FAE September 2012

Ex 88

tt1 wrote: »

Hi Audit Elective Question--This may possibly be a stupid question but in the Comp Statement it refers to; Audit Regulations and guidance 2007(ROI) all chapters except Chap3......anybody know what document this is referring to? Lost and hope I'm not missing something big.

This document is in the student technical handbook if you have the 2011-2012 version its page 248. ( one of the few documents thats right in the student tech handbook!!!)

Also you need to know chapter 3 of this document in detail!! Sean murray said "whilst the other chapters require a quick read chapter 3 is the one you should spend most of your time on as its classified as Applied in the competency statement!!"

Great thanks, the only place I didn't look for it was the Handbook! Saves me printing it!

EveT

froggatt2011 wrote: »

Yay! Finally off on study leave!!

Does anyone have an example of a decent audit engagement letter? I was sure I had one in my notes but can no longer find it.

and a working paper please?!

EveT

Lads whats the story with these? what relief was there thats gone? I never knew of any relief in first place I dont think! totally confused!

supernova84

Just a thought. Imagine having to do these exams in 10 years time, there would be about 300 sample cases to work through by that stage. Now wouldn't that be fun?

figrolls

supernova84 wrote: »

Just a thought. Imagine having to do these exams in 10 years time, there would be about 300 sample cases to work through by that stage. Now wouldn't that be fun?

I'd be amazed if this structure lasts 10 years tbh!

Hopefully I wont still be doing them in 10 years time...

tt1

Yay! Finally off on study leave!!

Does anyone have an example of a decent audit engagement letter? I was sure I had one in my notes but can no longer find it.

Im just using the example of an engagement letter at appendix 1 of isa 210 in connection with para a23 and a24 of isa 210. Say that should cover ya in case something like that comes up!!

ferike1

supernova84 wrote: »

Just a thought. Imagine having to do these exams in 10 years time, there would be about 300 sample cases to work through by that stage. Now wouldn't that be fun?

Never figured you to be some kind of masochist supernova84

froggatt2011

tt1 wrote: »

Yay! Finally off on study leave!!

Does anyone have an example of a decent audit engagement letter? I was sure I had one in my notes but can no longer find it.

Im just using the example of an engagement letter at appendix 1 of isa 210 in connection with para a23 and a24 of isa 210. Say that should cover ya in case something like that comes up!!

Thanking you kindly

supernova84

ferike1 wrote: »

Never figured you to be some kind of masochist supernova84

Just on weekends lol

froggatt2011

Ok so we have just over a week left until the main event (as if anyone needed reminding). What's everyone else focusing on?

I'm going through PPs, mocks & the dreaded sample papers again and a few cases if I have any time left. Are there any MUST DO cases that people can recommend for Core?

Hope you are all getting on ok. Sorry haven't been able to contribute over the past few weeks. I have been up to my oxters at work but raring to go now (NOT!).

faer2203

I'm going through PPs, mocks & the dreaded sample papers again and a few cases if I have any time left. Are there any MUST DO cases that people can recommend for Core?

Have you not done locust coffees? Ur in for a treat... sorry couldnt help it!!

I'd say do the mocks as it more up to date stuff, mgmt acc included, and also the case studies for this year, thats what id be focusing on, other pple may have a different view on it?

froggatt2011

faer2203 wrote: »

Have you not done locust coffees? Ur in for a treat... sorry couldnt help it!!

Of course I have. I guess I can quit studying now. All we will ever need to know is in there.

I'm off to the pub

ferike1

Last two days have been a write off!
Need to get my butt in gear.

chursy

Where ate people at in terms of confidence ? On a scale of 1 to 10

ferike1

https://www.youtube.com/watch?v=EbVKWCpNFhY

Ex 88

chursy wrote: »

Where ate people at in terms of confidence ? On a scale of 1 to 10

Core: 5/10

Elective;2 /10

I'm screwed

Username2011

In the Core paper 2010, the Tidy Homes Group.
Could anyone advise on how they calculated the direct wages cost? The case study says that there are 240 working days at €200 per staff per day and the task is to find the appropriate number of employees to be efficient for the turnover level. I guarantee you its a basic calculation but my head is fried! Any help is greatly appreciated.
Thanks!

figrolls

Username2011 wrote: »

In the Core paper 2010, the Tidy Homes Group.
Could anyone advise on how they calculated the direct wages cost? The case study says that there are 240 working days at €200 per staff per day and the task is to find the appropriate number of employees to be efficient for the turnover level. I guarantee you its a basic calculation but my head is fried! Any help is greatly appreciated.
Thanks!

Appendix one to the solution has it calculated out

revenue is purely from charegable days so, turnover divided by €200 per day and then divided by the average days (eg homes division 240@90% = 216)

Eg Homes

Turnover = 6million
expected 10% decrease, so 5.4million

5.4m/200/216 = 125 people

Username2011

figrolls wrote: »

Appendix one to the solution has it calculated out

revenue is purely from charegable days so, turnover divided by €200 per day and then divided by the average days (eg homes division 240@90% = 216)

Eg Homes

Turnover = 6million
expected 10% decrease, so 5.4million

5.4m/200/216 = 125 people

Ah great- didn't see the appendix. Thanks!

KingEnda

Ex 88 wrote: »

Core: 5/10

Elective;2 /10

I'm screwed

I dont feel competent to answer. I cannt see the primary indicator in your question

ferike1

The way I see it you have a 50% chance of passing.
You either pass or you don't XD

supernova84

Things must be going bad for Bill Williams. Check out his Locust coffee table. Looks pretty shabby to me.

http://www.finewoodworking.com/item/23684/locust-coffee-table

Ex 88

ferike1 wrote: »

The way I see it you have a 50% chance of passing.
You either pass or you don't XD

I'd be happy passing core and the pass rate last year was 70% so fingers crossed tis gonna b a looonnnggg week

notanocelot

I just had the realisation that I'm not going to have time to finish off all the case studies.

At least, not if I want to go through exam qs. Only 9 days left and I did no work today or yesterday.

At least today I fixed up my summary folder! What does everyone's summary folder look like? I've got bits and pieces of the notes of the guy who came first last year, plus my own co val, Code and ESs summaries, plus discount tables and tax reference 2011 material, plus controls and a couple of substantive tests. I just need to do up ratios and some mgt acc formulas in nice coloured pens and it's done.

Ex 88

notanocelot wrote: »

I just had the realisation that I'm not going to have time to finish off all the case studies.

At least, not if I want to go through exam qs. Only 9 days left and I did no work today or yesterday.

At least today I fixed up my summary folder! What does everyone's summary folder look like? I've got bits and pieces of the notes of the guy who came first last year, plus my own co val, Code and ESs summaries, plus discount tables and tax reference 2011 material, plus controls and a couple of substantive tests. I just need to do up ratios and some mgt acc formulas in nice coloured pens and it's done.

I'm the same ill be pushing it to try get cases done because I still have technical material to go through I've loads to do for Financial Reporting! Really starting to stress! My folder sounds exactly like yours

notanocelot

Ex 88 wrote: »

I'm the same ill be pushing it to try get cases done because I still have technical material to go through I've loads to do for Financial Reporting! Really starting to stress! My folder sounds exactly like yours

Oh god, me too with FR. I got a shock yesterday when I tried to do a Derry Cotter case and it turned out I'd completely forgotten the complexities of IAS 33, which I thought I knew. Spent ages working through it with the help of the CAP 2 book then called it a day. Bit scared cause I got an RC in AAFRP.

Ex 88

notanocelot wrote: »

Ex 88 wrote: »

I'm the same ill be pushing it to try get cases done because I still have technical material to go through I've loads to do for Financial Reporting! Really starting to stress! My folder sounds exactly like yours

Oh god, me too with FR. I got a shock yesterday when I tried to do a Derry Cotter case and it turned out I'd completely forgotten the complexities of IAS 33, which I thought I knew. Spent ages working through it with the help of the CAP 2 book then called it a day. Bit scared cause I got an RC in AAFRP.

Ugh dont remind me about IAS33 I decided to do a list today of the FR standards I needed to look over and I actually ended up writing out every standard!! Not to mention all the ISAs I need to look at too! Id love two more weeks

Chalk_Farm

I imagine sample paper 1 (sutherland holdings) hasnt been updated - they say David can take out a loan to purchase the shares in the company from John and he can then claim interest as a charge relief on any interest paid!!??

notanocelot

-Building Fixes
-Enver Thermoset
-Green Homes
-Jones' Fine Furniture
-MechElec
-Metro Water
-Mid West Oil
-O'Reilly Mortgages
-Second String
-Thorpe Clinic
-Whites' Leisure Emporium
-You Look Fantastic

faer2203

I wasnt going to do a summary folder, was just going to have like 6 folders (one for each) and have them well organised and bring the books in aswel?