STUDY TUTOR CONFERENCE

Top tips PROFESSIONAL BUSINESS PLANNING: BUSINESS PLANNING: FINANCIAL MANAGEMENT

from tutors
LEVEL
BANKING
BUSINESS STRATEGY
ACA tutors and examiners from around  hink beyond legality, transparency,
T banking clients.
effect and fairness.
the world attended this year’s ICAEW Use given performance measures in
Partner in Learning ACA conference. written analysis, as well as
calculations made.
2016 was the biggest conference so far, Widen your scope to other ethical
with over 185 delegates attending the principles: honesty, integrity and
accountability.
two-day event. Here are the top exam Use methodical approach to
tips from the event implication of data.
BUSINESS PLANNING: TAXATION
 good, brief plan often shows in a well
A which identifies key risks affecting
worked answer.
Credit is given for applying knowledge
INSURANCE
T his is not a general banking
exam. The focus is on ICAEW
Chartered Accountants in the
banking industry or working
in audit and assurance for
I t is useful for candidates to
review the annual reports of
different banks before the
exam. In particular, the
management report located at
the beginning of the annual
report is helpful as it provides
information on the bank’s
performance, risk analysis and
strategy. It is also useful to read
the extended auditor’s report
the audit strategy.
Leave a note next to your answer
This is not a general insurance
exam. The focus is on ICAEW
Chartered Accountants who work
in the insurance industry.
Exam questions can be set
around key sectors of the
insurance industry. Questions
are likely to focus on audit
and assurance engagements,
business planning and risk
management.
It is useful to review the annual
reports of different insurance
firms. In particular, the
management report and the
extended audit report, paying
particular attention to the
auditor’s areas of concern
and responses.
if you recognise it is wrong and do
not have time to amend it.
Examiners will award follow-
through marks and these are
easier to gain if a note is written
for the examiner.
Being able to do calculations in
reverse is a good test of your
understanding.
Refer to industry averages and
show industry average
calculations whilst relating it to
the company you have mentioned
in your answer.
Make sure you explain what the
numbers mean when the question
asks you to. This demonstrates a
thorough understanding and
marks can be awarded.

ADVANCED to the facts/scenario in the question and

for demonstrating skills, such as

LEVEL drawing conclusions and providing

recommendations.

CASE STUDY
 ou must undertake your own research and analysis
Y
of the Advance Information (AI), and be able to
explain it in your own words. You won’t have time
to refer to large volumes of additional information
in the exam – you must have a thorough
understanding of the business described in the AI
before the exam.
 umber your pages correctly (1, 2, 3, etc) and use
N question. For example, if the
headings and sub-headings. Consider whether
you’re writing an internal or external report and
always use language that is appropriate for the
audience.
 thical issues may occur in any of the three
E answering a question. If you find yourself not
requirements.
 e careful about trying to predict what the
B to nil rate bands. Show the
requirements will be. This creates the risk of using
pre-prepared material which does not address the
question in the exam, particularly for Requirement 3.
 atch the time; equal marks are available for each
W
requirement so divide your time accordingly.
STRATEGIC BUSINESS MANAGEMENT
Apply professional scepticism.
 pply realism – what would you advise in the real
A
world? TAX COMPLIANCE Always read the requirement, if it AUDIT AND ASSURANCE
D
 uring the exam, all the says ‘prepare’ or ‘calculate’ then A s organisations are developing
Answer requirements in order within a question.
information you need is in the no explanation is required and no techniques to examine large
marks are available for any such volumes of data, you are expected
question doesn’t state whether an explanation given – it simply to have an understanding of data.
CORPORATE REPORTING individual is married, than you wastes time. Y ou need to be aware of the role
should assume they are single. Only prepare proformas and of the FRC, including both the
‘Why’ and ‘because’ are important words when W
 hen you are answering a workings needed for the regulation and research aspects.
question on inheritance tax, you question’s specific requirements I f a scenario has been given,
explaining ‘why’ or writing ‘because’, you may not
should show workings that relate rather than all proformas that ensure your answer explains the
be accessing the higher level marks.
you have learned for that topic requirement in the context of the
If you are asked for the key audit risks or financial starting nil rate band and the area. Tailor your answer to scenario.
reporting matter you need to select the most amount used up. the question. I n the exam, read the requirement
significant issues. So not setting out generic points Label workings, show totals and carefully to ensure you have
or procedures – only those relating to the scenario. FINANCIAL ACCOUNTING carry totals through to proforma captured everything and have
 he application of knowledge is important rather
T AND REPORTING financial statements if appropriate answered all requirements.
than copying large sections of definitions from the A
 s a guide, if there are, say, more (eg, PPE workings) – provide a
standards. Sometimes it can be helpful to identify than three figures in a working, a clear audit trail.
the accounting standard and to write out definitions, separate working should be Complete extracts or financial
but this should be done in an applied manner. produced rather than including a statements including showing
If you are asked to adjust the financial statements bracketed working on the face of correct inflows/(outflows) for a For exam resources, webinars, study articles,
past papers, mark schemes and examiners’ tips,
before performing financial statement analysis, it is the pro forma financial statement of cash flows – one-
visit icaew.com/examresources
so your analysis can tell a more interesting story. statements. sided brackets gain no marks.

16 APRIL 2016 VITAL VITAL APRIL 2016 17