UFE Report is out… Finally!

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!