FAE Advanced Audit elective

colint104

does anyone if I can write on the rough papers of the answer booklet during the reading time?

sgs

colint104 wrote: »

does anyone if I can write on the rough papers of the answer booklet during the reading time?

You can't unfortunately

AuditAgain

Dellboy2007 wrote: »

PASE could also come up with an other engagement to review FS, popular nowadays with the increase in audit exemption.

How do you mean by that sorry?

Do you mean a type of engagement where an audit client wants some kind of other review of their financial statements?

AuditAgain

Just spotted that "what elective should I do?" thread and got filled with rage.

APM can seriously go ****.

Energy Star

What do we realistically need to know for legal liability? Have a mountain of notes on it!

Dellboy2007

AuditAgain wrote: »

How do you mean by that sorry?

Do you mean a type of engagement where an audit client wants some kind of other review of their financial statements?

Exactly - ISAE 3000.

Dellboy2007

Energy Star wrote: »

What do we realistically need to know for legal liability? Have a mountain of notes on it!

Doubt that's going to come up, they don't tend to ask obscure things. Can't see how they would ask it also considering you have bannerman paragraph in engagement letter

Energy Star

Dellboy2007 wrote: »

Doubt that's going to come up, they don't tend to ask obscure things. Can't see how they would ask it also considering you have bannerman paragraph in engagement letter

Thanks. What is the general position currently? No liability to anyone other than shareholders as a group if you have appropriate disclaimers in engagement letter?

AuditAgain

I feel a bit like I must have lost sight of things.

I keep thinking 'how did I muck up last year'. It seems so do-able at the minute. Whereas the pass rate and my performance last year say otherwise.

Energy Star

Are we allowed to use internal auditors for direct assistance?

20 Times 20 Times

Energy Star wrote: »

Are we allowed to use internal auditors for direct assistance?

There's is rules ! See isa610.

AuditAgain

Pretty sure it's completely disallowed in UK and Ireland now!

donnem33

How are people approaching the first 30 mins for planning?

Are you going to use this time on one of the cases and plan out your answer properly, or will you read all 3 and make a decision which one to attempt first?

Cant wait for this to be over!! Im envious of you who just have the elective, I have the core aswell

Torres999

In practice I've been just reading all 3 and highlighting the indicators, don't have time for much planning in the Elective, I'll probably read all 3 and then spend the first 5-10 mins of each Sim doing a quick plan

donnem33 wrote: »

How are people approaching the first 30 mins for planning?

Are you going to use this time on one of the cases and plan out your answer properly, or will you read all 3 and make a decision which one to attempt first?

Cant wait for this to be over!! Im envious of you who just have the elective, I have the core aswell

AuditAgain

Dellboy2007 wrote: »

Exactly - ISAE 3000.

Sorry, do you mean an internal controls review or something like that in line with ISAE 3000? Just can't really see why an audit client would want any type of assurance review over financial information (other than prospective) if they already get audited.

I'm crap with this area of the syllabus.

Would an internal control review fall under ISAE 3000? was thinking an indicator based on Tesco could be a bit of a nightmare (although it's ready made for them). We're the new auditor after the previous set were kicked out when fraudulent reporting (or just misstatements) went undetected, and they also want us to do some kind of review (either to see the extent of the problem, or some kind of control review). Would have (1) Fraud (impact on risk assessment), (2) accounting issue risk and response, and then (3) other engagement.

AuditAgain

donnem33 wrote: »

How are people approaching the first 30 mins for planning?

Are you going to use this time on one of the cases and plan out your answer properly, or will you read all 3 and make a decision which one to attempt first?

Cant wait for this to be over!! Im envious of you who just have the elective, I have the core aswell

Think I usually read all three just noting the indicators and any key information - then decide which to go first with.

I don't think I've asked this question since I was about 15, but how long are people's answers generally? I've had to really restrict the amount I write in order to get my timing in a half decent shape. I find if I'm writting more than about 1.5 pages I'm cutting into the next indicator (timewise). Once factoring in reading time it's about 20 mins or so an indicator which really isn't much.

cson

After hearing from someone who was talking to one of the past students they road test the paper on that this year is as hard if not harder apparently.

Heavy on FR & seemingly they had to delete an indicator & appendix to make it manageable timewise. :eek:

Dellboy2007

cson wrote: »

After hearing from someone who was talking to one of the past students they road test the paper on that this year is as hard if not harder apparently.

Heavy on FR & seemingly they had to delete an indicator & appendix to make it manageable timewise. :eek:

No wonder they are reducing elective cases next year to 2. This is great news on a Monday.

20 Times 20 Times

cson wrote: »

After hearing from someone who was talking to one of the past students they road test the paper on that this year is as hard if not harder apparently.

Heavy on FR & seemingly they had to delete an indicator & appendix to make it manageable timewise. :eek:

Was there any need to post this !!!

Torres999

I really hope this isn't true, heavy on FR like 😳

Should have just got the questions while they were at it 😊

Also anyone have a quick list of additional considerations for listed companies? I know a lot of the standards have additional points for listed companies, anyone have a list that brings them all together?

cson wrote: »

After hearing from someone who was talking to one of the past students they road test the paper on that this year is as hard if not harder apparently.

Heavy on FR & seemingly they had to delete an indicator & appendix to make it manageable timewise. :eek:

cson

20 Times 20 Times wrote: »

Was there any need to post this !!!

Sorry - didn't mean to scaremonger; just heard that this morning. Hope it isn't true.

20 Times 20 Times

That is pure ****e !! The more I think about it , this paper was moderated a few times over the last number of weeks ! There is no way this rumour just happens all of a sudden!!!

Also people moderating the paper aren't allowed to discuss it and get paid quite well also , I would take the above with a pinch of salt.

There might be a lot of FR on the paper but the most it can be is two indicators !!

iluvfatfrogs

cson wrote: »

After hearing from someone who was talking to one of the past students they road test the paper on that this year is as hard if not harder apparently.

Heavy on FR & seemingly they had to delete an indicator & appendix to make it manageable timewise. :eek:

Never mind trying to interpret the indicators on the day, I haven't a clue what that first sentence means, I hope the punctuation is better in the script

Torres999

Like they know 50% of people who did the elective last year failed and that all these repeats won't be as sharp on FR and the rest plus they are adding extra FR to the core so I really don't see the need to go FR heavy in the elective. To think I switched to tax and switched back again, FFS

20 Times 20 Times

Torres999 wrote: »

Like they know 50% of people who did the elective last year failed and that all these repeats won't be as sharp on FR and the rest plus they are adding extra FR to the core so I really don't see the need to go FR heavy in the elective. To think I switched to tax and switched back again, FFS

Will you relax !! Your miles ahead of people doing core !! You like myself have been off for a number of weeks just focusing on audit !!

Bring on any paper I say !!

Dellboy2007

It is in line with increased FR weighting which does make me think it might be true.

Dellboy2007

iluvfatfrogs wrote: »

Never mind trying to interpret the indicators on the day, I haven't a clue what that first sentence means, I hope the punctuation is better in the script

A previous student always takes the exam before it is finalised to ensure that it is doable.

AuditAgain

Dellboy2007 wrote: »

It is in line with increased FR weighting which does make me think it might be true.

Yeah but they haven't changed the audit elective syllabus and they haven't announced a change in examination style. So there shouldn't be any noticeable change in the weighting of the exam.

Typical ****ing incompetent institute though. Just change the standard of the exam without informing students. I really hope it isn't true.

Dellboy2007

AuditAgain wrote: »

Yeah but they haven't changed the audit elective syllabus and they haven't announced a change in examination style. So there shouldn't be any noticeable change in the weighting of the exam.

Typical ****ing incompetent institute though. Just change the standard of the exam without informing students. I really hope it isn't true.

Yeah true - fingers crossed. Time to get the rosary beads and toilet paper out.

20 Times 20 Times

Dellboy2007 wrote: »

Yeah true - fingers crossed. Time to get the rosary beads and toilet paper out.

You should know better !! Pure wind up

AuditAgain

Also - this 'road testing'? Do they really wait until the summer to do this? That seems like asking for rumours and leaks. I've never heard rumours or anything about any of these exams in the lead up before.

bored2014

How are you guys brushing up on you FR knowledge? Based on the last steps case anything could come up!

AuditAgain

On that extended audit report I mentioned earlier. Taken from Sean Murrays notes on audit reports this year:

"Revision of ISA 700 (19A)
-Entities required to report on UK Corporate Governance Code.
-Describe risks which impacted most on audit strategy
-State materiality threshold
- overview of scope of the audit"

Does anyone have an example of an audit report like this? I've never come across one in work.

Abbey14

In last years audit case Sim 3 - Winnfield Plumbing, it says "can you consider the information Doyle ha provided us and make a recommendation to me a to whether or not we can accept this audit engagement"

How do we know not to launch into ISQC1? I correctly answered it as an ethics Q last year but re-reading it I would have done ISQC1.

Also as I did not make conclude on accepting last year it brought me down to NC

Dellboy2007

AuditAgain wrote: »

On that extended audit report I mentioned earlier. Taken from Sean Murrays notes on audit reports this year:

"Revision of ISA 700 (19A)
-Entities required to report on UK Corporate Governance Code.
-Describe risks which impacted most on audit strategy
-State materiality threshold
- overview of scope of the audit"

Does anyone have an example of an audit report like this? I've never come across one in work.

See page 83-85

http://www.kerrygroup.com/docs/Annual-Report-2014.pdf

Dellboy2007

Abbey14 wrote: »

In last years audit case Sim 3 - Winnfield Plumbing, it says "can you consider the information Doyle ha provided us and make a recommendation to me a to whether or not we can accept this audit engagement"

How do we know not to launch into ISQC1? I correctly answered it as an ethics Q last year but re-reading it I would have done ISQC1:(

There were so many ethical issues in this case. I think you've got to think of it on a time basis, to answer all the ethical issues and do ISQC1 in the one indicator it would have been too much. I know what you're saying though, it could potentially be confusing.

20 Times 20 Times

Dellboy2007 wrote: »

See page 83-85

http://www.kerrygroup.com/docs/Annual-Report-2014.pdf

How would this come up ?

Dellboy2007

20 Times 20 Times wrote: »

How would this come up ?

Listed company audit report - additional considerations. Would catch a lot of people repeating as it's a new element this year. Probably won't come up but no harm in having it on file.

AuditAgain

Good man Dellboy. It was just something I noticed in the notes and thought 'wtf is that'.

Would hate to wait a year, do all this work and then get sunk by something I didn't even know existed (because it wasn't there last year).

But agree - can't see it coming up beyond possibly what was mentioned above.

AuditAgain

Did the 2012 paper today. Jesus, those were different times as far as the audit elective goes.

Torres999

So its just ISA 700 Para 19A?

Hopefully this would only be required for HC over the normal C requirnments, so may people would miss it

Dellboy2007

AuditAgain wrote: »

Did the 2012 paper today. Jesus, those were different times as far as the audit elective goes.

Contents of an engagement letter, items of discussion with client before starting audit and a few basic audit risks and procedures. The institute seriously upped the difficulty after this. Funny how they kept APM the same!

Torres999

Yeah Happy Holidays is pretty ideal when it comes to non audit stuff

20 Times 20 Times

I did all them papers a few weeks ago and thought the same thing !! Massive jump up last year !!what caused it ?? And apm left the same

Torres999

Literally everyone I know repeating has switched to APM and a few to tax, surely they can't keep having a 25-30% difference in pass rate, there'll be nobody doing it

20 Times 20 Times wrote: »

I did all them papers a few weeks ago and thought the same thing !! Massive jump up last year !!what caused it ?? And apm left the same

Dellboy2007

Torres999 wrote: »

Literally everyone I know repeating has switched to APM and a few to tax, surely they can't keep having a 25-30% difference in pass rate, there'll be nobody doing it

Good for us, APM going down this year, I'd bet my house on it!

20 Times 20 Times

Torres999 wrote: »

Literally everyone I know repeating has switched to APM and a few to tax, surely they can't keep having a 25-30% difference in pass rate, there'll be nobody doing it

I stuck with it , some days I feel mad with that decision but right now I need to be confident !! I'm better than most candidates and I won't be tired come Thursday - hopefully I don't panic and I'll be fine !!!

20 Times 20 Times

Dellboy2007 wrote: »

Good for us, APM going down this year, I'd bet my house on it!

Expecting apm to drop to 70% , I'd love if audit was that

Torres999

Dellboy2007 wrote: »

Good for us, APM going down this year, I'd bet my house on it!

Yeah I'd say it will, jeaus be absolutely sickend if you switched to APM and the pass rates changed

Torres999

Audit should go up a bit though, anyway if I was decile 6 last year and knew feck all, I should be able to sneak into decile 4 or 5