Acc3704 __top__ -
ACC3704 (Advanced Corporate Accounting and Reporting) is a senior-level accounting course offered by the National University of Singapore (NUS) Business School. It is the final installment in the core financial accounting sequence for BBA (Accountancy) students, following ACC1701, ACC2707, and ACC2708.
- The Governing Body: You will learn that the board is not just a group of directors but a moral compass.
- The Audit Committee: A deep dive into its statutory duties, independence requirements, and oversight of the internal audit function.
- Stakeholder Inclusivity: Moving away from shareholder primacy (maximizing profit) to stakeholder inclusivity (balancing the needs of employees, society, and the environment).
- Conflict of Interest (Ethics): Sarah violates the objectivity principle (IESBA Code). Her familial relationship with the CEO and her husband creates a self-interest threat.
- Board Composition (King IV): The board has failed to ensure that the CFO and CEO are not related, compromising independence. Practice 1 of King IV requires that the governing body consists of members who act with integrity and independence.
- Internal Audit Reporting Lines: The internal auditor has failed catastrophically. According to standard governance practice, internal audit must report functionally to the Audit Committee, not the CFO. By reporting the fraud only to Sarah, the auditor allowed the perpetrator to bury the evidence.
- Control Activity (Risk): The absence of a board-approved threshold for contracts (R5 million requires board approval) indicates a failure in control activities. A preventative control requiring the CEO and one other independent director to sign contracts over R2 million would mitigate this risk.
: Learn the mechanics of translating a foreign subsidiary's financial statements into the group's presentation currency, usually resulting in a foreign currency translation reserve. 5. Critical Skills & Assessment ACC3704 topic5 notes 82020 (pdf) - CliffsNotes acc3704
Consult Course Outlines: You can find official details on the NUS BBA website. ACC3704-course-outline-draft-1_2025.pdf - Singapore ACC3704 (Advanced Corporate Accounting and Reporting) is a
Foreign Operations: Techniques for translating the financial results of foreign subsidiaries (e.g., closing rate method vs. temporal method). The Governing Body: You will learn that the
Standard Reference: Students frequently refer to the Singapore Financial Reporting Standards (International) for technical compliance.
- Integrity: Being straightforward and honest.
- Objectivity: Not allowing bias or conflict of interest.
- Professional Competence: Maintaining knowledge and skill.
- Confidentiality: Respecting the privacy of information.
- Professional Behavior: Complying with relevant laws and avoiding discreditable acts.
4. Technological Integration: Data Analytics and AI
The "Fourth Industrial Revolution" has significantly impacted ACC3704 concepts. Modern auditors utilize Computer-Assisted Audit Techniques (CAATs) and Data Analytics.