FAE 2011 Where to begin

hooch-85

Kingdomkerry wrote: »

Absolutely sick. Failed due to one red in auditing. Last year I failed due to one red in tax.
I passed the elective in auditing last year and got a green in the core in auditing.
When I combine the results from last year and this year I got a green in each of the super six in one of the years.

Jesus that is rough. An appeal maybe viable in your case.

mydiscworld

hooch-85 wrote: »

Jesus that is rough. An appeal maybe viable in your case.

nope, no system in place for compensation. I just suggested on the phone they accept it if you got all 6 over two years, and atleast 4 of 6 both years.

She just said bring in to the student union.

Kingdomkerry

Im shocked, I really thought I did ok in auditing. From looking at my posts after the exam I did the following in auditing.

Comprehensive: (Apedix 3 was specifically audit content)

Audit report - issues for clean report
Mentioned weaknesses in internal controls
Audit procedures to gain assuarance on debtor balance
ES2 on fees
Auditors should consider resigning as auditor because the weaknesses last year were not put right.
Subsuequent events re litigation
Possible qualified report because of limitation of scope


Sim 1:
Audit - fraud and weaknesses in internal controls

Sim 2:
Audit - weakness in stocktake

How I am deemed not competent after going into detail for all those issues is beond me. Did I miss an indicator? I'll have to wait for the report to come out but I was looking at the posts after the exam to see what everyone else did and I cant see much of a difference

COMPREHENSIVE
Audit report
- issues for a clean report (adj to debtor bal, supply evidence i.e. mgt letter),
- Possible LOS, GC issue (implications due to large debtor)

Debtor - procedures on debtor balance

Other audit issues
- meeting profit target leading to audit issue
- link issues to cost cutting
- IPO implications
- controls not corrected and letter of rep
- the capability of auditors to do audit for plc also needed questioning.
- provisions for a bad debt, IAS 10, internal control, ISA 315, management representations and ISA 700 all got discussion here.

So I might have missed a couple of the smaller other audit issues people mentioned but I got the main ones i.e. audit report (issues for a clean report and implicatons for the audit report) and debtors balance procedures

SIMS 1
Audit controls - some suggested weaknesses in controls and recommendations and others suggest to state existing controls
Fraud (triangle)

SIMS 2
Some suggest general audit of Inventory (Weakness/Implication/Recommendation) others say weakness in stocktake
Consider new auditors
Audit/FR - Impact of errors re Inventory and Foreign Currency transaction.

So the only thing I could have left out for auditing in simulations is never mentioning new auditors and FX issue

Kingdomkerry

mydiscworld wrote: »

nope, no system in place for compensation. I just suggested on the phone they accept it if you got all 6 over two years, and atleast 4 of 6 both years.

She just said bring in to the student union.

I know there is no system in place for compensation. However if you can provide a strong case that you were competent in a subject you failed on and also bring to their attention that you got a green last year and passed the elective in that subject, they might look more favourably on your argument that you were indeed (reaching) competent in the subject you failed which you are appealing.

mydiscworld

Kingdomkerry wrote: »

I know there is no system in place for compensation. However if you can provide a strong case that you were competent in a subject you failed on and also bring to their attention that you got a green last year and passed the elective in that subject, they might look more favourably on your argument that you were indeed (reaching) competent in the subject you failed which you are appealing.

Doubtful but you could give it a go.

upnorthchick

is the exam report issued yet?

mydiscworld

upnorthchick wrote: »

is the exam report issued yet?

Per CAI website

Students should note that the FAE Board will publish a full report on the results (including indicator guidance and examiner comment) on Monday 5th December.

hooch-85

Anyone on here who has passed APM able to give any advice on it? Do you think I could get a good enough grasp of it in a year from going to lectures and giving a good few weeks studyin in the summer? Bare in mind i wont have done finance or management since I sat core which will be two years ago by the time I will be sitting the paper.

Coldplayer

I found the APM to be very doable, the text book is straightforward, only calculative work is the likes of NPV, if you got your head down, did a chapter a month, and all the review questions within, you should be sorted.

hooch-85

Coldplayer wrote: »

I found the APM to be very doable, the text book is straightforward, only calculative work is the likes of NPV, if you got your head down, did a chapter a month, and all the review questions within, you should be sorted.

Ya I think I could manage it, reckon it would be more black and white than the auditing anyway. Ill have to look into it more before I make my mind up.

Stabshauptmann

mydiscworld wrote: »

With Data Protection being so important these days it's crazy that they still publish your name rather than student number.

And if no name is up, then it means you've failed all.

I disagree, I think it is important to know people's exam results considering all we offer to clients / employers is knowledge.

pepp

Stabshauptmann wrote: »

mydiscworld wrote: »

With Data Protection being so important these days it's crazy that they still publish your name rather than student number.

And if no name is up, then it means you've failed all.

I disagree, I think it is important to know people's exam results considering all we offer to clients / employers is knowledge.

I think you need to consider people's privacy, the term accountant is not protected by any legislation so anyone can call themselves an"accountant" and if clients are bothered they can freely search the respective institutes to see if you are a member!

However that has nothing to do with competence passing or not you should not be branded and have your career damaged while you are still learning! IMO

Hanley

Seems all the cool kids are passing core and failing the elective...

I STILL don't know how the marking system works, someone explain??

Core - decline rank 8, sufficiency 0
Audit - decline rank 9, sufficiency 0

Does that mean I just scraped core? Was I miles away from audit?

LightningBolt

Hanley wrote: »

Seems all the cool kids are passing core and failing the elective...

I STILL don't know how the marking system works, someone explain??

Core - decline rank 8, sufficiency 0
Audit - decline rank 9, sufficiency 0

Does that mean I just scraped core? Was I miles away from audit?

Yeah think you scraped the core by the sounds of it but who cares!

For audit I was decile 6 sufficiency 1. Decile ranking is done on your sufficiency score. I assume anybody decile 5 and below passed the audit elective as the pass rate was 59%. Very tempted to get a recheck on the audit paper.I'm literally borderline by the looks of it.

pokermanpat

LightningBolt wrote: »

For audit I was decile 6 sufficiency 1. Decile ranking is done on your sufficiency score. I assume anybody decile 5 and below passed the audit elective as the pass rate was 59%. Very tempted to get a recheck on the audit paper.I'm literally borderline by the looks of it.

I also achieved the same result in the Audit elective and know of one other person with the same result. I have calculated that we are in a group of 11 people as follows:

All Sat paper: (First and repeat) 431 + 83 = 514

People in Decile 6: (10%) 43 + 8 = 51

People in decile 6 who did not pass:

90% of repeat students 8 * 90% = 7
10% of first time students 43 * 10% = 4
Total = 11

This is worked out on a pass rate of 59% for first time students and 51% for repeat sittings.

Are my calculations correct?

I do not really want to put any false hope into an appeal but if these calculations are correct I feel it may be worth a try.

premiergal

I failed auditing but got the core so least I got one.
I work in a small practice and would probably have more exposure to tax than audit.
Anyone think it would be worth my while changing to tax elective or should I just get head down in audit next year?
Anyone in a smaller practice have advice?? Was thinking tax wouldnt be as subjective as audit!
Any opinions/advice welcome!:)

wex83

I am so disappointed with results. I passed audit and failed the core. In the core i got a sufficiency of 0 and a decile ranking of 6 but I got a red in business leadership. From what I can gather, I am very much borderline and am currently considering an appeal. With a sufficiency of 0 and declile ranking of 6, I assume that I was within the requirements for a pass, especially considering the pass rate of 74% in the core. However, I believe that it was the one red in business leadership that resulted in a fail. Can anyone confirm if my thinking on this is correct?

VolvicChick

pokermanpat wrote: »

I also achieved the same result in the Audit elective and know of one other person with the same result. I have calculated that we are in a group of 11 people as follows:

All Sat paper: (First and repeat) 431 + 83 = 514

People in Decile 6: (10%) 43 + 8 = 51

People in decile 6 who did not pass:

90% of repeat students 8 * 90% = 7
10% of first time students 43 * 10% = 4
Total = 11

This is worked out on a pass rate of 59% for first time students and 51% for repeat sittings.

Are my calculations correct?

I do not really want to put any false hope into an appeal but if these calculations are correct I feel it may be worth a try.

Ive been following the thread right through the summer but refrained from posting. I failed the elective and passed the core. As the above I got a docile of 6 and a sufficiency of 1. As far as I can see the above calculations are accurate. I spoke with the institute on the phone and they confirmed that by obtaining a docile of 6 it indicated I was indeed within the top 60% of the population. Gutted is an understatement.

Id like to also congratulate all the guys that managed to pass. I will be lodging an appeal with the institute on my results as I did think that I done better than that but if unsuccessful I'll go at it again next year. After a depressing day yesterday Ive come to my senses and realised there are worst things that could happen. My approach Monday morning is to have the chin up and not beat myself up too much. They were a very testing set of exams.

eoferrall

wex83 wrote: »

I am so disappointed with results. I passed audit and failed the core. In the core i got a sufficiency of 0 and a decile ranking of 6 but I got a red in business leadership. From what I can gather, I am very much borderline and am currently considering an appeal. With a sufficiency of 0 and declile ranking of 6, I assume that I was within the requirements for a pass, especially considering the pass rate of 74% in the core. However, I believe that it was the one red in business leadership that resulted in a fail. Can anyone confirm if my thinking on this is correct?

looks like you failed the depth test as they call it.

mgsrocks

wex83 wrote: »

I am so disappointed with results. I passed audit and failed the core. In the core i got a sufficiency of 0 and a decile ranking of 6 but I got a red in business leadership. From what I can gather, I am very much borderline and am currently considering an appeal. With a sufficiency of 0 and declile ranking of 6, I assume that I was within the requirements for a pass, especially considering the pass rate of 74% in the core. However, I believe that it was the one red in business leadership that resulted in a fail. Can anyone confirm if my thinking on this is correct?

I'm in the same boat as you. Passed the elective and failed the core on business leadership.

I'm going to pay the extortionate amount and have it appealed. Does anyone know anyone last year who had a successful appeal after failing on one area?

Innervision

mgsrocks wrote: »

I'm in the same boat as you. Passed the elective and failed the core on business leadership.

I'm going to pay the extortionate amount and have it appealed. Does anyone know anyone last year who had a successful appeal after failing on one area?

I know someone who failed on Business Leadership last year and got it on the appeal, so worth a try!

noveltea

I got a yellow in business leadership and passed.I got green in everything else. Was decile 2 and sufficiency 0.

An appeal might be worth a try, given that the Business Leadership does not have to be green. I thought it was an instant fail if BL and PM were not green. Going from red to yellow in an appeal seems do able.

I however failed my elective. I think the most gutting thing is having to wait the year to repeat. Just puts everything on hold.

ACAFAE

VolvicChick wrote: »

Ive been following the thread right through the summer but refrained from posting. I failed the elective and passed the core. As the above I got a docile of 6 and a sufficiency of 1. As far as I can see the above calculations are accurate. I spoke with the institute on the phone and they confirmed that by obtaining a docile of 6 it indicated I was indeed within the top 60% of the population. Gutted is an understatement.

Id like to also congratulate all the guys that managed to pass. I will be lodging an appeal with the institute on my results as I did think that I done better than that but if unsuccessful I'll go at it again next year. After a depressing day yesterday Ive come to my senses and realised there are worst things that could happen. My approach Monday morning is to have the chin up and not beat myself up too much. They were a very testing set of exams.

Like you, I also have read this thread all summer but never posted in it. I also got decile of 6 and sufficiency of 1 in audit elective and am seriously considering appealing also. Does anyone have any idea how many people who appealed last year were successful? I vaguely remember hearing last year it was a really small percentage.

Peanut_M

I am curious to know which lecturer(s) those who passed audit elective had and who those who failed had?

While I realise it is not down to the lecturer who passed and failed, I would be curious to know whether all lecturers' pass rates were in line with the average.

I failed audit elective with decile of 8 and sufficiency of 1 and had Shaun Browne for all lectures except the last lecture which was with all audit elective groups and with Sean Murray.

p13

wex83 wrote: »

I am so disappointed with results. I passed audit and failed the core. In the core i got a sufficiency of 0 and a decile ranking of 6 but I got a red in business leadership. From what I can gather, I am very much borderline and am currently considering an appeal. With a sufficiency of 0 and declile ranking of 6, I assume that I was within the requirements for a pass, especially considering the pass rate of 74% in the core. However, I believe that it was the one red in business leadership that resulted in a fail. Can anyone confirm if my thinking on this is correct?

That happened me last year. I appealed but was not successful. Was so pissed off because the other subjects are the 'hard' ones. If you can wait until solutions are published and try to think back to how you did & then think how close you might be. Good luck!

kitten_k

I was borderline on the Core (Decile 9, sufficiency 0). Got yellow in them all except Auditing which I got a green. Ironically I failed the Audit Elective!!

In the elective I got a decile ranking of 8 and sufficency of 1. From reading the "Explantory Information" sheet that was with the results pack it says sufficiency 0 was required to pass the elective. As I had sifficency 1 - does this mean I was close to passing and it wouldn't have mattered what my decile was once I got a sufficency of 0???

mydiscworld

ABCxyz 123 wrote: »

I wonder is there a way to move to ACCA final exams instead - at least then they have the two sittings instead

Will definitely recommend to anyone from now on to do ACCA, so much more flexible for repeats/sittings etc

I emailed ACCA and CPA to see what exemptions I'd get.

I have CAP 1 and CAP 2 completed and the FAE Tax elective. Failed FAE Core twice now, unfortunately.

ACCA said I'd have 6 more to do with them. All the 5 Ps and F9.

CPA said I'd have 4 more to do with them. One P1, the two compulsory P2s and one P2 Option. So I'm going with CPA.

With FAE pass rate at 55% overall this year, I'm not staying with CAI anymore. Similar pass rates can be found with ACCA and CPA, with two sittings per year.

kitten_k

I just called the institute and the re-sit form will be available online at the begining of December.

I presume the induction lectures that are on at the moment are for Core ony?

It will cost €150 to repeat the elective (exam only) so I assume we would not be able to get a hold of the Elective time-tables if we chose exam only? If anybody can get there hands on an Audit Elective timetable (Dublin) can they post it up.

okdune

kitten_k wrote: »

I was borderline on the Core (Decile 9, sufficiency 0). Got yellow in them all except Auditing which I got a green. Ironically I failed the Audit Elective!!

In the elective I got a decile ranking of 8 and sufficency of 1. From reading the "Explantory Information" sheet that was with the results pack it says sufficiency 0 was required to pass the elective. As I had sifficency 1 - does this mean I was close to passing and it wouldn't have mattered what my decile was once I got a sufficency of 0???

Did you pass the core?

kitten_k

okdune wrote: »

Did you pass the core?

Yes, was very surprised as I thought you had to get green in BL & PM.