CFAP 6 | September 2026 Paper Discussion | Workshop December 2026 - Day 2 | Sir Muhammad Ibrahim

This workshop session led by Sir Muhammad Ibrahim focuses on discussing the September 2026 CFAP 6: Audit, Assurance and Data paper (0:00). The session covers key past exam questions to help students identify common errors and improve their exam performance (0:02-0:16). Key Discussion Highlights: Question 6 Analysis: A 25-mark complex question involving multiple ISAs (International Standards on Auditing) and IFRS (International Financial Reporting Standards) (0:56-1:12). The discussion breaks down: Financial Reporting Implications: Explaining the accounting treatment for reclassifying owner-occupied properties to investment properties and share-based payment conditions (market vs. service conditions) (4:06-19:10). Valuation Report Evaluation: Assessing whether the management expert's work provided sufficient, appropriate audit evidence, specifically highlighting issues with competence, capability, objectivity, and the scope of work regarding physical inspections (19:21-28:27). Question 1 (Code of Ethics): A 15-mark question regarding client acceptance and professional ethics (0:20, 29:24). Key ethical threats identified include: Self-interest and Intimidation threats: Related to unpaid fees, disputed tax work, and potential pressure from the client (32:41-33:08). Business Relationships: Risks arising from the firm's engagement with an entity (NPL) that is a related entity of the audit client, specifically concerning gifts and hospitality (50% discount) and marketing/advocacy (37:04-44:20). Important Exam Update: Sir Muhammad highlights that the ICAP Code of Ethics has been updated to include sections on technology and AI, which are critical for the December 2026 exam (45:48-49:25). The instructor emphasizes that students should move beyond rote learning, focus on applying ISAs to specific scenarios, and practice with MSA 1 level questions for more complex areas (1:43-2:05). Join WhatsApp Group for updates: https://chat.whatsapp.com/DIqrdqypIjG... #CFAP6 #AuditAssuranceAndData #September2026Attempt #December2026Attempt #PaperDiscussion #CFAPWorkshop #SirMuhammadIbrahim #ICAP #CAStudents #ExamPreparation #IQSF #IQSchoolOfFinance