the summary of acca f8 & p1
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ACCA F8 P1 questions answerTRANSCRIPT
The summary of ACCA F8 Audit and Assurance
Quick look at ACCA F8 Audit and Assurance.
Assurance
Audit is the process, assurance is the product.
Agency theory: secondary agent (auditor) delivers the aussurance to principal (shareholders) that the report (FSs) provided by primary agent (director) shows T&F view.
Objective of EA is assurance, purpose of EA is delivery confidence of FSs to shareholders.Reasonable assurance is a high degree of confidence, but NO guarantees!
5 elements of assurance engagement:
(1) 3 parties relationships:
practitioner (auditor) responsible party (director) intended users (shareholders)
(2) subject matter(3) criteria (standards)(4) audit procedures to form opinion(5) audit report
Positive assurance - high level, but not absolute, a lot of testings to form opinion, FSs show T&F viewNegative assurance - medium level, a smaller amount of testings to form opinion, we have no evidences that CF forecast does not provide T&F view.
Statutory audit is an audit of annual FSs.
Auditor & AC - matters to discuss:
scope & timing of audit significant findings during audit independence issues modification of audit report (opinion) man-t representation requested fraud cases
Corporate governance (CG) - systems by wich the company directed and controlled.Rules of CG:
global - OCDE Code national - The US - SOX, The UK - The UK CG Code other - Stock Echange Rules
Underlying concepts of CG:HAIR DRIFT
Honesty / probity Accountability Independence Responsibility Decision taking / judgement Reputation Integrity Fairness Transparency / openness
NEDs - role (Higgs report)StRiP Performance
Strategy - contribute strategy success Risk - adequate ICs and risk man-t sistem in place People - appointment and remuneration of EDs, contractual and disciplinary issues Performance - hold EDs to account for decisions taken and results obtained, represent
shareholders interests
Audit committee - 100% NEDs, 1 - financial experiencerole - CLARISSA
Create a climate of discipline and control Lend credibility in FS Assist CFO to provide forum Review FS to improve quality Independent judgement Strenthen position of internal auditor Strenthen position of external auditor Assist in resolution between EA and board
Audit process
Appointment (Ethics) Planning (Audit strategy) Planning (Detailed audit plan) ICs assessmant & testing Reduced/detailed substantive testing Review (Finalisation) Reporting (Audit report)
Audit ethics
Ethics - fundamental principlesOPPIC
ObjectivityProfessional behaviourProfessional competenceIntegrityConfidentiality
Ethics - threatsASSIF
AdvocacySelf-interestSelf-reviewIntimidationFamiliarity
Ethics - indicators of threatsFULL STOP
Friends and familyUndue fee dependenceLoans to/fromLitigation
Shares in clientTaking gifts and hospitalityOverdue feesProvision to the other services
Preconditions for audit
FR framework is acceptable? Man-t understands its responsibilities on:
o the preparation of FSso ICso ready to provide access to all relevant info for audit
Other pre-acceptance considerations
resources (time & staff) available fees (!) client deadlines integrity of client and its directors level of audit risk money laundering procedures firm competence to do the work client credit rating
professional clearance (contact with outgoing auditor's procedures)
Auditor rights
access to all books and records access to all information & explanation be given notice of general meeting (GM) attend GM speak at GM resign without finishing the audit send the info to shareholders
Auditor duties
issues the audit report, give an opinion on T&F view issues the statement of circumstancies with reasons of leaving respond any requests from new auditor after leaving the client
FraudEA gives an opinion on T&F view, free from MM cased by errors & fraud.Audit procedures may detect fraud.Prevention of fraud is NOT the resposibility of EA, but prof. obligation to advise the client of how best to prevent it.
Man-t and TCWG are responsible for prevention and detection of fraud by having a good IC systems.
Engagement letterPurpose - reduces misunderstandings and creates the legal basis for paymentContent- objective of an audit- responsibilities of man-tto prepare FSsto provide all info & explanationaudit standards, law & reguation appliedaudit report & other communicationbasis of feesexplanation of audit process and level of assurance provided
Internal audit
AC's roles is to be the liaison between BoD and IA & EA.
short list of EA for the shareholders vote at AGM consider if EA remains independent negotiate the fee for EA
receive the EA's report, man-t letter and other letters decide the need of IA dept decide of using in-house IA or outsoursing recruit the CIA receive all IA's reports monitor FR and IC systems of the company
Comparison of External and Internal Auditing
External Audit Internal Audit
Appointed by Shareholders DirectorsReporting to Shareholders DirectorsWhat they Check Annual FSs Risk man-t & IC systemsLegally Requirement Usually Yes Typically NoIndependence They Must Be Ideally, but hard to achieve
Value for money audit
3 EsEconomy - the lowest costs with appropriate quality of goods and services used (costs effeciency)Efficiency - the best outputs from the lowest inputs (resources using)Effectiveness - the best way to achieve company objectives (meeting objectives)
Outsourcing IAAdvantagesNo salary and other staff costsGet experiences outsidesImprove independence of IAGet expertise of outside specialists
DisadvantagesExpensiveCost of monitoring people outside the companyLoss of controlConfidentiality breachesSlower to respond
Planning
Benefits of planning
appropriate attention to important areas identify & resolve potential problems on a timely basis perform audit in an effective & efficient manner identify audit risks proper staffing and assignments easy to direct, supervise and review audit work
coordinate work with experts
Audit risk is a risk of giving the wrong opinion when FSs contain MM which the auditor fails to detect.
Audit risk modelAudit risk = Inherent risk * Control risk * Detection risk
Inherent risk - FSs contain MM due to nature of business and its transactionsControl risk - company's ICs fail to prevent and detect MM in FSsDetection risk - audit procedures fail to detect MM in FSs
Materiality
Overall materiality (FSs level)
0,5% - 1% of Sales Revenue 1-2% of Total assets 5-10% of PBT
Performance materiality
It is lower than overall, set for particular areas ( do not miss the errors which in aggregate may be material)
Audit documentation
evidence of audit work done properlyfacilitates the review by seniors the work done by junior staffhelp audit team in the future yearsencourage high-quality approach
Working papers (WP) will be retained at least 5 years.
WP content
Name of a client Year end Name of a person prepared it Date of preparation of WP Name of reviewer Date of review Some explanation about the work done Conclusions of the work done
Internal control (IC)
5 elements of IC
Control environment Control procedures Risk assessment Information systems Monitoring
Control proceduresCARCAP
ComparisonAuthorisationReconciliationsComputer controlsArithmeticalPhysical
Inherent limitations of ICs
Human error Collusion Cost > Benefits Non-routine transactions
Control procedures on sales system
ODIACO
OrderingTest whether the customers are credit worthy and credit reports were used before approvalDeliveryTest whether the goods dispatched are the ones ordered by comparing GDNs & sales order notes and also observing checks when loading trucksInvoicingTest whethes the customers are charged for what they recieved by checking a sample GDNs have customers’ & have an invoice issued for those goodsAccountingTest that all invoices have been posted correctly by checking that a sample of invoices have been recorded in the sales day book and correctly posted to sales legderCashTest that the cheques recieved have been banked the following day by comparing the register for checks recieved with the Bank statementOverallAgree that correct supervision of all functions is done by going via supervisory log books which give details of spot checks carried out at all levels of processing.
Audit evidence
Financial statements assertionsACCA COVER
AccuracyCompletenessCut offAllocation
Classification and understandibilityOccurenceValuationExistanceRights and obligations
PROVE
Presentation & disclosureRecords are accurate & completeOwnershipValuationExistence
COVE + DComplitenessOwnershipValuationExistenceDisclosure
Sources of evidenceAEIOU
Analytical proceduresEnquiry and confirmationInspectionObservationrecalcUlation and reperformance
Evaluation of expert's workCCO
Competent ?Capable ?Objective?
Indications of going concern problems
Net liabilities Operating losses
Major debt repayments due Loss of major customers or suppliers Loss of key staff Withdrawal of overdrafts CFs problems Major litigation
Reporting
Standard report content
Title Addressee Introduction Responsibilities of man-t & auditors Basis of opinion Opinion Signature & date
Unmodified report - FSs show T&F view, free from MM cased by errors or fraud.
Modified report:
Emphasis of matter paragraph - to draw attention to some matters properly & cleraly disclosed in FSs.EOM doesn't affect opinion.
Other matter - to refer to a matter not present or disclosed in FSs.OM doesn't affect opinion.
Qualified opinion - FSs contain MM, but not pervasive or auditor is unable to obtain sufficient appropriate evidence and possible effect on FS material, but not pervasive.Opinion EXCEPT FOR .... FSs show T&F view
Adverse opinion - FSs contain material & pervasive misstatement.FSs do not show T&F view.
Disclamer of opinion - auditor is unable to obtain sufficient appropriate evidence and possible effect on FS material & pervasive.We do not express an opinion on FSs.
Useful mnemonics for ACCA F8 Audit and Assurance
Preparing for exams, I have noticed that there are an enormous amount of new information to memorize. My mind explodes. How to improve the memorizing? Mnemonics is an answer. Many of lecturers on Opentuition use this technique to improve the memorizing of their students.
Art of memory was very important in preliterate times when priests, shamans and the teller had to memorize vast amounts of information. The first texts about Mnemonics were written by the ancient Greeks. In the Renaissance, the knowledge was especially valued, so the ability to keep the knowledge in mind was the key to success. Giordano Bruno has published a book on mnemonics "The shadows of ideas." He was invited by the French King Henry IV, who tried to find out - how he had so much knowledge) And in our time interest in mnemonics is not waned.
I have collected some mnemonics to memorize the information of ACCA F8 Audit and Assurance and ACCA P1 Governance, ethics and risks.
Financial statements assertionsACCA COVER
AccuracyCompletenessCut offAllocation
Classification and understandibilityOccurenceValuationExistanceRights and obligations
Sources of evidenceAEIOU
Analytical proceduresEnquiry and confirmationInspectionObservationrecalcUlation and reperformance
Ethics - fundamental principlesOPPIC
ObjectivityProfessional behaviourProfessional competenceIntegrityConfidentiality
Ethics - threatsASSIF
AdvocacySelf-interestSelf-reviewIntimidationFamiliarity
Ethics - indicators of threatsFULL STOP
Friends and familyUndue fee dependenceLoans to/fromLitigation
Shares in clientTaking gifts and hospitality
Overdue feesProvision to the other services
Corporate governance - conceptsHAIR DRIFT
Honesty / probityAccountabilityIndependenceResponsibility
Decision taking / judgementReputationIntegrityFairnessTransparency / openness
Stakeholdres - anyone or any groupPINK LAVR
Primary or secondlyInternal or externalNarrow or wideKnown or unknown
Legitimate or illegitimateActive or passiveVoluntary or involuntaryRecognised or unrecognised
Internal controls - categorisationOPA SPAMS or SPAM SOAP
OrganisationalPhysicalArithmetic and Accounting
Segregation of dutiesPersonnelAuthorisation and approvalManagementSupervision
Audit committee - role and functionCLARISSA
Creat a climate of discipline and controlLend credibility in financial statementsAssist CFO providing a forumReview financial statements to improve qualityIndependent judgementStrengthen position of the internal auditorStrengthen position of the external auditorAssist in the resolution of dispites between external auditor and the board
Control objectivesA STOP
AccuracySafeguarding assetTiming reportingOrderly efficient business conductPrevention fraud or non-compliance of law
Control proceduresCARCAP
ComparisonAuthorisationReconciliationsComputer controlsArithmeticalPhysical
Evaluation of expert's workCCO
Competent ?Capable ?Objective?
Professional marks in ACCA P level exams
One of the features of the Professional level exam papers is the awarding of ‘professional marks’. These are marks allocated not for the content of an answer, but for the degree of professionalism with which certain parts of the answer are presented.
They will usually be awarded in Section A (the compulsory part of the exam paper) and will total between four and six marks. It may be, for example, that one requirement asks you to present your answer in the form of, say, a letter, a presentation, a memo, a report, briefing notes, or similar.
Some marks may be awarded for the form of the answer in addition to the content of the answer. This might be for the structure, content, style and layout, or the logical flow of arguments in your answer.
You should assume that if the question asks for a specific format of answer that some marks may be awarded for an effective presentation of that format.
My ACCA friends sometimes ask me about the specific formats of question answer. I would like to share these formats here.
When you failed your ACCA exam with 47-49 marks, then ask yourself whether or not you try to gain any professional marks. Maybe you can improve your performance next time)
REPORT
To:From:
Date:
Subject:
Introduction:
Body: (answer of question)
Conclusion:
Appendix: (ratio calculation, workings)
MEMORANDUM
Date:
To:
From:
Subject:
Introduction: (refer to someone who requests the memo)
Body: (answer question)
Use the headings, short paragraphs and leave the space between them.
To guide the reader, use the transitions like Firstly, Secondly, In addition, Next...
Conclusion: (reinforce the main points of the memo)
PRESS RELEASE
Head line (like in the newspaper to describe the content of the scenario)
Date:
Place:
Body: (answer the question)
Company info: (background of the organisation featuring in this press release)
Contact person info:
###
BRIEFING NOTES
Issue (or Topic, or Purpose): (short statement of an issue)
Background: (a brief summary of history of the issue)
Current status: (current situation of the matter)
Key consideration: (a summary of facts, considerations, developments)
Recommendations: (the best advices you can offer)
For ACCA students who prepare for F8 Audit and Assurance, there is a possibility to gain 2 marks for covering letter. The two marks were allocated as ½ for a letterhead, ½ for an introductory paragraph, ½ for disclaimers and ½ for a courteous sign off of the letter, which requires more than just a signature.
COVERING LETTER
To: Board of Directors _____________ Co # office, _________ str. city country Date: Dear Sirs,
Audit of ___________ Co for year ended ___________
Please, find enclosed the report to management on __________________ (subject) identified during the audit for year ended __________.
The report considers __________________ (subject) and provides recommendations _______ (subject).
Yours faithfully,the audit firm
The technical article about professional marks relevant to ACCA P1 is here SA June 2009
The summary of ACCA P1 Governance, risk and ethics
Governance
Agency theory - directors act as agents of shareholdersPotential problem - strategy to benefit directors, not shareholders, different attitude to risk (not their investment), sort-termismGoal congruence - incentives to align interests (profit related pay and share option schemes)
Rules or principles based approachesRules - SOX, legally inforced, section 404 ICFR penalises SMEsPrinciples - UK Combined Code of CG, comply or explaine, SMEs more leeway, not legally compulsory, market benefits or penalties for non-complyer
CG concepts - HAIR DRIFTHonesty- truth, not misleadingAccountability - directors accountable to sharehoders, stakeholdersIndependence - NEDs free from conflict of interestsResponsibility - directors responsible to stakeholdersDecision taken - improve wealth of an entity
Reputation - ability to comply with CG conceptsIntegrity - honesty and balance, trustworthyFairness - take into account legitimate interestsTransparency - full disclosure of material matters
Chairman - role (Higgs report) - RAISE DIPRun the boardActive engagement by board membersInduction programmeSufficient time for complex decisionEffective communications with shareholdersDevelopment needs for directorsInformation provided accurately and timelyPerformance evaluation
NEDs - role (Higgs report)StRiP Performance
Strategy - contribute strategy successRisk - adequate ICs and risk man-t sistem in placePeople - appointment and remuneration of EDs, contractual and disciplinary issuesPerformance - hold EDs to account for decisions taken and results obtained, represent shareholders interests
Audit committee - 100% NEDs, 1 - financial experiencerole - CLARISSA
Create a climate of discipline and controlLend credibility in FSAssist CFO to provide forumReview FS to improve qualityIndependent judgementStrenthen position of internal auditorStrenthen position of external auditorAssist in resolution between EA and board
Risk man-t committee - majority of NEDs, 1 - from AC, 1 - risk expertrole
Assess ICsPerforms risk assessment of key operationsOversees implementation and effective operation of risk strategy
Nomination committee - majority of NEDsrole
Identify appropriate people to join boardDetermine packages and their compositions for prospective EDs
Remuneration committee - majority of NEDsrole
Determine appropriate packages anf their compositions for EDsCross directorship and cross shareholdership are prohibited
Turnbull criteria to assess the need for IA dept
Scale, diversity and complexity of company's operationsNumber of employeesCost-benefitChanges in organisational structureChanges in key risksProblem with ICsIncreased # of unexplained or unacceptable events
Turnbull guidance for sound ICs (sound = effective)
Priciples of ICs embeded to activities (not stand alone)Quickly response of risksImmediate reporting to man-t
Public sector organisations
Hospitals, schools, local government authorities, state-controlled companies, NGOsPurpose - implement government policy. It cannot be left for profit (eg. loss-making route may be retaine to support economic development in a region)Focus - value for money (EEE)Agency relationship - man-t as an agent for taxpayersProblem - strategic objectives hardly to define and monitor their achievments
Charities & voluntary organisationsAccountability relationship - charity - donor - purpose of donation and actual use of it
Risk
Strategic risk
responsible - boardarises from fundamental decisions related to organisation's objectivesBusiness and Non-business
Business - product and service related (marketing and development, economic risk, technological risk)Non-business not related to product and service (long-term financing)
UK Cadbery report - matters:significant aquisition and disposalinvestmentscapital projectstreasury policies
Managing - if problem is global (raw material supplier uncertainity), - not avoided in short term, - redesign production - reduce or eliminate risk in long termAvoid risk - lost business opportunity - competitor may take up these opportunities and boost its business
Operational riskresponsible - risk committee - line managers - employeesarises from internal resources, systems, processes, employees risksstoppage line - machine failurekey staff leaving - dissatisfiedlost of sales - poor quality
Managing - controls to detect or correct problem - to reduce or eliminate risk
Guide to risks - FROP LIFE
Financial riskReputationOperationalProductLegal & politicalInformation technologyFraudEnterpreneurial or economic
Risk framework - ALARM
AppetiteList (risk register)Assess (TARA)ResponseMonitor
TARA
High probability * High impact = AvoidHigh probability * Low impact = TransferLow probability * High impact = ReduceLow probability * Low impact = Accept
ERM model COSO's enterprise risk man-t8 components
1 - Internal environment - tone of organisation influincing risk appetite, attitude to risk man-t & ethical values (criticism - external environment ignored)2 - Objective setting - to support company's mission (consistent with risk appetite)3 - Event identification - which may affect achievements of objectives. Negative impact - risks, positive impact - opportunities4 - Risk assessment - probability and impact of risks5 - Risk response - reduce, accept, transfer, avoid6 - Control activities - policies & procedures to check effectiveness of risk responces7- Implementation & communication - data - man-t & staff responsibility8 - Monitoring - modified if necessary
Ethics
Gray, Owen & Adams - 7 positions on CSRPRESSSD
Pristine capitalist - shareholders most importantRadical feminist - do not fellow male dominate, soft treatment of femaleExpedients - opportunities for business > SR is secondarySocial contract - entity exists till it serves the societySocial ecologist - recognise social & environmental footprintSocialist - SR is first, good production is secondDeep ecologist - attention to nature, save planet for the future generations
AAA model
FEN ABCD
FactEthicNormAlternative courseBest courseConsequenceDecision
Tucker's model - 5 questions
Please Look For Red Shoes
Profitable?Legal?Fair?Right?Sustainable? (or environmental)?
Mendelow framework
influence of stakeholder = Power * Interest
Low power * Low interest = Minimal effortLow power * Hight interest = Keep informedHigh power * Low interest = Keep satisfiedHigh power * High interest = Key players
Instrumental & normative motivations of stakeholder theory
Instrumental - take into account shareholders opinion only if they are consistent with other, more important objectives (profit maximisation, gaining market share, etc.)
Normative - Kant's theory based, moral framework, see sharehoders as ends in themselves, not to achievements of other ends)
Category of stakeholders - PINK LAVR
Primary / secondaryInternal/ externalNarrow / wideKnown / unknownLegitimate / unlegitimateActive / passiveVoluntary / involuntaryRecognised / unrecognised
Approaches to CSR - PRAD
proactive - promote interests of stokeholders & stakeholdersreactive - avoid CSR, try to hide from stakeholders / societyaccomodative - balance the interests of shareholders with other stakeholdersdefensive - rely only on legally established rules to take minimal CSR
CSR - PELE
Philantropic - what is desirable?Ethics - what is right?Legal - compliance with lawEconomy - focus on profitability
Kohlberg's stages of moral development
3 levels (6 stages)
Level 1 - Pre-conventional1. Obedience & punishment orientation (How avoid punishment)2. Self-interst orientation (What's in it for me?)
Level 2 - Conventional3. Interpersonal accord & conformity (social norms, good boy/girl attitude)4. Authority & social order maintaining orientation (Law & order morality)
Level 3. Post-conventional5. Social contract orientation6. Universal ethical principles
Useful Mnemonics for ACCA P1 Governance, ethics and risks
Preparing for exams, I have noticed that such enormous amount of new information is not able to be retained in my mind (!) How to improve the memory? The answer of this question is given by mnemonics. Many of teachers at Opentuition, BPP & LSBF use this technique in their lectures to improve the memorizing of their students.
I have collected some useful mnemonics for ACCA P1 Governance, ethics and risks. Hope it facilitates you to remember the relevant. :)
Ethical principlesPrOFIT
ProbityOpennessFairnessIntegrityTransparency
Internal controls - categorisationOPA SPAMS
Organisational Controls
• Control over the organisation structure including managers having specific• Responsibilities and delegations tasks.
Authorisation
• Controls to ensure that transactions do not proceed until an appropriate individual has given approval.
Physical
• Protection of assets against theft, unauthorised access or use.
Supervision
• Oversight of work of other individuals to ensure tasks are carried out correctly.
Personnel
• Controls in place to ensure the suitable people are employed.
Arithmetic Accounting
• Checking accounting transactions for accuracy, includes use of accounts and reconciliations (e.g. bank reconciliation).
Segregation/rotation
• Different people for each transaction to – Authorise, Record, Maintain physical custody of any assets (i.e. petty cash), pay for it.
Management Controls
• Control actions taken by management depending on the contents of reports received. Managers should be involved in the day to day supervision of staff.
Corporate governance - concepts
HAIR DRIFT
Honesty / probityAccountabilityIndependenceResponsibility
Decision taking / judgementReputationIntegrityFairnessTransparency / openness
Audit committee - role and functionCLARISSA
Creat a climate of discipline and controlLend credibility in financial statementsAssist CFO providing a forumReview financial statements to improve qualityIndependent judgementStrengthen position of the internal auditorStrengthen position of the external auditorAssist in the resolution of disputes between external auditor and the board
Types of StakeholdresPINK LAVR
Primary or secondly
Internal or externalNarrow or wideKnown or unknown
Legitimate or illegitimateActive or passiveVoluntary or involuntaryRecognised or unrecognised
Role of Non-executive Diretors (NEDs) (in accordance with Higgs report)StRiP Performance
Strategic roles
Risk assessment rolesPeople’s rolePerformance role
Role of Chairman (in accordance with Higgs report)RAISE DIP
Run the board
Active engagement by board membersInduction programmeSufficient time for complex decisionEffective communication with shareholders
Development needs of directorsInformation provided accurately and timelyPerformance evaluation
American Accounting Association approach to ethical issues (AAA model)FEN ABCD
Fact
Ethic (Independence, Obedience, Confidentiality)
Norm (Objectivity, Governance, Independence, Transparency)
Alternative Course of action.
Best Course of action.
Consequences of each action
DecisionCorporate Social Responsibility (CSR)PELE
Philanthropic - what is desirable?
Ethics - what is right?
Legal - compliance with law
Economy - focus on profitability
Approaches to CSRPRAD
Proactive
Reactive
Accomodative
Defensive
Gray, Owen and Adams seven position on SR
PRESSSD
or
Please Eat Salad Soup Sandwitch Regularly Dad
Pristine Capitalist
Radical Feminist
Expedients
Social Contract
Social Ecologist
Socialist
Deep Ecologist
Quality characteristics of good information
ACCURATE
AccurateCompleteCost beneficialUser targetedRelevantAuthoritativeTimelyEasy to use
Corporate code of Ethics
SPICES S
Social
Position
Implementation
Customer relations
Employees
Suppliers
Shareholders
Tucker ethic decision making question
Please Look For Red Shoes
Profit ?
Legal ?
Fair?
Right?
Sustainable or environmentally?
Risk framework
ALARM
Appetite
List (risk register)
Assess (TARA)
Response
Monitor
General Guide to some risks
FROP LIFE
Financial risk
Reputation risk
Operational risk
Product risk
Legal & political risk
Information technology risk
Fraud risk
Entrepreneurial risk or economic risk
Macro-environmental factors analysis
PESTEL
Political - tax policy, labour law, environmental law, trade restrictions, tariffs, and political stability
Economic - economic growth, interest rates, exchange rates and the inflation rate
Social - health, population growth rate, age distribution, career attitudes and emphasis on safety
Technological - R&D activity, automation, technology incentives and the rate of technological
change
Environmental - weather, climate, and climate change
Legal - discrimination law, consumer law, antitrust law, employment law, and health and safety
law