City Colleges ACCA Work Experience Register Qualify Faster PDF

City Colleges
Work Experience Register
City Colleges ACCA Student Support Programme
Supporting you to full ACCA membership
City Colleges - School of Professsional Accountancy, South Great Georges Street, Dublin 2, Ireland.
1850252740 acca@citycolleges.ie www.citycolleges.ie
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IMPORTANT INFORMATION
This Work Experience Register is designed to help you maintain a

record of the work that you perform to enable you to answer the ACCA
challenge questions on-line and subsequently meet the ACCA
performance objectives for future ACCA membership.
It does NOT replace the ACCA on-line challenge questions that can be
found via the ACCA website under my experience. This register of
work experience complements the ACCA on-line records.
If your employer is an ACCA approved employer via the trainee

development route, then you do NOT need to complete the ACCA
on-line challenge questions as your approved training scheme takes
these in to account.
If you are unsure as to whether your employer is approved by the ACCA

please contact the student support team here at City Colleges and we
will liaise with the ACCA on your behalf.
Contacts:
Owen OReilly, Head of School of Business & Professional Accountancy
Owen.oreilly@citycolleges.ie Tel: 01 47583386, 1850 252740
Shaun Browne, Director Professional Accountancy Programmes

Shaun.browne@citycolleges.ie
Shelley Scoulding, ACCA Student Administration Officer

Shelley.scoulding@citycolleges.ie Tel: 01 47583386, 1850 252740
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Dear City Colleges ACCA Student,
Are you ready for future ACCA Membership?
As part of our on-going student support programme here at City

Colleges, we have introduced a new FREE support package to help you
and your employer get you ready for your future ACCA membership.
This support package is particularly important because your career as a

qualified accountant, with pay rises and promotions, may not materialise
until you are accepted as a full ACCA member.
The ACCA has expressed concern that too many students leave their Practical
Experience Requirements (PER) for membership too late and as such membership
may be delayed for many candidates by several years.
Our solution to this on-going problem is to offer you a FREE programme of support
which extends far beyond your ACCA studies. Our aim is to help you with your PER
so that you qualify as soon as possible as a full ACCA member.
As part of our on-going support package we have produced our own version of a
student training record called Work Experience Register. This register is designed
to enable you to record a regular record of your day-to-day work experience that is
matched to the ACCA performance objectives and challenge questions.
By completing this user-friendly register on a regular basis you will build up a

portfolio of work experience that becomes easy to match against the ACCA
performance objectives and challenge questions and thereby enable you to go on-
line periodically to the ACCA website and type up your answers with ease.
You need to get into the routine of recording your work experience on a regular basis
(daily or weekly) and thereby keeping an up-to-date record of your work experience
without the worry of forgetting what you did over a period of time.
This regular recording will keep you on track for your future ACCA membership.
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In addition to our register of work experience, our FREE support package for you
and your employer includes:
Helping you and your employer understand the importance of working

towards your ACCA membership whilst studying for your examinations
Supporting you with the completion of your challenge questions for your
future ACCA membership
Advice to your mentor/line manager/training supervisor as the person

responsible for signing off your PER
Advice as to the best order in which to take your examinations
Advice as to how you can make the best use of the new examination sittings
Raising awareness of City Colleges FREE master-class sessions to help

perform better in examinations
Advice to your employer about becoming an ACCA approved employer
Advice and support concerning the Oxford Brooks degree
Advice and guidance about the ACCAs Professional Ethics module
Advice to your work colleagues who are considering a career in accountancy
All you have to do to register for our student support programme is to submit an
email to either myself or Owen with your name, the name of your employer and
contact details of your line manager or head of HR and well do the rest. Its as
simple as that.
Shaun Browne shaun.browne@citycolleges.ie

Owen OReilly owen.oreilly@citycolleges.ie
We look forward to supporting you and your employer to help you achieve
your future ACCA membership!
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In order to achieve your full ACCA membership over 3 years you will need to
achieve 13 of the following 20 PER Performance Objectives:
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You must be fully aware of the ethics, values and standards that apply to you
as a professional and make their application a consistent feature in all aspects
of your work. This will include taking personal responsibility for your actions
and regularly reflecting on your experiences to inform future actions and
decision making. You must both act and be seen to act ethically and with the
utmost integrity.
To perform effectively you need to:

uphold (and be seen to uphold) professional ethics, values and standards
behave with integrity and objectivity eg act independently and avoid any conflict of interest
maintain professional competence, confidentiality and due care.
Achievement of this performance objective requires consistent performance over a period of
time. Evidence of this may include validation from third parties, and may be demonstrated as
part of carrying out other activities.
Examples of relevant activities include:

keeping up to date with all codes of conduct and professional standards
providing a description of how you have dealt with situations where your professional
ethics, values or judgement were challenged
discussing with others (eg your manager) how you would deal with situations which could
arise in the future where your professional ethics, values or judgement are challenged
informing clients about the ethical standards that apply to professional activities
monitoring compliance with relevant legislation, standards and regulations and raise any
concerns with the appropriate person
identifying the person or persons within your organisation responsible for providing ethical
advice or managing compliance with relevant legislation (eg money laundering legislation).
These examples illustrate how you might demonstrate this performance objective. They are
not obligatory you may prefer to think of other ways that show how you perform effectively
in this area.
Key knowledge and understanding: Professionalism, ethics and governance

Demonstrating the application of professional values and judgement through an ethical
framework that is in the best interests of society and the profession, in adherence with
relevant professional codes, laws and regulations.
Understanding the fundamental principles contained within the ACCAs Code of Ethics and
Conduct.
Linked exam paper

Paper P1, Governance, Risk and Ethics.
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Question 1 control procedures, including petty cash
Describe an occasion on which disbursements and was going to clamp
you had to demonstrate ethical down on unauthorised or unnecessary
behaviour entertainment expenses.
Sample answer Question 2

In my current position, I am in charge what did you learn from this
of the disbursement of petty cash experience and how will
claims up to a maximum of $200. The it influence your future
correct procedure is for the employee behaviour in the workplace?
to complete the petty cash claim form
before obtaining two levels of approvals Sample answer
from their immediate supervisor and the I learnt that we should not fall back on
general manager. assumptions, no matter how usual/often
the procedure is carried out. We should
A higher-ranking colleague had coerced also ensure adherence to internal rules
me to provide him with some petty and regulations to ensure an effective
cash after getting the approval from his and optimal control system exists and is
immediate supervisor but before obtaining followed within the organisation.
clearance from the general manager.
From my colleagues perspective, he felt As an accountant, I am placed in a
that his claims would be approved by the position in which I fully understand
general manager as he was just claiming the standards, values and controls that
for normal entertainment expenses. should be in place in any respectable
organisation. Therefore, I agree to uphold
However, after some further consideration, the correct ethical standards and moral
I decided that I had to comply with the values in the daily operations of my work.
workflow and control procedures as rules,
standards and procedures are meant Question 3
to be upheld to ensure optimal internal What would have been the
control within the organisation. Besides, impact had you not behaved
I also realized that if all of my colleagues ethically in this situation?
started to expect me to bend the rules
for them, there would be no system in Sample answer
place, and this would be detrimental to If I were to behave unethically and had
the organisation. paid out the petty cash to my colleague,
I may have been highly regarded by my
Thus, I politely advised my colleague peers, but it would be detrimental to
to seek the general managers approval the general welfare of the company. I
first before the disbursement could be would have shown that rules and internal
made. My decision proved right, because controls in place are just for show and
I found out subsequently that the general thus, would have sent out a signal that
manager was very keen to review internal employees need not comply with them.
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This would lead to difficulties in managing On a personal level, this would have
employees as well as compliance with the reflected badly on me. Therefore, I am
documented workflows. glad that I had made the correct decision.
PO Job Title: Date: Q
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You will contribute to the effective governance of an organisation by providing
support and information which will enable the organisation to operate
effectively. This includes promptly providing information requested by senior
management and/or decision making bodies in your organisation. You must also
ensure that the work carried out in your own area of responsibility is in line with
your organisations policies and procedures.

provide information, at the appropriate time, required by senior management to support
decision making
implement organisational policies and procedures in your area of responsibility
ensure compliance with legal, regulatory and social requirements in your area of
responsibility.

Examples of relevant activities includes :

responding to requests for information from senior management and/or decision making
bodies
providing information on developments external to organisations eg economic,
environmental or legislative
helping to ensure that meetings in your organisation are well organised and effective.
in this area.

Defining governance and explaining its function in the effective management and control of
organisations and of the resources for
which management are accountable.
Evaluating the professional accountants role in internal control and review.
Linked exam paper

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No sample questions.

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In your work, you will take steps to identify any potential risks, including the
probability of their occurrence and the likely consequences. Dealing with
identified risks may include informing others of the risks identified and deciding
how the risk will be managed. You must be risk aware, but at the same time
not afraid to take decisions and undertake activities which involve levels of risk
which have been assessed as acceptable.
evaluate activities in your area and identify potential risks, the nature of the risks, the
probability of occurrence and consequence
communicate information on identified risks to relevant people to enable decisions and
actions to be taken in terms of accepting or treating the risks
maintain knowledge and understanding of legislative and regulatory requirements in your
area of work
consult with others when faced with complex risk issues to ensure that the right decision is
made.


performing, or contributing to, risk assessments eg risks to health and safety, risks to
achievement of work objectives etc
consulting with risk experts within your organisation
conducting full and proper client acceptance procedures
taking part in the development of a Business Continuity/IT Disaster Recovery plan.
in this area.

Explaining the role of the professional accountant in identifying and assessing risk
Assessing and evaluating the role of the professional accountant in controlling risk.
Linked exam paper

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Question 1
What experience have you had in I then carried out a financial check of the
dealing with non-financial risk? supplier and upon interpreting the results
advised my employer that I believed the
Sample answer supplier to be high risk in terms of its
I work very closely with the operations ability to finance such an contract.
director and actively participate in the
decision making process for all business
process re-engineering projects whereby Question 3
I offer constructive challenge for any How did your organisation
areas of change in the operations which I benefit from your actions?
consider to be of high risk.
Sample answer
Question 2 The business eventually awarded the
Using an experience in your contract to a more stable business. The
workplace explain how you benefits of my action was to alert my
have ensured that the risk was company to the risk it was placing itself at
correctly dealt with by entering into the outsourcing contract
with such an unreliable supplier. As the
Sample answer supplier would have been responsible for
The business was considering offering a delivering a major project, failure to deliver
major outsourcing contract to a potential for any reason would have been extremely
supplier. During the negotiations with damaging to our business and ultimately
the supplier I questioned the companys would have destroyed shareholder value.
ability to finance such a contract and was
not satisfied with the response I received.
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As a professional, you are required to demonstrate an attitude and behaviours
appropriate to the workplace. This includes organising and prioritising your
own workload and aiming to deliver work of high quality that meets agreed
objectives. You will need to work effectively with other people from both your
own, and other organisations. You must also be committed to your own learning
and development, and take action to address your identified learning and
development needs.

prioritise and plan your work to meet objectives, managing conflicting pressures and
making best use of time and resources
ensure the quality of your work always meets or exceeds agreed requirements
develop and maintain effective working relationships, being supportive to colleagues where
required
actively develop your own skills and knowledge, acting on feedback where appropriate
demonstrate a professional attitude, appropriate to the culture of the organisation in which
you work.


actively evaluate your own performance and participate in your organisations appraisal
process
identifying your own development needs and regularly review your personal development
plan
working effectively and reliably to ensure that everything for which you are personally
responsible is completed to a high standard
working effectively as part of a team, providing support for others where appropriate
working effectively on partnership/joint projects with workers in other organisations.
These examples illustrate how you might demonstrate your performance. They are not
obligatory you may prefer to think of other ways that show how you perform effectively in
this area.
Linked exam papers

All examination syllabuses test a range of personal effectiveness skills, including skills
required for managing self.
15
Question 1
What have you learned about Question 2
how you work as an individual? How have you changed your
behaviour or app roach in the
Sample answer workplace as a result of what
I participate in a performance you have learned?
management system used by my
company. Regular meetings with my line Sample answer
manager gave me the opportunity to find I have started to use time management
areas for improvement and development. I tools to improve my work and to be able
ask for difficult and challenging objectives to meet all the deadlines. I also noticed
in order to improve my skills quickly. I that I learn quickly and I started looking
discuss my progress with my manager on for more challenging and complex tasks
a regular basis. which involves the demonstration of new
I plan my work well in advance and knowledge and skills. The first fund I
always prioritise tasks. I set up my managed required a continuous valuation
personal deadlines for the specific of a portfolio invested in equities and
tasks in order to perform work quicker a small portfolio of other investments.
when needed. Regular meetings with my manager and
performance appraisals have helped me
I try to manage my time effectively by to be more involved in the valuation of
effective planning. I am focused on the funds invested in more complex financial
professional aspects of my work, ensuring instruments such as derivatives, for
that my work represents high quality of example, futures, options, warrants and
service. I ensure that clients are informed contracts for differences. I have also
about valuation progress and any delays realised the benefits of frequent and
and that they are notified about any supportive communications with our
important problems relating to their funds. clients and as a consequence have began
I ensure that I always maintain a good to have more contact with external clients,
relationship with clients and colleagues. which has improved my communication
I am always reliable, I always reply to skills. I have also helped in the training
queries on time. I am supportive, a good of junior staff. My aim is to be recognised
team player and I always try to find time as a true professional so I ensure that
to help my colleagues with the problems clients and colleagues can rely on me
they have. in many situations. I prepare daily work
plans and ensure that all outstanding
I try to find areas for improvement in my issues are resolved. I communicate
personal skills and also in my professional with clients to ensure they are satisfied
knowledge. I ask my managers and with the explanations and make them
colleagues for feedback on my skills and confident that they can contact me if
knowledge and try and respond to their they need any further assistance. I am
comments to become a more effective now more aware that it is important to
and efficient employee. look for improvements all the time and
to keep developing my skills by regular
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performance review.
Question 3 time management helps me to reply to

How has this helped improve many queries received from external and
work outputs or business internal clients on time. It builds clients
results in your area? trust and creates better relationships.
Sample answer Clients become confident as to the

Being conscious of the importance of quality of information received. Using my
time management I am able to meet professional knowledge I have helped to
deadlines, so I can work on tasks more train junior staff and explained to them
effectively. Consequently, the number of some of the fund accountancy issues
errors discovered in the fund valuations which they were not familiar with. A
have significantly reduced and I am able positive attitude in my work helps me
to complete the valuation of the high and my colleagues cope more effectively
volume transactions fund much quicker with stressful situations and to adapt
than it was achieved in the past. Better

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You will need to communicate clearly in order to work effectively with others.
This includes communicating clearly with colleagues at all levels in your
organisation and with people external to your own organisation. You must
identify and minimise any barriers to effective communication and convey
information in a way that others will understand. You may also need to check
your own understanding of information provided by others.

ensure verbal communication is clear and coherent
ensure written communication is clear, well structured and professional
listen effectively to gather information and understand other viewpoints
check that information you have provided is understood and sufficient.


chairing or actively participate in meetings
exchanging information with colleagues and/or clients to support the achievement of work
objectives
making effective use of email
compiling written reports for management or clients
delivering formal presentations to management or clients
exchanging ideas and information, within appropriate boundaries of confidentiality, to
develop supportive networks with other professionals.
These examples illustrate how you might demonstrate your performance. They are not
obligatory you may prefer to think of other ways that show how you perform effectively in
this area.
Linked exam papers

All examination syllabuses test a range of personal effectiveness skills, including
communications skills.
19
Question 1 committee. I had prepared a presentation
Describe situations where you support (slides) distributed to every
have effectively demonstrated participant, along with the written report
each of the forms of which included our conclusions. I orally
communication mentioned presented all the points.
Sample answer
First of all I believe that effective Question 2
communication at all levels is the basis of What did you do to help you
efficient and effective work. On this basis, communicate effectively?
I practise all the forms of communication
and personal effectiveness in my day to Sample answer
day work. The main tools that enabled me to
For example, for one particular client, communicate effectively were: preparation
I have performed the final audit and for the meetings: preparation of a detailed
reported conclusions to management and agenda with the points to be discussed.
the audit committee. Preparation of the main structure and
The first stage of communication was elements for the most significant points,
during the audit: I had to obtain all anticipating the remarks and questions of
information required from client staff, thus the audience.
using oral and written (e-mail) media.
The second stage was during the I provided the audience with appropriate
presentation of our conclusions to hard-copy supports and based the
management: This was made orally during presentation upon a document that
the meeting and on the basis of a written reinforces the professional aspect of our
report I had prepared. The purpose of this work which also enables people to follow
communication was to bring information the development of the meeting via a
adapted to the management level, thus written synthesis of the main issues.
emphasising the main issues without I have always provided regular feedback
detailing too much on each point. Also, we before, during, and after the meetings.
had to obtain client management feedback For example we try to agree the agenda
on our findings, because on the one with the audience before the meeting
hand we did not have all the information in order to make sure that all important
required to formulate the best conclusion, issues for both parties will be addressed.
and on the other we needed their point
of view in order to adjust our vision or During the presentation, we ask whether
conclusion. This goal was achieved in everything was clear or not, and if there
the sense that through this meeting, we were any questions. After the meeting,
reached a more accurate understanding of we enquire of the audience whether
issues and could consequently adjust our the presentation was well received by
conclusion to the benefit of all concerned. them or not, and what points were most
The last stage of communication was interesting or of least relevance to them.
during the presentation to the audit We always ask for questions at the time
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and allow a facility for people to submit The process of asking for regular
further questions in writing. feedback
Question 3 had a dual benefit. It made the client
How have your communication engage with the key issues and thus feel
skills helped you to improve respected, and also provided us with a
your performance elsewhere? great deal of relevant information to make
our conclusions more accurate.
Sample answer
The benefits from effective communication As a consequence, I now apply these
for all these meetings have been: principles in my daily tasks, to make
increased quality of my work, improved sure that the relationship with everyone
validity of my conclusions and increased (colleagues or clients) is always profitable
involvement and engagement of the client. to both parties and to our organisation and
stakeholders as a whole.

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You will use information and communications technology to improve your work
output. You must make yourself aware of the software packages used in your
workplace and make practical use of the software available to support your
own work objectives. This might include using technology to gather and present
information, calculate and interpret data, and to communicate with others.
select the appropriate software for the task, according to the needs and resources of your
organisation
access files on your computer or your organisations network
create, edit and format files
use formulae, functions and tools to manipulate, analyse and interpret data
use a search engine to find information on the Internet or Intranet
send and receive emails (using features such as address books, attachments etc)
protect software and data from security risks such as theft, viruses or unauthorised access.

using standard software packages including word processing and spreadsheet applications
using standard accounting software packages
using the Internet and other IT resources for research purposes
using standard software packages for organising and analysing data eg databases
using standard software packages for the design and/or delivery of presentations
using e-mail applications to communicate both inside and outside your organisation.
not obligatory you may prefer to think of
other ways that show how you perform effectively in this area.

Apply information systems and knowledge management to implement and support
business functions and strategic objectives.
Linked exam papers

All examination syllabuses test a range of personal effectiveness skills, including
communications skills.
23

24
You are required to effectively manage day-to-day activities in your area of
responsibility. You must ensure that you plan activities and those activities
support the achievement of your organisations objectives. You must remain
aware of potential risks which could affect your work and take action to manage
those risks. If you work in a team or department, you will allocate work to
others and monitor the progress of their work. You will monitor the satisfaction
of customers/clients/management, taking action to identify and meet their
reasonable expectations.

develop and implement operational plans for your area of responsibility, in line with your
organisations objectives
identify potential risks associated with achieving stated objectives and how these will be
managed
allocate and monitor the progress and quality of work in your area of responsibility
manage business processes in your area of responsibility
encourage innovation in your area of responsibility
recognise and effectively manage the expectations of others.

time.

developing, implementing and reviewing plans for the activities of your department
delegating work to team members
reviewing the work of others and providing feedback where appropriate
monitoring progress against agreed timetables and amending those timetables where
necessary
monitoring customer/client feedback and taking action to improving customer/client
satisfaction
in this area.

Recognise the political, economic, social, and technological context within which the
accounting function operates
Apply information systems and knowledge management to implement and support
business functions and strategic objectives.
Linked exam papers

Paper F1, Accountant in Business & Paper P3, Business Analysis.
25

26
You will constantly seek to improve departmental performance, either in your
own organisation or an external organisation (a department could be any part of
an organisation, including a team of people). You must identify and implement
changes which will improve departmental performance and monitor progress
towards desired changes. You must ensure that you involve others affected by
improvements to departmental performance, maintaining an awareness of their
views and concerns.
identify measures and systems to evaluate the performance of the department
recognise opportunities where departmental performance could be improved
make considered and sensible suggestions for improvements that have been fully
researched
ensure that any improvements made are in line with the organisations vision and
objectives
monitor the process of change and progress towards desired outcomes.

time.

developing and implementing accounting processes
monitoring business performance and setting performance measures
suggesting improvements to business processes within your department
advising managers on how performance can be made more cost effective
working with individuals on your team to improve their personal performance levels and
therefore the performance of the department.
in this area.

Evaluate, select and implement the development of appropriate strategic alternatives to
take the business from where it is to
where it needs to be
Utilise and apply management and organisational behaviour theory to promote personal
and operational effectiveness to support
and implement strategic business objectives.
Linked exam papers

Paper F1, Accountant in Business
Paper P3, Business Analysis & Paper P5, Advanced Performance Management.
27
Question 1 knowledge of the computer systems,
Describe an occasion when you etc. I devised a new work split for the
have identified an opportunity day-to-day tasks, meaning that all staff
to improve departmental members were using their newly acquired
performance skills on a regular basis.
Sample answer
There was a lack of communication within Question 3
the finance department and each person Was this opportunity fully
was very protective of their work tasks, successful, why was this? If not,
meaning that day-to-day tasks could only why not?
be performed by one individual, causing
a backlog of work and an uncomfortable Sample answer
feeling to exist within the departments This was successful. The restructuring
staff members. of the workload now means that work is
achieved more efficiently and should a
member of staff be away, the work can
Question 2 be covered by other members of staff.
How did you contribute to
developing the opportunity for Communication within the staff members
development? has also improved due to them being
able to discuss similar tasks which they
Sample answer are performing and they can now solve
I introduced a structured training problems together. The other benefit
programme for all staff members in the was that employees were less protective
finance department which involved each of their roles and tasks as they had
person training the rest of the staff on now become familiar with the roles of
their tasks. This training programme also others and had a better appreciation of
included discussion time, where we could how all the roles linked and combined
discuss the way in which tasks were being for the wider departmental and
performed and if necessary decide on organisational benefit.
a more efficient way of doing the tasks
by bringing in other peoples skills and
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29
30
You will take the lead in managing an assignment, either in your own
organisation or in an external organisation. You will develop and implement
a plan to achieve the objectives of the assignment and monitor your progress
towards its successful completion. You must adjust your plan and activities
where required and effectively communicate progress and the end results to
relevant people (in particular to any person/s who initiated the assignment).

discuss and agree the objectives and scope of the proposed assignment and the available
resources with the relevant people
develop a realistic and thorough plan for undertaking the assignment and achieving the key
objectives
select and apply a range of project management tools and techniques to monitor, control
and review progress
implement the plan to achieve the objectives of the assignment, making any changes as
required
evaluate the success of the assignment, identifying any lessons which can be learned.

managing a project or a clearly defined piece of work from beginning to end eg an external
audit assignment, an internal audit assignment, set up a budgetary system.
in this area.

Develop business process modelling and project management techniques to implement
operational plans and support business strategy.
Linked exam papers

Paper F1, Accountant in Business
Paper P3, Business Analysis.
31

32
You will prepare financial statements for external purposes in line with the
appropriate regulations, accounting standards and guidelines. This includes
obtaining relevant information and checking its completeness and accuracy.
The financial statements and other supporting information you compile must
be in an appropriate format (which may vary depending on whether you work
in the public, private or voluntary sectors).

collect complete and accurate information in order to compile financial statements
compile financial statements and accounts in line with appropriate standards and
guidelines
provide supporting information to make statements and accounts more understandable to
users.

time.

compiling financial statements and/or accounts
compiling supporting schedules/notes to accounts
compiling cover statements for bank reports
compiling statements of affairs.
in this area.
Key knowledge and understanding: Financial accounting and reporting

Recognise and apply the external legal and professional framework and regulations to
financial reporting
Record and understand financial transactions for single companies and combined entities
Prepare financial statements for single and combined entities.
Linked exam papers

Paper F3, Financial Accounting
Paper F7, Financial Reporting
Paper P2, Corporate Reporting.
33
Question 1 Sample answer
Explain your role in the I have prepared a checklist to ensure
preparation of financial that all information required had been
statements completed. The checklist includes items
Sample answer like the fixed assets schedule, accruals,
Being the accountant in a medium sized prepayments etc. The checklist also
private limited company, one of my main serves as a guideline that I had met all
duties would be closing the accounts on a requirements and completed all duties.
monthly basis. I am in charge of posting
accounts payable, receivables as well as Question 3
the general ledger. Accounts payable and How have you used supp orting
receivable will be entered from the (possibly non-financial)
subledger to the general ledger. information to make these more
Thereafter, all transactions will be easily understood by users?
reviewed again at the general ledger level
before I do any final posting to the overall Sample answer
financial statement. During board meetings, I used
graphical charts to present my
Payroll computation is also under my analysis. This includes bar charts and
scope of duties and payroll will be posted trend line analysis.
through direct bank transactions.
The use of bar charts allows the directors
Besides this, on a quarterly basis, I would to understand the service usage pattern,
present the financial position of the whereas trend analysis allows them
company to the board of directors. to understand the future trend of the
business. This type of high impact visual
Question 2 presentation, used properly, helps me
How have you ensured that make points more quickly, effectively and
the statements you have with more conviction.
prepared meet all necessary
requirements?
34
35
36
You will analyse and interpret financial transactions and financial statements in
order to arrive at valid conclusions. You must be able to explain your analysis
and justify any conclusions reached.
analyse and interpret financial data from sections of the finance function responsible for the
different business cycles
identify unusual features or significant issues within financial statements or financial data
interpret the relationships between the elements within financial statements
draw valid conclusions from the information contained within financial statements or
financial data
clearly present issues, interpretations and conclusions.

time.

analysing inventory levels, revenue figures or any other sub-ledger data
analysing and review the profitability of an organisation or department
analysing and review balance sheet accounts and working capital requirement
analysing trends within financial data
meeting with clients to present and discuss financial statements and any issues that may
arise from them.
in this area.

Analyse, evaluate and report upon the financial performance and position of single and
combined entities from externally available information.
Linked exam papers

Paper F3, Financial Accounting
Paper F7, Financial Reporting
Paper P2, Corporate Reporting.
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You will prepare financial information for management including the initial
preparation of financial information and/or remodelling using new information.
You must check the completeness and accuracy of any information obtained
and prepare financial information in an appropriate format. You will also provide
any supporting advice and/or documentation to assist management in making
use of the financial information.

collect data for the preparation of financial information to meet management requirements
investigate areas where there is doubt as to the completeness, accuracy and validity of
information
summarise and present financial information in an appropriate format for management
purposes.
time.

preparing regular management accounts
providing analysis of performance against financial key performance indicators (KPIs)
producing a cost-benefit analysis
preparing management information to assist with decision making.
in this area.

Explain the role of management accounting and performance measurement and
management
Collect, record and process management accounting information
Select and apply appropriate statistical and mathematical techniques for business decision-
making.
Linked exam papers

Paper F2, Management Accounting
Paper F5, Performance Management
Paper P5, Advanced Performance Management.
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You will actively contribute to the process of planning and producing budgets.
You will need to negotiate with others and resolve any outstanding issues in
order to agree budgets. You must clearly communicate agreed budgets to the
appropriate people and review budgets on a regular basis.

provide information to allow the creation of detailed and accurate budgets and cash flow
forecasts
understand the impact of forecasts on the wider organisation
communicate agreed budgets to those who are responsible for administering or controlling
funds
update existing budgets on a regular basis in light of new information.

time.

contributing to meetings to discuss and agree budgets
preparing budgets based on the best available information to an appropriate level of detail
amending budgets to reflect changes in circumstances
preparing forecasts and conduct sensitivity analysis to assess the potential impact of
changes to the budget
producing cash flow forecasts to project the organisations future cash position.
in this area.

Identify, describe, calculate and forecast business costs and revenues and their behaviour
Plan, monitor, and control the use of business and financial resources.
Linked exam papers

41
Question 1 balances, invoices, FX rates etc) When
Describe how you have been the
involved in budget planning budgets are sent to our fund accounting
and production department (the dept responsible for
manually inputting adjustments) the
Sample answer entries (eg journal adjustments, new
I am involved in budget planning and accruals) must all be checked by myself
production by creating new budgets and then reviewed by a colleague (senior,
for new clients and new budgets for supervisor or manager). These analysis
subsidiaries of existing clients. I gather checks are tracked on a log and monitored
the information by communicating with by management.
the client and sometimes potential
creditors and also by making comparisons
with other subsidiaries of a similar size Question 3
or nature. I would prepare a budget What would be the impact
showing the anticipated costs/accruals on your department or
for each expense (eg printing, legal, audit organisation if the budgets
expenses etc). The budget would then be you supp lied were not
reviewed by my manager/supervisor and properly prepared?
implemented subject to the approval of
the client. I would also undertake regular Sample answer
reviews and comparisons approximately As the subsidiaries for which I prepare
every 23 months. budgets are investment portfolios, any
changes I make to the expenses can
ultimately effect the share price known as
Question 2 the NAV (total assets less total liabilities
Explain, having developed the divided by the number of shares). If the
budget, how you have made sure budgets and reviews are not conducted
that it has been implemented accurately, large over or under accruals
correctly may occur or adjustments may be
processed incorrectly. If the errors are
Sample answer significant or even material, shareholders
All budgets prepared by myself must may have to be compensated. Such
be reviewed by either the manager or errors reflect badly on my departments
a supervisor in my department. I must performance and on the organisation.
present this to them accompanied by Recurring errors or errors with a high
any documents/sources of information impact could cause clients to leave. In
I have used in its production (trial addition the compensation payments will
often have to be paid by my firm, reducing
our shareholder value.
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You will monitor and control budgets these may be budgets produced by
others, or those you were involved in producing. This will include monitoring
and control of revenue, costs, cash, working capital and capital assets. You
will detect and analyse variations between budgets and actual figures and
communicate your findings clearly to the appropriate people.

identify and record actual revenue and costs on a timely basis
compare actual figures with budget and identify and explain any differences
ensure that forecasts are reviewed regularly to provide accurate management information
summarise and report to management on the analysis of budgets.

time.

preparing regular variance analysis reports
giving explanations and making recommendations based on variance analysis
incorporating significant variances in future budget planning.

Plan, monitor, and control the use of business and financial resources
Analyse, evaluate and report on the financial performance and position of entities from
internally available data and information.
Linked exam papers

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You will evaluate potential business or investment opportunities, appraising
the costs, benefits and any associated risks, including a consideration of any
external factors (eg economic or political developments) which may affect your
recommendations. You will also explore the options available for raising any
necessary finance and support managers to understand the various options.

review and monitor the effective employment of non-current assets within the organisation
research any business/investment opportunities
evaluate the risks and potential returns associated with business/investment opportunities
and make recommendations based on this evaluation
investigate the finance options available and analyse the costs and benefits of each option
discuss options with managers and support them to choose the most appropriate options.

time.

performing cost-benefit analysis of potential investments
identifying the advantages and constraints of potential corporate action (eg buyout, merger,
takeover)
appraising different potential capital investment opportunities
discussing the risks and potential returns associated with business/investment
opportunities
researching and appraising available sources of finance
assessing the value for money of investments.
in this area.

Describe, develop and evaluate the strategic and operational financial management
objectives of an organisation within the context of a formal system of corporate governance
Value companies, financial instruments and securities, using appropriate economic and
mathematical techniques
Apply efficient financial management techniques to the acquisition and management of
short, medium and long-term corporate finance to meet the investment requirements of
single and combined entities in domestic and multi-national business markets.
Linked exam papers

Paper F9, Financial Management
Paper P4, Advanced Financial Management.
47
Question 1 entailed calculating the net cash flow
Outline your experience in this area for each of the years of each project and
discounting this by the companys cost
Sample answer of capital. I also determined which of the
During my time as a management projects, if any, were most profitable or
accountant I have had numerous dealings yielded the highest NPV. In circumstances
with making investment decisions. At where I had to compare multiple projects
the request of the client, I have been in I would advise on which project should
a position whereby I have had to attend be undertaken in order to maximise
meetings regarding potential changes shareholder value.
to the current service. As a result of the Another example is shown by
meeting the proposed profitability of attending meetings regarding a change
the change would be calculated. This is to the current service we provide to
known as budget revision. If the adjusted our client. This requires calculating the
return was above the companys cost of proposed new profitability level after
capital and met the various non-financial the change to the current service. Then
measures it would be approved from I need to consider any non-financial
a finance perspective by myself, thus implications of modifying the service at
allowing the work to go ahead. the request of the client and if everybody
I have also had to calculate the is happy I authorise the changes from a
profitability of all new investment finance perspective.
opportunities. This often means comparing
multiple investment opportunities to find Question 3
the most profitable, whilst not sacrificing How has research you
the non-financial implications. have done been integrated
into a recommendation for
Question 2 management?
What have you done to
fully analyse investment Sample answer
opportunities? My research into a projects feasibility
generally comes directly from the project
Sample answer managers who would be dealing with the
In a previous role I was given the proposed change. During the meeting
responsibility of calculating the net they will highlight the advantages and
present value (NPV) of any projects disadvantages of implementing the
which materialised. This entailed me change
compiling a picture of any revenue and at the request of the client. Once all of the
costs associated with undertaking a advantages and disadvantages have been
particular activity. Often I would need to addressed, a conclusion is reached as to
make comparisons between a number whether the change is feasible or not. If
of different investment opportunities. All we determine the change to be viable,
of these opportunities could be used for both financially and non-financially, then
the project, however, each would attract the proposed change is sanctioned by
different levels of revenue and incur myself from a finance perspective which
different levels of cost. Therefore, this means it can be implemented.
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You will manage cash using active cash management and treasury systems.
Your management of cash will seek to optimise returns and minimise charges,
within an acceptable level of risk.

understand and apply finance knowledge to optimise returns for cash held on deposit
where appropriate, manage cash on a centralised basis to both maximise returns and
minimise charges
minimise risk by ensuring that deposits are appropriately spread
ensure that any financial instruments held to meet liabilities mature on a timely basis
minimise charges associated with both short-term and long-term finance options.

time.

pooling cash from various sources to place on deposit
setting up an overseas deposit to meet a future overseas liability
setting up and using sweep accounts to maximise cash available at any given time
negotiating overdrafts or other short-term sources of finance
exploring the availability and cost of long-term sources of finance to offset persistent or
long-term deficits.
in this area.

Recognise, manage and control financial risk, using relevant tools, techniques and
instruments.
Linked exam papers

Paper F9, Financial Management
Paper P4, Advanced Financial Management.
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52
You will prepare for, and collect evidence for statutory audits, internal reviews
or investigations. You will need to understand the nature of the clients
organisation, its areas of operation and the industry in which it operates.
You must thoroughly plan your approach to this work and ensure that your
recommendations are based on sufficient and appropriate evidence. You must
keep accurate records and communicate effectively in order to resolve issues
and queries arising during the audit.

understand the clients business objectives, personnel and the industry in which they
operate
identify key risk areas and understand how management seeks to mitigate these risks
plan your approach based on your understanding of risks and management approach to
them
test and evaluate the adequacy of the client systems
plan and conduct work in order to obtain sufficient and appropriate audit evidence
record and evaluate further information provided by the client where previously there was
insufficient evidence
ensure that all work undertaken is complete and accurate and queries are dealt with as
fully as possible
test and evaluate evidence and draw conclusions.

preparing and reviewing audit programmes
conducting or attending audit planning meetings with both client and audit staff
collecting and analysing information about the organisation and its trading position
documenting and reviewing the clients systems (accounting, reporting etc)
preparing working papers that document and evaluate audit tests
discussing and resolving issues arising during the audit with appropriate members of client
staff
planning and conducting substantive tests
planning and conducting tests of control procedures and activities.

Implement efficient and effective audit assignments and other audit and assurance based
services for clients
Describe the audit regulatory and legal framework and identify other professional and
ethical considerations and constraints in auditing, assurance and practice management
Explain the overall role and process of internal audit, review and control.
Linked exam papers

Paper F8, Audit and Assurance
Paper P7, Advanced Audit and Assurance.
53
Question 1 Question 2
Describe your role and the With workplace illustrations,
experience you have had in how have you found that
relation to audits ineffective planning undermines
the quality of audit work?
Sample answer
My current role is auditor technician in Sample answer
the internal audit department in local It is extremely important to be well
government. organised and to have completed an
appropriate level of research prior to
The key objective of the role is to assist in completion of the actual test programme.
carrying out a continuous internal audit of
local government activities, in accordance Failure to effectively plan may lead to the
with a planned schedule of audit cover. following issues arising:
Prior to this position, I worked as an Insufficient test coverage the test
auditor in the provider financial assurance sample will be determined from the risk
team at a non-governmental organisation. assessment which forms part of the
This involved undertaking financial planning process. Failure to address all
reviews of subcontractors largely within risk factors may lead to an insufficient
the education sector. level of coverage for substantive testing.
Without effective planning, the auditor is
My main responsibility is to carry out unable to understand the nature of the
system based and regularity audits of the programme being tested. Not only does
local government systems, financial and this look unprofessional to the client, but
other with little or no supervision. the client may be less likely to take the
I lead a small team and am responsible for findings seriously. The weaknesses may
supervising a member of staff in carrying then not be addressed.
out more specialised and complex audits.
I monitor and co-ordinate the work of Question 3
the team and prepare written reports From your audit work, how have
of work carried out, detailing audit you been able to contribute to
findings, opinions and recommendations improved business performance?
where appropriate.
Sample answer
I liaise with service managers and senior I have identified weaknesses and made
staff in communicating the audit approach appropriate recommendations taking
and discuss with them the outcome of the into account the nature and scope of
audits and agreeing actions. the business and resources available
I represent the internal audit at in order to add value to each business,
inter-service meetings and other working without creating unnecessary bureaucracy
groups, as and when required. and minimising the risk of future errors
occurring. All my recommendations have
been accepted by the clients.
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You will evaluate and report on statutory audits, internal reviews or investigations.
You will clarify and resolve any outstanding issues or inconsistencies and
produce a formal written report.

review the completed audit work, considering the significance of any errors or mis-
statements
investigate inconsistencies or areas of concern arising from audit work
draft a report in accordance with current relevant standards, legislation, regulations and
any terms of engagement
ensure the audit files accurately document the opinion, together with any relevant
discussions before the report is signed
or issued.

time.

completing analytical reviews of financial statements and the information on which they are
based (in the context of statutory
audits, internal reviews or investigations)
discussing any issues contributing to the final report with management
drafting written reports
presenting reports to management.
in this area.

Evaluate, report and conclude upon findings obtained from both the internal and external
audit and assurance review process
Describe the audit regulatory and legal framework and identify other professional and
ethical considerations and constraints in
auditing, assurance and practice management
Explain the overall role and process of internal audit, review and control.
Linked exam papers

Paper F8, Audit and Assurance
Paper P7, Advanced Audit and Assurance.
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58
You will compute taxes payable for individuals or organisations in line with
current tax legislation. This can apply to all forms of tax including (where
relevant) company taxes, income taxes, payroll taxes and sales taxes.

be aware of potential tax liabilities and their implications in the light of existing information
collect the necessary data to make accurate estimates and calculations of tax payable
ensure that calculations and returns conform to current legal requirements
keep up to date with changing legal requirements.

time.

preparing computations of revenue taxes for individuals
preparing computations of capital taxes
preparing computations of taxes for incorporated businesses
reporting to the tax authorities on payroll taxes
reporting to the relevant authorities on sales taxes
communicating with the tax authorities on issues arising from the submission of tax
correspondence.
in this area.

Compute direct and indirect tax liabilities of individuals, individual companies, and groups
of companies
Calculate capital taxes for individuals, individual companies, and groups of companies on
the accretion of and transfer of assets.
Linked exam papers

Paper F6, Taxation
Paper P6, Advanced Taxation.
59
Question 1 from the accounting tool and externally
Outline your experience in evaluating which I prepare myself) that help me to
and computing taxes payable analyse and classify the data I provide
in the tax return.
Sample answer In order to keep up-to-date with the
I am in charge of preparing and legal requirements in the area of
submitting monthly VAT declarations for taxation, I have subscribed to some
four companies, including the company fiscal newsletters. Together with my
I work for, operating under the Belgian colleagues from the accounting and fiscal
fiscal regime, as well as three companies departments, we also make use of
operating under the French rules. external consultants if necessary.
I also take part in the preparation of the

annual tax return of the company I work Question 3
for. Moreover, starting next year, I will How have you ensured that your
be preparing the tax returns of the three information is made best use of
French sister companies. by the organisation?
I am in charge of the calculation and Sample answer

provisions concerning the withholding tax First and foremost, I need to ensure the
payable by our customers on the royalties smooth operations of my company, i.e.
due to my company. make sure that the tax returns I am in
Finally, together with my colleagues charge of are submitted accurately and to
from the fiscal department, I have been the appropriate deadlines. They also need
working on some computations to be prepared in conformity with current
concerning personal income taxes due by legal requirements. For that purpose, I
our expatriate employees. re-run my computations and consult with
the fiscal department. I also make sure we
are up-to-date with changes in taxation
Question 2 regulations, eg recently I have participated
How have you ensured that the in the introduction of a Web-based
information you have used is tax return tool replacing the previous
complete? paper-based declarations.
In the area of withholding tax payable by
Sample answer our customers all over the world, I need
All the tax returns I prepare (including to keep in touch with my correspondents
the VAT declarations) are based on in the countries concerned, in order to
accounting data. Providing that accounting calculate and, if necessary, update our
data is also my responsibility. Therefore, provisions concerning the withholding
my primary obligation is to run a proper tax payable. I need to communicate this
accounting system that is complete information to the tax and accounting
and in-line with the international and departments and keep them up-to-date
local accounting standards. I also use so that they can prepare their provisions
some spreadsheets (both extracted based on that information.
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You will assist with tax planning for individuals and companies in line with
current tax legislation. This can apply to all forms of tax including (where
relevant) company taxes, income taxes, payroll taxes and sales taxes.
provide information about tax liabilities and payments (verbally and/or in writing)
discuss any changes or developments which may have tax implications
forecast future tax payable and the cashflow effects
support clients/management to ensure the best possible future tax position
be aware of the potential impact of all taxes (both direct and indirect).
time.

informing clients or management of their tax liabilities and any issues arising
providing reminders of due dates for submission of tax returns/payment of tax liabilities
reviewing the implication of changes in tax rates for individuals or companies
evaluating the tax implications for the future plans of individuals or companies.

Plan and advise upon the efficient management and minimisation of tax liabilities for
individuals, individual companies, and
groups of companies relating to income and capital.
Linked exam papers

Paper F6, Taxation
Paper P6, Advanced Taxation.
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Achievement of this performance objective requires consistent performance over a period of

Examples of relevant activities includes :

Key knowledge and understanding: Professionalism, ethics and governance

Linked exam paper

Work Experience Register

Achievement of this performance objective requires consistent performance over a period of

Examples of relevant activities include:

Key knowledge and understanding: Professionalism, ethics and governance

Linked exam paper

To perform effectively you need to:

Achievement of this performance objective requires consistent performance over a period of

Examples of relevant activities include:

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Question 3 time management helps me to reply to

Sample answer Clients become confident as to the

Work Experience Register

To perform effectively you need to:

Achievement of this performance objective requires consistent performance over a period of

Examples of relevant activities include:

Linked exam papers

Work Experience Register

Examples of relevant activities include:

Key knowledge and understanding: Professionalism, ethics and governance

Linked exam papers

Work Experience Register

To perform effectively you need to:

Achievement of this performance objective requires consistent performance over a period of

Examples of relevant activities include:

Key knowledge and understanding: Professionalism, ethics and governance

Linked exam papers

Work Experience Register

Achievement of this performance objective requires consistent performance over a period of

Examples of relevant activities include:

Key knowledge and understanding: Professionalism, ethics and governance

Linked exam papers