FAE September 2015

Luckyduck90

Got a decile 1 and sufficiency of 6 in core, yellow in management and FR, red in everything else. So yeah I'd imagine nobody was near passing the exam!

Where is my sock?

For anyone wondering what their sufficiency score means, asked someone who's well connected with the Institute who said a sufficiency of say 2 would mean you were roughly 2 indicators away from passing the sufficiency test.

I got 9, so I would've been 9+. Annoying that it's not quantified more than that but I guess I'll have an idea later once I've collected my script. Absolutely dreading going through the comments.

AllonRed22

Where is my sock? wrote: »

For anyone wondering what their sufficiency score means, asked someone who's well connected with the Institute who said a sufficiency of say 2 would mean you were roughly 2 indicators away from passing the sufficiency test.

I got 9, so I would've been 9+. Annoying that it's not quantified more than that but I guess I'll have an idea later once I've collected my script. Absolutely dreading going through the comments.

I can't make any sense of it. I got all reds but decile 2 and sufficency 7. No joke. I'm a repeat and last year I got one yellow a decile of 4 and sufficency of 9. Anybody have any idea what that means?

Cheers

yourhero

Core
Decile 1
Sufficiency 6

APM
Decile 2
Sufficiency 3

2 yellow, 4 red so how did I get Decile 1?
My head hurts from this....

Torres999

Because 90% of people got worse than 2 yellows, most get all reads

yourhero wrote: »

Core
Decile 1
Sufficiency 6

APM
Decile 2
Sufficiency 3

2 yellow, 4 red so how did I get Decile 1?
My head hurts from this....

Dellboy2007

The "feedback" is absolutely worthless. I received one word responses on some of my indicators and the comments at the front were all generic and redundant. It was plainly obvious that the marker barely read the script. Paul Monahan said at a repeaters meeting that they were going to actually provide grades on the mock papers this year also and didn't. Not surprising when they were trying their hardest to sell the course. It is beyond me why they don't actually grade your indicators. Surely this is where the greatest benefit would be:

"You got RC, if you had mentioned here about ISA 560 you would have got C.

Institute are so bloody frustrating sometimes and to think they are the ones judging competence...

Where is my sock?

Dellboy2007 wrote: »

The "feedback" is absolutely worthless. I received one word responses on some of my indicators and the comments at the front were all generic and redundant. It was plainly obvious that the marker barely read the script. Paul Monahan said at a repeaters meeting that they were going to actually provide grades on the mock papers this year also and didn't. Not surprising when they were trying their hardest to sell the course. It is beyond me why they don't actually grade your indicators. Surely this is where the greatest benefit would be:

"You got RC, if you had mentioned here about ISA 560 you would have got C.

Institute are so bloody frustrating sometimes and to think they are the ones judging competence...

I'm just going through mine now.

Core: Useless. One word answers at the start, nothing but ticks the rest of the way through.
Sim 1: Better, but no real depth.
Sim 2: Actually really good, tbf. Writes in the start of the book and a mini paragraph at end of each indicator.

The major thing for me is for Sim 2, "indicator 5" (which I assume is for audit), he praised me plenty, to the point where I must have gotten C at least. Yet I got red in everything. Perhaps I just bombed the other two audit indicators (more than possible), but it confuses me as I felt like I would have gotten yellow from that alone.

The lack of depth in feedback really is awful. If I looked at my "marked" scripts prior to checking my result, I probably would have assumed I was close to a pass, not sufficiency of 9.

20 Times 20 Times

Dellboy2007 wrote: »

The "feedback" is absolutely worthless. I received one word responses on some of my indicators and the comments at the front were all generic and redundant. It was plainly obvious that the marker barely read the script. Paul Monahan said at a repeaters meeting that they were going to actually provide grades on the mock papers this year also and didn't. Not surprising when they were trying their hardest to sell the course. It is beyond me why they don't actually grade your indicators. Surely this is where the greatest benefit would be:

"You got RC, if you had mentioned here about ISA 560 you would have got C.

Institute are so bloody frustrating sometimes and to think they are the ones judging competence...

Im repeating elective - I passed the mock again and got decile one. The feedback if you can even call it that was the worst i have ever seen.

My marker clearly couldn't be arsed , he ( writing ,easily to tell ) wrote that im not getting enough depth in my answer ! There is NO DEPTH test at the elective and if my answers weren't sufficient how did i get sufficient 0 and decile one !! I actually feel mugged over with the feedback.

Energy Star

My elective marker told me that I shouldn't have an executive summary in the audit elective. Is this correct?

20 Times 20 Times

Energy Star wrote: »

My elective marker told me that I shouldn't have an executive summary in the audit elective. Is this correct?

This is my opinion :

For presentation purposes it works very well as a tool for the corrector but dont do it if its costing you time on indicators.

The caveat here , is that this is my opinion.

20 Times 20 Times

I actually have noting to hide , I have uploaded the sort of feedback that a decile 1 student gets in the mock !

The institute should be embarrassed !!

Dellboy2007

20 Times 20 Times wrote: »

Im repeating elective - I passed the mock again and got decile one. The feedback if you can even call it that was the worst i have ever seen.

My marker clearly couldn't be arsed , he ( writing ,easily to tell ) wrote that im not getting enough depth in my answer ! There is NO DEPTH test at the elective and if my answers weren't sufficient how did i get sufficient 0 and decile one !! I actually feel mugged over with the feedback.

Absolute same as me! Who do you write to for further feedback? I think it's something everyone who is unhappy should do.

Dellboy2007

I got the same corrector as you! He didn't give a sh1t!

20 Times 20 Times

.

prettyrestless

20 Times 20 Times wrote: »

I actually have noting to hide , I have uploaded the sort of feedback that a decile 1 student gets in the mock !

The institute should be embarrassed !!

I got decile 8 so I can't wait to see my scripts! Haha!

But seriously, that's ridiculous feedback. Clearly just did not care.

cluray

Where are people getting how many red/yellows/greens from??? I only got sufficiency group and decile ranking, am I missing something?

Beckals

cluray wrote: »

Where are people getting how many red/yellows/greens from??? I only got sufficiency group and decile ranking, am I missing something?

Hit download beside your results its gives u the colours

cluray

Beckals wrote: »

Hit download beside your results its gives u the colours

Thanks, 3 yellows and 3 reds

yourhero

Looking for the CPA answer please. It was a pre christmas paper. Can't seem to find on the website. Good for audit controls and sale and leaseback.

On the feedback point, I was told my writing was hard to read by the APM corrector. Ironic thing was that they had appalling writing. Still haven't been able to fully read. Showed to a few others and they were the same.

havingthefunz

yourhero wrote: »

Looking for the CPA answer please. It was a pre christmas paper. Can't seem to find on the website. Good for audit controls and sale and leaseback.

On the feedback point, I was told my writing was hard to read by the APM corrector. Ironic thing was that they had appalling writing. Still haven't been able to fully read. Showed to a few others and they were the same.

Solution is within the zip file 'Intro to Integrated cases Q and A Pre Christmas'

Kev1001

How dependent are people on notes/books?

Anytime I do a case I reference material. I wouldn't reach a decent standard without notes in most cases (a few of the BL indicators you could bluff, management accounting where the material is poor anyway).

m1ck007

Kev1001 wrote: »

How dependent are people on notes/books?

Anytime I do a case I reference material. I wouldn't reach a decent standard without notes in most cases (a few of the BL indicators you could bluff, management accounting where the material is poor anyway).

I more or less always refer to my notes,unless its BL or something i really know.

Torres999

I passed core last year and didn't use a book for anything besides tax, its all I used for Tax as I left my tax folder in the car on Core day 1, serious panic. Just all notes from cases I had done pretty much. For BL its thinking on the spot for most questions really

lou2402

Hi I know I have said this before but the way I am approaching study is going through case studies

I read it pick out indicators, check if they are right with solution then work through them one by one.

I feel I am not learning anything though because anytime I don't know how to approach/answer an indicator (which is most of the time) I just end up reading the answer and moving onto the next one and then do the same thing. Off the back of this I feel I am not learning anything nor familiarising myself with my notes because I don't look at them!

I'm in such a panic at this stage I feel there is no hope of passing but don't want to totally flunk them either!

Just wondering how others approach their study and how tackle indicators they have never seen before/remember the info for the next time.

Thanks

accounts101

Did anybody do Microbank the steps case for last week?

The solution didn't note anything about corporate governance issues on board composition. It complied with the code for a "small company" but that doesn't apply to Irish companies so they need to have half INEDs and 3 AC members. The case had 2 INEDs, a chairman and 5 other directors from the banks who aren't independent and then 2 other executive directors.

iluvfatfrogs

lou2402 wrote: »

Hi I know I have said this before but the way I am approaching study is going through case studies

I read it pick out indicators, check if they are right with solution then work through them one by one.

I feel I am not learning anything though because anytime I don't know how to approach/answer an indicator (which is most of the time) I just end up reading the answer and moving onto the next one and then do the same thing. Off the back of this I feel I am not learning anything nor familiarising myself with my notes because I don't look at them!

I'm in such a panic at this stage I feel there is no hope of passing but don't want to totally flunk them either!

Just wondering how others approach their study and how tackle indicators they have never seen before/remember the info for the next time.

Thanks

My advice: If you come across an indicator you have never seen before or that relates to a topic you know nothing about, you'll have to spend a bit more time on it.

Print off the solution, spend 30 mins looking at where the topic came up in lecture notes / online lecture / grind school notes, and make sure to file it in you folder(s) somewhere you know you can find it quickly.

If you this approach with many many questions, you wont be long accumulating a lot of knowledge, you don't necessarily have to remember it word for word, just know where it is.

yourhero

if anybody is considering watching the Raven recording with PM you can just skip to about 14 mins....After waiting that long to see how he got the Capital employed numbers, he doesn't explain them.
Sorry to ask again but if someone could explain i'd be grateful.

Also, what are peoples thoughts on tax? appears that similar type questions come up every year. Sale of shares V Sale of assets or benefits of incorporation etc..

TAA_ICAI

Has anyone been through the tidy homes case? I am trying to work out the 2011 projection in the solution for indicator #2 but no idea where they are getting their figures out of :-/! Any help would be much appreciated :-)

Audit4Lyf

Energy Star wrote: »

My elective marker told me that I shouldn't have an executive summary in the audit elective. Is this correct?

Having passed it last year, the executive summary is a waste of time as it gets you no marks.

Instead what I did was just write a very brief intro and list the indicatiors in the order you addressed them in

For example:

"Dear Sir,
Following on from out meeting on 03/08/2015, I have prepared the following report to address the below topics that arose:
1) Rearrangement of group structure for tax purposes
2) Marketing plan for launch of new widget
3) Costing of new widgets"

m1ck007

If i were to hazard a guess, id say something like porters 5 forces is more likely to appear rather than a swot. Anyone else have any premonitions?

Debs23

Would anyone have a summary page of all the tax reliefs they could post?

the_law13

Micro bank is a small company though, ie it's not listed on the iseq or its market cap is less then €2bn therefore 2 INEDS is adequate.

accounts101 wrote: »

Did anybody do Microbank the steps case for last week?

The solution didn't note anything about corporate governance issues on board composition. It complied with the code for a "small company" but that doesn't apply to Irish companies so they need to have half INEDs and 3 AC members. The case had 2 INEDs, a chairman and 5 other directors from the banks who aren't independent and then 2 other executive directors.

GraGra90

Hi All,

CASSI Chair Gráinne here - if you're not happy with your feedback can you please e-mail fae@charteredaccountants.ie? If you'd like to copy CASSI in on any of your correspondence feel free to (info@cassi.ie).

In your e-mail please note:

1. Full name
2. Student number
3. Papers on which you're not happy with feedback
4. Reason you're not happy (i.e. as noted above - 1 word feedback/nothing constructive etc.)

It would be helpful if you could attach a scanned copy of your script or parts thereof if you have the facility to do that just to give an idea of where you're coming from to the team.

FYI I was in the room when the mock markers for the core comprehensive were given their instructions on marking and they were quite specific in what they were being asked to do with regard to feedback so if they've missed the mark you have every right to get in touch. Please try to be as specific as possible in your message about why you'd like to return your script.

Please note that it is the policy that you will not receive grades on your script as this is how they are marked for the real exam (an argument for another day people!!!) so this isn't a reason to send it back I'm afraid.

Ye'll get there - still have 4 weeks - keep the heads up and if there are any major issues or you find errors in solutions or something just drop us a line at info@cassi.ie and we'll try to sort it out for ye.

Hope that helps

CASSI Weekend Away will be the 16th-18th of October so that's something to look forward to, the end is in sight!

NoChance14

Anyone have the apm 2014 mock please

Torres999

Where are all the mock papers online?

FullGasCycle

Kev1001 wrote: »

How dependent are people on notes/books?

Anytime I do a case I reference material. I wouldn't reach a decent standard without notes in most cases (a few of the BL indicators you could bluff, management accounting where the material is poor anyway).

The management accounting notes are a joke. I havn't looked at that management accounting/finance case studies book in a month either.

prettyrestless

FullGasCycle wrote: »

The management accounting notes are a joke. I havn't looked at that management accounting/finance case studies book in a month either.

Yeah management accounting notes are awful! Doesn't help that the lecturer I had at CAP2 was rubbish and it would be one of my weaker areas anyway. I'm going to have to dig out that book this week - it's gathering dust somewhere.

Abbey14

Does anyone have a download of the CAP1 management notes - they are gone from the website already!!!

Debs23

Audit is my weakest area, how do others go about studying for audit?

yourhero

Debs23 wrote: »

Audit is my weakest area, how do others go about studying for audit?

Look at Conor Dolans CAP2 revision day

Dellboy2007

GraGra90 wrote: »

Please note that it is the policy that you will not receive grades on your script as this is how they are marked for the real exam (an argument for another day people!!!) so this isn't a reason to send it back I'm afraid.

Actually it was stated in the meeting for people repeating that they would be grading the indicators in the mocks this year. It was part of the reason why I paid to do the revision course and mocks. So saying that is not part of their policy is misleading and I think that people are well within their right to email for this reason.

The hassle of scanning over papers now to get the institute to provide feedback which they should have done in the first place is seriously annoying. Needless to say I will be sending it over and I'm merely venting here, but after being promised so much in that meeting only to be given such crap back it feels as if CAI were only after the money. Big surprise.

titchk

Abbey14 wrote: »

Does anyone have a download of the CAP1 management notes - they are gone from the website already!!!

Hey just checked there and the CAP1 notes are still there. They're just underneath the log in on the main page of the student site. PM if you cant find them and I can mail them to you.

Abbey14

Oh brilliant that link wasn't working earlier for some reason!!

Abbey14

Oh brilliant that link wasn't working earlier for some reason!! Thank you!

Debs23

Could anyone tell where to find notes on the theoretical ex-rights pricing model or how it works? Thanks

titchk

Debs23 wrote: »

Could anyone tell where to find notes on the theoretical ex-rights pricing model or how it works? Thanks

was only looking at it there, pg 70 of the notes from Session 1 pre christmas has an example. It is basically the share price after the rights issue.

ie Made a 1 for 4 rights issue at 1 euro each. Mkt value of shares before the issue was 2 euro.
so you have 4 shares x €2= €8, 1 share x €1= €1, so now you have 5 shares for 9 euro therefore TERP= 9/5= €1.80.


Hope this makes sense (and is right)!!

m1ck007

The mock sims solution has a terp example and one of the steps cases i cant remember which tho

prettyrestless

Debs23 wrote: »

Could anyone tell where to find notes on the theoretical ex-rights pricing model or how it works? Thanks

Screenshot of last year's CAP2 SFMA notes.

Edit: Let me know if you'd like me to upload the full lecture notes.

prettyrestless

Chartered are emailing out individual grades per indicator for the mocks this afternoon! I'm quite interested to see how I did.

GraGra90

Dellboy2007 wrote: »

Actually it was stated in the meeting for people repeating that they would be grading the indicators in the mocks this year. It was part of the reason why I paid to do the revision course and mocks. So saying that is not part of their policy is misleading and I think that people are well within their right to email for this reason.

The hassle of scanning over papers now to get the institute to provide feedback which they should have done in the first place is seriously annoying. Needless to say I will be sending it over and I'm merely venting here, but after being promised so much in that meeting only to be given such crap back it feels as if CAI were only after the money. Big surprise.

Thanks for your response. We have been in touch with the Institute further on this following yours and other additional comments from students on this. Please keep an eye on your e-mails as CAI are sending out per indicator grades to all students this afternoon if not already received. The nature of the data system in place means that you will get a separate e-mail for each paper i.e. Core, Sim1, Sim2 and Elective. This is only for the mock exam and no such process will occur for the real exam.

Don't panic if the grades are lower than expected, look at your paper and look at the suggested solution and what you needed to move from NC to RC and RC to C - you will have come a lot of the way already over the last month so just keep at it and don't be disheartened.