FAE 2011 Where to begin

Lowrey

naboh12 wrote: »

Hi guys just wondering does anyone know what the 8 simulations are for the audit elective excluding the exam papers? I can only find 2 so far Chemical Sisters and Kerrigan Medical Devices. At the last lecture we had we were told there were 8 in total? Also as our group has little to no notes as I am a repeat student if anyone who could post a reply with the simulations and solutions it would be great.

AAE Cases

Driscy

Hi Naboh,

Any chance you could put up Chemical sisters and Kerigan Medical question and solution. Can't seem to find it anywhere. Thanks

naboh12 wrote: »

Hi guys just wondering does anyone know what the 8 simulations are for the audit elective excluding the exam papers? I can only find 2 so far Chemical Sisters and Kerrigan Medical Devices. At the last lecture we had we were told there were 8 in total? Also as our group has little to no notes as I am a repeat student if anyone who could post a reply with the simulations and solutions it would be great.

Saint Sonner

Prob a stupid question but can anyone explain the percentages used in the warranty question from naturflame boilers case study. Can't figure it!

naboh12

Driscy wrote: »

Hi Naboh,

Any chance you could put up Chemical sisters and Kerigan Medical question and solution. Can't seem to find it anywhere. Thanks

Here are the questions but cant download the solutions from the institutes page for my group will upload them later if i can manage to get them

Colts

Hey guys,
It's probably been asked a hundred times, but does anyone have a link to the Audit ISA summaries. My audit notes are terrible, and I've looked on the first 8 pages on my phone but cantsee the link!

Thanks in advance!

naboh12

Driscy wrote: »

Hi Naboh,

Any chance you could put up Chemical sisters and Kerigan Medical question and solution. Can't seem to find it anywhere. Thanks

Solutions found also

MW2011

FAEs wrote: »

This is how I understood it....
The comparative advantage: is the difference in the rates (ie: 1.25 - 0.75%) less the commission they have to pay the bank of 0.25%.

The split: told in Question Active wants an annual savings of 0.2%, therefore Active gets the 0.2% of the comparative advantage and Holton gets the remainder (ie 0.25 -0.2 = 0.05%)

The 6.05% that active pay is the fixed active pay of 6.3% less the bank charge 0.25%

Cheers for that.

Do you know why Active health are only paying libor to Holton? Is it just a rule of thumb that you pay libor? This question has been wrecking my head

thanks

MW2011

Hey,

Can someone explain how the sharebuy back applies in this question?

My understanding is that share-buy backs are only allowed for trading companies. As Sutherland are a property development company I would of thought it's clear that they are not a trading company.

The solution mentions that as long as their activties from exempt trades is less than 20% it is ok. But there business is 100% property development???

I would of thought going on about share buyback would be a clear fail

lucky01

Saint Sonner wrote: »

Prob a stupid question but can anyone explain the percentages used in the warranty question from naturflame boilers case study. Can't figure it!

couldnt get his either! decided to just leave it, as you dont have to get the right warranty provision to get competent as long as you deal two of the 4 issues mentioned it was competent so I just moved on! spent ages trying to work this out

Coldplayer

lucky01 wrote: »

couldnt get his either! decided to just leave it, as you dont have to get the right warranty provision to get competent as long as you deal two of the 4 issues mentioned it was competent so I just moved on! spent ages trying to work this out

can you post this case?
cheers

lucky01

Coldplayer wrote: »

can you post this case?
cheers

dont have soft copy of it. it was one given out last year by Paul monaghan

Coldplayer

oh ok, cheers.

Wonder why they didn't give it out this year . . .?

trixabello

MW2011 wrote: »

Hey,

Can someone explain how the sharebuy back applies in this question?

My understanding is that share-buy backs are only allowed for trading companies. As Sutherland are a property development company I would of thought it's clear that they are not a trading company.

The solution mentions that as long as their activties from exempt trades is less than 20% it is ok. But there business is 100% property development???

I would of thought going on about share buyback would be a clear fail

Property development is a trade, its the company with the rental property that isn't a trade, that's why the 20% is mentioned.

Vaioer

trixabello wrote: »

Property development is a trade, its the company with the rental property that isn't a trade, that's why the 20% is mentioned.

Is that why the building they hold is allowed to have a revaluation reserve as well, ie as they are a property company then it is IAS16 and not IAS40.

That was wrecking my head.

bonzaloti

Hi, Would anyone have a copy of the solutions to the FAE Elective Advanced Taxation (ROI) Mock Exam 2010?

Thanks

johnny52

Hi, quick question for anyone who can help. Does anyone know if the audit elective book is any use or is it too detailed like some of the other books? I'm not sure whether i should go through it or just do the case studies?

Thanks

statikmusic

Finally got my Mock scripts in the post. I passed my elective last year so only have core to worry about. I was slightly down hearted by my mock result because i felft i did slightly better. Now i know why i didn't...Just read through my 4 scripts (1 comp and 3 sims. Three of the papers seem fairly well marked with good feedback and corrections. Then i opened my Sim1 script. Not a mark or correction on it and a generic reply on the feedback sheet "need to address key points". I have matched it to the institutes solution and im only missing one indicator. What lazy (i won't say) did they get to mark that paper and how much was he/she paid....Anyone else find this with their scripts?

Gametime

statikmusic wrote: »

Finally got my Mock scripts in the post. I passed my elective last year so only have core to worry about. I was slightly down hearted by my mock result because i felft i did slightly better. Now i know why i didn't...Just read through my 4 scripts (1 comp and 3 sims. Three of the papers seem fairly well marked with good feedback and corrections. Then i opened my Sim1 script. Not a mark or correction on it and a generic reply on the feedback sheet "need to address key points". I have matched it to the institutes solution and im only missing one indicator. What lazy (i won't say) did they get to mark that paper and how much was he/she paid....Anyone else find this with their scripts?

Thats a disgrace! Seriously makes you wonder how "competent" these people are?!!

I too passed elective and failed core last year. However I received a certificate saying I'd passed all my exams some months later. When I questioned this, I was told it was a "typographical error"! Just a "typographical error"? This is our careers and futures they're toying with!

ahtfulal

Don't know how they got away with changing the format of these exams in the first place. The old system was hardly broke yet they found the need to fix it!

Bunch of cowboys and cowgirls running that institute I'm afraid and they can do what they please!

Norman123

Anyone got a copy of the FAE Mock Audit Elective 2010 Paper (have the solution)

Also anyone any ideas on how to study/what standards to look at/common issues that come up for Audit elective feel like its been a little neglected??

Thanks!!

statikmusic

Gametime wrote: »

Thats a disgrace! Seriously makes you wonder how "competent" these people are?!!

I too passed elective and failed core last year. However I received a certificate saying I'd passed all my exams some months later. When I questioned this, I was told it was a "typographical error"! Just a "typographical error"? This is our careers and futures they're toying with!

That is dreadful, the same happened to me in my Cap 2's where i passed but yet they sent out a "sorry you were unsuccessful" letter with a re-enrolment form which turned out to be an administration error. Good job we don't have weak hearts.

Gametime

Really are a bunch of cowboys, just lost complete faith in the system. How nearly 40% of graduates and post graduates can not pass an exam which previously had very high pass rates is something I'll never understand. I've left my firm mainly due to not passing FAE Core so think it's about time they realised these aren't just exams they're our livelyhoods!

Giving it once last throw of the dice, least we repeaters can say we give it another go.

Fingers crossed!

okdune

Hey there,

Could anyone just help me with a small detail on the INDIGO plc question in the SP1 Simulations.

Just looking at the IT indicator - appraising each tender. To get the PV cost of say 8,333 for Company A - what rate is being used - I cannot figure it out.

Thanks!

Coldplayer

12%

okdune

Coldplayer wrote: »

12%

Where did you see this Coldplay, thanks?

Think I am just going mad now!

Coldplayer

just an assumption by the looks of things, i used 10% when i did it.

okdune

Coldplayer wrote: »

just an assumption by the looks of things, i used 10% when i did it.

Thanks I thought I had totally missed something obvious. Big worry that there is so much information to take in for the case studies that I overlook an important detail such as that.

Cheers.

Coldplayer

I dont think discounting the fee would have been the be all and end all. At least i hope it wouldnt!!

okdune

Ok I am going to have bit of a rant now.

I am bloomin terrified of getting indicators wrong - most are obvious but some I totally diregard and identify others.

For example - INDIGO plc. In the question the Head of Finance says that he would a memo to focus on three key areas:

• Audit (re the Special Audit Review)
• M.I.S (IMP systems)
• New product launches

However the solution has yes the audit and the imp indicators - but completly ignores the new product launches (except for a breif mention in teh audit section re agressive developmen to launch time)

Instead the third indicator looked at the management and organisational structure (I know I dont just include org charts for fun).

I would in an exam assume the mention of a new product would involve BL/Marketing. Fair enough if there were four indicators.

Had to have a rant. It's just if you miss an indicator (in that case I would have assumes the third indicator was re new product not the structure) then that's a RED.

Any pointers on how I can deal with this. Mostly I know they are obvious enough - but thats just annoying.

Rant over - Sorry.

randomobserver

Colts wrote: »

Hey guys,
It's probably been asked a hundred times, but does anyone have a link to the Audit ISA summaries. My audit notes are terrible, and I've looked on the first 8 pages on my phone but cantsee the link!

Thanks in advance!

Hey, did you have any luck finding these, maybe i'm going blind but i can't!