The UFE Report for the 2006 test is finally available on the ICAO website. It’s been many months, since November 24th when the results came out, but it’s here!
I would link to it or provide it for download, but it’s behind the paywall that only members can access so I have a feeling I may run afoul of the Institute by offering it — and I know that people at various Institutes read my blog!
The UFE Report is fun to read because in it the Board of Evaluators talk about how disappointed they were while reading candidates’ responses. I mean they really lay into us. It’s great entertainment. Some gems:
- “In some cases candidates discussed treatment options at some length even though they were evidently not suitable in the circumstances or were clearly not allowed by the profession’s standards… [which] would be a waste of a client’s time in real life.”
- “Many candidates failed to demonstrate their understanding of the various types of risk (audit risk, inherent risk, control risk and detection risk). They would often state ‘risk is high’ without specifying which risk was high.”
- “The board was shocked and disappointed by the number of candidates who did not attempt even a single calculation on this simulation, considering that they were specifically asked to calculate the preliminary adjustments.”
Shocked and disappointed in that last one! I can’t remember whether I tried a calculation on that case, but I do remember the case and feeling like if I failed, it was because of that case. So maybe I did try a calculation.
After the listing of the grievances the Report goes through each case in detail, providing a marking key for future writers to study from.
However, I’m realizing now just how useless it is for me since I don’t have my test. It was encrypted and saved on a USB key each of the three days and we don’t get it back. I can’t remember the details of my responses, since it’s been since mid-September.
Oh well. It’s done, I passed, I’ll be a CA soon!
7 responses so far ↓
1 Edmund Murphy // May 16, 2007 at 9:30 pm
Well, I’m writing the UFE this year (if I get by the SOA first), so I’ll certainly be downloading and reading this report. I sure I hope I don’t shock or disappoint anyone this Sept.
But seriously, it is nice to be able to access previous exams along with the marking guide and marker’s comments. It reduces the stress level if you have some idea of what you are facing and what the markers are expecting of you when you go into an exam.
2 Neil // May 17, 2007 at 5:42 pm
Oh for sure! Last summer, other than Densmore cases, I wrote and studied every case from the 2003, 2004 and 2005 exams.
3 Krupo // Jun 7, 2007 at 12:51 pm
It’s funny, I was digging through your old posts to see what important news I missed on vacation. One of my UFE mentees in particular just mentioned to me today that the report is out, so I went here to doublecheck before digging through the ICAO site. Damnit, wish you had a link handy.
Ah… (found it) click on UFE Reports here… http://www.icao.on.ca/CAstudents/UniformEvaluation(UFE)/page1147.aspx
Now to dig out my ID…
4 Krupo // Jun 7, 2007 at 12:53 pm
Oh they did NOT just break the link I generously shared above by using brackets, did they? Geez. Remember to copy and paste!
I’ll be sure to include some commentary on that soon, I have a stable (manger?) of four writers to shepherd this year.
5 Some interesting accounting reading: the 2006 UFE report - A Counting School // Jun 7, 2007 at 1:11 pm
[…] one or two brilliant insights away from becoming Canada’s Gold Medalist for the year.Anyway, Neil didn’t post a direct link to the report, but I will — just go to the ICAO’s website if […]
6 Neil // Jun 8, 2007 at 11:06 am
LOL, manger of writers.
You know you can include HTML links in these comments right?
UFE Report 2006
7 Krupo // Jun 10, 2007 at 5:26 pm
I just wrote my own post instead… I’ll remember that though.
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