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FAE 2011 Where to begin

FAE_UCH

Hello all,

This thread may be a little premature but after that disaster of a paper on Saturday, I figure i better start doing a bit now while i'm still slightly in study mode. I did a masters so i feel at a huge disadvantage as i did not have to come through CAP 2. Is there any point in me now going back and trying to look at CAP2 material or would that be much too technical for this.

Does anyone know what the best plan of attack to study this? I'd love to hear past Faer's advice, or people who have a plan to share it with us.

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Hanley

Eh.... you only get 3 shots at the FAE now?!?!?!

ohgodd

ManwitaPlan wrote: »

As far as I know its perfectly fine to give management recommendations on how to improve their controls. Management letters with observation/implication/recommendation crops up a lot.

Its not a "non-audit service" its general advice to a client on how to improve the audit process.

Sorry that I cannot point to something technical off the top off my head but I am 99.9% sure this is ok...hold my hands up if anybody knows better.

PS: Thanks Christ I am not doing CAP 2 exams because I am certain I would fail on consol....what an absolute whore god of a topic.:eek:

Yeah,just looking at this too. It specifically says in one of the slides I have that "you cannot do this for a listed company". But the answer obviously shows that it's fine? Looking at ISA265 here and para 11 b) says that the auditor "shall include a description of the deficiencies and an explanation of their potential effect" and then para A28 says that "the auditor may also include...suggestion for remedial actions". Its annoying coz this is 99% coming up. Think im just gonna go with the two shalls and leave out the may also part to be safe!

If anyone else can point somewhere definitive on this it would be great!

Coldplayer

not doing the elective, never even opened that book

Clanno

LightningBolt wrote: »

Are you doing the audit elective? If not that may be fine but if you are there's another 3 or so bulletins along with M21, M39, M41/2 (depending on jurisdiction) and M46 I think.

so if were not doing the auditing elective we dont really need the handbook...

LightningBolt

kitten_k wrote: »

I am looking at the Regulations, Guidance & Standards Examinable section of the Competency Statement and it appear that the only material in the Student Technical Handbook is:

Pronouncements of the Urgent Issues Task Force
D
D40

Miscellaneous Technical Statements
M9

APB Bulletins
2006/1
2009/02

Is this correct? Doesn't seem much considering the amount of material in the book.

Are you doing the audit elective? If not that may be fine but if you are there's another 3 or so bulletins along with M21, M39, M41/2 (depending on jurisdiction) and M46 I think.

kitten_k

I am looking at the Regulations, Guidance & Standards Examinable section of the Competency Statement and it appear that the only material in the Student Technical Handbook is:

Pronouncements of the Urgent Issues Task Force
D
D40

Miscellaneous Technical Statements
M9

APB Bulletins
2006/1
2009/02

Is this correct? Doesn't seem much considering the amount of material in the book.

trixabello

netpia11 wrote: »

tt0717 wrote: »

Feeling the same here too, it seems that I have forgotten everything that I have studied, have basically studied, forgot and re-read! Honestly de-motivated and don't know whats a week more of this crap will help me passing at all :(:(

Feel the same also....at this stage im bored but still feel like i have a lot to learn but no interest to do it... seriously think it comes down to your performance on the day and how you read the case... planning on spending an hour at least planning my answer

nice to see I'm not the only 1 feeling like this. I think if I had another year to study I still wouldn't feel ready, really depends on the exam they give us. Just want it to be over now so that we can forget about it until November... The thoughts of doing this again next year gets me out of bed in the mornings!

netpia11

tt0717 wrote: »

Feeling the same here too, it seems that I have forgotten everything that I have studied, have basically studied, forgot and re-read! Honestly de-motivated and don't know whats a week more of this crap will help me passing at all :(:(

Feel the same also....at this stage im bored but still feel like i have a lot to learn but no interest to do it... seriously think it comes down to your performance on the day and how you read the case... planning on spending an hour at least planning my answer

tt0717

1306 wrote: »

Anyone else feeling completely unprepared for this even though iv looked at all the cases?? I'm a repeat and have major fears of failing again!!

Feeling the same here too, it seems that I have forgotten everything that I have studied, have basically studied, forgot and re-read! Honestly de-motivated and don't know whats a week more of this crap will help me passing at all

:(:(

DaeryssaOne

Anyone else having trouble trying to get the info from the institute that says we passed our CAP2s so we can register for the AITI tax exams. Been trying to get a hold of the cert for weeks now, like we haven't enough to be worrying about!!!

Student456

I feel the same! I just tired now and I keep missing stupid indicators in cases that I looked at already! Getting really bored at doing the cases and feel like I'm taking nothing in

Just can't wait to be finished at this stage!

1306

Anyone else feeling completely unprepared for this even though iv looked at all the cases?? I'm a repeat and have major fears of failing again!!

MunchieMonster

Nom-IzZ wrote: »

its been asked a few times by different peeps but no one seems to have the answer......... anyone have a copy of the 2011 Mock Audit Elective solution. Thanks

Audit Elective Mock Solution

Nom-IzZ

its been asked a few times by different peeps but no one seems to have the answer......... anyone have a copy of the 2011 Mock Audit Elective solution. Thanks

Student456

Quick question re stamp duty reliefs, am I right in saying the stamp duty relief for groups is if assets are being transfered between group members and provided the conditions are met i.e 90% ownership, no stamp duty will arise?

Then, regarding the reorganisation stamp duty relief, is it if a company is acquiring shares in another and provided certain conditions are met no stamp duty?!

Which relief would you use say if a company A & B (A owns 90% of

are in a group structure and B then transfers the further 10% of shares to A making it a 100% subsidiary? Would I be correct in saying you would use the group stamp duty relief (Sec79 SDCA 1999) not the re-organisation stamp duty relief?

Confused!!

Thanks!

netpia11

Anyone got any advice on what to focus on for this last week?? feel like i still dont know anything...

DaeryssaOne

ahtfulal wrote: »

Would anyone have a good index summary of Derry Cotter case study book? Would be helpful to have something showing key wording etc. from each case without going into too much detail.

I was after writing in a description of the relevant case under each of my IAS summary notes and then discovered the index at the back of the book yesterday which is fairly helpful!! Would have saved a couple of hours!!

ahtfulal

Would anyone have a good index summary of Derry Cotter case study book? Would be helpful to have something showing key wording etc. from each case without going into too much detail.

ABCxyz 123

Thanks for that!

Nidot wrote: »

My interpretation is BES is available to al trades which are involved in the creation of economic value not those involved in the retail of products or services, dats how i judge em.

Basic rule is any business not involved in retail of service or product qualifies for BES.

Rickyroma

Nidot wrote: »

All taxation is based on the 2010 Finance act for which BES is still valid.

Just caveat that it will cease in 2013.

lucky01

havent done any of the marketing cases or change management cases! are these good enough to set time aside to do this week?

I have gone over the marketing text in resource pack and change chapter is strategy book, hoping this will be enough to cover off on these areas! any thoughts?

Nidot

Vaioer wrote: »

On that question of BES, do we still answer question on the basis of BES being valid, even though it has been replaced by EII relief?

All taxation is based on the 2010 Finance act for which BES is still valid.

Vaioer

On that question of BES, do we still answer question on the basis of BES being valid, even though it has been replaced by EII relief?

Nidot

ABCxyz 123 wrote: »

On Motorvation Case how come sale of motor vehicles is not a qualifying trade for purposes of BES relief?

What trades are qualifying trades?

Tax manual just says must be a trading company (manufacturing but not exclusively)

My interpretation is BES is available to al trades which are involved in the creation of economic value not those involved in the retail of products or services, dats how i judge em.

Basic rule is any business not involved in retail of service or product qualifies for BES.

ABCxyz 123

On Motorvation Case how come sale of motor vehicles is not a qualifying trade for purposes of BES relief?

What trades are qualifying trades?

Tax manual just says must be a trading company (manufacturing but not exclusively)

Colts

daddydick wrote: »

Can somebody post up last years AAA mock paper please, would be much appreciated?

It's at the top of the previous page as far as I can see.

netpia11

lisa39 wrote: »

Here you go....

Thank you!

daddydick

Can somebody post up last years AAA mock paper please, would be much appreciated?

trixabello

FAEs wrote: »

Does anyone please have the Karglassco Question? I only seem to have the solution!

The question is the last case in the marketing notes in the resource pack, don't have a soft copy.

lisa39

lisa39 wrote: »

I was just going to ask for this if any body has one? Would save me having to redo mine! Had one 3/4 done and computer crashed..... hate technology!!!!

Can anyone help with this?

I am part ways through redoing one.... but it's is killing me to have to do on again!!