FAE Audit Elective 2014

acastudent · 18-11-2014 06:21PM

ucd man wrote: »

Just I didn't see any sign of Sean Murray around RDS after exam, and I hung around for a while.

Lol , thank you for putting smile on my face

ucd man · 19-11-2014 02:28PM

FAE14 wrote: »

Its defo A.U.P - But I'm praying they accept Limited assurance as basically I'm in a bad place otherwise.

So now that that's confirmed (or is it??), whats the opinion on the audit opinion on Sim 2?

I went with disclaimer of opinion, due to multiple uncertainties. Would love some sort of peace of mind, for the next 36hours!!

FAE14 · 19-11-2014 02:58PM

ucd man wrote: »

So now that that's confirmed (or is it??), whats the opinion on the audit opinion on Sim 2?

I went with disclaimer of opinion, due to multiple uncertainties. Would love some sort of peace of mind, for the next 36hours!!

Went with the same.

Soap_Soup · 19-11-2014 03:31PM

The audit elective really shouldn't be this uncertain. Based on the subject matter (audit), it should be so much more black and white than the Core.

The fact that we still can't get consensus on the indicators shows how badly written that exam was IMO.

I know some people will be thinking 'Give over, it's over and done with now'. But continuing to accept ****e is not helping us, or future students.

Macker655 · 19-11-2014 03:34PM

ucd man wrote: »

So now that that's confirmed (or is it??), whats the opinion on the audit opinion on Sim 2?

I went with disclaimer of opinion, due to multiple uncertainties. Would love some sort of peace of mind, for the next 36hours!!

I think the audit opinion is wide open based on what you perceived the issues to be in the earlier indicators in Sim 2. I have heard of all different variations including limitation of scope and Emphasis of matter over Going concern.

ucd man · 19-11-2014 05:00PM

I don't know if it is comforting or worrying, that if I sat the exam again today, with full knowledge of what was coming up, I don't know if my script would be substantially better than what I handed up in September...

FAEfirsttimer · 19-11-2014 06:00PM

ucd man wrote: »

I don't know if it is comforting or worrying, that if I sat the exam again today, with full knowledge of what was coming up, I don't know if my script would be substantially better than what I handed up in September...

I thought this myself recently. That is what makes me nervous about these results as the structure and content of our solution will probably change depending on the day of the week or mood etc. Whereas, if you done Cap 2 you apporach the exam the same, as you have set questions which you either know or not..

The ability to go off on the wrong track is scary as it gives that doubt about whether you approached things correctly

ucd man · 20-11-2014 12:16PM

So what do we reckon, 9 indicators:

4 competents and 3 reaching competent be enough to get over the line??

Macker655 · 20-11-2014 12:23PM

ucd man wrote: »

So what do we reckon, 9 indicators:

4 competents and 3 reaching competent be enough to get over the line??

I heard the first round corrections on the papers were dismal and the solution had to be amended....could just be a housewives tale though, so not sure what impact that will have on the overall sufficiency requirement.

Do you think there is room to get NC in some of the indicators? This exam has caused more worry than anything else!

ucd man · 20-11-2014 12:29PM

Macker655 wrote: »

I heard the first round corrections on the papers were dismal and the solution had to be amended....could just be a housewives tale though, so not sure what impact that will have on the overall sufficiency requirement.

Do you think there is room to get NC in some of the indicators? This exam has caused more worry than anything else!

Well both Sean Murray and Paul Monaghan have stated in the past that it is possible to miss a whole indicator and still pass the exam i.e. one can not fail on one indicator alone.

Whether you could get away with 2 NCs is probably dependant on quality of your other indicators I'd imagine, but would hope is not impossible.

Also, this houseswives tale you heard, I'm assuming this came from some of the correctors in the firms?

I know correctors from the past 2 years, and they have said guidance is given to mark mocks paper harder than the real thing, if that means anything! Unfortunately, these same people are not correcting this year

Macker655 · 20-11-2014 12:52PM

ucd man wrote: »

Well both Sean Murray and Paul Monaghan have stated in the past that it is possible to miss a whole indicator and still pass the exam i.e. one can not fail on one indicator alone.

Whether you could get away with 2 NCs is probably dependant on quality of your other indicators I'd imagine, but would hope is not impossible.

Also, this houseswives tale you heard, I'm assuming this came from some of the correctors in the firms?

I know correctors from the past 2 years, and they have said guidance is given to mark mocks paper harder than the real thing, if that means anything! Unfortunately, these same people are not correcting this year

Typically the mocks are designed to be harder, but in this scenario they are so much easier, having passed the mock it doesn't provide any extra comfort for tomorrow.

I think the group sim was so confusing for everyone, hopefully if you gave some sort of reasonable answer that will suffice.

Soap_Soup · 20-11-2014 01:13PM

Macker655 wrote: »

I heard the first round corrections on the papers were dismal and the solution had to be amended....could just be a housewives tale though, so not sure what impact that will have on the overall sufficiency requirement.

Do you think there is room to get NC in some of the indicators? This exam has caused more worry than anything else!

That's very depressing to hear. If they hammered the majority/standard I've got 0% chance.

If the audit elective has a low pass rate I'll reach new levels of furiousness. Would be typical of the institute though.

"God very few have answered what we have on the mark scheme here".

"Reckon it's because of the stupidly unclear paper we wrote?"

"Nah, this year's class are clearly just less competent and more lazy - fail 'em".

Chris Partlow · 20-11-2014 10:33PM

Best of luck tomorrow people. Hopefully the hard work has paid off and we'll never be in this situation again!

Chris Partlow · 21-11-2014 08:00AM

Ah well, off to ACCA I go...

20 Times 20 Times · 21-11-2014 09:58AM

54% PASS RATE !!!!

EDudder · 21-11-2014 11:24AM

Absolute ****ing *****.

That's people's futures they couldn't give a **** about.

Chris Partlow · 21-11-2014 11:31AM

Does anyone have any idea if passing the core but failing the elective counts for any ACCA exemptions? Or do I still have to do all 5 final exams.

Got through to some fella in England who didn't even know who CAI were!

EDudder · 21-11-2014 11:36AM

Could you let us know when you find out?

I genuinely can't give another 12 months to something that has a 50% pass rate. They're too unreliable.

SJay · 21-11-2014 01:24PM

I've been trying to find that out also but it doesn't seem to say anywhere on the website. If you find out can you let us know please?! I think CPA give exemptions for core

Whoisin thehouse · 21-11-2014 01:44PM

I cannot post link as a new member but put go to the below

portal.accaglobal.com/accrweb/faces/page/public/accreditations/enquiry/main/EnqProgrammesTable.jspx?_afPfm=wb16c1zi8

or give the guys at CGS a call, they also lecture on the ACCA courses

Whoisin thehouse · 21-11-2014 01:45PM

I cannot post a link as a new member but go to the below

portal.accaglobal.com/accrweb/faces/page/public/accreditations/enquiry/main/EnqProgrammesTable.jspx?_afPfm=wb16c1zi8

or give the guys at CGS a call, they also lecture on the ACCA courses

20 Times 20 Times · 21-11-2014 04:24PM

anyone able to find out what exemptions the core gives you for ACCA

Chris Partlow · 21-11-2014 05:14PM

On the ACCA website and from the people I've spoken to who switched, you only get exemptions for CAP 1 and CAP 2. These exemptions bring you up to the FAE equivalent of ACCA.

The people I know who have switched from CAI to ACCA are people who failed the core anyway, so they can't tell me for sure if passing FAE core counts for any exemption.

The guy I rang on the Dublin number on the website was English and couldn't help me at all.

So I'm not sure at the moment but not looking good.

Just to compound my misery, a girl at work also told me that there are 5 ACCA exams but they only let you sit a max of 4 in each sitting. Sittings in June and December. So earliest you'd be qualified is whenever the results of the Dec '15 exams come out...

Soap_Soup · 21-11-2014 05:24PM

I got decile 6, sufficiency 2.

Last year I got decile 7, sufficiency 1.

So my performance improved in comparison to the population, but I'm definitely further from passing. Great.

Soap_Soup · 21-11-2014 09:42PM

Finally got into the board report. It's a ridiculous read.

"All points noted in the solution were picked up by different candidates indicating that they were all readily identifiable but most candidates chose to only discuss one or two of them before moving on. Those who did this obviously scored less well than those who went on to identify a number of the issues."

So the mark scheme answer was covered off by the combined answers of 850 students. But they still went ahead and thought that was a reasonable answer to use as the benchmark.

They also complain that people shouldn't use lists etc.and instead should focus on the facts of the case. An answer for SIM 2 then proceeds to recommend we set materiality for an audit that's nearly complete!!! Beggars belief. And a number of the points are recommendations that we communicate materiality to the component auditor...that we ask them to undertake risk assessment procedures etc etc - They had already reported to us! That's the height of an "irrelevant list" answer. Can you imagine picking up an engagement from someone - receiving the component sign off, and then saying to the partner "should we send them materiality?". Think it would be safe to assume that had already been done. BADLY WRITTEN QUESTION!

Then another answer:

RC - "The candidate identifies some of the control issues"
C - "The candidate identifies a reasonable number of the control issues"
HC - "The candidate identifies a good number of the control issues"

Some? Reasonable number? Good number? The professionalism and detail here is outstanding.

donnem33 · 23-11-2014 10:16PM

For those of us who failed, are you considering switching electives or are you thinking of giving the audit elective one more go?

20 Times 20 Times · 24-11-2014 06:36AM

donnem33 wrote: »

For those of us who failed, are you considering switching electives or are you thinking of giving the audit elective one more go?

Strongly thinking of changing but massive element of fear of going into the unknown!

Chris Partlow · 24-11-2014 09:38AM

donnem33 wrote: »

For those of us who failed, are you considering switching electives or are you thinking of giving the audit elective one more go?

I'm switching. This is my second time repeating only the elective. From my experience no matter how much work you put in, it all comes down to how you react to the paper on the day. There's no pay off between the result and how much work you've done. And that's the most infuriating thing for me. How can people pass both Core and Elective when I've only been studying for the elective? Especially when I've passed the mock, passed a paper I sent away to get corrected and had all the past/sample papers done. I can't do all that again in 2015 only to have a paper like the one we got this year.

ACCA seems a lot fairer, with a consistent pass rate and you don't have to put your whole life on hold... You know, like a regular exam! They've got percentages and actual questions and everything! (And it's closed book, which, as far as I'm concerned, is definitely a good thing.)

I know I've got 1 exam left and I'm so close and all that, and that's disappointing... but part of me is glad I'll never be doing a chartered exam again!

Soap_Soup · 24-11-2014 10:09AM

Chris Partlow wrote: »

I'm switching. This is my second time repeating only the elective. From my experience no matter how much work you put in, it all comes down to how you react to the paper on the day. There's no pay off between the result and how much work you've done. And that's the most infuriating thing for me. How can people pass both Core and Elective when I've only been studying for the elective? Especially when I've passed the mock, passed a paper I sent away to get corrected and had all the past/sample papers done. I can't do all that again in 2015 only to have a paper like the one we got this year.

ACCA seems a lot fairer, with a consistent pass rate and you don't have to put your whole life on hold... You know, like a regular exam! They've got percentages and actual questions and everything! (And it's closed book, which, as far as I'm concerned, is definitely a good thing.)

I know I've got 1 exam left and I'm so close and all that, and that's disappointing... but part of me is glad I'll never be doing a chartered exam again!

I couldn't agree more with that.

It's the most depressing thing ever at the minute. A year ago I was fine with resitting the elective - I was 100% confident I'd pass it when just doing it alone. Now a year later (after that paper) I have no confidence in passing it, no matter how much work I put in.

FAE Audit Elective 2014

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