FAE September 2012

7upfree

ferike1 wrote: »

Just doing the Brilliant Bee case study

Peter Fox - the person you are in this case study has his own personal hives...WTF

No wonder people think accountants are weird. What kind of nutjob in the institute thinks a normal person has their own honey bee hives. Hahaha,

What I found even better that he had a turnover of 120K or so for a hobby WTF

ferike1

God I wish I made that much going to the gym or playing PC games.

Siobhang4

Szewinska wrote: »

Hi Siobhan

i must be gone at the game, but is it part of them chapters in the resource pack. cant find it there on a quick skim through.

Hey sorry don't know exactly where in the notes it is. Just do it from summary attached, and from case study.. think the main thing if it come up will be just recognising it (so if more than one division or company) and explaining how the company could incorporate and use it as part of their strategy..

ferike1

WTF was up with that marketing indicator in brilliant bee

Make no reference to the stinger.

Seriously. I can understand the thin logic of having some IT and even corporate governance knowledge but marketing and brands? When will a finance director or CFO ever go near that?

Do you think the CFO of apple said the new logo needs more green?

froggatt2011

Did that one yesterday ferike1 and it totally melted me. So unrealistic. Some of the points that were made about the logo actually had me in hysterics at one point. I think I actually piddled myself a little.

On a more serious note, I am finding the actual past papers ok. The sample papers (in terms of length of answers) are awful and the mocks, well... don't get me started. They make the resource pack cases seem like normal every day situations.

This time next week we'll have one down Hang in there y'all

Szewinska

Siobhang4 wrote: »

Szewinska wrote: »

Hi Siobhan

i must be gone at the game, but is it part of them chapters in the resource pack. cant find it there on a quick skim through.

Hey sorry don't know exactly where in the notes it is. Just do it from summary attached, and from case study.. think the main thing if it come up will be just recognising it (so if more than one division or company) and explaining how the company could incorporate and use it as part of their strategy..

cool thanks, my worry was that when reading case study i didnt even know what cross selling was so couldnt answer at all and couldnt pick it up in notes in pack

Szewinska

7upfree wrote: »

ferike1 wrote: »

Just doing the Brilliant Bee case study

Peter Fox - the person you are in this case study has his own personal hives...WTF

No wonder people think accountants are weird. What kind of nutjob in the institute thinks a normal person has their own honey bee hives. Hahaha,

What I found even better that he had a turnover of 120K or so for a hobby WTF

what?? ye dont have a hobby like that. get with it lads.

ferike1

Yeah I just finished it and I thought I was doing well (before I did it) but that one just sucker punched me.

The random stuff came up like the P/E of food companies is higher.
Where on earth do they get this from???
I do not have the P/E breakdown of different industries in ANY of my notes.

Also where did they get that the company wants to float itself? I couldn't find this in the case.

haribo12

In the mock 2012 indicator 2

Does anyone know where the average contribution per designer hour is coming from € 39 would appreciate a dig out

Thanks

levi

ferike1 wrote: »

Yeah I just finished it and I thought I was doing well (before I did it) but that one just sucker punched me.

The random stuff came up like the P/E of food companies is higher.
Where on earth do they get this from???
I do not have the P/E breakdown of different industries in ANY of my notes.

Also where did they get that the company wants to float itself? I couldn't find this in the case.

Is this Brilliant Bee cos the crazy over zealous MD mentions a potential IPO in the case for sure - I think it's on the first or second page - don't have it in front of my right now.

FAE4EVA

haribo12 wrote: »

In the mock 2012 indicator 2

Does anyone know where the average contribution per designer hour is coming from € 39 would appreciate a dig out

Thanks

Go to indicator one and see the table included it is the last figure there and the note for it is below it.

Drove me simple a few days ago...

At this stage it wouldn't take much

froggatt2011

supernova84 wrote: »

In Bay Trading there is an ethics indicator which states that before accepting this assignment (providing business advice, not auditors) we need to formally assess whether acceptance of the assignment would lead to any threat to compliance with the fundamental principles.
In Thorpe Clinic it's the same sort of scenario (you're not their auditor but they're looking for advice) but no indicator here.
Why so guys?

For my sins I'm doing Bay Trading again.

Can anyone offer up any explanation to supernova's query? I would never have picked up on this and seems a bit OTT, but I've never worked for an audit and multi disciplinary firm in my puff.

costacurta

LR987654 wrote: »

What are the two Irish annex provisions we are required to audit?

Think it's something to do with the audit committee, brain is fried, I can check it out tomorrow if no one else has replied by then

costacurta

Before I finish for the night, can someone please enlighten me as to where the €2.5-3m valuation for the company comes from in Gems please?

supernova84

froggatt2011 wrote: »

supernova84 wrote: »

In Bay Trading there is an ethics indicator which states that before accepting this assignment (providing business advice, not auditors) we need to formally assess whether acceptance of the assignment would lead to any threat to compliance with the fundamental principles.
In Thorpe Clinic it's the same sort of scenario (you're not their auditor but they're looking for advice) but no indicator here.
Why so guys?

For my sins I'm doing Bay Trading again.

Can anyone offer up any explanation to supernova's query? I would never have picked up on this and seems a bit OTT, but I've never worked for an audit and multi disciplinary firm in my puff.

I think my conclusion here was that in Bay Trading it's the first time they're coming to your advisory practice for advice whereas in Thorpe you provided advice before. Or maybe it was just because in Bay Trading it was specifically asked for in that separate email.

supernova84

Attempting too many of these cases would drive you to drink and hard drugs. No matter how many we look at what we'll get next week will be like no other.

notanocelot

supernova84 wrote: »

Attempting too many of these cases would drive you to drink and hard drugs. No matter how many we look at what we'll get next week will be like no other.

I can confirm that.

Yesterday I did a full core comprehensive and two of the 3 elective sims from 2010. I left the library when it closed at 6 and went straight to the offie to buy some wine on the way home.

the west

Thats a fact. Doing all them cases which such obscure issues could be more of a hinderence than anything else. Probably finds loads of possible indicators. only a couple of days left. Thanks bit of god

ferike1

Lol @ drugs

You are Dermot McDermot, recently qualified ACA.

Your local drug dealer Charlie Finnegan is currently operating as a sole trader. Due to recent agressive acquisitions he has grown substantially and is now the fastest growing operator in South Dublin. He has come to your capacity as a financial advisor. Charlie says to you a on a windy Sunday. "Listen Bud, I don't know anything about keeping my boys happy, they are looking to go to rival gangs, what sort of HR policies should I have in place to make them happy? Don't worry about the tax implications, I have my tax boys looking at that".

He hands you some notes in a hurry because he sees some gaurds walking past (Appendix 1) This is a breakdown of contribution per division. Cocaine, Meth, Heroin, Hash and E. "Bud, before I go, I was thinking about implementing some sort of KPI's but I am not sure how to go about it, think you could give it a bash?"

I have some foreign 'investors' looking to invest in my operation but I don't have a long term strategic plan. Design one for me will ya?

Finally before running off he yells back, I buy most of my stuff from South America (Appendix 2). What sort of risks am I exposed to?

As you look at your notes. You realise it will be a long evening. "No knitting for me tonight, guess my knitting company will just have to wait".

faer2203

Has anyone done the finance and mgmt acc book? looks like a waste of time at this stage!!

notanocelot

ferike1 wrote: »

Lol @ drugs

You are Dermot McDermot, recently qualified ACA.

Your local drug dealer Charlie Finnegan is currently operating as a sole trader. Due to recent agressive acquisitions he has grown substantially and is now the fastest growing operator in South Dublin. He has come to your capacity as a financial advisor. Charlie says to you a on a windy Sunday. "Listen Bud, I don't know anything about keeping my boys happy, they are looking to go to rival gangs, what sort of HR policies should I have in place to make them happy? Don't worry about the tax implications, I have my tax boys looking at that".

He hands you some notes in a hurry because he sees some gaurds walking past (Appendix 1) This is a breakdown of contribution per division. Cocaine, Meth, Heroin, Hash and E. "Bud, before I go, I was thinking about implementing some sort of KPI's but I am not sure how to go about it, think you could give it a bash?"

I have some foreign 'investors' looking to invest in my operation but I don't have a long term strategic plan. Design one for me will ya?

Finally before running off he yells back, I buy most of my stuff from South America (Appendix 2). What sort of risks am I exposed to?

As you look at your notes. You realise it will be a long evening. "No knitting for me tonight, guess my knitting company will just have to wait".

I'm itching to try this one...

mrduffy

the best case study is green homes I think Peter Griffin is a client of Quadmire & co The only thing with the case study is that their is no mention of stewie and brian. May watch more family guy after this one

FAE_UCH

You know when you are going into your big spiel about Corp Gov. Do you say Uk Code and Irish Annex are best practice or is it just Uk Code..

Anyone know when it's both, when It's neither, when it's one, or when it's the other?

notanocelot

FAE_UCH wrote: »

You know when you are going into your big spiel about Corp Gov. Do you say Uk Code and Irish Annex are best practice or is it just Uk Code..

Anyone know when it's both, when It's neither, when it's one, or when it's the other?

The Annex is just that - an annex. It doesn't seek to supersede the Code, just adds a few fiddly details.

There's never any harm mentioning the Annex in addition to the Code, but in terms of complying with its extra bits you should only go into it if you're dealing with a plc or with a limited co thinking about floating.

ferike1

notanocelot wrote: »

I'm itching to try this one...

Just make sure you get the ethics indicator

Moorstown

Invoice Discounting in Building Fixes Ltd

Can someone please explain this?

They have Debtors of €9m and Invoice Discounting of €10.7m?

ferike1

Moorstown wrote: »

Invoice Discounting in Building Fixes Ltd

Can someone please explain this?

They have Debtors of €9m and Invoice Discounting of €10.7m?

Invoice discounting is when you get cash for credit sales. You get cash for each invoice you draw up (discounted obviously). So even if you haven't been paid you get cash. This is dangerous and frowned upon because you become dependent on it quickly.

The difference between this and factoring is that the responsible for collecting the debtors is up to the factoring company.

limklass2011

Hello, Im doing the audit elective and was wondering if anyone has any references to the Companies Act for ROI, or where would be the easiest place to look up this info...

Thanks

louise1985

ferike1 wrote: »

Lol @ drugs

You are Dermot McDermot, recently qualified ACA.

Your local drug dealer Charlie Finnegan is currently operating as a sole trader. Due to recent agressive acquisitions he has grown substantially and is now the fastest growing operator in South Dublin. He has come to your capacity as a financial advisor. Charlie says to you a on a windy Sunday. "Listen Bud, I don't know anything about keeping my boys happy, they are looking to go to rival gangs, what sort of HR policies should I have in place to make them happy? Don't worry about the tax implications, I have my tax boys looking at that".

He hands you some notes in a hurry because he sees some gaurds walking past (Appendix 1) This is a breakdown of contribution per division. Cocaine, Meth, Heroin, Hash and E. "Bud, before I go, I was thinking about implementing some sort of KPI's but I am not sure how to go about it, think you could give it a bash?"

I have some foreign 'investors' looking to invest in my operation but I don't have a long term strategic plan. Design one for me will ya?

Finally before running off he yells back, I buy most of my stuff from South America (Appendix 2). What sort of risks am I exposed to?

As you look at your notes. You realise it will be a long evening. "No knitting for me tonight, guess my knitting company will just have to wait".

That has gave me a great laugh after a meltdown of a day. Appreciate it!!

ferike1

louise1985 wrote: »

That has gave me a great laugh after a meltdown of a day. Appreciate it!!

No problem.

The Brilliant Bee case screwed me up too, so I didn't have a great day. I thought I was doing well until I attempted it.