FAE Audit Elective 2014

Chris Partlow

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!

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 ☺

colint104

What do you mean by work book?

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.

colint104

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

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?

Chris Partlow

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

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

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.

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 .

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.

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?

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!

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

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.

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.

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.

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?

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.

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

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.

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!

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

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!

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.

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.

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?

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.

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 :-)

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.

FAE14

send me the pics :-)

Chris Partlow

Dellboy2007 wrote: »

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.

Cheers for that. How long did the session go on for out of interest?

FAE14

Chris Partlow wrote: »

Cheers for that. How long did the session go on for out of interest?

2 hours.

NBA1998

Is there only one AAE steps case?

mark_m360

NBA1998 wrote: »

Is there only one AAE steps case?

I believe so yes. And there is no more elective cases in the Summer steps cases either.

colint104

Has anyone got any good notes for audit elective?

Thanks in advance

Edelly

Hey!

Have people got stuck into the elective yet? I haven't really at all and am kind of freaking out at this stage as I've still so much to cover in the core! :-(

kookies

Edelly wrote: »

Hey!

Have people got stuck into the elective yet? I haven't really at all and am kind of freaking out at this stage as I've still so much to cover in the core! :-(

I started properly yesterday got overwhelmed by the amount of information we have! Does anyone know if those ODCE notes etc are really relevant?

Started cases and they seem manageable but i havent really seen reference to anything other than the ISAs, IASs and related services yet.

Ill be spending the entire month on cases!!

colint104

Hi everyone, has anyone any reasonable notes for audit elective? Please pm them. I would be very great full.

Thanks in advance

donnem33

did anyone go to the CGS days? would the book of notes be worth buying?

kookies

donnem33 wrote: »

did anyone go to the CGS days? would the book of notes be worth buying?

I went to the CGS days however I find sean murrays notes much easier to use in terms of answering questions. But thats just my view.
They are more specific. I use session 10 as my guide to the relevant lecture slides and so forth!

Im sure others will have a different opinion!

Edelly

kookies wrote: »

I went to the CGS days however I find sean murrays notes much easier to use in terms of answering questions. But thats just my view.
They are more specific. I use session 10 as my guide to the relevant lecture slides and so forth!

Im sure others will have a different opinion!

Do you not find his notes a little untidy and a bit all over the place though? Or is that just me?

cian twomey

is anyone watching sean murrays lectures on line or do you think it would be enough just to use the notes, tough to site through for a couple of hours!

womandriver

Been watching the corporate gov online lecture, head is melted. Hope that sh*t doesn't come up!

kenner24

Edelly wrote: »

Do you not find his notes a little untidy and a bit all over the place though? Or is that just me?

Thank you! Glad someone said it i feel like im taking crazy pills!!! Find i have to do twice the work to fill out the notes tbh. Wont be bringing them anywhere near the exam!!

babycake1985

Hey!

I am repeating the audit elective this year and as I did not attend the classes again I do not have access to any of the notes. Can someone please send me on a link of where I can gain access to Audit Elective case studies pretty please?

Dellboy2007

babycake1985 wrote: »

Hey!

I am repeating the audit elective this year and as I did not attend the classes again I do not have access to any of the notes. Can someone please send me on a link of where I can gain access to Audit Elective case studies pretty please?

https://www.dropbox.com/s/9a7xz0579gzw71n/FAE%20AAE%20ROI.zip


And

https://www.dropbox.com/s/jol2p0m8h3tognc/FAE%20AAE%20-%20Solutions%20to%20cases%20-%20session%206%20to%209.zip

I think that's it. I'm on my phone so can't open zip files.

cian twomey

the 2011 paper is a killer, was that the one with the 55% pass rate, thankfully last 2 years have been a lot more doable

20 Times 20 Times

cian twomey wrote: »

the 2011 paper is a killer, was that the one with the 55% pass rate, thankfully last 2 years have been a lot more doable

just one case was very hard - the other two cases that year were quite easy.

Chris Partlow

I was looking over the mock there again and at the Passot Mining Case in particular. Does anyone know what the correct audit report would have been, had they asked for it, re not reporting the accident to the regulator?

Would it have been an "Other Matter" para, depending on whether or not they were in breach of regulation (which they presumably were).

Would an "EOM" para be necessary as well as an "Other Matter", firstly, depending on whether or not there is a material fine from SAMA, the impairment from the mining collapse, Provision as a result of accident, GC as result from all of the above... but also, is there an obligation to disclose disasters such as this in the FS? and would there be an EOM para for the Directors simply not adequately disclosing the accident in the FS?

Or would it be "except for"/"Adverse" for no mention of mining accident at all in the FS??

Sorry if I'm rambling a bit but this was wrecking my head yesterday...

Chris Partlow

What are people's thoughts on the 3 new cases this year? Saved Ballyvaughen til now. Tried it early and I dunno is it me or what but the solution seems all over the place! Very vague and the solution seems to make reference to comments that arent in the case...

Also, the solution completely ignored the part in the question regarding the board member in Tipp Credit Union.