FAE September 2014

Dellboy2007

TheDoctor wrote: »

Say you get 3 points for a HC, 2 for a C, 1 for a RC.

They just tot them up and between themselves decide what the number is for a pass once everyone has been corrected.

So if you got over 50% then you would be deemed competent?

TheDoctor

But whats 50%, its still indicator based. Usually 9 indicators. I'd say 4 Cs and 5 RCs would do it. But its completely down to the markers once they are all corrected.

DaUmpire

My thoughts on this week, I found the mocks to be extremely useful- I haven't yet got off on study leave so it has given my an idea where I need to focus my study on. 4 1/2 hours does go by fairly quickly-found myself tight for time each day. I barely used my calculator especially on Tuesday and Wednesday. Think my aim is to get the 'easier' topics-governance, ethics, IMP, marketing, HR well covered early on in my study-come the exam think its vital I get these answered fairly quickly should they appear leaving me a bit more time to work on the areas I struggle with mainly PM. Felt that the Indicators appeared to be fairly easy to spot- which is half the battle I suppose. be interesting to see the feedback/marks from these.

Aidodub87

DaUmpire wrote: »

My thoughts on this week, I found the mocks to be extremely useful- I haven't yet got off on study leave so it has given my an idea where I need to focus my study on. 4 1/2 hours does go by fairly quickly-found myself tight for time each day. I barely used my calculator especially on Tuesday and Wednesday. Think my aim is to get the 'easier' topics-governance, ethics, IMP, marketing, HR well covered early on in my study-come the exam think its vital I get these answered fairly quickly should they appear leaving me a bit more time to work on the areas I struggle with mainly PM. Felt that the Indicators appeared to be fairly easy to spot- which is half the battle I suppose. be interesting to see the feedback/marks from these.

How are you going to approach studying the BL topics like HR, marketing etc?

20 Times 20 Times

Dellboy2007 wrote: »

Anyone care to explain how the elective is marked. For example, if there's 10 indicators and you got c in 5 but missed one or two and got a few RC's is this enough?

I was thinking the same , I asked my friend and he isn't sure either !

Did anyone find today's audit a bit "easy" ?

TheDoctor

Hopefully they have made audit easier, its the worst pass rate of all the electives for the four years of the new FAE, spectacularly worse some years

cson

TheDoctor wrote: »

Hopefully they have made audit easier, its the worst pass rate of all the electives for the four years of the new FAE, spectacularly worse some years

Easier elective = harder core?

I wouldn't complain; it'd suit audit elective heads.

myshirt

Let's collate some learning points from this week to end it. I'll start:

1. Folders need to be WELL referenced -
wankered for time
2.
3.
4.
5.

TheDoctor

Study

DaUmpire

Aidodub87 wrote: »

How are you going to approach studying the BL topics like HR, marketing etc?

Planning to focus on them this week after work-watch the sessions online again and practice the case studies they refer to having done the lectures. Going to try to build up examples of different scenarios and what the various issues regarding each BL topic are then try to link these to other topics- will hopefully try to spot trends in cases and linkages.

Chris Partlow

There's a thread for audit elective if anyone is looking to talk about that specifically. Can't post the link here cos I'm still a newbie on boards, but search "fae audit elective 2014"

Handier for elective posts not getting lost and for people not doing the core.

Felt the audit mock wasn't bad but would still be amazed if they passed many people.

FAE14

I just had a quick look at % of people that pass FAE and in particular 2011 elective ( AAA )

Anyone know or want to try to explain why the pass rate was brought down to 59% that is disgusting !

Accountant81

FAE14 wrote: »

I just had a quick look at % of people that pass FAE and in particular 2011 elective ( AAA )

Anyone know or want to try to explain why the pass rate was brought down to 59% that is disgusting !

59% pass rate overall? Or audit elective?

FAE14

Sorry I meant that 59% of people that took the AAA elective first time passed.

It was the lowest it has ever been and proves the point that they will fail people who don't produce what they are looking for and that this bell curve doesn't exist.

i have actually read the board report for that year and it simply says that candidates were not good enough to pass.

TheDoctor

Rubbish, how can tax have a pass rate of 90% and Audit 60%. Two completely different standard of exams clearly.

Nermal

Any opinions on APM?

Quite a bit of calculation in 1, also the indicator was badly worded (they wanted you to evaluate the Chinese/Indian options, but had actually asked Brian to do it). I preferred the Indian one.

On 2 I waffled a bit on the tax system vs. France & Sweden and couldn't really give specifics on the best structure. Didn't think there was a lot of information to go on to rank the financing options.

3 was nice & simple really.

Accountant81

Nermal wrote: »

Any opinions on APM?

Quite a bit of calculation in 1, also the indicator was badly worded (they wanted you to evaluate the Chinese/Indian options, but had actually asked Brian to do it). I preferred the Indian one.

On 2 I waffled a bit on the tax system vs. France & Sweden and couldn't really give specifics on the best structure. Didn't think there was a lot of information to go on to rank the financing options.

3 was nice & simple really.

I thought there was a huge amount of calculations in 1 for such a short sim. I messed up the Indian calcs for sure so I went with China but stated it was only because I'd messed up India. 2, I just did a table comparing Ireland to the other two. 3 was a very easy question as you say. I'd be happy to see a paper Luke that in the real thing.

myshirt

Did CASSI send around a SurveyMonkey for the Mocks? Anyone have a link?

GraGra90

myshirt wrote: »

Did CASSI send around a SurveyMonkey for the Mocks? Anyone have a link?

There's no survey/report done for the mocks but there will be in September.

donnem33

does anyone know when the solutions to the mocks will be released?

Edelly

Hey guys!

Really need a big favour from anyone- does anyone have summary notes for all the updated financial reporting standards? Really begging at this stage- thanks! :-)

Accountant81

Edelly wrote: »

Hey guys!

Really need a big favour from anyone- does anyone have summary notes for all the updated financial reporting standards? Really begging at this stage- thanks! :-)

Derry Cotter's summary notes of all the standards are in the launch notes. They are brilliant.

littlemiss123

autumnbelle wrote: »

This week was brilliant definitely even with being nowhere near ready it was brilliant help. Anyone who done the tax today where is the part in the book about the branches and subs in the uk? Just so I can go well over it:( couldn't find it today but I remember doing it

It was covered in chapter 2 of the elective book "International Tax Issues".

Also, look at the solution for the 2013 paper, there was a question on the option of setting up a subsidiary vs. a branch and the solution had a great summary of the general differences between the two. I came across it by chance during the mock and pretty much wrote it out verbatim, although I'm sure they'll cop onto that very fast when I gave an excellent HC answer for one indicator and then barely managed a few bullet points for the rest of the paper :p

littlemiss123

I've started up a tax elective thread....seen as the APM and auditing crew have ones, felt like we needed our own thread too

http://www.boards.ie/vbulletin/showthread.php?p=91143298

Aidodub87

littlemiss123 wrote: »

It was covered in chapter 2 of the elective book "International Tax Issues".

Also, look at the solution for the 2013 paper, there was a question on the option of setting up a subsidiary vs. a branch and the solution had a great summary of the general differences between the two. I came across it by chance during the mock and pretty much wrote it out verbatim, although I'm sure they'll cop onto that very fast when I gave an excellent HC answer for one indicator and then barely managed a few bullet points for the rest of the paper :p

I done the tax elective last year and passed and would advise that you have all papers so well referenced and have written out what each indicator is getting at, this was a huge help for me.. I actually think it a case of for the elective most things have been asked in some form so would help if got stuck on something

Accountant81

For all APM heads myshirt has started a thread for it. Just search for APM 2014

myshirt

autumnbelle wrote: »

Felt bad saying the poor fd was bad at consolidation when I hadn't a clue myself!

I took that line last year and I got an absolute pasting for it in my comments. I said something to the effect that the FD had a responsibility to maintain his professional knowledge and skills, and is expected to be familiar with Financial Reporting Standards. I saw an ethical issue in doing the journals for him in circumstances where he was going to pass them off as his own to the board, and thus I gave him no journals in my briefing paper. I suggested that he put be put through a disciplinary process up to an including being sacked such was the materiality of the issue, and also in the context of the company's banking. I said that I would take it up with the chair of the Audit Committe, an independent non-exec with FR experience.

The plain reality was I just hadn't a clue about the journals and winged it.

The lady who corrected it really layed into me, saying I had an awful attitude, and would I really say that to my direct boss. Lots of exclamation marks, and this is not good enough's, more expected of a chartered accountant, worrying, and sher anyone could have wrote that.

The answer if she's reading is - yes I would say that, and secondly no one is your boss, they are your employer. This is not Nazi Germany. If an FD was sh!t, I'd be telling him straight away and suggesting quite vociferously that he be offed out the door.

Dellboy2007

myshirt wrote: »

I took that line last year and I got an absolute pasting for it in my comments. I said something to the effect that the FD had a responsibility to maintain his professional knowledge and skills, and is expected to be familiar with Financial Reporting Standards. I saw an ethical issue in doing the journals for him in circumstances where he was going to pass them off as his own to the board, and thus I gave him no journals in my briefing paper. I suggested that he put be put through a disciplinary process up to an including being sacked such was the materiality of the issue, and also in the context of the company's banking. I said that I would take it up with the chair of the Audit Committe, an independent non-exec with FR experience.

The plain reality was I just hadn't a clue about the journals and winged it.

The lady who corrected it really layed into me, saying I had an awful attitude, and would I really say that to my direct boss. Lots of exclamation marks, and this is not good enough's, more expected of a chartered accountant, worrying, and sher anyone could have wrote that.

The answer if she's reading is - yes I would say that, and secondly no one is your boss, they are your employer. This is not Nazi Germany. If an FD was sh!t, I'd be telling him straight away and suggesting quite vociferously that he be offed out the door.

I'm surprised you didn't get sectioned never mind incompetent you silly sausage.

suggested username

Could anybody please post the Planning & Delivery Schedule for Audit Elective 2014?

I am overseas and my access to course material is limited - the schedule is not appearing in my student portal for some reason.

Many thanks!

PeteF

Edelly wrote: »

Hey guys!

Really need a big favour from anyone- does anyone have summary notes for all the updated financial reporting standards? Really begging at this stage- thanks! :-)

Excuse my shameless plug, I provide single page summaries of the International Financial Reporting Standards from my website CharteredEducation.com; every standard will be covered in the next few weeks. A good few FAE students have found them good in the past, and there are also MCQs on the standards available on the site, which give you the answers and some explanations.

Thanks

myshirt

Edelly, see mind maps put up on last year's thread also.

Lol2013

myshirt wrote: »

Edelly, see mind maps put up on last year's thread also.

Hey myshirt what is the craic.

How is the studying going this year?

Lol2013

Edelly wrote: »

Hey guys!

Really need a big favour from anyone- does anyone have summary notes for all the updated financial reporting standards? Really begging at this stage- thanks! :-)

The best thing you can do for yourself is to know Derry Cotter's notes inside otu.

They are brilliant

maninblack

Lol2013 wrote: »

The best thing you can do for yourself is to know Derry Cotter's notes inside otu.

They are brilliant

Agreed! Work through session 1-6 from the launch notes and you're sorted, they're very concise but cover everything!

having said that, the group account notes aren't the greatest, I used my Masters notes for that whole area

Lol2013

maninblack wrote: »

Agreed! Work through session 1-6 from the launch notes and you're sorted, they're very concise but cover everything!

having said that, the group account notes aren't the greatest, I used my Masters notes for that whole area

You are right there. They were quite confusing...had to go back to Masters note myself. A mixture of that and going through the online classes on the Group topic.

PS

I don't even know who gave me the right to advice people on this exam while I still don't know how I got through it. Sometimes I still freak out thinking I still have to do the exam.

Tough times

acastudent

suggested username wrote: »

Could anybody please post the Planning & Delivery Schedule for Audit Elective 2014?

I am overseas and my access to course material is limited - the schedule is not appearing in my student portal for some reason.

Many thanks!

HTH

heathcliff101

Does anyone know when we're supposed to get mock results?

CHARTEREDEXAMS

heathcliff101 wrote: »

Does anyone know when we're supposed to get mock results?

Usually the Friday of the August Bank Holiday weekend!

lydia123

It says on the website that solutions will be available "in the coming weeks" It would be useful to have them and the results before the review classes but I guess the lecturers are going to do the paper in class from scratch..

Dellboy2007

Just realised that the exam review is on the same day as the cgs school. Is this a recorded session?

myshirt

Dellboy2007, if I could give you any advice, it is this. Go to the mock review. And when you are there MAKE SURE you check in and check out.

It is absobloodlyhellafuuckinballstothewalllootley CRITICAL that first timers go to the institute course and not an external course where these clash.

m1ck007

Did anybody watch the online lecture for isa600? Found it extremely helpful and if consolidation comes up in the core it will be needed.

Debs23

m1ck007 wrote: »

Did anybody watch the online lecture for isa600? Found it extremely helpful and if consolidation comes up in the core it will be needed.

Planning on watching it tonight. Did it take long to watch?

m1ck007

Debs23 wrote: »

Planning on watching it tonight. Did it take long to watch?

Its only an hour and a half long but it took me a hell of a lot longer because i was pausing/making notes etc

FAE14

myshirt wrote: »

Dellboy2007, if I could give you any advice, it is this. Go to the mock review. And when you are there MAKE SURE you check in and check out.

It is absobloodlyhellafuuckinballstothewalllootley CRITICAL that first timers go to the institute course and not an external course where these clash.

Why ?

Why the emphasis on checking in and out also ?

ASOT2012

myshirt wrote: »

Dellboy2007, if I could give you any advice, it is this. Go to the mock review. And when you are there MAKE SURE you check in and check out.

Why is it important to check in and check out?

WhatYaSay

FAE14 wrote: »

Why ?

Why the emphasis on checking in and out also ?

I'd say they will be very concerned with who checks in for this and who doesn't. They seem to be obsessed with keeping a record of attendance, although they say it's for the firms benefit.

I work in practice, non big 4, the training partner sent me on an email the institute had sent him that they were very concerned with attendance level generally for FAE etc. My phone didn't have room for the app back in October so I've used the browser log in since, but I was never too concerned if I didn't log in, I was happy with my attendence and I told him this, I think the others at our firm were more or less the same. He sent an email back to the institute saying that the firm was satisfied with everyones attendence and that there were still some issues with the app, (The Galway venue isn't even listed if it can't track your gps).
This was the week of the Blackwater case day, we had decided we weren't going as we travel 2 hours each way to lectures and asking around the class the day before very few were going, so we weren't going driving down for it only for it to be over after a couple of hours.
They replied with a fairly snappy email the next week that the app is perfect and a list of students from our office that were absent the weekend before, that they had checked and taken a handwritten attendence for the case day.

Fairly involved of them seeing as it's 'For the firms beneift'. I find it hard to believe they won't be looking at attendance on correcting papers if they are this obsessed with it.
Why they couldn't just leave it as a sign in sheet I don't know.

ASOT2012

So people that don't have a smartphone are going to be penalised basically!

WhatYaSay

ASOT2012 wrote: »

So people that don't have a smartphone are going to be penalised basically!

Basically, I wonder what their response was if you rang them up and said you didn't have one?

FAE14

I spoke with someone in relation to name taking for the blackwater day and i was told it is to check BL SCORES for people that attend and dont attend. The person told me that there is a connection with those that attend compared to those that dont. The reason for this was the possibility of implementing a CA surrounding the Blackwater days.