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FAE Audit Elective 2014

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  • 04-03-2014 2:32pm
    #1
    Chris Partlow
    Registered Users Posts: 64 ✭✭


    Said I'd get this up and running for people doing the Audit Elective this year. Especially for people like me where I've been at it so long I no longer know anybody else doing it!

    I only have access to the Revision Course material which is limited at the moment (and by limited I mean there is nothing there), so if some kind soul has access to Audit Elective notes I would be eternally grateful if they could post them here!


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    #2
    thumbelinda
    Registered Users Posts: 57 ✭✭thumbelinda


    Hi guys, back to the drawing board with this study lark! Just wondering can anyone point me in the direction of a good set of sample disclosure notes? I'm trying to do section 2 of the workbook and I haven't a clue about disclosure notes so need to try and get a sample of ones already writren!! Would appreciate some help ☺


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    #3
    colint104
    Registered Users Posts: 14 ✭colint104


    What do you mean by work book?


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    #4
    thumbelinda
    Registered Users Posts: 57 ✭✭thumbelinda


    colint104 wrote: »
    What do you mean by work book?

    Hi Colint104, sorry only realised that this was the Audit elective thread and not the FAE thread. I was talking about the AAPFR workbook.


  • Options
    #5
    colint104
    Registered Users Posts: 14 ✭colint104


    What did everyone think of the revision class on Sunday for audit elective?


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    #6
    Chris Partlow
    Registered Users Posts: 64 ✭✭Chris Partlow


    I missed it. I'm depressingly taking my holidays for the year now rather than in the Summer when I'll be taking my annual leave for the study.

    I'm signed up for the audit elective revision course in the student centre on the CA site but I dont have any notes up for it. The only notices I seem to get are for the core revision course. Did ye get notes on the day and are they going up online do you know?

    What did you make of it? How did the lecture compare to Sean Murray?


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    #7
    Chris Partlow
    Registered Users Posts: 64 ✭✭Chris Partlow


    Anyone have audit elective notes for this weekend's lecture in Cork?


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    #8
    acastudent
    Registered Users Posts: 140 ✭✭acastudent


    Guys for those who repeating ,can I ask you why do you think you failed ? Lack of knowledge , timing etc sorry i am not trying to be a smart a*****. I just want to know what do you think went wrong . I am finding hard to study for it so would appreciate you sharing your experience


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    #9
    mark_m360
    Registered Users Posts: 294 ✭✭mark_m360


    acastudent wrote: »
    Guys for those who repeating ,can I ask you why do you think you failed ? Lack of knowledge , timing etc sorry i am not trying to be a smart a*****. I just want to know what do you think went wrong . I am finding hard to study for it so would appreciate you sharing your experience

    I'm not repeating but I would say structuring your answer is pretty key. That's what I have found from the mocks in general. I feel I have improved it over the week but I need to do much more work on it.

    It's critical to know the ES's and the 6 assurance/non assurance standards as well. They ensure you free time up for the more difficult standards as well.


  • Options
    #10
    acastudent
    Registered Users Posts: 140 ✭✭acastudent


    mark_m360 wrote: »
    I'm not repeating but I would say structuring your answer is pretty key. That's what I have found from the mocks in general. I feel I have improved it over the week but I need to do much more work on it.

    It's critical to know the ES's and the 6 assurance/non assurance standards as well. They ensure you free time up for the more difficult standards as well.

    Thanks mark_m360. Do you follow a particular structure when writing your answers ? I had a plan how to approach indicators but I in the exam I completely made a mess of it .


  • Options
    #11
    womandriver
    Closed Accounts Posts: 543 ✭✭✭womandriver


    acastudent wrote: »
    Guys for those who repeating ,can I ask you why do you think you failed ? Lack of knowledge , timing etc sorry i am not trying to be a smart a*****. I just want to know what do you think went wrong . I am finding hard to study for it so would appreciate you sharing your experience

    I'm repeating the audit elective this year and the reason I think I didn't pass it first time round is that I didn't give it enough time during study leave. The reason for that was that I had done masters and didn't do the CAP 2 exams but my masters was a few years prior to that so the gap to bridge for the CORE exam for me was huge, I felt anyway.

    So the sheer amount of work I had to do for the CORE impacted on the attention I gave to the elective. That said, I did do a fair bit of study for the elective too but I really didn't have time to do many of the elective cases as I spent a lot of time learning the theory. I think this is where I fell down. I had a good grasp of the theory I felt but my technique or lack of it, due to not having done many of the elective cases let me down.

    But overall I probably wouldn't go back and change it because I did pass the CORE last year, first attempt, and I'd repeat the elective any day over the CORE so I was happy enough with that.

    Long story short, do as many of the elective cases as you can.


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    #12
    katieanne56
    Registered Users Posts: 46 ✭katieanne56


    Did anyone doing the mocks yesterday decide that there was a duty to report the mining accident to the SAMA? I thought there was, and cited ISA250B, but I wasn't sure about whether they had to 'discover' the accident issue whilst conducting audit work (they weren't actually doing the audit work in the case), and of course ask the company to report themselves, before they could report to the SAMA. It seemed like their breach of health and safety was presenting a danger to people working in and around all of their 5 mines and not reporting straight away if the Board didn't want to report the issue seemed wrong to me. Anybody else?


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    #13
    conor1979
    Registered Users Posts: 192 ✭✭conor1979


    katieanne56 wrote: »
    Did anyone doing the mocks yesterday decide that there was a duty to report the mining accident to the SAMA? I thought there was, and cited ISA250B, but I wasn't sure about whether they had to 'discover' the accident issue whilst conducting audit work (they weren't actually doing the audit work in the case), and of course ask the company to report themselves, before they could report to the SAMA. It seemed like their breach of health and safety was presenting a danger to people working in and around all of their 5 mines and not reporting straight away if the Board didn't want to report the issue seemed wrong to me. Anybody else?

    I advised that the company must report it to SAMA as if SAMA find out about it then the company could lose their licence.

    This would lead to not being able to trade and raises a going concern issue. I said that this would lead to having to change the audit report and have an 'adverse opinion'.

    Something along those lines anyway!


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    #14
    katieanne56
    Registered Users Posts: 46 ✭katieanne56


    Thanks Conor1979, I said something along those lines too - just that they would have to find out about the accident during the course of doing their audit. Should have erred on the side of caution on that one! Live and learn :)


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    #15
    Chris Partlow
    Registered Users Posts: 64 ✭✭Chris Partlow


    katieanne56 wrote: »
    Did anyone doing the mocks yesterday decide that there was a duty to report the mining accident to the SAMA? I thought there was, and cited ISA250B, but I wasn't sure about whether they had to 'discover' the accident issue whilst conducting audit work (they weren't actually doing the audit work in the case), and of course ask the company to report themselves, before they could report to the SAMA. It seemed like their breach of health and safety was presenting a danger to people working in and around all of their 5 mines and not reporting straight away if the Board didn't want to report the issue seemed wrong to me. Anybody else?

    I went down the ISA250A route although I started to second guess myself half through... Twas too late to turn back at that stage though so I just ploughed on! Either way, I did say they should report it as SAMA could revoke their licence otherwise leading to GC.

    Sean Murray said at the course summary lecture that putting your thought process down on the paper without jumping to conclusions can stand to you... here's hoping!

    It'll be interesting to see the solution for that indicator.


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    #16
    womandriver
    Closed Accounts Posts: 543 ✭✭✭womandriver


    Chris Partlow wrote: »
    I went down the ISA250A route although I started to second guess myself half through... Twas too late to turn back at that stage though so I just ploughed on! Either way, I did say they should report it as SAMA could revoke their licence otherwise leading to GC.

    Sean Murray said at the course summary lecture that putting your thought process down on the paper without jumping to conclusions can stand to you... here's hoping!

    It'll be interesting to see the solution for that indicator.

    I said for that that they needed to ask the management of the company to confirm, if management itself had an obligation to report the accident as it wasn't clear if reporting was necessary. I actually think the mock paper and solution will be useful for revision, lots of bits to take from it.


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    #17
    Chris Partlow
    Registered Users Posts: 64 ✭✭Chris Partlow


    Could anyone tell me the notes on Directors Remuneration are? (i.e. the section 191 of Companies Act 1963) Was this covered in lectures?

    It comes up in Pybex and another case somewhere as well.


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    #18
    Dellboy2007
    Registered Users Posts: 812 ✭✭✭Dellboy2007


    Anyone doing the cgs grind school for the audit elective? Anyone do it last year, what do they do during it, do they give you a decent set of notes, etc?


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    #19
    mark_m360
    Registered Users Posts: 294 ✭✭mark_m360


    Chris Partlow wrote: »
    Could anyone tell me the notes on Directors Remuneration are? (i.e. the section 191 of Companies Act 1963) Was this covered in lectures?

    It comes up in Pybex and another case somewhere as well.

    The companies act is covered under Session 1&2 of the elective notes.

    There isn't a whole lot in the notes. Not from what I can see anyway on directors remuneration.


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    #20
    katieanne56
    Registered Users Posts: 46 ✭katieanne56


    mark_m360 wrote: »
    The companies act is covered under Session 1&2 of the elective notes.

    There isn't a whole lot in the notes. Not from what I can see anyway on directors remuneration.

    That's right, it was elective sessions 1 & 2, slides 24-28. If you're in NI, Sean Murray also posted a clarification note re "connected persons" which is from section 253 Companies Act 2006.

    Also pages 1 - 16 of the supplementary notes for Sessions 1 & 2 are re Transactions with Directors. Hope this helps a little :)


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    #21
    Dellboy2007
    Registered Users Posts: 812 ✭✭✭Dellboy2007


    Chris Partlow wrote: »
    It comes up in Pybex and another case somewhere as well.

    Just in case you were looking for the other case, it's Display Craft Limited. Covers it fairly well including: what should be in the disclosure; how to test it, and; our obligations as auditors when the disclosure does not meet requirements of the Act.


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    #22
    Chris Partlow
    Registered Users Posts: 64 ✭✭Chris Partlow


    Cheers for the replies. Had a look in Session 1 but alright couldn't find any notes on Dir Remuneration... Guess I'll have to revert to Pybex and DCL and hope there isnt a variation if it does come up in the exam!


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    #23
    FredTheRedser
    Registered Users Posts: 4 ✭FredTheRedser


    Hi there, does anybody have the solutions for all of the Audit elective case studies in one bank. The list of cases such as:

    1) RBG
    2) Becker & Co
    3) Cusiter
    4) Julliet
    5)NorthCee
    6) Moon Designs
    7) Devices Ltd
    8) Fundi Ltd
    9) Interplant Plc
    10) Tangent Ltd
    11) SX Max ltd
    12) RAPS Ltd
    13) Pension Fund Ltd
    14) CarCas ltd
    15) Burke Mechanical Ltd
    16) Cool It
    17) Dexter
    18)Whelan Engineering Limited
    19)Zeb Dallas
    20) Ebony
    21)Pybex Limited
    22)Perchant Hotels Ltd
    23)Mulligan Ltd
    24)Kerrigan Medical devices Litd
    25)Chemical Sisters
    26)white distribution Ltd
    27) Red Ireland Limits

    Thanks in advance


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    #24
    Chris Partlow
    Registered Users Posts: 64 ✭✭Chris Partlow


    Have mock review slides been posted for mock review sessions? I'm on the revision course and haven't come across them in the notes uploaded. The one in Cork is on tomorrow night. If anyone has the review slides I'd be much obliged!


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    #25
    mark_m360
    Registered Users Posts: 294 ✭✭mark_m360


    Chris Partlow wrote: »
    Have mock review slides been posted for mock review sessions? I'm on the revision course and haven't come across them in the notes uploaded. The one in Cork is on tomorrow night. If anyone has the review slides I'd be much obliged!

    In the session with Conor Dolan, he said the slides won't be going up. I suppose you'll have to watch it when it's uploaded on the 25th to see the slides. I don't know if Sean Murray said his slides are going up or not.


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    #26
    Dellboy2007
    Registered Users Posts: 812 ✭✭✭Dellboy2007


    mark_m360 wrote: »
    In the session with Conor Dolan, he said the slides won't be going up. I suppose you'll have to watch it when it's uploaded on the 25th to see the slides. I don't know if Sean Murray said his slides are going up or not.

    Sean Murray's exam review is up. Keep a look out for the poor girl who disputed the reporting of the mining accident, she got burnt so bad. Don't know why she kept going with it though. Silly billy.


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    #27
    Chris Partlow
    Registered Users Posts: 64 ✭✭Chris Partlow


    Dellboy2007 wrote: »
    Sean Murray's exam review is up. Keep a look out for the poor girl who disputed the reporting of the mining accident, she got burnt so bad. Don't know why she kept going with it though. Silly billy.

    Haha, I look forward to it... Never take on Sean Murray!

    Did he whether or not he'd be putting up the slides?


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    #28
    Dellboy2007
    Registered Users Posts: 812 ✭✭✭Dellboy2007


    Chris Partlow wrote: »
    Haha, I look forward to it... Never take on Sean Murray!

    Did he whether or not he'd be putting up the slides?

    Not too sure about the slides. I wouldn't say they are vital Chris, there is only a slide or two for each sim saying: who you are, who you're reporting too and one liners on the indicators, i.e. Audit risks, etc.

    It's more helpful in terms of what he says, for example, always look out for plc vs ltd, always refer to standard, etc.


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    #29
    FAE14
    Registered Users Posts: 59 ✭✭FAE14


    Dellboy2007 wrote: »
    Sean Murray's exam review is up. Keep a look out for the poor girl who disputed the reporting of the mining accident, she got burnt so bad. Don't know why she kept going with it though. Silly billy.

    ha just finished watching it !! She certainly didn't give up , Dope :-)


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    #30
    Dellboy2007
    Registered Users Posts: 812 ✭✭✭Dellboy2007


    FAE14 wrote: »
    ha just finished watching it !! She certainly didn't give up , Dope :-)

    I think she probably answered it that way in the mock and was trying to see if there would be any justification in her answer. Fair play to her for trying to take on sean anyway, unfortunately it was just one of them black and white things. Good looking girl all the same, which is of course the most important part of it all.


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    #31
    FAE14
    Registered Users Posts: 59 ✭✭FAE14


    send me the pics :-)


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