Pa1 Mod4

Topics: Ethics, Business ethics, Tax Pages: 22 (3116 words) Published: July 4, 2015
Course Name: Issues in Professional
Practice – PA1
Module:
4
Module Title: Case analysis approach

Lectures and handouts by:
Ronald Wong, CFP, CGA
Copyright © The Certified General Accountants Association of British Columbia. All rights reserved.

2012-13

Module 4 - Index
Part

Content

1

Module Notes: Topics 4.1 to 4.5

2

Self-test case: Mystic Exploration Ltd. (Steps 1 to 3)

3

Self-test case: Mystic Exploration Ltd. (Steps 4 to 6)

4

Self-test case: Mystic Exploration Ltd. (Steps 7 to 9)

2

Part 1 – Module Notes
Overview:
• This module builds on the case analysis process.
• Focus is on how to use the techniques to analyze
and respond to comprehensive, multi-issue cases:
– planning your response
– allocating time
– ranking and prioritizing issues
– outlining and using a matrix to track issues
– communication
– effective practice techniques
3

1

Part 1 – Module Notes
Planning your case work
Review some common techniques for planning your
case work.
• Planning is particularly important for:
– longer, more comprehensive cases
– success in the exam room

• Proper planning helps improve both effectiveness
and efficiency of case writing.

4

Part 1 – Module Notes
Allocating time:







Suggested time for a long case on the exam is
approximately 100 minutes.
Allocate 25 to 35 minutes to reading and
highlighting key points.
Under-allocating reading time can lead to
overlooking key points and issues.
Over-allocating reading time can lead to running
out of writing time.
Balance the time spent reading exhibits.
5

Part 1 – Module Notes
Find and refine your personal style:







Some people do a full skim and a full read.
Some people don’t skim and only do a detailed
read.
Some use a combination.
Critique your own approach to see how to make it
more efficient and effective at identifying and
organizing information.
Use tools to help plan your response.

6

2

Part 1 – Module Notes
Preparing an outline:



Saves time if done correctly
Four steps to outlining:
1. Highlight the requirements in the case
(explicit or implicit).
2. Highlight the key facts in the case.
3. Perform analysis and decision-making, and
make notes in outline.
4. Reorder your outline as needed to improve
flow.
7

Part 1 – Module Notes
Preparing an outline, step 1:

Required:
Write a memo explaining the key fraud risks that you
have identified, and evaluate the severity of these
risks.

8

Part 1 – Module Notes
Preparing an outline, step 1:
Required:
Write a memo explaining the key fraud risks that you
have identified, and evaluate the severity of these
risks.

Highlight this on your exam paper (using first colour)
and add to your outline.

9

3

Part 1 – Module Notes
Preparing an outline, step 1:

Key fraud risks

Severity of risks

10

Part 1 – Module Notes
Preparing an outline, step 1:

Required:
Write a memo explaining the key fraud risks that you
have identified, and recommend controls to address
these risks.
… During the year, the company issued some new
bonds. The controller is unsure whether the bonds
should be classified as debt, or as a mix of debt and
equity.
11

Part 1 – Module Notes
Preparing an outline, step 1:

Key fraud risks

Severity of risks

Classification of bonds

12

4

Part 1 – Module Notes
Preparing an outline, step 2:
… year-to-date sales are lower than in the previous
year, and senior management is anxious because
their bonuses are tied to meeting pre-determined
earnings levels ….
… XYZ’s main product line, the Widget 2000, is
shipped to a number of major distributors, who sell
the product on consignment…

13

Part 1 – Module Notes
Preparing an outline, step 2:

… year-to-date sales are lower than in the previous
year, and senior management is anxious because
their bonuses are tied to meeting pre-determined
earnings...
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