Professional Learning Systems Australia in Baulkham Hills, New South Wales | Education

Professional Learning Systems Australia

Locality: Baulkham Hills, New South Wales

Phone: +61 2 8824 3971

Address: PO Box 7744 2153 Baulkham Hills, NSW, Australia

Website: http://www.plsaustralia.com.au

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22.01.2022 MAAF 220 Candidates It is my understanding that results are being released today. I trust success will be forthcoming but if not just remember that there will always be times in life when things don't go exactly as planned so whilst disappointment will be experienced try to treat it as a learning experience.... This is especially so if MAAF 220 was your first module where the experience of doing a CA exam can prove somewhat distressing for a number of candidates and impacts on their performance. Easier said than done I know! Also remember should you happen to stumble I'm more than happy to have a chat about moving the process forward, just give me a call on 0412 169 803. Feel free to contact me over the weekend should you wish. I have one or two things on so if I don't answer just leave a message and I will call back. I would also just note that should you or a friend not get over the line but are thinking of doing the Supplementary Exam we will be offering our Supplementary Exam Assistance (SEA) Program to assist. This program is based on the completion and submission of answers to questions that I have provided which I then mark and provide feedback on exam technique and structure. If you need more information email [email protected]. All the best!! Graeme

20.01.2022 TAX 320 Candidates As we have now moved past the third online assessment candidates need to do a quick check of where they are at and what they still need to cover moving forward. This is of particular importance as I suspect that if you are like a majority of candidates that you may be a bit behind on where you would like or should be especially with only four (4) weekends left!... To that end I would imagine most candidates are somewhere around Unit 12 and tax consolidations considering that is where the third online assessment was up to. As such from an overview perspective: - Unit 13 is a unit with good marks generating across a range of topics on taxation of financial transactions; - Unit 14 on international taxation is a favoured exam area as either stand alone questions or integrated into other questions; - Unit 15 on tax planning and anti avoidance has had the occasional question; - Unit 16 should allow candidates to bring a number of areas of knowledge together especially in completing a tax reconciliation from accounting profit to taxable income. The idea at this stage is to work out those areas that you may be lacking based on preparation to date and then consider the coverage still to go and attempt to arrive at a plan of action so that as you come to the final study week the focus is on applying knowledge and limiting the amount of first time learning that you are doing. Further, from an administrative level, for those candidates that have signed up the for online version of the one (1) day EAC course you will receive communication this afternoon about access.

20.01.2022 AAA 320 Candidates Another week down and just a reminder that we need to remember that we have Online Assessment 3 this weekend to deal with. With respect to Unit 10 the primary focus is audit reports and audit opinions with reference to ISA 700, ISA 701, ISA 705 and ISA 706.... Candidates will find that these Standards may be viewed as: - ISA 700 .... content of an audit report; - ISA 701 .... key audit matters - ISA 705 .... modified opinions; - ISA 706 .... emphasis of matter and other matter paragraphs. Questions in this area typically relate to what form of opinion would be issued or what procedures would you perform, what action would you take with respect to a specified scenario and then assuming no adjustment will be made what opinion would you issue and of late there has been an increasing focus on implications for audit reports of specified scenarios. The AAA 120, AAA 219, 318, AAA 118 and AAA 217 exams have all had components of Question 3 related to this Unit and a candidates understanding of opinions and audit reports. We would also note when considering opinions the options are: - unmodified; - qualified; - adverse; - disclaimer. With the three (3) modified opinions be aware that qualified is used in those instances when the item is material but not pervasive whilst adverse and disclaimer are used in those instances when material and pervasive. All we mean by pervasive is that the financial statements as a whole are misleading or of little use to the users. We would also ensure with Unit 10 that we engage with the coverage on ISA 570 "Going Concern" and the implications surrounding material uncertainty and whether the material uncertainty has been adequately disclosed. Candidates should also appreciate that this is about the third Unit that going concern has been referenced so we need to ensure that should we see a going concern that we reflect on which area of our studies that are actually examining ie: - indicators; - mitigating factors and evidence gathering; - finalisation and reporting. I might also note that in the current environment a going concern question would not surprise. Enjoy your weekend!

18.01.2022 AAA 320 Candidates I just wanted to let those candidates undertaking the AAA 320 module know that I will be doing my posts again on thoughts of the week, what to watch with the Institutes coverage, areas of interest etc. I'm looking forward to assisting you with your studies for the module and hopefully you will find the posts I do of interest and assistance.... With respect to the Week 1 coverage candidates will find that the initial couple of units are fundamentally setting the scene for later units. Certainly for auditors the coverage in the first couple of units should be of secondary nature. On the other hand if I'm a non-auditor I'm ensuring that I am spending the time here to build my knowledge on say ISA 200 on the objective of an audit, the different types of audit engagements and the like. Certainly in the context of ISA 200 it touches on the logic of professional scepticism and professional judgement, it defines audit risk and introduces the concept of sufficient appropriate audit evidence amongst other points. These are all key elements of understanding that candidates come across in later units but with an expectation by the Institute that you have a base knowledge. But I do make the point auditors should be more than comfortable on these points. The non-auditor on the other hand may just like to stop and work the coverage through in a little more detail. Having said that you would not expect to see major marks in this area so initial engagement, build an understanding and then look to move on From an administrative level I just wanted to let those who have ordered a package that contains the Distance Learning On-line and / or CA Support On-line services that at this stage we have the Knowledge Manual available on the Distance Learning On-line service and the Examiner Manual on both of the Distance Learning On-line and CA Support On-line services. I trust you will find these services of assistance with your studies. Keep in mind the idea with the Knowledge Manual is that you would not necessarily be trying to read it all but you would look to access the coverage when there is material in the Institutes coverage that you are having trouble understanding. Alternatively if you are trying to read the Audit Standards but are finding this process difficult to engage with I have provided my analysis of the required understanding through this service. The Examiner Manual by contrast is more question orientated so if you have worked through the Institutes coverage on a topic and then want to see if you can apply this is the service you would access. All the best with your studies!

18.01.2022 TAX 320 Candidates Something different this week with a early morning Saturday morning post to get the weekend started. This week I thought I would comment on Unit 13. I appreciate that based on the Institutes timeline that this Unit should have been addressed last week but in the current environment I wouldn't be surprised to see candidates dropping a bit behind on their study.... With Unit 13 this looks at the coverage on areas such as debt v equity rules, foreign exchange gains and losses and lease transactions. With the debt v equity rules ensure that you appreciate the representation that in applying the tests you work on: - pass debt test then debt; - pass equity test then equity; - pass both debt and equity then debt. Note the mistake some candidates make is that they will start with the equity test and if passed they will go no further whereas the actual expectation is that if pass equity you need to check whether the debt test is passed as well for a correct determination. Also if you are required to identify income tax implications candidates are good at saying debt therefore interest expense is deductible when calculating taxable income but not as strong going equity so therefore dividend which is non-deductible for tax purposes but would need to be considered as to any impact on the franking account. I would also reference to the lease transaction coverage and note all the coverage around lease termination payments, lease incentives, lease documentation expenses etc. The other primary point of knowledge is that with lease payments these are deductible under Section 8-1 so don't go looking for a specific reference but appreciate that in a tax reconciliation question the interest expense and depreciation expense that would have been recorded for accounting is added back as non-deductible. As for the forex gain / loss area make sure you are comfortable applying the foreign current translation rules, calculating the the gain or loss and determining the applicable forex realisation event. I like FRE 2 and FRE 4 in particular which relate to imports and exports as these would allow a question to be linked to GST from an integration of knowledge perspective.

17.01.2022 FIN 220 Candidates It is my understanding that results are being released today. I trust success will be forthcoming but if not just remember that there will always be times in life when things don't go exactly as planned so whilst disappointment will be experienced try to treat it as a learning experience.... This is especially so if FIN 220 was your first module where the experience of doing a CA exam can prove somewhat distressing for a number of candidates and impacts on their performance. Easier said than done I know! Also remember should you happen to stumble I'm more than happy to have a chat about moving the process forward, just give me a call on 0412 169 803. Feel free to contact me over the weekend should you wish. I have one or two things on so if I don't answer just leave a message and I will call back. I would also just note that should you or a friend not get over the line but are thinking of doing the Supplementary Exam we will be offering our Supplementary Exam Assistance (SEA) Program to assist. This program is based on the completion and submission of answers to questions that I have provided which I then mark and provide feedback on exam technique and structure. If you need more information email [email protected]. All the best!! Graeme

17.01.2022 MAAF 220 Candidates Down to the final stretch and I thought I would just remind candidates that there have been KPI / Balanced Scorecard questions in every exam between 2009 and MAAF 319 with the exception of MAAF 216 and MAAF 218. Central to the notion of the KPI's is the application of the SMART criteria. Keep in mind the SMART criteria simply means that the KPI developed must be:...Continue reading

17.01.2022 TAX 221 Candidates The last day of Autumn and by the time Spring rolls around we will have completed the TAX module and will just be awaiting results! I'm looking forward to joining candidates with their studies for the TAX module and I wanted to let those who have ordered a package that contains the Distance Learning On-line and / or CA Support On-line services that you should have received an email earlier today advising of how to access the services so just make sure you ...take the opportunity to register yourself using the guidance provided. At this stage we have the Knowledge Manual available on the Distance Learning On-line service and the Examiner Manual on both of the Distance Learning On-line and CA Support On-line services. I trust you will find these services of assistance with your studies. Keep in mind the idea with the Knowledge Manual is that you would not necessarily be trying to read it all but you would look to access the coverage when there is material in the Institutes coverage that you are having trouble understanding. Alternatively if you are trying to read the Tax legislation but are finding this process difficult to engage with I have provided my analysis of the required understanding through this service. The Examiner Manual by contrast is more question orientated so if you have worked through the Institutes coverage on a topic and then want to see if you can apply this is the service you would access. Having said all that just ensure you understand that the module historically is very front heavy in examination so just make sure you commence your study earlier rather than later! So let's get started shall we ...

14.01.2022 TAX 120 Candidates This week candidates should have been reflecting on their learning across FBT. GST and Income tax implications from Units 1, 2 and 3. This is a constant theme with the Institute where candidates engage with a number of Units over a two (2) week period and then take a week to reflect / integrate learning.... With the FBT area make sure you are comfortable in applying the numerous formulas in calculating taxable value. We would also ensure that we watch with questions whether the question has been asked as a taxable value or FBT payable. This is especially so with online assessment questions where both answers will be presented and the correct read of the question asked may determine whether a correct answer is provided. From an exam perspective the TAX 120 Question 2 Part B was asked at taxable value whereas TAX 219 Question 2 Part A was asked at a FBT payable level. In turn TAX 318 was asked at a FBT payable level but this was different to TAX 118 and TAX 217 which were asked as taxable value. Note the constant change in focus which is why the read of the question is key. The TAX 120 Question 1 Part A together with the TAX 219, 318, 118 and 117 questions are all very good examples of how the Institute of late have been presenting a number of items and then requiring candidates to apply knowledge with respect to FBT, GST and income tax implications. From an exam perspective this is how I would consider the Institute may look to continue to examine this area. In the short term however the focus is on the first online assessment this weekend so make sure you free up some time to undertake this process keeping in mind the objective with the online assessments is to achieve fifteen (15) marks over the three (3) assessments so that you achieve ten (10) out of twenty (20) meaning that you are left with only having to achieve the forty (40) out of eighty (80) come the exam to achieve a pass. Enjoy the weekend!

13.01.2022 MAAF 220 Candidates I have mentioned previously in my posts that candidates historically have been cautioned in being generic when responding in MAAF exams and that my concern is that we are heading back there again. Having spent the weekend marking mock exams for MAAF in between answering enquiries for FIN I would highlight that my concern may be well placed.... The number of times that I wrote on feedback about being more specific to the background facts was far more than I would have liked. Understand that a generic answer is one where it would be equally applicable to an alternate set of facts. This can be simply avoided by referencing the entity, product etc. in the background facts. I would also suggest that candidates pay attention to the task words in a question. I used "outline" as a task word in the exam and the number of candidates who answered with an "identify" response was concerning. This is particularly so when past Institute feedback has been very pointed on Institute expectations on task words in MAAF exams so I would imagine that this may be a specific point of interest when the answers are being marked this time around especially in an online environment where the inclination to "copy and paste" may be heightened. I would also remind candidates that if two (2) task words are used eg. identify and explain then it is wise to use a table or at least split as distinct points as a number of candidates were writing block paragraphs which limited the ability to generate marks as in a number of instances only one (1) task word was adequately addressed. Seven (7) sleeps to go!

13.01.2022 TAX 320 Candidates As we come up to the end of the second week candidates will find that the Institute's timeline has them engaging with Unit 2 and Unit 3. Unit 2 looks at GST whilst Unit 3 looks at FBT.... Both areas are consistently examined by the Institute with of late a favoured style of question is for the Institute to provide a series of scenarios / items and then candidates have to provide responses with respect to: - FBT implications; - GST implications - income tax implications. Examples include the TAX 120 Question 2 Part A which was worth nine (9) marks and the TAX 219 Question 2 Part A which was worth thirteen (13) marks. As candidates work their way through the GST coverage I would certainly recommend that attention be given to the GST implications on imports and exports. With imports the key is to appreciate that GST can be claimed on imports provided conditions such as the importation being a taxable importation are met. From the perspective of exports appreciate that they are GST-free but the key is to look to apply the sixty (60) day rule. The other reason that I highlight both is the possibility of building in income tax implications from the foreign exchange angle which candidates will see as we get to the International Tax unit. Further with imports it is possible that the trading stock provisions regarding "on hand" and Section 70-15 could be easily integrated and examined. This integration has been done by the Institute previously but has been a little lacking of late which is the primary reason I would have a bit of look at this area. For those with access to the Lectures via Pod-cast service they will find that we have available the coverage for Units 1 to 3 which also encompasses the pod-casts for FBT and GST. Candidates will also find that for those candidates with access to the CA Support On-line service we have the Critical File Creators and Knowledge Testers for Units 1 to 3 available, The Critical File Creators are Word documents which allow candidates to construct their own summary notes should they wish whilst the Knowledge Testers are multiple choice questions which allow candidates to make a quick interpretation of if they understand the base coverage. Enjoy your weekend!

13.01.2022 MAAF 220 Candidates As I continue with my be specific theme I would also ensure that i am comfortable with Institute language and logic. A point I have made to several candidates when answering technical questions via the helpline service we offer over the last couple of days is that they need to tighten up on their interpretation of Institute language in particular.... For instance if I use the phrases: - types of capital; - types of working capital; - types of equity finance; - types of long-term debt finance can you specifically reference to how the Institute uses this language. Types of capital for instance are presented as: - fixed capital; - growth capital; - working capital. You will find these referenced to by the Institute on page 11-4 of the Institutes Candidates Study Guide (CSG) with fixed and growth capital being looked at in Unit 15. By contrast types of working capital are referenced to in the Institutes CSG on page 11-6 and are represented as: - permanent or core working capital; - variable or temporary working capital. Similarly the coverage on types of equity finance commences page 15-4 whilst the types of long-term debt finance coverage commences page 15-11. Be very aware the Institute has been pedantic in past exams on how they use phrasing and how they would expect a candidate to respond should they see this wording in the exam so it is probably best to ensure you have engaged with their language.

10.01.2022 TAX 320 Candidates Two (2) weeks into September and the Semester 2 core modules are examined and the Semester 3 TAX module has commenced! I'm looking forward to joining candidates with their studies for the TAX module and I wanted to let those who have ordered a package that contains the Distance Learning On-line and / or CA Support On-line services that you should have received an email earlier in the week advising of how to access the services so just make sure you take the... opportunity to register yourself using the guidance provided. At this stage we have the Knowledge Manual available on the Distance Learning On-line service and the Examiner Manual on both of the Distance Learning On-line and CA Support On-line services. I trust you will find these services of assistance with your studies. Keep in mind the idea with the Knowledge Manual is that you would not necessarily be trying to read it all but you would look to access the coverage when there is material in the Institutes coverage that you are having trouble understanding. Alternatively if you are trying to read the Tax legislation but are finding this process difficult to engage with I have provided my analysis of the required understanding through this service. The Examiner Manual by contrast is more question orientated so if you have worked through the Institutes coverage on a topic and then want to see if you can apply this is the service you would access. Similarly for those joining me for the one (1) hour Knowledge Build webinars I trust you found last nights session of assistance in understanding the level at which you need to engage with Institute material. You should have received an email this morning regarding the recording of the session. Having said all that just ensure you understand that the module historically is very front heavy in examination so whilst I appreciate the difficulty with starting study, especially if we have just completed exams for Semester 2, just make sure you are thinking about putting a plan in play to maximise your learning! So let's get started shall we ...

09.01.2022 MAAF 220 Candidates Just wanted to wish everyone all the best for the exam tomorrow. Keep in mind a couple of simple principles as you work your way through the paper:... - think on average 2 minutes per 1 mark so that if you are seeing a four (4) mark question you should think that you have eight (8) minutes to complete; - for any 1 Mark qualitative question I would suggest that most Institute model answers are approximately 2 lines maybe 3 in length so don't go typing essays; - for analysis questions think one (1) mark per analysis point; - use point form and tables at every opportunity .... you are trying to make it as easy as possible for the marker to give you the marks so think about your formatting eg if it is identify and explain for two (2) items I would probably automatically run it through a table format. As a minimum with your formatting make sure you represent different components to a response for the different task words to assist the marker; - watch the task words being utilised ie have they purely asked for identify or identify and explain .... if it just identify don't waste your time explaining and if it is identify and explain then make sure you have an explanation to maximise your marks. Similarly make sure you engage with the different expectations for describe, outline, discuss etc as I suspect the Institute will be pedantic on marking against the task words used; - don't quote slabs out of the CSG as candidates have been criticised for doing in the past. With MAAF papers where there are lots of smaller mark questions they tend to be a broad paper with specific knowledge expectations. As such your exam technique will be key! I would also just suggest that whilst I know it is not easy don't be surprised if you come across a component or part of the question in the exam that you haven't had time to review in detail or you hadn't expected to see phrased the way it is. From my experience there are just so many ways that questions in MAAF can be expressed so don't be surprised if you see a question that you don't understand in total what the Institute are after so accept that this can occur and rather than stressing about it in the exam work on the balance of the exam using the logic that good exam technique on those areas upon which you do understand the expectations and have built knowledge through your preparation will hold you in good stead. All the best!! Graeme

08.01.2022 MAAF 220 Candidates As candidates progress with their preparation make sure you are finding some time to sit and do calculation questions under time constraint. The more I talk to candidates this week and answer technical enquiries I am becoming increasingly concerned that candidates may be missing the Institutes expectations of what candidates will need to be able to calculate within time constraints.... For instance if you were to consider Question 3 Part A(a) from the MAAF 319 exam this is a six (6) mark product profitability question involving activity based costing. Six (6) marks would be around thirteen (13) minutes to fourteen (14) minutes. Have you attempted this question as yet and could you put all the calculations together in the timeframe. I will admit it continually astounds me the number of times post a MAAF exam that candidates will comment to me on the depth of calculation and how it is unexpected. The only reason I could see it is unexpected is either they didn't engage with past exams in preparing or they didn't test themselves under time constraint to see if the time is manageable when undertaking calculation questions. Another question in the MAAF 319 exam was the smaller three (3) mark enterprise valuation question at Question 4 Part B(b). This should have taken you no longer than seven (7) minutes so how were you with that timeframe. You might also like to note in answering these questions whether you found identifying the information straight-forward or not because arguably in the exam the pressure only mounts so if you are having trouble finding the variables I can't see that being easier in the exam. On this point have a look at the MAAF 319 Question 2 Part B(a) because in assisting candidates in preparing for the MAAF 319 Supplementary this was one that candidates identified as being difficult to identify the numbers they needed or the approach to take. Alternatively how were you with the MAAF 319 Question 4 Part C(a) EOQ question. This should have taken twelve (12) minutes approximately plus some reading time on the basis that it is worth five (5) marks. I come back again to the idea that what candidates can be caught with in the exam for MAAF is the time it takes to do the calculation questions so we start to run overtime as we try to find the variables we need and so we therefore tend to under think the qualitative questions and answer generically. Don't get me wrong I think the exam will be more qualitative in nature as has been their nature of late but I would acknowledge that calculations will be in play and you need to consider your ability to undertake at speed especially in an online environment.

06.01.2022 AAA 320 Candidates Saturday morning and as we have moved past our on-line assessments candidates should be starting to think in terms of planning their run-in into the exam. I would be doing a quick stocktake this morning of where you are at and assess the procedures you intend to put in place over the remaining time you have available to ensure that you build a reasonable level of assurance of success. ...Continue reading

04.01.2022 TAX 320 Candidates This week I thought we might move to consider Unit 14 where reference is to international tax from the perspective of the: - resident in receipt of foreign source income;... - foreign resident in receipt of Australian source income; - anti-avoidance provisions. With respect to the resident in receipt of foreign source income candidates need to be aware that the Institute have always enjoyed examining Section 23AH and Section 768-5. Section 768-5 applies to foreign equity distributions where the entity owns greater than or equal to 10% in the overseas entity whilst Section 23AH applies to foreign branch income. Simplistically, under both, the income is non assessable non exempt but only when the recipient is a company. As such be aware that the Institute freely uses the term foreign branch income for instance for trusts and individuals in particular so just ensure you only state that it is non assessable non exempt income when derived by a company. In all other instances the income would be seen as assessable income. I might also note that new rules apply from 1 January 2019 apply to foreign branch income and foreign equity distributions so you will find reference to not foreign hybrid mismatch income or deductions not claimed by the payer in which case if that language exists the Section 23AH and Section 768-5 non assessable non exempt logic would still apply. Candidates should also build an awareness that from the perspective of residents in receipt of foreign income: - gross foreign income is assessable; - taxpayer receives an offset for the foreign tax paid when calculating tax payable through the foreign income tax offset (FITO). With respect to being assessed on gross foreign income candidates will just need to watch whether the facts are being presented net or gross of foreign tax. Naturally if presented: - net .... need to add foreign tax; - gross .... no adjustment required. From the perspective of calculating the FITO candidates will find it is examined as part of performing a tax payable calculation. Arguably three (3) or four (4) marks are available as candidates will need to work through a stepped process of: - FITO lower of foreign tax paid and Australian tax payable on foreign income; - Australian tax payable on foreign income is the higher of $1,000 and actual; - actual is the difference between tax on taxable income and tax on Australian source income. As a result a FITO limit cap is often examined so it is a process that I would ensure that I understand.

03.01.2022 TAX 221 Candidates As candidates move into their first weekend of study I trust you have engaged with the Institute's Module Plan and that the recommended timing for Week 1 is fourteen (14) hours. Simplistically if you have done nothing to date then you should be spending fourteen (14) hours this weekend on Unit 1.... That of course is probably not something that is going to occur as most of you have a life. So whilst fourteen (14) hours is stretching it I do suggest that candidates need to appreciate that adequate attention should be given to Unit 1 moving forward as to me this Unit is pivotal to a candidates passing or failing this module. Whilst the Unit goes under the heading of Australian Tax Fundamentals it actually takes candidates through the issues of: - residency and source; - assessable income; - allowable deductions; and - trading stock. It also looks at State Taxes, PAYG, and Administration. If we focus on the initial grouping of areas identified candidates will find that as they come to later units they will come to taxation of companies or taxation of partnerships etc. The catch is that any number of questions have been asked over the years as calculate the taxable income of company X or partnership ABC or individual A for instance. The ability to calculate the taxable income is premised on understanding the assessable income, allowable deductions and trading stock and by the time candidates get to the later units it is assumed by the Institute that you have detailed knowledge across these areas. As a result there is no additional coverage on why the amounts are assessable or deductible or the trading stock implications for that matter because it is expected that you know it from this first unit. As a result just make sure you don't get left behind in these early weeks and then feel like you are chasing past coverage to try to understand later questions. In fact if you want to understand the end goal have a glance at Activity 16.1. Whilst I don't expect you to be able to answer it at this time it probably surprises candidates how many of the issues they should be able to cover once they completed the first unit. Enjoy the weekend!

03.01.2022 FIN 220 Candidates Just wanted to wish everyone all the best for the exam tomorrow. Keep in mind a couple of simple principles as you work your way through the paper:... - think on average 2 minutes per 1 mark so that if you are seeing a two (2) mark question you should think that you have four (4) minutes to complete. This is especially so given the couple of smaller mark questions that you are seeing across some of the questions this time around; - with the twelve (12) mark question in Question 3 Part A this should have approx. 24 minutes allocated to it so just make sure you don't let Part A soak up the time you should be allocating to Part B; - ensure you answer the question asked especially in terms of journal entries and time frame ie is the question journal entries for the year ended 30 June 2020 or are they asking for journals as at 30 June 2020; - with quantitative questions confirm whether you are preparing journal entries or calculating carrying values ie. if the question is carrying values they don't want journal entries; - watch your timeline in a question considering the Institute have commented on how candidates were poor on this in recent exams; - watch for the introductory paragraph at the start of the exam that workings are expected in which case marks will be allocated to the workings; - you only need to quote references when responding if specifically requested; - don't quote slabs out of Standards or CSG as candidates have been criticised for doing in the past and which I can see becoming even a bigger issue with an online exam environemnt; - understand if you see a question that looks like a Worked Example or Activity that it is likely to have subtle changes to stop you just copying the response and changing numbers. As such use the Worked Example / Activity as a base but consider the changes. I would also just suggest that whilst I know it is not easy don't be surprised if you come across a component or part of the question in the exam that you haven't had time to review in detail. From my experience there is just so much to cover in FIN that even the best efforts can leave a gap or two so accept the shortcoming rather than stressing about it in the exam and work on the balance of the exam using the logic that good exam technique on those areas upon which you did get coverage on in the lead up to the exam will hold you in good stead. All the best!! Graeme

01.01.2022 AAA 320 Candidates Over the course of last week candidates keeping to the Institute's timeline should have been engaging with Unit 3 based on risk assessment. The Institute's recommended timing is ten (10) hours which is a reasonable assessment on my part of the time commitment required considering the depth of examination that this Unit experiences.... The Unit should be considered in concert with Unit 4 which is based on the controls employed by an entity. The two (2) keys to Unit 3 in my opinion that candidates should understand having looked at Unit 3 are the ability to identify and explain risks at the various levels represented along with the ability to identify and explain assertions at risk. As you reflect on the learning in this area we would recommend that candidates: - observe how the Institute use a multitude of terms around risk including audit risk, significant risk, risk of material misstatement, inherent risk etc. so understanding how they are represented may be key to understanding what is actually being asked when answering questions; - consider how the risk of material misstatement can be sub-grouped at the inherent risk (Unit 3) and control risk (Unit 4) level; - understand the assertions applied by the Institute are those in ISA 315 (Revised). Note in particular the "Light bulb box" on page 3-22 of the Candidate Study Guide on this point. With respect to inherent risk and control risk candidates should remember from Unit 1 seeing the concept of audit risk and its component parts ie: - risk of material misstatement .... comprising inherent risk (IR) and control risk (CR); - detection risk (DR). Simplistically the notion of audit risk can be reflected as: AR = IR x CR x DR From building their understanding of an entity across Unit 3 and 4 the auditor will assess the IR and CR which naturally impacts the DR which then leads to the procedures to be employed. It is for this reason that a number of the questions can lead to procedures to be employed so make sure you build a solid base of application at this stage to aide your learning in Units 6 and 7. Enjoy your weekend!

01.01.2022 MAAF 121 Candidates Just wanted to wish everyone all the best for the exam tomorrow. Keep in mind a couple of simple principles as you work your way through the paper:... - think on average 2 minutes per 1 mark so that if you are seeing a four (4) mark question you should think that you have eight (8) minutes to complete; - for any 1 Mark qualitative question I would suggest that most Institute model answers are approximately 2 lines maybe 3 in length so don't go typing essays; - for analysis questions think one (1) mark per analysis point; - use point form and tables at every opportunity .... you are trying to make it as easy as possible for the marker to give you the marks so think about your formatting eg if it is identify and explain for two (2) items I would probably automatically run it through a table format. As a minimum with your formatting make sure you represent different components to a response for the different task words to assist the marker; - watch the task words being utilised ie have they purely asked for identify or identify and explain .... if it is just identify don't waste your time explaining and if it is identify and explain then make sure you have an explanation to maximise your marks. Similarly make sure you engage with the different expectations for describe, outline, discuss etc as I suspect the Institute will be pedantic on marking against the task words used; - don't quote slabs out of the CSG as candidates have been criticised for doing in the past. With MAAF papers where there are lots of smaller mark questions like this one is represented to be they tend to be a broad paper with specific knowledge expectations. As such your exam technique will be key! I would also just suggest that whilst I know it is not easy don't be surprised if you come across a component or part of the question in the exam that you haven't had time to review in detail or you hadn't expected to see phrased the way it is. From my experience there are just so many ways that questions in MAAF can be expressed so don't be surprised if you see a question that you don't understand in total what the Institute are after so accept that this can occur and rather than stressing about it in the exam work on the balance of the exam using the logic that good exam technique on those areas upon which you do understand the expectations and have built knowledge through your preparation will hold you in good stead. All the best!! Graeme

01.01.2022 FIN 121 Candidates It is my understanding that results are being released today. I trust success will be forthcoming but if not just remember that there will always be times in life when things don't go exactly as planned so whilst disappointment will be experienced try to treat it as a learning experience.... This is especially so if FIN 121 was your first module where the experience of doing a CA exam can prove somewhat distressing for a number of candidates and impacts on their performance. Easier said than done I know! Also remember should you happen to stumble I'm more than happy to have a chat about moving the process forward, just give me a call or text 0412 169 803. Feel free to contact me over the weekend should you wish. I have one or two things on so if I don't answer just leave a message and I will call back. I would also just note that should you or a friend not get over the line but are thinking of doing the Supplementary Exam we will be offering various options for assistance including our Supplementary Exam Assistance Program, purchase of CA Study Assistance services and 1-2-1 Tuition either virtually or in our office at Norwest, Sydney. If you need more information email [email protected]. All the best!! Graeme

01.01.2022 MAAF 121 Candidates It is my understanding that results are being released today. MAAF is always a difficult module to know if you have given the Institute the answer they want due to it's subjective nature but I trust success will be forthcoming.... The other issue with MAAF I find for some candidates is that the nature of the module can have you feeling that it is an easier module until you are sitting looking at the exam and finally appreciating the Institute's depth of expectation. Just remember that should you happen to stumble I'm more than happy to have a chat about moving the process forward, just give me a call or text 0412 169 803. Feel free to contact me over the weekend should you wish. I have some tuition on for FIN so if I don't answer just leave a message and I will call back. I would also just note that should you or a friend not get over the line but are thinking of doing the Supplementary Exam we will be offering various options for assistance including our Supplementary Exam Assistance Program, purchase of CA Study Assistance services and 1-2-1 Tuition either virtually or in our office at Norwest, Sydney. If you need more information email [email protected]. All the best!! Graeme