FAE September 2014

acastudent

WhatYaSay wrote: »

Sorry, quick question I know I could check if I was at home but am out and about. Has the final audit elective lecture been on in Dublin yet?

Yes it was on Tuesday

WhatYaSay

acastudent wrote: »

Yes it was on Tuesday

Cheers for that, just seeing the timetable now. Would I be missing much by missing it do you know?

Tricky1979

acastudent wrote: »

Tricky1979 wrote: »

Hi - am i correct in saying 600 and 610 are just for Audit Elective and not Audit Core? Thanks[/]

Just checked competency statement ,they are examinable in core and elective

Thank you acastudent - I thought the same, however, when you review the planning and delivery schedule there's no sign of them being covered?

acastudent

WhatYaSay wrote: »

Cheers for that, just seeing the timetable now. Would I be missing much by missing it do you know?

don't think you missed a lot to be honest but that's just my opinion . He was going through the slides . Covered all ISAs briefly going back and forth through the standard and technical books. He was so quick that I lost him in the middle

Oh and he mentioned that in the mocks there will be indicator on ethics and one from section 6

20 Times 20 Times

acastudent wrote: »

don't think you missed a lot to be honest but that's just my opinion . He was going through the slides . Covered all ISAs briefly going back and forth through the standard and technical books. He was so quick that I lost him in the middle

Oh and he mentioned that in the mocks there will be indicator on ethics and one from section 6

What you mean by section 6?

acastudent

Tricky1979 wrote: »

acastudent wrote: »

Thank you acastudent - I thought the same, however, when you review the planning and delivery schedule there's no sign of them being covered?

I get what you're saying . I checked planning and don't see them mentioning as well .if you're not doing elective maybe just have a quick look just in case if it will come up . Better be safe than sorry .

acastudent

Little Pea wrote: »

What you mean by section 6?

Something on "Engagement other than audits usually performed by auditors "

BTW he said that last year it was the first year when it didn't came up

TheDoctor

acastudent wrote: »

Something on "Engagement other than audits usually performed by auditors "

BTW he said that last year it was the first year when it didn't came up

Saying he would be very surprised if this time next year he was saying the same about our paper?

Does he write the audit elective mocks? The solutions to the Mocks are definitely in his style of English (you all know what I mean)

bikeman1

Don't forget that you can look back over the recorded sessions online if you missed one.

For those who went how did you find the Blackwater Case Study Day?

tash82.

Is anyone else unable to watch the online sessions due to error stating that the media server may not be available or the media stream format may not be supported?

Chris Partlow

tash82. wrote: »

Is anyone else unable to watch the online sessions due to error stating that the media server may not be available or the media stream format may not be supported?

Yes. Was just going to ask the same

aca2801

Hi,

For anyone doing the tax elective, did any of youhe solutions to the cases for Chapter 12?

Thanks.

aca2801

Hi,

For anyone doing the tax elective, did any of you *receive the solutions to the cases for Chapter 12?

Thanks.

TheDoctor

Email there to say that the video problem has been fixed

T1990

Just wondering if anyone has done breakdown of the FAE Intergrated Cases 2013/2014 by indicator & matching subject before I tear into doing it myself?

TheDoctor

No not core, had pretty much done one for the audit elective before they put up one on the site

FAE14

Anyone else serious fear with assessment results on Friday ??

How are people approaching study leave at the moment ? Im covering technical material up until the MOCKS then going to start into Cases after them . Is this generally what people are doing ?

It is hard to know what to do

cian twomey

FAE14 wrote: »

Anyone else serious fear with assessment results on Friday ??

How are people approaching study leave at the moment ? Im covering technical material up until the MOCKS then going to start into Cases after them . Is this generally what people are doing ?

It is hard to know what to do

Yes dreading them

Nothin but the Truth

Its all about Cases, Cases and more Cases. I wud usually say that everyone has there own study methods and it doesn't matter what u do but for the FAE, the people who start with doin cases and continue doin them throughout study leave have a better chance of passin than people who do technical material for 3/4 weeks. Of course people can still pass FAE by doin the latter but they are makin life harder for themselves.

FAE14

Anyone know when the black water case solutions will be put up for us ?

IR1SH RANG3R

Random question: Do we find out places in the AAFRP continuous assessment? Like first to tenth in the country and do they get anything for it? Just curious not like I'm gonna be anywhere near it :P

Aidodub87

IR1SH RANG3R wrote: »

Random question: Do we find out places in the AAFRP continuous assessment? Like first to tenth in the country and do they get anything for it? Just curious not like I'm gonna be anywhere near it :P

Haha it's one indicator, so if 20 people got HC there's no way to say which got higher as the institute don't have "marks", so no way of placing people!!

acastudent

Nothin but the Truth wrote: »

Its all about Cases, Cases and more Cases. I wud usually say that everyone has there own study methods and it doesn't matter what u do but for the FAE, the people who start with doin cases and continue doin them throughout study leave have a better chance of passin than people who do technical material for 3/4 weeks. Of course people can still pass FAE by doin the latter but they are makin life harder for themselves.

Would you think it's too late if I , let's say start doing cases after mocks ? ( struggling big time with technicall knowledge )

thumbelinda

T1990 wrote: »

Just wondering if anyone has done breakdown of the FAE Intergrated Cases 2013/2014 by indicator & matching subject before I tear into doing it myself?

Hi T1990,

If you search through the attachments on this thread you will find an excel spreadsheet which sets out the case studies and what subjects are covered in them - it is very useful. I dont know how to upload it here but if you cant find it in the attachments PM me your email address and I will email it to you no problem.

Dellboy2007

Why does CAI continue to lie to us? HamCam is nothing to do with Ham and Valentine nursery is nothing to do with kids. WHY?

This is the same as when I found out horse radish does not have horse in it.

PhilipLuke

FAE14 wrote: »

Anyone else serious fear with assessment results on Friday ??

How are people approaching study leave at the moment ? Im covering technical material up until the MOCKS then going to start into Cases after them . Is this generally what people are doing ?

It is hard to know what to do

Worst case scenario If you get NC are you screwed for the Fae's. If that was the case would you recommend drinkin the ****e out of it for the next nine weeks?

Dellboy2007

PhilipLuke wrote: »

Worst case scenario If you get NC are you screwed for the Fae's. If that was the case would you recommend drinkin the ****e out of it for the next nine weeks?

Affirmative

LOccitane

FAE14 wrote: »

Anyone else serious fear with assessment results on Friday ??

How are people approaching study leave at the moment ? Im covering technical material up until the MOCKS then going to start into Cases after them . Is this generally what people are doing ?

It is hard to know what to do

Absolutely dreading the results - the thoughts bring back all of the disappointment again after that exam!

I am taking the exact same approach as yourself. I've been on Study Leave with just over 2 weeks now and my aim is to have done one full sweep through all of the technical material by the weekend - just in time for the Mocks. Immediately after then (in early July) I'm starting going through the Papers - together with the CGS which I hope will reinforce the technical material.

I get the point and importance of the cases but I think (having done several of the STEPS cases) that without the technical knowledge (let's say Group Re-organisation Tax reliefs) you cannot even spot the indicators or at least the approach to answering them.

Any ideas as to what time the results will be available on Friday?

laser08

Has anyone done case 3 varsity in the management accounting book. They calculate the WACC as 7%.
Debt is 80m @ 6%
Equity is 120m @ 4%.
This gives me a WACC of 4.8%. Can anyone tell me where I am going wrong cause I can't figure this out!!

TheDoctor

Havent looked at the case study myself. Is there any pref shares?

laser08

TheDoctor wrote: »

Havent looked at the case study myself. Is there any pref shares?

Nope no other types of finance. Just the debt and equity as above. I wonder is it a mistake in the solution?

PhilipLuke

laser08 wrote: »

Has anyone done case 3 varsity in the management accounting book. They calculate the WACC as 7%.
Debt is 80m @ 6%
Equity is 120m @ 4%.
This gives me a WACC of 4.8%. Can anyone tell me where I am going wrong cause I can't figure this out!!

Havent looked at it but I know where they got it!!
Lay out your answer in a table format
add the 80m + 120m = 200m

Debt weighted average = (80/200) = 0.4
Equity weighted average = (120/200) = 0.6


Debt @ 6% x 0.4 = 0.24
Equity @ 4% x 0.6 = 0.24

Total = 0.48

laser08

PhilipLuke wrote: »

Havent looked at it but I know where they got it!!
Lay out your answer in a table format
add the 80m + 120m = 200m

Debt weighted average = (80/200) = 0.4
Equity weighted average = (120/200) = 0.6


Debt @ 6% x 0.4 = 0.24
Equity @ 4% x 0.6 = 0.24

Total = 0.48

Ah ya that's what I got 0.48. They have 0.7 in the solution. That's my question where they are getting 0.7 from

Nothin but the Truth

acastudent wrote: »

Would you think it's too late if I , let's say start doing cases after mocks ? ( struggling big time with technicall knowledge )

Nah its not too late, its never too late. Chartered state 7 weeks shud get yah thru the FAEs so there is still plenty of time after mocks to get goin on cases. You pick up technical knowledge thru doin the cases whilst pickin up much more like exam technique (which is the most important aspect), knowing what an RC and C answer is (u can easily just do technical material and study to much of certain areas of tax lets say and realise an RC answer is a lot simpler) and becoming aware of the different companies and industries is invaluable.

IR1SH RANG3R

Why stick to one or the other? Lad we had for a tutorial in work said to us start cases now, do one in the morning every morning, take lunch and then do some technical areas in the afternoon, wherever you feel weak which will become apparent from doing case studies!

Dellboy2007

Has anyone else noticed that two of the main lecturers, Derry Cotter and Paul Monahan, share their names with counties in ulster? Maybe I'm reading too much into this, but I think this could be an indicator.

thumbelinda

laser08 wrote: »

Ah ya that's what I got 0.48. They have 0.7 in the solution. That's my question where they are getting 0.7 from

I got that answer too. Surely it makes sense that the WACC is somewhere between the lowest cost of capital and the highest cost of capital and therefore it cannot be above the highest cost of their capital which is 6%!

I put it down to a mistake...

Reddzer2002

Hi guys,

I am begin to freak out about Friday and the exams in general.

How much damage is done with an NC in AAFRP? I am preparing myself for the worst! Is it possible to recover from come the exam?

Debs23

Reddzer2002 wrote: »

Hi guys,

I am begin to freak out about Friday and the exams in general.

How much damage is done with an NC in AAFRP? I am preparing myself for the worst! Is it possible to recover from come the exam?

I am wondering the same

Aidodub87

Reddzer2002 wrote: »

Hi guys,

I am begin to freak out about Friday and the exams in general.

How much damage is done with an NC in AAFRP? I am preparing myself for the worst! Is it possible to recover from come the exam?

Yes it is, even if you get RC it doesn't count towards PM. I'm repeating had RC last year and got a green in PM. Just have to make sure you get the indicators in the exam for PM so don't freak out

Nothin but the Truth

IR1SH RANG3R wrote: »

Why stick to one or the other? Lad we had for a tutorial in work said to us start cases now, do one in the morning every morning, take lunch and then do some technical areas in the afternoon, wherever you feel weak which will become apparent from doing case studies!

Oh of course there is a balance but that balance is about 90% cases and 10% technical material. Ideally, you would want to do the majority of the cases (get exam technique sorted and pick up good technical knowledge also) and then go back over cases by areas your weak in or certain competencies within areas ur weak in. Interesting to see how many are doin just cases and those who are predominantly doin technical material. Haven't heard some1 fail FAE and say they wish there technical knowledge was better, always hear they wish they had done more cases

Nothin but the Truth

Aidodub87 wrote: »

Yes it is, even if you get RC it doesn't count towards PM. I'm repeating had RC last year and got a green in PM. Just have to make sure you get the indicators in the exam for PM so don't freak out

I think people must put a little caveat for people who got competent overall in PM last year who got RC in assesment as there was only 3 PM indicators in the exams last year so 4 overall including AAFRP. This means that 2 competents in the test would of put you on 2 competents and lets say u got 1 RC in AAFRP and 1 RC in other PM indicator. This would of put a lot of people on the fence and in the hands of chartered. The candidates overall paper would come into play in this scenario. You wud think chartered would go back to norm and have 4 PM indicators, so 5 overall. This will lead to 3 Cs needed to pass PM.

Dellboy2007

I'm really worried about my AAFRP result on Friday. I think I might have only got competent rather than HC, is anyone else in the same boat? Can I still place in September or should I just drop out now and become a doctor?

TheDoctor

Dellboy2007 wrote: »

I'm really worried about my AAFRP result on Friday. I think I might have only got competent rather than HC, is anyone else in the same boat? Can I still place in September or should I just drop out now and become a doctor?

I feel exactly the same, I have already drafted my notice and will be handing it to the HR department on Friday

lexluthor

Dellboy2007 wrote: »

I'm really worried about my AAFRP result on Friday. I think I might have only got competent rather than HC, is anyone else in the same boat? Can I still place in September or should I just drop out now and become a doctor?

tell me this is a joke, please! i actually logged in after quite some time on the forum and ask!

FAE14

Nice email from CAI - about the AAFRP results on Friday. I am expecting the drop off from last year to be huge !

Aidodub87

FAE14 wrote: »

Nice email from CAI - about the AAFRP results on Friday. I am expecting the drop off from last year to be huge !

What was the email?

PhilipLuke

FAE14 wrote: »

Nice email from CAI - about the AAFRP results on Friday. I am expecting the drop off from last year to be huge !

We are going to get screwed!!!

donnem33

FAE14 wrote: »

Nice email from CAI - about the AAFRP results on Friday. I am expecting the drop off from last year to be huge !

what did the email say? i didnt get anything yet!

FAE14

Yeah - I think there going to bring it back to the 2011/12 pass rate for the assessment.