FAE September 2014

Soap_Soup

m1ck007 wrote: »

Paul did mention we would be getting a hammering on audit this year.

Nice of them to allow that to casually get "mentioned", in a Core lecture.

No need to communicate this to say... Audit Elective resit students. Sure why would they care that the exam they're sitting is going to be of a different level to the mock, and all past papers.

ucd man

Soap_Soup wrote: »

Nice of them to allow that to casually get "mentioned", in a Core lecture.

No need to communicate this to say... Audit Elective resit students. Sure why would they care that the exam they're sitting is going to be of a different level to the mock, and all past papers.

What was P Monahon's assessment that "audit students would get a hammering" based on? I would have thought given the previous pass rates for audit, the other electives would be due a "hammering" ??

Dellboy2007

ucd man wrote: »

I would have thought given the previous pass rates for audit, the other electives would be due a "hammering" ??

Exactly, tax was 86% last year and apm was 83, what a joke!

Macker655

From attending the mock review lecture with Paul it was my understanding that the "audit" he was referring to getting a hammering was the "core" audit and not the elective.

littlemiss123

Macker655 wrote: »

From attending the mock review lecture with Paul it was my understanding that the "audit" he was referring to getting a hammering was the "core" audit and not the elective.

This was my understanding too. That they wanted to put more of an emphasis on the audit in the core. Which clearly didn't happen IMO.

God I feel so sick now. The closer I get the more convinced I am that I've failed.

m1ck007

He said something about in 2013 core there was an audit indicator on directors reports that most students got wrong and that the institute wer on a knife edge on whether they would have to fail 50 percent of the students. Then said they would be an awful lot harder on audit marking in the future. Thats all i can remember.

Soap_Soup

Macker655 wrote: »

From attending the mock review lecture with Paul it was my understanding that the "audit" he was referring to getting a hammering was the "core" audit and not the elective.

I hereby rescind my sarcastic remarks in relation to Paul's actions - and have always maintained that he was a lovely man :pac:

littlemiss123

m1ck007 wrote: »

He said something about in 2013 core there was an audit indicator on directors reports that most students got wrong and that the institute wer on a knife edge on whether they would have to fail 50 percent of the students. Then said they would be an awful lot harder on audit marking in the future. Thats all i can remember.

Well that's me failed anyway....my audit indicators were shocking.

Macker655

That was a 2013 core indicator.....I know I sat it!

myshirt

Paul's indication that we would take a hammering on audit was prompted by the 2013 Audit indicator on the core comp. It was to do with auditors responsibilities for the directors statement, where the directors statement was inconsistent with what the accounts demonstrated. A very, very significant portion of students said that the auditor had no responsibility at all. The point was made that if we just even barely opened the ISA book and seen that there was a standard called ''ISA 720 Auditor’s statutory reporting responsibility in relation to directors’ reports'', that students would not have made such a statement. In turn, the board were absolutely hopping off the walls & going nuts.

So Paul gave the heads up that we would be best advised to pull up the socks on Audit and that they were ready to nail us.

m1ck007

myshirt wrote: »

Paul's indication that we would take a hammering on audit was prompted by the 2013 Audit indicator on the core comp. It was to do with auditors responsibilities for the directors statement, where the directors statement was inconsistent with what the accounts demonstrated. A very, very significant portion of students said that the auditor had no responsibility at all. The point was made that if we just even barely opened the ISA book and seen that there was a standard called ''ISA 720 Auditor’s statutory reporting responsibility in relation to directors’ reports'', that students would not have made such a statement. In turn, the board were absolutely hopping off the walls & going nuts.

So Paul gave the heads up that we would be best advised to pull up the socks on Audit and that they were ready to nail us.

Yea that was wat i meant

myshirt

I was too slow in typing my reply m1ck007, wrote that post without sight of your own post.

m1ck007

myshirt wrote: »

I was too slow in typing my reply m1ck007, wrote that post without sight of your own post.

We are all doomed

myshirt

m1ck007 wrote: »

We are all doomed

Don't set him off again (TheDoctor)

TheDoctor

DOOOOOOOMMEEDD!!!!!

myshirt

EDudder

I can't remember from last year - is the mark scheme/solution not released until the results are out?

FAEfirsttimer

EDudder wrote: »

I can't remember from last year - is the mark scheme/solution not released until the results are out?

Don't think they would release the marking scheme until after results. The only thing that is released is the core indicators for 2014 mapped to the relevant past papers, case studies and things.

TheDoctor

Some inspiration

http://www.timeanddate.com/countdown/generic?iso=20141121T07&p0=78&msg=DOOOOOOOOOOMMMEEEEEDDDDD&csz=1&swk=1

FAEfirsttimer

Classic post again from our good friend The Doctor. Way to bring the fear to life lol

TheDoctor

There is nothing to fear but fear itself

Shorty11857

Just found out I'll probably be working Saturday...that'll be a nice cherry on top if I don't pass!

TheDoctor

Just found out I got Monday off

arnie_ni

Just took another look at the mock results to ser what too exoect. Still cant wrap my head around a decile ranking of 1 and failing with a red. Surely that can't happen in the real thing.?

TheDoctor

Well it can if less than 10% of people pass core

littlemiss123

arnie_ni wrote: »

Just took another look at the mock results to ser what too exoect. Still cant wrap my head around a decile ranking of 1 and failing with a red. Surely that can't happen in the real thing.?

I think thats because everyone did crap in the mocks, so even though you failed you were still in the top 10% because less that 10% of people passed! I got decile 7 and red in everything....naturally hoping for a bit better on friday :P

FAE14

So now I cant even concentrate in work now !!!

m1ck007

T minus 40 hours till lift off

TheDoctor

Are people going to try and get to any of the lectures this weekend :pac:

Johnny_Fontane

Best of luck to everyone awaiting results.

We say it every year, but we help accountants find jobs whether they have their exams or not. If you are unsuccessful in getting your results, drop me a PM and we can get in touch to find you a job.

Dellboy2007

arnie_ni wrote: »

Just took another look at the mock results to ser what too exoect. Still cant wrap my head around a decile ranking of 1 and failing with a red. Surely that can't happen in the real thing.?

I explained this back on the 6th November, here's the post:

Sufficency is basically your score overall. You have to get a certain score which will be based on the number of C's and RC's you get.

Depth refers to the number of C's you get in PM/BL. So if you get 4 C's in PM you'd get a green, if you got 2 C's you might get a yellow. It all depends on the number of C's the institute say you have to get (this is how they manipulate pass rates btw).

Breadth refers to the number of RC's you get in the 4 other subjects (Audit, Tax, etc). Same story as above, if you got 2 RC's in one area you'd get a Green, if you got one RC you'd probably get a Yellow. Again it depends on the number of RCs the institute says you have to get in that particular area.


Make sense?

So take for example you got a decile ranking of 1, meaning your overall score (sufficiency, i.e. number of C's + RC's) was likely very high compared to others. However you fell down in the area that you got red in.

You could get decile 1 and still fail the real thing. How? Because you probably nailed every subject apart from one, so for example you got HC's in everything but NC's in Tax. It can happen and apparently has happened.

Dellboy2007

In other depressing news, here's the stats on people succesfully appealing the FAE's....

http://students.charteredaccountants.ie/Student-Information/Exams/Appeals/Appeals-Statistics/

I'll summarise it for you: 0% chance of successfully appealing.

TheDoctor

Just to note for the early risers on Friday that the first poster on last years thread saying they got their results was at 6.04 am.

An Citeog

Dellboy2007 wrote: »

In other depressing news, here's the stats on people succesfully appealing the FAE's....

http://students.charteredaccountants.ie/Student-Information/Exams/Appeals/Appeals-Statistics/

I'll summarise it for you: 0% chance of successfully appealing.

There's at least a handful of people that are bumped up on the clerical recheck every year. I'd be very suspicious of the institute's published statistics here, given how badly it reflects on them.

Dellboy2007

An Citeog wrote: »

There's at least a handful of people that are bumped up on the clerical recheck every year. I'd be very suspicious of the institute's published statistics here, given how badly it reflects on them.

Yeah I have heard of it happening but I'd say it's few and far between. I'd imagine them decimal places are rounded so maybe 0.4% or 5 people in other words!

An Citeog

Dellboy2007 wrote: »

Yeah I have heard of it happening but I'd say it's few and far between. I'd imagine them decimal places are rounded so maybe 0.4% or 5 people in other words!

Thought it was "No of successful appeals" as with the extenuating circumstances stats above it but using the percentage is definitely the best way for them to spin it.

The fact that even a single candidate can be deemed to have failed because of a totting error by the institute after 2+ months of corrections is completely unacceptable.

littlemiss123

God I feel sick all over again now....it seems impossible to pass these things.

FAE14

The worst it is that I'm lead to believe that its individual teams correcting each separate case and collectively its not looked at ! Just that you have reached the required number of RC/C across the two days .....

TheDoctor

Trying to think of a word that sums this all up right now........

FAEfirsttimer

TheDoctor wrote: »

Trying to think of a word that sums this all up right now........

DOOMMMEEEDD??

TheDoctor

Thats a good one, I'll use it from now on

m1ck007

Torture.

FAEfirsttimer

I wonder if there any any people out there, that are fully confident of passing these exams this week? I wish I was, would make the whole process more relaxing.

I said before, I am not overly concerned about failing as if i hadnt done enough on the day then thats fair enough, but its more the wait that is destroying me.

Soap_Soup

FAEfirsttimer wrote: »

I wonder if there any any people out there, that are fully confident of passing these exams this week? I wish I was, would make the whole process more relaxing.

I said before, I am not overly concerned about failing as if i hadnt done enough on the day then thats fair enough, but its more the wait that is destroying me.

If I was to guess - People who are worried about how early in the morning they can get their results - are probably quietly 60-75% confident they've passed.

People who wish the results would wait until next year - no confidence.

RichFTW

Dellboy2007 wrote: »

Yeah I have heard of it happening but I'd say it's few and far between. I'd imagine them decimal places are rounded so maybe 0.4% or 5 people in other words!

I know of one person who's appeal was successful. But that's from a fairly big pool of people doing them over the years so I'd say < 1% would be accurate enough success rate.

ted2767

Best of luck to everybody on Friday.
I was in your shoes last year and know the last few days especially can melt your head.
I know it's easy for me to say this but it is only an exam and is no reflection on your ability, intelligence or (in most cases) how much work you put into it.
For the majority of you come 7am FAEs will become a distant memory.
Unfortunately a few will not pass, don't let your head drop too much just dust yourself off, learn for it and get it next time.

iwishihadaname

Soap_Soup wrote: »

If I was to guess - People who are worried about how early in the morning they can get their results - are probably quietly 60-75% confident they've passed.

People who wish the results would wait until next year - no confidence.

Not the case for me anyway. Can't wait to be put out of my misery and just know by now. Messed up my timing so badly on the first day there's not much chance I passed. But still that tiny chance all the same

arnie_ni

Dellboy2007 wrote: »

I explained this back on the 6th November, here's the post:

Sufficency is basically your score overall. You have to get a certain score which will be based on the number of C's and RC's you get.

Depth refers to the number of C's you get in PM/BL. So if you get 4 C's in PM you'd get a green, if you got 2 C's you might get a yellow. It all depends on the number of C's the institute say you have to get (this is how they manipulate pass rates btw).

Breadth refers to the number of RC's you get in the 4 other subjects (Audit, Tax, etc). Same story as above, if you got 2 RC's in one area you'd get a Green, if you got one RC you'd probably get a Yellow. Again it depends on the number of RCs the institute says you have to get in that particular area.


Make sense?

So take for example you got a decile ranking of 1, meaning your overall score (sufficiency, i.e. number of C's + RC's) was likely very high compared to others. However you fell down in the area that you got red in.

You could get decile 1 and still fail the real thing. How? Because you probably nailed every subject apart from one, so for example you got HC's in everything but NC's in Tax. It can happen and apparently has happened.

Could you imagine being in the top 10 percent and still failing. That would be worse than reds all around i think

Dellboy2007

POA for tomorrow:

Go out, get twisted, start a fight with anyone who mentions the exams, phone your ex and blame them for you failing (even though you might have passed), get a taxi home - do a runner, vomit in the sink, wake up, check results, fail, eat kebab left over from last night, cry, have a sympathy w@nk, phone auld lady and tell her bad news.

m1ck007

Dellboy2007 wrote: »

POA for tomorrow:

Go out, get twisted, start a fight with anyone who mentions the exams, phone your ex and blame them for you failing (even though you might have passed), get a taxi home - do a runner, vomit in the sink, wake up, check results, fail, eat kebab left over from last night, cry, have a sympathy w@nk, phone auld lady and tell her bad news.

Love it!!!