本文发表在 rolia.net 枫下论坛Did one more case last night. It is a 60-minute case. Please feel free to drop me some lines if you have any suggestions or experiences to share with me!!
1) For PMR section, I identified 3 accounting issues - rev rec of services, capitalization of website developments and RP disclosure. Nailed on this section.
To save my time typing all the criteria, I quickly copied and pasted from the handbook the criteria first, then typed relevant case facts " this criterion has been met due to the fact xxxxx". At the end, I concluded, "based on the analysis above, xxx should be recognized/ capitalized/disclosed.... ". And mention whether adjustment is needed or not, if yes, what's the impact on FS and some of management's concerns.
2) Audit issues: based on case facts, audit planning has started, therefore, I only talked about risks associated with the 3 PMR issues identified and specific procedures designed for specific assertions. As I did not have enough time to start a new section, I kind of listed risks and procedures right after my discussion on PMR issues.
I checked the solutions, which did talk about planning, factors for risk increase/decrease, adjustment to planning materiality and a few other obvious risk areas (e.g. inventory). So I missed a big component on assurance section this time:(
3) Internal controls - I only had time to talk about 3 issues in the format of WIR. I find that not typing down the key case facts when doing the outline is slowing me down when I start writing the case, coz I could not find the key case facts I need immediately. Might be due to the time pressure, my mind did not function as it usually does. It almost went blank when I struggled to find my key case facts. If I had 5 more minutes, I could have finished another 2 issues. It might be safe to get a C to talk about 5 issues, with implications and recommendations. I am way too slow on this section.
Overall, time management is an issue. And I need to find the right approach to do planning and outline that works for me. I am struggling to locate and extract key case facts because my outline is not detailed enough. If I do a very detailed outline, I will run out of time to write the case. Need to keep practicing and find the right balance....更多精彩文章及讨论，请光临枫下论坛 rolia.net
1) For PMR section, I identified 3 accounting issues - rev rec of services, capitalization of website developments and RP disclosure. Nailed on this section.
To save my time typing all the criteria, I quickly copied and pasted from the handbook the criteria first, then typed relevant case facts " this criterion has been met due to the fact xxxxx". At the end, I concluded, "based on the analysis above, xxx should be recognized/ capitalized/disclosed.... ". And mention whether adjustment is needed or not, if yes, what's the impact on FS and some of management's concerns.
2) Audit issues: based on case facts, audit planning has started, therefore, I only talked about risks associated with the 3 PMR issues identified and specific procedures designed for specific assertions. As I did not have enough time to start a new section, I kind of listed risks and procedures right after my discussion on PMR issues.
I checked the solutions, which did talk about planning, factors for risk increase/decrease, adjustment to planning materiality and a few other obvious risk areas (e.g. inventory). So I missed a big component on assurance section this time:(
3) Internal controls - I only had time to talk about 3 issues in the format of WIR. I find that not typing down the key case facts when doing the outline is slowing me down when I start writing the case, coz I could not find the key case facts I need immediately. Might be due to the time pressure, my mind did not function as it usually does. It almost went blank when I struggled to find my key case facts. If I had 5 more minutes, I could have finished another 2 issues. It might be safe to get a C to talk about 5 issues, with implications and recommendations. I am way too slow on this section.
Overall, time management is an issue. And I need to find the right approach to do planning and outline that works for me. I am struggling to locate and extract key case facts because my outline is not detailed enough. If I do a very detailed outline, I will run out of time to write the case. Need to keep practicing and find the right balance....更多精彩文章及讨论，请光临枫下论坛 rolia.net