FAE Advanced Audit elective

Torres999

I am really nervous about it now too, its a disgrace that they put us the position where I pass the core and may be still doing the elective 2 years later. The first 2 sims were ok but I still don't think I did enough to pass based on how bad Sim 3 was. I disclaimed the audit report and the crossed it out and just qualified it. I was basing it all on an assumption as I literally couldn't do the first 2 parts.
Although Sim 1 and 2 were ok there was still some parts that I wasn't sure about, one indicator that just asked for any other matters.

Also for the fraud indicator I put it was a risk in another indicator and didn't do a full indicator on it.

Its so tough to call at the moment but my main concern is that I failed last year after answering all Sims in full.

myshirt

^^^^^^

The funniest one is about the chap who took it four times and had worked successfully in audit for 6 years in total.

Passed elective first time, then:

Year 1: Red in PM
Year 2: Red in tax
Year 3: All yellows, sufficiency 1 so failed
Year 4: Red in audit

Unforgiving exams!!!

Torres999

Its a joke, ive worked in audit for 5 years and have been a senior on audits for about 3 years with no issues but because I cant correct construction contract journals under outrageous time pressure and therefore I cant audit.

AuditAgain

To people who think they did relatively ok in the construction contract q - what kind of journals did you note, and how many?

I know it's ridiculous discussing it at this stage but it's popped back into my head and it's killing me. I remember at the time genuinely thinking 'what the **** is this even trying to get at'. Seemed like there was nowhere near enough info to start into calculations.

Someone mentioned the electives now marked as well, where was this heard (or was it just assumed)?

I feel a bit bad for core people who under performed in the AAFRP and are waiting on the overall result. Be some rush to get registered and prepared etc for the new one in December. That being said, I don't think it's as bad as waiting a year to just sit the elective.

Dellboy2007

I *think* it was in relation to them not recognising the expected loss on one of the contracts. I debited the P&L by circa 500k and credited the balance sheet. Material but not pervasive. Could have been completely wrong but that's what I wrote.

AuditAgain

Dellboy2007 wrote: »

I *think* it was in relation to them not recognising the expected loss on one of the contracts. I debited the P&L by circa 500k and credited the balance sheet. Material but not pervasive. Could have been completely wrong but that's what I wrote.

I think I raised that, and the only other I raised was reclassifying the credit balances to payables (instead of having them offset).

I was more worried that there were journals along the lines of "this should be recognised at 75% complete whereas they spear to have recognised 60%, so Dr receivable, Cr P&L." I remember thinking there didn't seem to be enough information to start into that.

Auditresit2015

I thinks its official now, well and truly crapping my pants. 2 weeks to go and the fear of sleeping is taking over Fingers crossed for 100% pass rate for the Audit elective this year :P on a serious note, I thought that this year would be less stressful since I done this last year and no what to expect, but I actually feel worse. I will be needed a few drinks night before results to put me at ease

20 Times 20 Times

Ok very very worried now !! Been a long time coming !!

Auditresit2015

Join the club Not long left and some of us will be happy others will be misrable. Just hoping that sim 3 doesn't kill me and hopefully the pass rates are much higher this year to give us all a chance. Wish I knew now ! I'll need to drink next Thursday to try and make me sleep lol

20 Times 20 Times wrote: »

Ok very very worried now !! Been a long time coming !!

Torres999

The results are creeping into my dreams now for the last few days. Certainly be drinking night before

Dellboy2007

I'll probably do the same even though the thoughts of being hungover and failing again are awful. Screw it though, going to be feeling **** if I fail anyway. Results were originally supposed to be out this Friday I remember they said this time last year, shame they put it back a week.

Auditresit2015

This time next week we will all be leaving our offices, in anticipation of the result carrying myself to the first bar, sitting down and I will face my fear . The time has disappeared on us and i really can't believe it is next week :0

EvSenn

If I fail this again, I am going to lose my job.

Not to mention my wife and kids.

Torres999

Yeah im in a similar position, if I fail my jobs a bit dodgy and if I pass I get a 6 month secondment to New York. Massive amounts on the line for the sake of the elective. Its a load of B***ox really

Auditresit2015

Results are officially tomorrow thought I would post a quick good luck to everyone and hope we all get the results we deserve.

Torres999

Good luck to everyone! Have a feeling tonight's sleep could be pretty disturbed :mad:

20 Times 20 Times

Good luck to everyone tomorrow - We deserve better from CAI and I hope tomorrow we get it.

Auditresit2015

Loving your optimism that sleep will actually feature tonight!! lol

Torres999 wrote: »

Good luck to everyone! Have a feeling tonight's sleep could be pretty disturbed :mad:

AuditAgain

Best of luck for tomorrow everyone!

I can tell how much the ones posting in here during the summer deserve it.

Dellboy2007

Due to a lack of focus in work I decided to calculate the average pass rate for those who are repeating just elective (includes tax and APM) over last few years. Apparently we have 70% chance if you are doing just the elective. You have a 1 in 3 of passing both core and elective on repeat roughly.

There are so many variables thrown into that so prob best not to read too much into it especially after last year's disaster, but alas these are the things I do!

For what it's worth I think first time pass rates will remain same for core and audit to increase to low 70's and tax and APM to decrease to about the same.

Best of luck to everyone here and thanks for all the help.

Auditresit2015

I just checked my results and my result was there!!

Nah just kidding... someone said that to me in work and I near fell of my seat.

Thanks for the thought Dellboy, would be nice if it was around 70% chance, but someone had posted there thoughts on the pass rates last year, which were miles off. I suppose most of us don't really care about the %'s as long as we are in the right side which may sound a bit selfish but after what happened last year, where I was very confident about the elective, as I thought my strengths lay in that area. My confidence this is at an all time low in terms of the exams and haven't thought I would pass once, even though I have improved my knowledge and technique from PY. The 3rd sim still haunts me as doesn't the published pass rates in 2014.

I would love to see the audit pass rate in the high 80's but somehow cant see it. the importance these results have on people, and their careers is unreal, maybe more in particular to those who are resitting for 2nd or third time. I don't necessarily think the results reflect the work within the office etc but for me I think it affects my attitude as I feel like less of auditor lol

we will all be put out of our miseries in about 12 hours time and we will all know where we stand Good luck again all

Dellboy2007 wrote: »

Due to a lack of focus in work I decided to calculate the average pass rate for those who are repeating just elective (includes tax and APM) over last few years. Apparently we have 70% chance if you are doing just the elective. You have a 1 in 3 of passing both core and elective on repeat roughly.

There are so many variables thrown into that so prob best not to read too much into it especially after last year's disaster, but alas these are the things I do!

For what it's worth I think first time pass rates will remain same for core and audit to increase to low 70's and tax and APM to decrease to about the same.

Best of luck to everyone here and thanks for all the help.

20 Times 20 Times

I cant really remember the third SIM ..... I just remember that is was horrific !! I also Disclaimed the audit report - which not a lot of people done SO VERY PANICKED NOW ABOUT THAT

Torres999

I thought most people disclaimed it - Apart from me.

I've been checking the results for the last few days just in case for the first time ever they leaked accidently!

Anyway it doesn't matter at this stage. Just need to get through the rest of the day of work! Just been planning the 2 scenarios for tomorrow night all day, both are pretty similar to be fair

20 Times 20 Times

Torres999 wrote: »

I thought most people disclaimed it - Apart from me.

I've been checking the results for the last few days just in case for the first time ever they leaked accidently!

Anyway it doesn't matter at this stage. Just need to get through the rest of the day of work! Just been planning the 2 scenarios for tomorrow night all day, both are pretty similar to be fair

Last year I drank 5 bottles of red wine with the GF :-D hopefully similar this year under happier conditions.

Auditresit2015

Think I have matched ur last years drinking . Best of luck tomorrow !!!

20 Times 20 Times wrote: »

Last year I drank 5 bottles of red wine with the GF :-D hopefully similar this year under happier conditions.

Auditresit2015

Results are up lads... best of luck and enjoy your day!! im a happy man

Iwantcoffeenai

I PASSED!!!!!!!

Torres999

Failed and worse than last year - oh the institute, sound bunch of fellas

20 Times 20 Times

Passed - decile one !!

Dellboy2007

20 Times 20 Times wrote: »

Passed - decile one !!

Delighted for you man. Passed as well! All the best in the future. Great to meet you that night.

The Sceptic

Can anybody post the stats for pass rates etc..

Torres999

ACCA it is - although might have an ol whack off the APM elective next year

Torres999

The Sceptic wrote: »

Can anybody post the stats for pass rates etc..

Yeah they usually go up straight away?

Dellboy2007

The Sceptic wrote: »

Can anybody post the stats for pass rates etc..

Not until the institute release them on the website which will more than likely be later tiday

donnem33

Bas***d of an elective!!! Passed core but failed elective. That's travel plans on hold for another year!!! Got sufficicency 2 - is there any point in getting rechecked or will it just be a waste of even more money?!

Torres999

donnem33 wrote: »

Bas***d of an elective!!! Passed core but failed elective. That's travel plans on hold for another year!!! Got sufficicency 2 - is there any point in getting rechecked or will it just be a waste of even more money?!

I'm not even going to bother giving them more money for the recheck, I got sufficiency 2 also. I got it checked last year and no change.

donnem33

Torres999 wrote: »

I'm not even going to bother giving them more money for the recheck, I got sufficiency 2 also. I got it checked last year and no change.

Interesting to note that you can view your script this year and have 1 person accompanying you

AuditAgain

Passed, decile 2.

Torres999, really annoyed for you and anyone that didn't get it. The difference between this time and the times I didn't get the elective is in no way down to my ability IMO. Anyone that gets as far as the FAE's has achieved enough to get that qualification. It's just a case of going rounds with the institute until they stop acting the bollox. I still don't think the institute conduct the exam process well at all.

It can have a real impact on your confidence and you really shouldn't let it. Don't let it hold you back for even a day.

myshirt

donnem33 wrote: »

Interesting to note that you can view your script this year and have 1 person accompanying you

Another revenue stream sher.

donnem33

For those of us facing the elective again in 2016...are you considering sticking with audit or jumping ship to apm/tax?

This will be my 3rd attempt and dont think I could face another year of it! although I havent fully decided..I am leaning towards switching to apm

myshirt

donnem33 wrote: »

For those of us facing the elective again in 2016...are you considering sticking with audit or jumping ship to apm/tax?

This will be my 3rd attempt and dont think I could face another year of it! although I havent fully decided..I am leaning towards switching to apm

I would stick with it.

1. You will have to put as much work into a new elective as you will into revising Audit Elective for round 3, maybe even more.
2. You have to enroll on the elective course with the first timers and meet the attendance requirements. This means time. This means money.
3. Tax & APM have stepped up a notch. Just my opinion.

Audit elective is without a doubt the more difficult one though, so I understand. Where do you think your strengths are? How you get on in core?

lauma

This will be my third attempt in audit . Anyone thinking of doing revision course in the institute ?

colint104

Anyone any ideas of how to pass this exam?