idea is to go to any place when there is a need to have such talk and I am able to contribute to the ACCA student who wishes to enhance their chance of passing exam. While conducting the talk, many ACCA students shared their problem with me and we have our discussion after the talk while having break or tea. From there I slowly understand more and more of problem facing ACCA students on their studies and from time to time I will enhance my next presentation with all those experience gained from the previous talk and experience shared by students all around Malaysia.

I will usually provide them my email so that they can contact me should they need some assistant or some motivation. After 10 solid years apart I am still received greeting from some of them during festive. Recent months, I was residing in Penang, while waiting for my departure to the next port of embarkation. There were times where stranger that came up to me and greet me. They are some of those many participants who joined the talk and serious I can't recognise any of them.

Well they remembered me and the talk and most importantly 2 highlights in the talk 1) the Tai Chi (originated by Jana) 2) my self-introduction during the talk which was quoted in the following manner:

Normally people call me Ray

Those who wanted to defame me call me STING RAY

Those who like me call me SUGAR RAY

Those who love me call me SWEET SUGAR RAY

And those who are here to call will call me SWEETEST SUGAR RAY after today session

Well I am not sure whether in the near future (or even ever) I will conduct another session of such talks but it will remain in the memory of mine. 美好的回忆

Club 99

2009-01-20T21:28:00.001+08:00

Once upon a time, there lived a King who, despite his luxurious lifestyle, was neither happy nor content.
One day, the King came upon a servant who was singing
happily while he worked. This fascinated the King; why was
he, the Supreme Ruler of the Land, unhappy and gloomy, while
a lowly servant had so much joy.
The King asked the servant, 'Why are you sohappy?'
The man replied, 'Your Majesty, I am nothing but
a servant, but my family and I don't need too much -
just a roof over our heads and warm food to fill our
tummies.'
The king was not satisfied with that reply. Later in
the day, he sought the advice of his most trusted advisor.
After hearing the King's woes and the servant's'
story, the advisor said, 'Your Majesty, I believe that
the servant Has not been made part of The 99 Club.'
'The 99 Club? And what exactly is that?' the
King inquired.
The advisor replied, 'Your Majesty, to truly know
what The 99 Club is, place 99 Gold coins in a bag and leave
it at this servant's doorstep.'
when the servant saw the bag, he took it into his
house. When he opened the bag, he let out a great shout of
joy... So many gold coins!
He began to count them. After several counts, he was
at last convinced that there were 99 coins. He wondered,
'What could've happened to that last gold coin?
Surely, no one would leave 99 coins!'
He looked everywhere he could, but that final coin
as elusive. Finally, exhausted he decided that he was going
to have to work harder than ever to earn that gold coin and
complete his collection.
From that day, the servant's life was changed. He
was overworked, horribly grumpy, and castigated his family
for not helping him make that 100th gold coin. He stopped
singing while he worked.
Witnessing this drastic transformation, the King was
puzzled. When he sought his advisor's help, the advisor
said, 'Your Majesty, the servant has now officially
joined The 99 Club.'
He continued, 'The 99 Club is a name given to
those people who have enough to be happy but are never
contented, because they're always yearning and Striving
for that extra 1, saying to themselves: 'Let me get that
one final thing and then I will be happy for life.'
We can be happy, even with very little in our lives,
but the minute we're given something bigger and better,
we want even more! We lose our sleep, our happiness, we hurt
the people around us; all these as a price for our growing
needs and desires.

That's the "99 club".

Choosing

2009-01-18T22:57:00.001+08:00

This Saturday morning is rather cold, well normally this is the indication that Chinese New Year is coming and here we are in the New Year. As what I mentioned before, this is the beginning of a new cycle of my life as another 10 years will see another challenging cycle.

As usual Saturday and Sunday will usually be a great reading time for me. I have a habit to separate the different section of the newspaper and always start with the business column. There are two articles in the business section that attracted my attention. Well this is not about the main story but about two prominent Malaysian and how they dealt with their up and down of their career.

It might be two different stories but a common point, “a decision to be made at a specific point of time”. I have no intention to illustrate what is in the article but I would like to share with you what is my thought after reading the articles.

Everyone at the beginning of their career life, hope to be successful and one day achieve their social status. For example, an accountant might eventually hope to become a CFO and some executive out there might want to be a CEO and consider that is as the peak of their career life. They would regard that as successful in life.

Well friend always ask me whether I considered myself a successful person. I always said I don’t know and my measure of success might be different from the others. When what you gain is more than what you lost then you consider yourself successful. This is not measured only on monetary term but also the qualitative measurement which I consider as the key part for the measurement of success.

Executives who are now holding key position might consider themselves successful and most of the time they are not willing to step down from their position and holding on to it. One of the reasons might be economical reason where you got to live with the pay package given to you. The other reason might be the social status given to you that you are holding on to it.
Holding to the social status might be the main reasons as compared to the economical reasons. For example, I have a friend who is holding senior position in a company. He admitted to me that if he were to open a small shop, and do a small business his income might be higher than what he is earning now, however he will lost his social status by being a senior executive in a big corporation.

That might sound ridiculous to many of you, but that is the true fact out there. However the article I read today is different. It is all about a prominent Malaysian giving up a high level CEO position for the reason of family. That easily cost a few millions of income a year yet she opts to be out and spend more time with her family.

Yes economical issues will still be there and it is rather naïve of you thinking that once should stop every activity with the decision made. You might not be a CEO of a conglomerate but you might start a small business or doing other work that could compensate your income. Believe me what you gain might be more than the social status that you have lost.
To those of you out there, money when it come to certain level might not be your concern as you have built up the skill and experience to acquire it, it is the thirst for other needs or wants in life that dry your energy out and make you a slave towards the other needs and wants to you are looking forwards.

On the other hand how about having a fall on your career life? It is common to talk about job retrenchment, unable to get a job and it is the employer market now. However to me this might just be a “life cycle” and it is not threatening to your career. What is more crucial and critical here is that how should a person dealt with when he/she falls from a hero to zero?

I have personally gone through that. There are three things that you should do when you faced such situation. First you got to be patient when such situation comes after you. The fall might be due to some reasons that is out of your control and not within your plan. There will be a solution out there but you just need to be patient for the time to come and hold on to it, never give up.
Secondly, do not leave your life empty at this period of time. Fill up your life with healthy activities which add value to you. For examples, reading, traveling social works and others. Equip yourself and wait for the time to come. Get yourself ready for the next challenges to come. Prepare yourself for the challenges.

Thirdly, take off all noises and disturbance surrounding you. You might not want to hear baby crying, grumbling from others, discouragement from friends and families, all these to be a re rubbish and stay away from it to maintain your emotion. Once a person is facing challenges in life those disturbance will distract him and it will de-motivate you from think “you can”.
I am not saying that one should give up life easily but when you are facing such situation and need to make a choice thin k about what I have written and hope I share a fair piece with everyone out there. Be aggressive in life but when it is time to slow down or sacrifice some part of it act maturely and weight the gain and loss.

Well after I finish this article, I am going to write some simple goals in the next 10 years. Simple goal starting from buying a Rolex watch to a dream of getting financial freedom will be in the list. You have your choice but again when you face challenges in life act wisely.

Understand what we are doing would build up our self confidence. All the best!

Accountant of the 21st Century

2009-01-16T14:31:00.002+08:00

Read an article in the Star. It is all about the implementation of the FRS 139.

Well when all the article is worried about the accounting treatment, here I am looking at the other side of the concerns.

Accountant of the 21^st century facing lots of challenges. Now with the implementation of FRS 139, what else the accountants need to worry about?

First of all accountant need to understand further on "what is financial instrument". Whatever stated in the text book or reference books are merely books. What happen in the real financial market is ever changing. Accountant need to keep them-selves updated with that. Malaysia might not be as advanced as other countries in the development of financial instruments (which to me is a blessing under the current economic crisis) however having more in-depth understanding will help the accountant to prepare for the future challenges. For examples, do you understand what Structural Products is? Something New?

Secondly, the off balance sheet instrument, this might also be a challenge for the accountant. The basic point is how to identified, or just ask a simple question: do you know what is the "off balance item about". This is more of the qualitative consideration rather than the quantitative consideration. Sound easy but when you come to the real life

Then here come the third consideration where you need to look for embedded derivative in a contract or even some other contract which from the surface doesn't seem to contain a derivative. Here is the problem, are our accountant equipped with such knowledge?

Potential and future accountants do not look at the accounting standards only, look beyond the standard and have more understanding of the fundamental of the financial instrument. This is the whole new world of challenges!

Stay tune for part 2

人生就是为别人而活

2009-01-14T14:52:00.002+08:00

人生就是为别人而活

今天看电视节目时，听到这一句话心里有所感想

为什么要为别人而活呢？

为别人而活是因为责任，那么这是高人一等的情操, 今生无悔
为别人而活是因为生存，那么这是为势所逼的现实，情非得己
为别人而活是因为面子，那么这是多么可悲的譏磨，可耻可悲

人的一生，一定会为别人而活，只是原因何在?是今生无悔，情非得己，还是可悲呢？

不要因为你为别人而活而感到伤悲，为了责任为了生存，有何悲呢？

2009 第一章，为别人而活

New Year Resolution

2008-12-31T15:55:00.002+08:00

Happy New Year 2009 and May Year 2009 bring you health and wealth.

It seems to be common for a person to review what he or she has done in the past 12 months whenever another year arrived, I never do that in the past year but this year is slightly different for me as what Confucius said 三十而立， therefore I should take this opportunity to have a good look down the memory lane.

三十而立, is a very famous proverb by Confucius. All man please takes note.

Before a person turn 30 and going into the age of 31, this is the end of an important chapter of life. Why?

Before a person reaches 30 years old, this is the time he will accumulate life experience and education to help him on his next chapter of life.

When we were born, the first lesson that we learn will always be from the family, like we learn how to stand, walk run, speaks and other basic skill of life.

Probably when you are 3 years old, you might be sent to a nursery.

When you are about 4 you will be transfer to the kindergarten.

When you are seven, you go for you primary education and graduate at 12 years old

When you turn 13 years old, you go for your high school education until 17 or 18 years old depending on the education route that you might take or decided by your parents. All these consider formal education in modern days on top of other type of formal/informal education that you might take.

Well after high school, you might opt for further study, doing part time study or you might join the "University of Society" where another division of life begins.

This is the time where you are really facing the "community at large" or a new world that you are going to encounter.

After yours higher education, getting yourself a job is the next move, as a newcomer, you might have your No.1 choice, but sometime it is not so easy for the dream comes true.

You might not start with your "dream work" and you might just grab whatever available. It could be a bumpy year for you as you are trying to find the "dream combination" of life.

This period after your higher education, might really be the time that you are realizing your dream.

Finding an ideal job, finding your love one, getting your dream car, getting your dream house and probably the latest development is how to have windfall gain on the share market.

You try and try for the years, you gain, you lost, you might succeed and you might fail.

All these are education and life experience that might brings you greater future. You however might not know that you did gain despite the result or outcome. What you really gain is the experience despite good or bad. When a year past you will not get it back but definitely you have one extra year of experience in your kitty. That is for sure.

Therefore when you come to the age of 30, it is then the year you have accumulated quite a bit chunk of experiences and you shall now have a cut off to view on your memory lane. You should then consolidate it and have a better plan for the next 10 years to come. This according to Confucius is important as the next 10 years to come will you your next critical chapter of life and there should be a careful plan in life after accumulating experiences in the past 30 years.

Personally I believed what Confucius said is right, as after so many years of education and working life, it is worth taking a review. In the past 30 years, I have complete my basic and higher education up to the master degree, got all the recognition that I should have (fellowship and membership), having challenging working life and tough life experience. It is true that the "kitty of experience" have been accumulated and still accumulating. Looking down the memory lane I will find thing that I have done right and thing that I have done wrong; I will find joy and sorrow; I have find thing that I have regretted and thing that I have done extremely right. I have, I have be proud of myself and be shameful on myself. Let focus as the next chapter of life will begin soon, let the new challenges take on you and you take it with pride and honor.

Well for those who have yet to reach the age of 30, go ahead do what you dream of and don't forget to have a good look at your memory lane when you turn 30. For those who have past the 而立之年（30 year's old） you might want to have a quick look in the past and adjust on whatever you wanted to.

For my brothers out there with me, come let have a good shot on it and enjoy the next 10 years. I am still having a deep thought about it………………………………………………………………

Happy New Year 2009

A Good Night Sleep

2008-12-12T16:09:00.001+08:00

Don't you think a good night sleep is important?

Well previously doesn't really bother about this question, but lately it seem something critical

Looking at my young cousin, they can sleep anywhere anytime and when they wake up the house will be messy again. They are cute when they are in dream.

I believe when I was at their age, I could have enjoyed that! But now a day it seems different!

We need air-cond to sleep well!, claim someone……….what a "BS". Hot is not the reason!

We need a big bed to sleep well, claim someone……….what a "BS". Bed is not the reason!

We need "Loius 13" to sleep well, claim someone……….what a "BS". "Loius 13" is not the reason!

Actually we need to "turn off" to sleep well! What is there to turn off?

Turn off on the stress you have

Turn off on the work that you have gone through the day

Turn off the anger you have during the day

Turn off those "hate" to was build on you

Turn off the worries that you have to worry about tomolo

Turn off turn off turn off…………………………………………..

Good night!

The Mickey Mouse Worries 2

2008-11-23T14:48:00.003+08:00

It is now exactly 9 days before the ACCA F8 examination. I still hear many student grumbling as they have yet to prepare themselves or they might be still worrying on lot of other thing; they might still comparing between A and B. Students You only have 9 days left! What should you do?

I really dunno what should you! Seriously speaking, I am not you therefore I dunno what you should do?

However If I am in your shoes, what I will concentrate now is Past Year Question.

I will now find as many PYQs as possible Well may be 1999-2008! (Email me of you need one)

Then from the PYQ analysis I will start to pick question and begin with my question practice.

What type of question I will begin with?

I will begin with 2 types of questions

Question on subjects area which I am not good at. For example if Substantive Testing is my weak area, I will start will Question related on substantive testing
Hot areas for exam. Definitely area like internal control is a hot area, I will definitely attempt those related question.

Do less question on area which you are strong at!

What else should I do? Ask if you don't understand! Get to your lecturer, get to your friend ask them on area which you don't understand. Ask Laymankt if no one entertain you!

What else should I do? Stop panicking and concentrate on your PYQs!

What else should I do? Stop discussing about those Mickey Mouse issue Concentrate on your studies

What else should I do? No more net surfing (except if you are surfing on http://www.laymankt.blogspot.com/)

What else should I do? Ask your boy friend and girl friend not to disturb you for the next 9 days!

What else should I do? Zero entertain for the next 9 days

What else should I do? Do what you need to do to pass exam!

Good Luck

p/s Consume this article together with my previous post on The Power of PYQ

The Mickey Mouse Worries

2008-11-22T13:42:00.002+08:00

Question: As informed I need to remember the definition in Audit?

Layman say: How many Audit term are there in Audit syllabus, I can assure you there are more than 100 terms. So can you remember all 100 terms' definition?

Is ACCA an exam for memory test? I will not deny that some part of the syllabus you need to memorise especially when it come to "specific factor that affect audit" but not definition.

Question: if I do not memorise what should I write?

Layman say: Explain the definition with your own words and add on with example!

Question: How? Everyone that I know of the try to memorized

Layman say: I will not discourage you if you have very good memory skills. If yes go ahead and remember it but hard. But for other student like layman who is not so skillful, my recommendation are as follow?

Q: Define Audit Risk (4 marks)

You have 4 marks up there! In exam you only have 7 minutes to answer the above question!

Now when you are too tense in exam and forget about the "Official Definition that you are suppose to Remember" What should you do sit there and think hard, let your precious time fly away or you should do something with it?

Layman is not smart but I think I need to do something that I should get marks…………

Examiner Answer

Audit risk is the risk of giving an inappropriate opinion on the financial statements; for example failing to qualify when the financial statements contain a material error. Audit risk has three individual components in the formula:

Audit Risk = Inherent Risk x Control Risk x Detection Risk

Text book definition

Audit risk is defined as:

The risk of that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated.'

Layman Answer

Audit risk is the risk that auditor might give a wrong audit opinion in their audit report. For example: When a Financial statement of a company is actually qualified but the Audit provided a wrong opinion by saying that the financial statement is unqualified.

Do you think the text book definition is wrong ? do you think layman definition is wrong ? What definition you have learned through "REMEMBER by HARD" Same version or different version

Is there only one way to define?
(Note there above is only part of the answer 1 mark)

Another example

Official definition that you should remember by Hard for Inherent risk is

Inherent risk" is the susceptibility of an assertion to a misstatement that could be material, either individually or when aggregated with other misstatements, assuming that there are no related controls'

Examiner Answer:

This is the risk that an account balance or class of transactions contains a material error.

(Note there above is only part of the answer 1 mark)

So do you think that examiner needs you to remember by hard? Do you think that definition of Audit term need to be REMEMBER BY HARD?

You have the wisdom to judge!

Good Luck

A chance of having Higher Education

2008-11-22T12:55:00.002+08:00

Can you imagine how costly can your higher education bills be? Hmmmmmmmmmmm, well RM100K? RM 1 million? Or RM 15K?

Seriously this was the topic after dinner with my uncle who is thinking about it and regards himself over-planned for his Child education.

My boss use to discuss with other bosses how expensive can the higher education bill be when your children study oversea as they are trying to send their kids to a more "Famous Universities" in the World.

This will definitely cause a big bomb as it will reach between RM 500K to RM 1 millions. Well as far as one can afford why not!

However how about those who can't afford but still hope to get a good qualification at an affordable price to earn a living in the future. High education bill has been a key problem for those who wish to pursue higher education.

That was my choice and still my choice! The Professional Qualification. I never have a degree, never, only professional qualification.

I am a LCCI and ACCA Graduate and proud to be one. Of course there are other good professional qualifications out there which the holder should be proud of it too.

Most important I have recovered all my cost incurred for studying the course which RM 15K about 10 years back.

I remembered when I study LCCI I was only paying RM 90 per month as installment payment and together with the Exam fees for both LCCI and ACCA, really I don't think I have spent much for the higher education cost. It will be at RM15K or if I miss calculated I am sure it is not beyond the RM 20K mark.

Wow this really affordable! Yes and at the same time the qualification is well recognized in the world.

I have worked in several countries in this world and all of them accept ACCA. I have friend whom also graduate from ACCA is now working in Vietnam Singapore China Australia UK (united Kingdom not Ulu Klang) and other countries. It proves that you can really earn a living with your ACCA qualification.

However to me, it started from the very basic point. The Chance of having good quality higher education at an affordable price.

I used to study in colleges which many people regard as "Tuition Center" why? Because there is no campus. It was situated in an old shop lots in a very busy street down town.

Further, one thing that make everyone confuse is I always study in different colleges. For Me I have studied in 3 colleges for the same qualification. So which college I am actually from.

Tell you what my parent don't even know which college I have studied in, they just knew that I graduated from ACCA.

When I went interview, what do I put down when it come to college/university? I always fill in this way:

College/University: The Association of Chartered Certified Accountant (ACCA); Degree: ACCA Professional Exam. Done!

No interviewer will question me on that as ACCA has been a brand name!

So who cares! More important is to complete the course and earn your living in the future.

Really during my time of study, I have lot of class mates whom is self support and they might have a full time job or part time job.

I salute most of them! Why? It is not easy for them. I have seen many of them, save and trying to pay their exam fees and subscription fees. One of them (actually many) cut the food bill by having Bread only (three meal a day). White and pure they have their bread for 3 meals a day. I really salute them.

They will be in the library from 8am in the morning until 8pm at night. This will usually happen one month before exam as they will start to have unpaid leave trying to prepare for their exam. Their determination and persistency is what we should learn!

Yet they passed exam. They always say this to me Thanks ACCA and their colleges who offered the courses to them at a very affordable price. They really appreciate that.

Where can you study a subject for RM 500 that last for four months? You might not have campus life, you might not have good facilities like those big colleges but this places which some others regard as low grade place provide good higher education to those who can't afford to go to those posh colleges; but still they need a qualification for their future career.

How could this possible. It is the combination of those professional course and those "low grade colleges" that provide those people like me a chance for higher education.

So where is my college/university it is The Association of Chartered Certified Accountant (ACCA) and The London Chamber and Commerce and Industry (LCCI). What are the course that I studied- ACCA Professional Exam and LCCI Higher Diploma in Accounting. At the same time appreciation to colleges that provide those courses to me at very affordable fees

Without them, I cannot be who I am now. It start with a very affordable course combining with one of the hardest exam in the world, it make a stronger me to face my career.

If you are a graduate from Harvard or Cambridge well, you will be up for grab even before you graduated. That is the true facts!

Studying ACCA might not have the same effect but I am sure that it is not difficult to find jobs if you are an ACCA graduate!

What the employer really wants to see is your ACCA certificate, they don't usually ask for what grade you are in, why ACCA got no grading. If you get above 50 you pass if you get below 50 you failed. If you fail retake until you pass. The theory is simple. As far as you pass ACCA you are qualified as an ACCA Affiliate.

Your CV will definitely be enhanced when your potential employer see the word "ACCA".

However there are 2 areas for a student to improve when you study ACCA (This is my own opinion) as compared to a degree based student

Well ACCA student lack of research skill as compared to a degree student. Another point is that generally the presentation skill of ACCA students is weaker as compared to a degree student.

Therefore when they go for an interview in a larger organization, they might face problem when it come to the evaluation of a candidate soft skills especially when they need to present themselves to the interviewer for 5minutes, sometime they go blank. Why? Because for a degree students presentation and research is part of the degree life unlike ACCA students. So ACCA students do lack of some exposure in this areas.

However this is of course not the critical part but when interviewers make comparison to the two type of candidate, they might select the one with a more balance skill. So how could an ACCA student improve on this area? Well do your Oxford Brook degree and at the same time join a toastmaster club! This will definitely enhance your soft skill to make you to become more competitive in the job market.

So Bravo ACCA Bravo to those of you who study ACCA and Bravo to my three colleges……………………..Bravo Good night!

Your Questions, my answers

2008-11-19T17:51:00.002+08:00

How to answer the questions for "audit work","audit procedure"?
Audit work and procedure generally refers to the Audit testing, therefore the principles of "AEIOU" applied. You will need to refer to the scenario and answer the Question
I realise that most of the examiner answers in column form (i.e test of cltr),should we follow or otherwise?
Definitely you can.answer in column form. However student always face a problem when they answer in column form. Student always didn't write enough fact as they thought that in column form it can be as simple as possible which is a issue that student need to overcome. However sometime the question do encourage you to do so. You have your own judgment to see whether it is suitable for you
How to answer for Audit Report
When it comes to Audit report the following are the exam areas:
1. Describe and analyse the format and content of unmodified audit reports.[2]
2. Describe and analyse the format and content of modified audit reports.

Therefore when it comes to this area u need to know the fact about modified and modified report at the same time cover the question of cremore and Dec 2007 Q 5 past year question

Hope this answer your qesries

Meet the Students

2008-11-19T16:03:00.003+08:00

I will be in the collge to meet students on

Sunday 23rd November 2008
Time 2pm till 5pm
Kasturi College

Please check with the College on the room allocation

All are welcome !

Hit Songs

2008-11-16T20:02:00.004+08:00

I learned this from a family uncle and after some modification; I would like to share this with you

Everyone in this world can sing depending on how good you are in singing!

You could be Karaoke singer sing for fun! Dun care whether the tune or even the lyric is right. You just want to sing-your way

You could be a Pub singer. Good in singing but limited to the pub only. Small Avenue for you to perform!

You could be a normal singer, have your own album but none of them become a hit song. You will slowly being eliminate from the recording industry.

You could be a pop star where you have your own album and hit song which hit the top of the pop chart. You become famous.

You could also be a super star where you have your own album, hit song and the everlasting pieces which will be remember forever.

Karaoke Singer, pub singer, normal singer, pop star super star are all singer the different is whether you have a hits song?

What is the moral of the story?

This is about what you want in life? Hit song refer to your achievement in life.

Certain people choose to be karaoke singer, cause they just want to live happily and without any pressure

Certain people choose to be a pub singer , cause they just hope to live slightly better than the others

Certain people choose to be a singer, cause they hope to achieve something in life. But you have to keep up with the pace and work your wat to become a pop star.

However if you want be a pop star you really need to sacrifise work hard and have to face the up and down in life, once you have the hit song you become famous and more financial reward. You need to keep up with the pace

Lastly if you want to be superstar stop dreaming now and act fast

So what you want to be? Any hit song from you? What to have hit song in your life?

Joke from friend-share with you

2008-11-16T19:48:00.002+08:00

I was barely sitting down when I heard a voice from the other stall saying:
'Hi, how are you?'

I'm not the type to start a conversation in the restroom and I don't know what got into me, but I answered, somewhat embarrassed,
'Doin' just fine!'

And the other person says:
'So what are you up to?'

What kind of question is that? At that point, I'm thinking this is too bizarre so I say:
'Uhhh, I'm like you, just traveling!'

At this point I am just trying to get out as fast as I can when I hear another question.
'Can I come over?'

Ok, this question is just too weird for me but I figured I could just be polite and end the conversation. I tell them
'No..I'm a little busy right now!!!'

Then I hear the
person say nervously...
'Listen, I'll have to call you back. There's an idiot in the next stall who keeps answering all my questions

Cell phones, don't you just love them

小哲理

2008-11-15T00:44:00.000+08:00

你开着一辆车。在一个暴风雨的晚上。你经过一个车站。有三个人正在焦急的等公共汽车。 一个是快要临死的老人，他需要马上去医院。一个是医生，他曾救过你的命，你做梦都想报答他。还有一个女人/男人，她/他是你做梦都想嫁/娶的人，也许错过就没有了。但你的车只能在坐下一个人，你会如何选择？我不知道这是不是一个对你性格的测试, 因为每一个回答都有他自己的原因。老人快要死了，你首先应该先救他。你也想让那个医生上车，因为他救过你，这是个好机会报答他。还有就是你的梦中情人。错过了这个机会。你可能永远不能遇到一个让你这么心动的人了。在200个应征者中，只有一个人被雇佣了，他并没有解释他的理由，他只是说了以下的话：'给医生车钥匙，让他带着老人去医院，而我则留下来陪我的梦中情人一起等公车!'每个人我认识的人都认为以上的回答是最好的，但没有一个人（包括我在内）一开始就想到。

小哲理：是否是因为我们从未想过要放弃我们手中已经拥有的优势（车钥匙）? 有时，如果我们能放弃一些我们的固执，狭隘，和一些优势的话，我们可能会得到更多。

学生门学学“默默耕耘，不问收获”

2008-11-14T22:15:00.001+08:00

http://pilow.bokee.com/viewdiary.41103969.html

Subsequent Event/Post Balance Sheet Event

2008-11-14T21:01:00.002+08:00

What is this event? A party that you are going to? Nono, this is the exam that you are going to!

What is this event referring to? Event = Business Transaction!

This is the business transaction that is related to a certain period which is the Balance sheet dat.

So there is two very important thing that you should take note here. Balance sheet date and Event.

Balance sheet date mean the reporting period that the Company is referring to: for example your reporting period is between 1 January 2008 to 31^st December 2008.

Subsequent event mean transaction that happen after the reporting period, namely after 31^st December 2008.

So as an auditor what should you look for?

The primary responsibility to deal with Subsequent event is not the responsibility of Auditor but Director. However auditor will always carry out their audit after reporting period therefore during their audit the will need to take it into the audit program.

There are 2 types of subsequent event namely adjusting event and non adjusting event.

Adjusting event is the event that is related to the reporting period; Non adjusting event is the event that not related to the reporting period

Generally, for adjusting event you need to adjust to the reporting period and non adjusting event you will need to disclose if it is material.

Auditor need to aware of 2 main aspects

First what are the audit procedures for Subsequent event?

Secondly what are the auditor responsibilities at different stages?

Summary of Procedures:

Procedure normally integrated as part of verification of year end balance

Inquiries of management
Correspondence with solicitor
Review internal statement prepared subsequent to balance sheet date
Review records prepared subsequent to the balance sheet date
Examine minutes subsequent to balance sheet date
Obtain a letter of representation

Auditor will not have the primary responsibility however since this will b e part of their Audit work therefore they would have to report on what they have gathered during their audit procedures

Therefore before issuing of audit report auditor will have the responsibilities to select sample and test for material subsequent events

Subsequent to that, and before issuance of audit report, they will only take a passive move which they will have to depend on the Director to report/inform them on any subsequent events.

If it is before the issuance of Finacial statement, Auditor will still have the chance to reissue their Audit report should there be any changes in the Financial Statements.

If it is before the AGM and after issuance of FS then Auditor will only be able to report the impact during the AGM

Note: the above is just a brief explanation and the objective is to help you to understand the basic concept of the topic. Please refer to the handout for more details. Should you required further information, please do not hesitate to contact me by leaving your comment or email me.

My contact for students

2008-11-14T20:14:00.000+08:00

If you need my MSN please email me !

List 6 audit procedures and reason for taking each procedure-ACCAF8

2008-11-11T23:17:00.002+08:00

The above seem to be the favorite for you examiner in Q1.

Let do more detail on this area by looking at December 2007 Q1

"Parts inventory is monitored by the stores manager. When the quantity of a particular part falls below re-order level,

an e-mail is sent to the procurement department detailing the part required and the quantity to order. A copy of the

e-mail is filed on the store manager's computer:

The copy of email serve as the purchase requisition and all purchase system start with purchase requisition!

Staff in the procurement department check the e-mail, allocate the order to an authorised supplier and send the order

to that supplier using Electronic Data Interchange (EDI). A copy of the EDI order is filed in the order database by the

computer system. The order is identified by a unique order number

The order here refers to the purchase order as it has sent to the Supplier via EDI

When goods are received at DinZee, the stores clerk confirms that the inventory agrees to the delivery note and checks

the order database to ensure that the inventory were in fact ordered by DinZee. (Delivery is refused where goods do

not have a delivery note.)

This is when good are received and arranging to go into the warehouse

The order in the order database is updated to confirm receipt of goods, and the perpetual inventory system updated

to show the receipt of inventory. The physical goods are added to the parts store and the paper delivery note is

stamped with the order number and is filed in the goods inwards department

This enter the recording part which will decide whether your inventory will be accurate at day end

The supplier sends a purchase invoice to DinZee using EDI; invoices are automatically routed to the accounts

department. On receipt of the invoice, the accounts clerk checks the order database, matches the invoice details with

the database and updates the database to confirm receipt of invoice. The invoice is added to the purchases database,

where the purchase day book (PDB) and suppliers individual account in the payables ledger are automatically

updated.

This focus on the quantitative part on the final part of the purchase system which you need to handle with care

Dear and dearest look at the requirement properly. They need a test on the system therefore it is test of control!

So you should start with the sequence and take into some general areas which you can whack (standard area)

Purchase requisition

Select sample and trace the Email order (purchase requisition) to your order database (purchase order) to check for accuracy

This is to ensure that there is no arithmetical error in the error database

Purchase order

Select sample from order database and check to authorized supplier list to ensure only authorized supplier received the order

This is to ensure that only authorized supplier is recorded in the database and no fraud or negligence occur

From the order database also, check to the physical good received and the records to ensure the right inventory has been received

This is to ensure that the right inventory with the right quality is being received (physical security)

Good received in warehouse

Order database will then be selected to match with paper delivery note (or the other way round)

This is to ensure that all good order have been received (physical security)

In the financial system

In this part you need to look at the whole financial system example

From Purchase invoice matching to purchase ledger, purchase ledger matching to the ledger account and also towards the Payable listing.

Generally this is to ensure that no arithmetical occur and most important proper recording in the financial system.

Note:(Financial system is the process of financial recording form your source document to financial statement)

General area

Since it is IT environment testing of the control is essential

Reliability and accuracy of the processing is also important

With the above you surely have more than 12 points to write

Note: the above is just a brief explanation and the objective is to help you to understand the basic concept of the PYQ. Please refer to the Answer for more details. Should you required further information, please do not hesitate to contact me by leaving your comment or email me.

At a cross road

2008-11-11T22:25:00.001+08:00

Well late evening sitting alone in the café great music around me and the piggy chatting with me.

For 30 years I have been living this way! Should I change? I have never really thought of that? I have been very adventurous for the past years and should I stay on to be adventurous or it is time that I really think of stability.

I have had very challenging life, often getting hit songs during the past 30 years and really making wonders which shock many many of you out there!

I seldom do it according to the book (no worry nothing illegal). Yet it pay dividend! Fruitful and exciting!

But often what you get is far less than what you give. Maybe should use this time to really think about it.

It is time to make a comeback and have more hit song in life. It is a tough decision to make. Maybe I am too comfortable with what I have now.

Yet they told me those who should shoulder the burden should not stay behind the scene, come out and make it happen again

Or should I just do what I wanted to do?????

What say u?

Computer Audit

2008-11-11T21:57:00.003+08:00

Well usually when it comes to the Computer Audit the following will be the hot topics

Audit around computer and audit through computer
Advantage and disadvantage of using It in Audit
Discuss the use of computers in relation to the administration of the audit
Explain the use of computer assisted audit techniques in the context of an audit.
Discuss and provide relevant examples of the use of test data and audit software for the transaction cycles and balances mentioned in sub capability
Control that exist in the IT environment

Item 1-3 I would consider as easy to handle however for item 4-6, you need further understanding as it might require you to relate to a scenario especially the Control that exist in IT environment.

Item 2 and three I believe you can find it in the lecturer notes therefore I am not going to touch on it. Let's look at the remaining areas:

Bear in mind when it involve IT system, usually you will have three key process, namely input, process and output. Therefore the control and audit for IT environment will also be focus on the 3 principles.

It simple, Audit around computer mean audit on the input and output on the IT environment and skip the audit on the processing function, whereas audit through the computer will involve audit of the Input, process and output of the IT environment.(Please refer to the notes for further details)

You examiner seem to like CAAT and focus on audit software and Test data.
Now in layman term how to define them. Audit software is like any other software and its purpose is to help auditor to audit, it is a tool that auditor use to audit. For example computerized audit working paper can consider as audit software too. Test data is date that auditor used to test the reliability of the IT system of the client it can live or dummy data.

Don't think that it is complicated. It is not

For example Audit software is just software, the main function included:

Reading files
Select information
Performing calculation
Creating data files
Printing reports

Test data in layman term mean data used by auditor to test the Client IT system. The auditor will prepare separate data and have it loaded into the client IT system. Then the system will have to process those data. The end objective is that the system must reject those data as those data are fictitious data. If the system process those data at the end of the day the system is consider not reliable.

As far as I am concern there are 2 type of control that you should put in place for IT environment, namely: Application control and General control

Application control aim to control at the 3 key elements of IT system namely:-

Control over input
Control over process and
Control over output

This is more specific type of control aiming at the three key areas

General control is more towards administrative control; it can be segregated into 2 key areas:

General control on system development
General control on administration

The above are the type of control and the control element will be listed under the Program and manual control

ACCA PYQ

2008-11-11T18:31:00.001+08:00

I used to keep somewhere between 1994 till recent but the 90s question is not with me now

God bless let see what i can do

Further if you know of any of my previous students they might have a complete set

Cheers

Your Request

2008-11-11T18:27:00.001+08:00

Dear Sir,

The questions in the F8 revision notes are good. Was wondering if you got the answers to those questions? It feels better to have a set of the answers to fall back on, after practising the questions. Also, i've left a comment on your blog. Not so sure if it's really posted in. I'll ask here anyways. Was wondering if you could do a write up in your blog about the computerised auditing system that you mentioned during the 18 hours of your lecture? i think that'll be good as it may help us (or me, at least) to better understand and appreciate the topic (and hopefully it comes out in the exam!). just a suggestion :)

also, would like to thank you for the execellent (and not to mention 'gruelling') 18 hours. The knowledge gained is incredible (and keeping my fingers crossed, help me to score a pass in F8). It was great to finally have learned from you after hearing so much about you before actually meeting you in person!

THANKS !

Sincerely,

Will get back to you soon

The Letter that bothers you

2008-11-11T18:17:00.005+08:00

Well if it is about love letters I believe it is easier to handle.

However what we need to face now is not love letter but letter in relation to Audit.

Commonly you will have engagement letter, management letter and letter of representation (management representation) in the audit environment.

Engagement letter (EL)

This letter is between the Auditor and the Audit client. It made me worried when student is not able to understand some basic fact about EL

EL is a letter sent by Auditor to the Board of Directors(BOD). This is a contract between the Audit firm and the Audit client. Since BOD manage the Company, it should be address to the BOD.

EL should be sent out prior to commencement of the Audit process (prior to Audit Planning)

The purpose is to

Define clearly the extent of the auditors and directors' responsibilities
Reduce the possibility of any misunderstanding between the client and the auditor
Provide written confirmation of the auditor acceptance of the appointment

Al though it is a best practice to sent out EL on yearly basis however this practice has its disadvantages too. It will be costly and impracticable for Auditor to do so and Audit client might not like such practice too.

It will be good if A EL is re-sent based on the following situation:-

Any indication that the client misunderstand the objectives and the scope of audit
A recent change of management, board of director and audit committee
A significant change in ownership such as a new holding company
A significance change in the nature or size of the client business
Any relevant change in legal or professional requirement

Management Letter (ML)

This is the "love Letter" sent from Auditor to the BOD after they have completed their audit work (Audit Review) and before the issuance of the Audit report

Do remember that it is the Director responsibilities to detect fraud and improve weaknesses of the Company. However Auditor needs to highlight to the Company if they come across any of the fraud and weaknesses. So how will Auditor communicate with Director on this subject? They issue Management Letter.

Therefore in simple, ML highlights the weakness or possible fraud in the Company which auditor identified during their normal course of audit.

Remember by issuing the ML, Auditor will reduce the Audit risk and discharge their responsibilities as their responsibilities is to highlight and report any subsequent action taken will be the responsibilities of the Director.

In the content of the ML there are four major contents namely; the weakness highlighted, the impact to the Company, suggestion by auditor to resolve the weakness and Management Action (reply by management on what they will do to mitigate risk).

Letter of representation/Management representation (LOR)

Well this is the letter Auditor should receive prior to issuance of Audit report. Without the letter of representation Auditor should not issue audit report as this generally increased the Audit risk should such letter is not in the hand of the auditor.

LOR is a letter sent by the BOD to the Auditor. The purposes of the letter is to Confirm director judgement on various issue especially area involved estimation. This is also to ensure that auditor have been informed of all facts that are relevant to the company.

If the management refuses to provide written confirmation of a representation that the auditor consider necessary, the auditor should consider the implication of this scope of limitation on the report

Yes you are welcome

2008-11-11T18:16:00.002+08:00

Yes of course! Even you are not my students do ask any question and I shall reply as soon as I can!

Thank You, my fellow students

2008-11-09T22:50:00.002+08:00

Finally I have completed the 18 hours session of IRC. I really hope that I have given my best to help you in the past 18hrs.

It was my pleasure to be with all you in the past 18 hrs and I hope we can meet again of course in other occasion.

It was the initiative by KSA to have a special revision class aiming to provide an alternative lecturer to students who repeated many time on this killing papers.

Or the idea with KSA is fairly simple: to help student to pass exam in whatever way we can. Personally I don't like having big class. This merely a personal preference and with that way I am more relax and be closer to students. I can devote more time talking to student, listen to their problem and help them in whatever way I can.

I believe for I have slim down quite a lot for the past few days as there was no time for break and meals. But I am fine with that at least I can utilize those times to help students in the preparation for their examination.

A more personal touch with student will generally help them to better understand their problem. I hope everyone will pass for this examination as I can see how hard you have tried and how serious you are in your preparation. My salute towards your determination at courage especially those who will need to take several tasks at the same time.

Don't worry, I will be with you even though I am not in KL but let communicate through this blog. Be tough and I believe the door of success is waiting for you

It was merely passion to be involved in the process rather than any other agenda. There were many rumours around but our objective is simple, that is for you my fellow students!

May ACCA be a sweet dream to you instead of a night mare!

Sincerely

Layman

ACCA F8

2008-11-07T11:19:00.005+08:00

For All F8 students these are good articles to read

Good luck

http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_apr08_lewin.pdf
http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_oct08_lewin.pdf

Dunno Why?

2008-11-05T13:37:00.002+08:00

I think this is always a learning curve. Learning to cope with changes in life and learning to cope with unexpected issues in life.

Different people would have different faith in life and no matter how you need to face it. How to face it, I believe the first thing you should learn is ignore other people opinions and their gossip.

You need to stand firm and get yourself going. Although I am not as old as lot of people but I believe I have my fair share of faith in life.

You can forecast those faith the only thing you can do is to adjust yourself and face it.

What I always do is to pray. I don't regard myself as a holy person but I think that help. Allow yourself sometime each morning and night pray for peace in you, pray for wisdom that will grant to you and pray that you have a good day and good sleep.

That is important for you to face your daily challenges and it will give you more spirits. Well what else?

Motivate yourself, find a way to release your tension, of course in a legal way and do not disturb the other. I use to listen to music and watch movie when I am down but I believe now I can release it through my blog here. Don't get into the business of scolding people or throwing thing it will make others look down on you.

I believe one of the reasons that my staff like about me is that I have never release my tension on them. We do have argument but it is always constructive and handle in clam, they wonder why I have never release on them and one day one of them did asked me why?

My reply to him is simple: "You want to try". We end that conversation in a loud laugh!

Now keep standing up and face the challenges ahead. If you do not face one do help those who are facing it. God bless you!

One night in Bangkok

2008-11-04T15:22:00.003+08:00

Part 2 Food – Chinese Food in Thailand

Ok now let's talk about my favorite "Chinese Food in Thailand".

Actually when visit Thailand I believe "Tom Yam Kung" is the first thing that you should try, no doubt! Other Thai food as mentioned by my previous post should not be missed out too. However my favorite is still "Chinese Food in Thailand"

Now why did I keep mentioning this "Chinese Food in Thailand". Because you will find those Chinese Food there very different from what we have here. Maybe the Thai Chinese have had after long years create their own ingredient and cooking style hence this created a new range which I regard as "Chinese Food in Thailand".

However you might also be surprise that some of the cook is actually from the PRC and Hong Kong. Now let me start off with those within the Ratchadapisek area since I have recommended for all of you to put up there.

Kwong Seafood 光海鲜

Walk out from the Palazzo Hotel right opposite your Hotel there is a restaurant that open till midnight. The name of the restaurant is "Kwong Seafood". You will see fresh seafood displayed in front of the shop and for you to choose. Now your next question is what is GOOD? Well generally your focus here should be on those fresh seafood and probably some crabs. Try their fried rice it is great however I will not recommend you to try their shark fins soup. There is a better place to go.

Hing Restaurant 兴酒家

This restaurant is situated in the inner Soi(small lane/lorong) area which is not far from the hotel too. Now get back to the Pallazo Hotel as the center point again. Now walk out from the Hotel to the Main Road turn right. You right hand side is the Emerald Hotel. Walk straight till you reach the Dental Hospital (white colour building-hope they have yet to change to any colours) immediately after the dental hospital turn right walk straight you will then see the Hing restaurant on your left hand side. So what is good there?

This time you should try their shark fins soup or for those who think having shark fins soup is a sin then try their fish maw soup. Now don't be stingy get the best as they have different price category. They serve one of the best try it. Then what else? There is one special dish here which is the fish maw fried with prawn. The best fish maw I have ever tried before. Still other you should order other type of sea food and before I forget tries those Oyster fried with egg. This is similar to our Penang friend Oyster but Thai Fried oyster with egg is much much better. Trust me after a bowl of sharks fins or the fish maw soup it is enough to keep your stomach at work. It is real quality.

Shan Dong Restaurant @ Robinson

After the Dental Hospital walk straight you will then see Carrefour then after Carrefour you will see Robinson. There are many restaurants in front of the Robinson. There is one Chinese restaurant beside Swensens. Try it. Try their mutton, mushroom, chicken soup and eggplant.

Open Air porridge stall

Now this is the best place for supper, well they serve dinner too. But this is always the place to go for supper light supper. Well in Bangkok, if you are back to the hotel b4 12 you are wasting your time in Bangkok. Now where to find the place? Remember the Dental Hospital that lead your way to Hing ? Instead of turning right to Hing cross over to the other side of the road you will see the open air place which I am sure there are lot of people enjoying the mail there. For those TeoChew porridge lovers you will certainly know what to do order.

Generally everything there is good and prices are affordable. You can ask them for the menu and try those foods that you have not seen in other places. Explore while you are there you will not regret.

Well the next post I shall introduce you to places outside Ratchadapisek. It is too bored to talk about Ratchadapisek. Stay tune

40 Tips for A Better Life

2008-11-02T12:56:00.006+08:00

A friend sent this; share with you!

1. Take a 10-30 minutes' walk every day. And while you walk, smile.

2. Sit in silence for at least 10 minutes each day...

3. Sleep for 7 hours.

4. Live with the 3 E's -- Energy, Enthusiasm, and Empathy.

5. Play more games.

6. Read more books than you did in 2007.

7. Make time to practice meditation, yoga, and prayer. They provide us with daily fuel for our busy lives.

8. Spend time with people over the age of 70 & under the age of 6.

9. Dream more while you are awake.

10. Eat more foods that grow on trees and plants and eat less food that is manufactured in plants.

11. Drink plenty of water.

12. Try to make at least three people smile each day.

13. Don't waste your precious energy on gossip.

14. Forget issues of the past. Don't remind your partner with his/her mistakes of the past. That will ruin your present happiness.

15. Don't have negative thoughts or things you cannot control. Instead invest your energy in the positive present moment.

16. Realize that life is a school and you are here to learn. Problems are simply part of the curriculum that appear and fade away like algebra class but the lessons you learn will last a lifetime.

17. Eat breakfast like a king, lunch like a prince and dinner like a beggar.

18. Smile and laugh more.

19. Life is too short to waste time hating anyone. Don't hate others.

20. Don't take yourself so seriously. No one else does.

21. You don't have to win every argument. Agree to disagree.

22. Make peace with your past so it won't spoil the present.

23. Don't compare your life to others'. You have no idea what their journey is all about. Don't compare your partner with others.

24. No one is in charge of your happiness except you.

25. Forgive everyone for everything.

26. What other people think of you is none of your business.

27. GOD heals everything.

28. However good or bad a situation is, it will change.

29. Your job won't take care of you when you are sick. Your friends will. Stay in touch.

30. Get rid of anything that isn't useful, beautiful or joyful.

31. Envy is a waste of time. You already have all you need.

32. The best is yet to come.

33. No matter how you feel, get up, dress up and show up.

34. Do the right thing!

35. Call your family often.

36. Your Inner most is always happy. So, be happy.

37. Each day give something good to others.

38. Don't overdo. Keep your limits.

39. When you awake alive in the morning, thank GOD for it.

40. Please Forward this to everyone you care about.

The power of Past Year Questions (PYQ)

2008-11-02T12:56:00.005+08:00

This is my personal experience on ACCA Examination

If you ask whether it is proven? Well at least one me! I have also share this with student during my lecture or when I conduct those seminars on Study and Exam Techniques

Today I shall share this with you too.

I always begin my own intensive revision on either May (for June Examination) or November (for December examination).

The first thing I will do is actually to revise the subject once then the lecturer note and the text book will then on the "Supporting Role".

Before I start this process I will always do an important step, which is collecting all relevant PYQ. Do up a PYQ analysis and stick it on the wall. (If you need any past year analysis do email me)

Then I will start practicing the Past Year Question. Usually I will do it based on each sitting instead of select those question that I "want " to do only. This is wrong.

Very important is that I will time myself according to exam condition. How to determine how long I should spend on each question?

Every mark you should spend 1.8 minutes. For example if the question is 5 marks the "maximum time spend is (1.8minsX5 marks) 9 minutes.

The first few time will always be painful and tough.

You will definitely face question that you don't know what to do. Never mind face it. Force yourself to write something that you think is relevant.

Now remember this, during exam if you write NOTHING, you gain no marks, if you write something there are chances that you might get it right, so try it during practice at least you try your best.

Ok them times up look at your A4 paper how much can you write? Now actually no of pages you wrote is not really that important but it is an indication.

If you wrote only a few lines then you have lots of do in the next 1 month. If you have 1 page as a result then you also have lots to do in the next few weeks

However if manage to write 2 pages or more then you are good (this is based on a question of 20 marks –average)

Now if you write 2 pages and below go back to your notes or text book do your revision again on the relevant topics

If you write 2 pages and above congratulation you can now proceed to read the Past Year answer!

Why? Less than 2 pages mean that you don't understand that subject so go back to revise again instead of reading the answer which will confuse you more.

More than 2 pages don't mean your answer is right but at least you can write and reward yourself by reading the answer as the short cut. However it doesn't end there!

When you read the notes or answer take a red pen with you. Whenever you read something which is not include in your practice answer write it down on your A4 paper the more the merrier.

Why do you do that? Answer is simple, the next time you do your revision read your Answer together with all the reddish part you will then know your mistakes and learn from there. This is the most effective short cut.

Practice this again and again on the PYQ, you will find that PYQ become easier each time you practice especially on similar topic which you have attempted before.

Make sure you keep all these practice answer then revise from time to time. You can do that when you travel, while you are waiting for something, when you are taking a break. These become your self-create notes for your exam. This will also be the best material/resources you have and revise it a day before exam. As you will read all the mistakes you make and never repeat it again.

Good Luck, any questions leave a comment or email me.

My first 30 Years

2008-10-31T14:58:00.005+08:00

The guy name Juo Yen

I was in my office and suddenly Ms K intercom me. Hey there is a person by the name of Jonas Tan Juo Yen looking for you. I replied ok where is this person? Ms K reply said nope it is by an email let me forward to you!

It really caught me by surprise; in the mail it stated that

To customer services department From Jonas Tan, the contents are something like this:

I am looking for a person by the name of laymankt, please forward this mail to him and do contact Jonas at…………..

Wah what a shock man? Ah long looking for me? Nono I have not borrow any money from the loan shark, wow who is this guy? But Juo Yen sound familiar, will it be him?

I took up the phone and called the number cautiously I introduce myself and yes yes yes it was him Tan Juo Yen 陈若源。 I don't think we have met since mid 90's. Good I am glad to get in touch with my best friend again. We were Kindergarten and primary school mate. We met and I really wonder how he got me. He not only emailed to my office but also to ACCA to look for me. Wah Lau brave guy!

How? How you manage to get my contact? He replied it was Google! Ha-ha I laughed, how?

He said he just key in my name in google and he manage to get me. Wow what a surprise to me too.

It was a long night that we chat and from there the journey to look for other class mate begin!

ACCA Examination Series

2008-10-31T14:58:00.004+08:00

Time Constrain! What can I do?

Well I remember during the last post of this series I mention about Time Management.

However due to time constraint on your side I will skip lot of other unrelated stuff for the time being.

Now let's focus on how to rescue the situation now since time resources is limited now.

There are three very important resources that you need to beware of now

Your Lecture Notes/Text Book
Past Year Question and Revision Kits
A good and reliable Intensive Revision Class(IRC)

How would the above three resources help you to achieve your objectives?

First your lecture note. If your lecture note is comprehensive and complete it is better to depend on the lecture note than any other text book as text book will always be "too much to digest" for all students. You should start your revision as soon as possible. Revise once and make sure you highlight the area which you do not understand. Get a quick grap about what the subject is all about. However if your lecture note is not complete please do not depend on your lecture note as you will miss a lot of important facts that will really affect your preparation. You will then need to depend on your text book or alternative go "find" another lecture note.

Secondly Past Year Question, this was always the key to my ACCA study success! Now why PYQ is the key? Practice makes perfect this is the first factor. Secondly you can have a feel on your lecturer style. Thirdly avoid surprises during exam? How and why? When you practice past year question you experience what type of question is being asked, therefore since you have experienced it, the questions become a common thing to you. If you have not seen similar question before during exam it will be a surprise to you and the shocks will make you more pressure in exam. Therefore go find your past year question as many as possible (my recommendation June 1994 till last sitting)

Thirdly Intensive Revision Class (IRC). How would IRC helps for your examination. To me a good IRC will have the following 5 elements:

50% of PYQ practice
25% of revision
15% of examination and answering technique
10% of special highlight
0% of "BS" and no nonsense

An IRC which does not focus on past year question in my opinion will never be a good IRC.(just my personal opinion)

Get yourself prepare yourself with the above and I shall get my next post ready: How to utilize the Past Year Question to the fullest for your exam

If you have any queries or any topic you want me to share with you, do leave a comment or email me! Stay Tune for the next post

One Night in Bangkok- Add on

2008-10-30T14:09:00.002+08:00

Well received an email that recommend me to include the price for those accommodation.

I didn't do that at the first place as i wont want to commit on the pricing as the Hotel might change their pricing.

However you can log on to some web in my link which you can search for some good bargain there

That is the least i can do

enjoy if you are in Bangkok Cheers

One Night in Bangkok

2008-10-30T13:34:00.002+08:00

Part 2 Food 好吃又便宜

Ok as promised we now talk about Food.

I actually lived in Ratchadapisek area. I have gain not less than 5kg thanks to food offer at Ratchadapisek.

Hmmmmm what type of food you like? Japanese Food? Chinese Food? Thai Food?

Let's start with those places within the hotel vicinity.

First let start with some Thai Food. There are three places that I will recommend

The Soi (Lorong/small street) after Huay Kwang MRT station (recommend for dinner and supper only-"open till early morning")
Walk towards the Huay Kwang MRT station, when u reach the traffic light turn left (you can see the Indian Temple from where you stand)walk along the street you will see lot and lot of Thai food restaurant along the street. Those are not "High" class restaurant but there serve first class Thai Food.
At night this street is also a good place to hang around as you will see lot of "Beautiful girl" around. Ladies you will be humbled(don't get jealous) and guys don't get too excited about that. Sometime you will also see elephant walking along side with you. Don't believe! Try it! One more thing which I find exciting about this street is that there is a "Unisex" saloon that offers 24 hrs services. I am serious 24 hrs. If you are bored 3am in the morning why not go for a hair wash………….
Ok, now look on your left, choose one which you think can give you the best offer (own judgement applied) and try your luck there.
What is good? Try the TomYam Kung (prawn), Barbeque Prawn (big prawn), Fresh salad oyster (Thai style) and lemon grass bake fish and maybe some friend rice (with seafood )
Of course there is many other type of great food there trying those I recommend and explore the others?
Guess how much you need to bring for the meal (assume for 4 persons)? You will be surprise!
Get into the MRT(Huay Kwang station) go to Sutthisan Station Exit at MuangThai Phatra Exit
Now if you are looking for some local hawker foods come to this dry market in the heart of Ratchadapisek.
Time Monday to Friday for breakfast and lunch
Daily for Dinner
You will find variety of choice! So what would I recommend:.

Phat Thai (Thai friend koey tiaw)
Yen Tau For (Thai Koey Teow soup)
Thai Chicken rice-must try
Som Tam (Thai Salad) and many others
And many other choices that you will be surprise with!

Thai dessert.
Get into the MRT again go to the Thailand Cultural Center Station. Follow the Carrefour exit and go into Carrefour. You will see a stall within Carrefour selling Thai Dessert. Go for it!

Japanese Food

It sound weird to have Japanese Food in Bangkok but I can assure you that Bangkok is one of the place that offer quality Thai Food

Opposite the Pallazo Hotel there is an Emerald Hotel go to the second floor which offer Japanese Buffet. They offer great choices for buffet and at very affordable price.

You will enjoy sashimi. Special request for the salmon belly, you will not regret to be there. There also serve good variety of Tepanyaki.

Some of the choices there you might not see it in Malaysia. For Jap food lover you will not regret.

ICHIBAN

I am hungry now got to take a break and look for my Kit Kat …………………BRB

it looks more like a...............

2008-10-29T15:40:00.002+08:00

Well, maybe she is right that the blog look more like a tuitorial blog, eh....for the time being, yes

I am just too busy to write and upload other contents. I promise you that there will be different type of post and also series that i will post in future for this 4 days old blog

On the other hand, lecturing is what I like to get involve. I am sharing this with my students as the exam date is approaching got to give them the priority.

Thousand apologies to others especially those waiting for the new series...............sorry!

Therefore still the same message "stay tune" i will get you more..................

Getting them to come back

2008-10-29T14:43:00.001+08:00

Got this from a friend ....enjoy

An elderly man in Mumbai calls his son in New York and says,'I hate to ruin your day son, but I have to tell you that your mother and I are getting a divorce; 35 years of marriage... and that much misery is enough!''Dad, what are you talking about?' the son screams.'We can't stand the sight of each other any longer,' the old man says.'We're sick of each other, and I'm sick of talking about this, so you call your sister in Hong Kong and tell her!'Frantic, the son calls his sister, who explodes on the phone.'Like heck they're getting divorced,' she shouts, 'I'll take care of this.'She calls Mumbai immediately, and screams at the old man, 'You are not getting divorced. Don't do a single thing until I get there. I'm calling my brother back, and we'll both be there tomorrow.

Until then , don't do a thing, DO YOU HEAR??' and she hangs up. The old man hangs up his phone and turns to his wife. 'Okay', he says, 'It's all set. They're both coming for Deepavali and paying their own airfare!!'

MORAL:No man / woman is busy in this world all 365 days.The sky is not going to fall down if you take few days LEAVE and meet your dear ones.OFFICE WORK IS NOT EVERYTHING IN LIFE and MONEY MAKING IS NOT EVERYTHING IN LIFE. Happy moments, praise God. Difficult moments, seek God. Quiet moments, worship God. Painful moments, trust God. Every moment, thank God.

ACCA Exam preparation series:

2008-10-29T14:15:00.001+08:00

Part 1 Time Management
Since Year 1999 I have conducted several seminars on ACCA Exam and study techniques in various cities namely KL, Penang, Johor, Kota Kinabalu and Kuching. Al though for the past four years I have not conducted any of them but I believe it is useful for students who have attended.

It is now near to exam and I hope the creation of this series will help all ACCA students in their preparation. I would like to start off with time management as I believe this is the most important area now for student whom has yet to start their preparation and also for those part time students where they will certainly face this problem.

Now let assume that ACCA exam is on 1st December 2008. So basically you have 34 days more to go. Since you are a potential accountant let illustrate it in mathematical form.

Let assume you are a Full Time Students so no excuse you study full time!
So from tomorrow onwards you have 816 hours before you ACCA exam begin and for a full time student you should on an average basis take 3 subjects.

So do you actually have 816 hrs before the exam? The answer is obvious “No”

Why then?

You need to sleep, right! Let assume you need 6 hrs of good night sleep per day. In total it will take up 204 hours

You might attend 3 revision classes in November as part of your preparation. Each IRC will at least take you 18 hrs so it will be 54 hrs in total

You need to have your three meals per days let say half an hour for each. In total it will take up 51 hours.
You need to entertain yourself each day say 1 hour (you can’t have more than that). It total it will take up 34 hours.

Let assume miscellaneous matters will take up 1 hour per day. It will then take up another 34 hours from you.

So how many hours for actual revision that you have before your exam date? Bingo, it is 439 hours. So if I were to divide by 3 papers you will be let with approximately 146hrs for each paper.

146 hours sound a lot right! Let measure it in no of days. Bingo it is about 6 full days that you have for each paper!

For a part time student assume you are taking two subjects. You will have about 303 Hrs. divided by 2 subjects you will have 152 hours per subject and 6 full day for each subjects

It is sufficient? Answer is Yes and No. How could a student manage such constraints? Stay tune for part 2!

One Night in Bangkok

2008-10-29T14:09:00.001+08:00

Part 1 Accommodation

I worked in Bangkok and personally I enjoyed my stay in Bangkok.

Whenever friend would like to visit the amazing land, the will ask some “tips” from me.
Therefore it prompts me to start this new series One Night in Bangkok.

For a start let see where should you be put up.

I will always set certain criteria in choosing the right accommodation. How would I evaluate that?

First the price must be affordable and value for money (Kiasu).

Secondly it must be convenience for transportation purposes

Thirdly nearer to those location that I wanted to go. In simple “Ratchadapisek area” in Bangkok.

There are several hotels that I would recommend:
1. If you need five star experiences I will recommend Sofitel Le Concorde
2. If you need four star experiences I will recommend Emerald Hotel
3. If you need three star experiences I will recommend Pallazo Hotel, Hip Hotel and may be Siam Beverly.
4. If you really go for a low budget, try 13 coins or Wattana Mansion

These hotels located near to each others. There are, to me within walking distance. My first choice will always be Pallazo Hotel(to show my independence and objectivity I am not a shareholder of any other hotel above nor have any personal interest ).However since there is a new Hip Hotel which is beside the Pallazo worth trying that.

I have yet to have a chance to stay in Hip Hotel before but since it new and if anyone tried it let share with us your opinion then.

Within walking distance from these hotels you can access to MRT, great food around at very affordable price Chinese food Thai food Korea food Japanese food is all within the area and trust me Value for Money, good shopping areas around and you can’t miss those good Thai Massage at local price!

Ok stay tune for part 2 where I will talk about the Food which you can’t miss when you are in Thailand.

ACCA Intensive Revision Class F8 Audit and Assurance

2008-10-27T00:01:00.001+08:00

ACCA Intensive Revision Class F8 Audit and Assurance for December 2008 Exam
By Laymankt

Date and time:
7 Nov 2008 1830hrs to 2130hrs
8 Nov 2008 1400hrs to 2130hrs
9 Nov 2008 0900hrs to 1830hrs

Venue :Kolej Kasturi, KL

Objective: To score this "Killing Paper"

For details please contact Kolej Kasturi or click on the link of KSA City Campus. Look for IRC timetable!

Dont miss our date!!! as we only offer limited seats for this special revision class! Limit to 60 Pax. Hurry !

Welcome

2008-10-26T23:46:00.000+08:00

Welcome!欢迎欢迎

For the past hours I was trying to get the new blog ready and finally the blog is ready to meet all of you。

Why? Trying to make myself famous by becoming a “BLOGGER”? Well that not the main objective!

Layman” the man without professional and specialized knowledge” just wished to have a channel of communication with my fellow friends, students and have avenue to share my thoughts with all of you.

I hope I could make every subject mentioned become simple as the word “LAYMAN TERM” suggested.

This blog will serve as my personal diary and avenue to share my thoughts, my view, and my opinion on various subjects with the entire viewer

My fellow friends have always complained that it was hard to get hold of me and to know the latest news of mine. This will also now be the avenue for us to keep in touch and get to know my latest development.

For my students both past present and future, this will help to keep us in touch disregard whether I will still provide lectures. Due to work commitment I am not able to take up those lectures as frequent as I wished.

Never mind I will continue to provide tutorials through this blog. Stay tune and I shall bring you lots and lots of tutorial sessions in a very simple manner. For all potential accountants out there this should be good news as the online blog tutorials will be Free of charge! Just log in I will share those subjects with you and at the same time do introduce to your friends.

I will focus mainly on auditing and financial reporting. However might include other subjects for your viewing.

As a start I have included the cheeky quote and the I-lyric for your entertainment purposes. I quite like those quotes and for those Chinese song lovers you can actually search for your favorite song lyric through the I-lyric.

I shall try my best to make this interesting and I do welcome your feedback。

Oooops before I end: HAPPY DEEPAVALI and Happy HOLIDAYS