City Colleges - ACCA Work Experience Register - Qualify Faster · The ACCA has expressed concern...

City Colleges - School of Professsional Accountancy, South Great Georges Street, Dublin 2, Ireland.

1850252740 [email protected] www.citycolleges.ie

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City Colleges Work Experience Register

City Colleges ACCA Student Support Programme

Supporting you to full ACCA membership



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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

[email protected] Tel: 01 47583386, 1850 252740

Shaun Browne, Director Professional Accountancy Programmes

[email protected]

Shelley Scoulding, ACCA Student Administration Officer

[email protected] 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 [email protected]

Owen OReilly [email protected]

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 Describe an occasion on which you had to demonstrate ethical behaviour Sample answer In my current position, I am in charge of the disbursement of petty cash claims up to a maximum of $200. The correct procedure is for the employee to complete the petty cash claim form before obtaining two levels of approvals from their immediate supervisor and the general manager. A higher-ranking colleague had coerced me to provide him with some petty cash after getting the approval from his immediate supervisor but before obtaining clearance from the general manager. From my colleagues perspective, he felt that his claims would be approved by the general manager as he was just claiming for normal entertainment expenses. However, after some further consideration, I decided that I had to comply with the workflow and control procedures as rules, standards and procedures are meant to be upheld to ensure optimal internal control within the organisation. Besides, I also realized that if all of my colleagues started to expect me to bend the rules for them, there would be no system in place, and this would be detrimental to the organisation. Thus, I politely advised my colleague to seek the general managers approval first before the disbursement could be made. My decision proved right, because I found out subsequently that the general manager was very keen to review internal

control procedures, including petty cash disbursements and was going to clamp down on unauthorised or unnecessary entertainment expenses. Question 2 what did you learn from this experience and how will it influence your future behaviour in the workplace? Sample answer I learnt that we should not fall back on assumptions, no matter how usual/often the procedure is carried out. We should also ensure adherence to internal rules and regulations to ensure an effective and optimal control system exists and is followed within the organisation. As an accountant, I am placed in a position in which I fully understand the standards, values and controls that should be in place in any respectable organisation. Therefore, I agree to uphold the correct ethical standards and moral values in the daily operations of my work. Question 3 What would have been the impact had you not behaved ethically in this situation? Sample answer If I were to behave unethically and had paid out the petty cash to my colleague, I may have been highly regarded by my peers, but it would be detrimental to the general welfare of the company. I would have shown that rules and internal controls in place are just for show and thus, would have sent out a signal that employees need not comply with them.



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This would lead to difficulties in managing employees as well as compliance with the documented workflows.

On a personal level, this would have reflected badly on me. Therefore, I am glad that I had made the correct decision.

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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. To perform effectively you need to: 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. 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 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. 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 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 Paper P1, Governance, Risk and Ethics.



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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.

To perform effectively you need to: 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. 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: 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. 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 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 Paper P1, Governance, Risk and Ethics.



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Question 1 What experience have you had in dealing with non-financial risk? Sample answer I work very closely with the operations director and actively participate in the decision making process for all business process re-engineering projects whereby I offer constructive challenge for any areas of change in the operations which I consider to be of high risk. Question 2 Using an experience in your workplace explain how you have ensured that the risk was correctly dealt with Sample answer The business was considering offering a major outsourcing contract to a potential supplier. During the negotiations with the supplier I questioned the companys ability to finance such a contract and was not satisfied with the response I received.

I then carried out a financial check of the supplier and upon interpreting the results advised my employer that I believed the supplier to be high risk in terms of its ability to finance such an contract. Question 3 How did your organisation benefit from your actions? Sample answer The business eventually awarded the contract to a more stable business. The benefits of my action was to alert my company to the risk it was placing itself at by entering into the outsourcing contract with such an unreliable supplier. As the supplier would have been responsible for delivering a major project, failure to deliver for any reason would have been extremely damaging to our business and ultimately would have destroyed shareholder value.



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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. To perform effectively you need to: 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. 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: 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

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Question 1 What have you learned about how you work as an individual? Sample answer I participate in a performance management system used by my company. Regular meetings with my line manager gave me the opportunity to find areas for improvement and development. I ask for difficult and challenging objectives in order to improve my skills quickly. I discuss my progress with my manager on a regular basis. I plan my work well in advance and always prioritise tasks. I set up my personal deadlines for the specific tasks in order to perform work quicker when needed. I try to manage my time effectively by effective planning. I am focused on the professional aspects of my work, ensuring that my work represents high quality of service. I ensure that clients are informed about valuation progress and any delays and that they are notified about any important problems relating to their funds. I ensure that I always maintain a good relationship with clients and colleagues. I am always reliable, I always reply to queries on time. I am supportive, a good team player and I always try to find time to help my colleagues with the problems they have. I try to find areas for improvement in my personal skills and also in my professional knowledge. I ask my managers and colleagues for feedback on my skills and knowledge and try and respond to their comments to become a more effective and efficient employee.

Question 2 How have you changed your behaviour or app roach in the workplace as a result of what you have learned? Sample answer I have started to use time management tools to improve my work and to be able to meet all the deadlines. I also noticed that I learn quickly and I started looking for more challenging and complex tasks which involves the demonstration of new knowledge and skills. The first fund I managed required a continuous valuation of a portfolio invested in equities and a small portfolio of other investments. Regular meetings with my manager and performance appraisals have helped me to be more involved in the valuation of funds invested in more complex financial instruments such as derivatives, for example, futures, options, warrants and contracts for differences. I have also realised the benefits of frequent and supportive communications with our clients and as a consequence have began to have more contact with external clients, which has improved my communication skills. I have also helped in the training of junior staff. My aim is to be recognised as a true professional so I ensure that clients and colleagues can rely on me in many situations. I prepare daily work plans and ensure that all outstanding issues are resolved. I communicate with clients to ensure they are satisfied with the explanations and make them confident that they can contact me if they need any further assistance. I am now more aware that it is important to look for improvements all the time and to keep developing my skills by regular



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performance review.

Question 3 How has this helped improve work outputs or business results in your area? Sample answer Being conscious of the importance of time management I am able to meet deadlines, so I can work on tasks more effectively. Consequently, the number of errors discovered in the fund valuations have significantly reduced and I am able to complete the valuation of the high volume transactions fund much quicker than it was achieved in the past. Better

time management helps me to reply to many queries received from external and internal clients on time. It builds clients trust and creates better relationships. Clients become confident as to the quality of information received. Using my professional knowledge I have helped to train junior staff and explained to them some of the fund accountancy issues which they were not familiar with. A positive attitude in my work helps me and my colleagues cope more effectively with stressful situations and to adapt

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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. To perform effectively you need to: 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. 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: 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.



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Question 1 Describe situations where you have effectively demonstrated each of the forms of communication mentioned Sample answer First of all I believe that effective communication at all levels is the basis of efficient and effective work. On this basis, I practise all the forms of communication and personal effectiveness in my day to day work. For example, for one particular client, I have performed the final audit and reported conclusions to management and the audit committee. The first stage of communication was during the audit: I had to obtain all information required from client staff, thus using oral and written (e-mail) media. The second stage was during the presentation of our conclusions to management: This was made orally during the meeting and on the basis of a written report I had prepared. The purpose of this communication was to bring information adapted to the management level, thus emphasising the main issues without detailing too much on each point. Also, we had to obtain client management feedback on our findings, because on the one hand we did not have all the information required to formulate the best conclusion, and on the other we needed their point of view in order to adjust our vision or conclusion. This goal was achieved in the sense that through this meeting, we reached a more accurate understanding of issues and could consequently adjust our conclusion to the benefit of all concerned. The last stage of communication was during the presentation to the audit

committee. I had prepared a presentation support (slides) distributed to every participant, along with the written report which included our conclusions. I orally presented all the points. Question 2 What did you do to help you communicate effectively? Sample answer The main tools that enabled me to communicate effectively were: preparation for the meetings: preparation of a detailed agenda with the points to be discussed. Preparation of the main structure and elements for the most significant points, anticipating the remarks and questions of the audience. I provided the audience with appropriate hard-copy supports and based the presentation upon a document that reinforces the professional aspect of our work which also enables people to follow the development of the meeting via a written synthesis of the main issues. I have always provided regular feedback before, during, and after the meetings. For example we try to agree the agenda with the audience before the meeting in order to make sure that all important issues for both parties will be addressed. During the presentation, we ask whether everything was clear or not, and if there were any questions. After the meeting, we enquire of the audience whether the presentation was well received by them or not, and what points were most interesting or of least relevance to them. We always ask for questions at the time



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and allow a facility for people to submit further questions in writing. Question 3 How have your communication skills helped you to improve your performance elsewhere? Sample answer The benefits from effective communication for all these meetings have been: increased quality of my work, improved validity of my conclusions and increased involvement and engagement of the client.

The process of asking for regular feedback had a dual benefit. It made the client engage with the key issues and thus feel respected, and also provided us with a great deal of relevant information to make our conclusions more accurate. As a consequence, I now apply these principles in my daily tasks, to make sure that the relationship with everyone (colleagues or clients) is always profitable 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.

To perform effectively you need to: 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. 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: 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. 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 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.



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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.

To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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 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 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.



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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.

To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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. 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 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.



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Question 1 Describe an occasion when you have identified an opportunity to improve departmental performance Sample answer There was a lack of communication within the finance department and each person was very protective of their work tasks, meaning that day-to-day tasks could only be performed by one individual, causing a backlog of work and an uncomfortable feeling to exist within the departments staff members. Question 2 How did you contribute to developing the opportunity for development? Sample answer I introduced a structured training programme for all staff members in the finance department which involved each person training the rest of the staff on their tasks. This training programme also included discussion time, where we could discuss the way in which tasks were being performed and if necessary decide on a more efficient way of doing the tasks by bringing in other peoples skills and

knowledge of the computer systems, etc. I devised a new work split for the day-to-day tasks, meaning that all staff members were using their newly acquired skills on a regular basis. Question 3 Was this opportunity fully successful, why was this? If not, why not? Sample answer This was successful. The restructuring of the workload now means that work is achieved more efficiently and should a member of staff be away, the work can be covered by other members of staff. Communication within the staff members has also improved due to them being able to discuss similar tasks which they are performing and they can now solve problems together. The other benefit was that employees were less protective of their roles and tasks as they had now become familiar with the roles of others and had a better appreciation of how all the roles linked and combined for the wider departmental and organisational benefit.



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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). To perform effectively you need to: 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. Examples of relevant activities include: 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. 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 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.



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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). To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: compiling financial statements and/or accounts compiling supporting schedules/notes to accounts compiling cover statements for bank reports compiling statements of affairs. 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: 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.



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Question 1 Explain your role in the preparation of financial statements Sample answer Being the accountant in a medium sized private limited company, one of my main duties would be closing the accounts on a monthly basis. I am in charge of posting accounts payable, receivables as well as the general ledger. Accounts payable and receivable will be entered from the subledger to the general ledger. Thereafter, all transactions will be reviewed again at the general ledger level before I do any final posting to the overall financial statement. Payroll computation is also under my scope of duties and payroll will be posted through direct bank transactions. Besides this, on a quarterly basis, I would present the financial position of the company to the board of directors. Question 2 How have you ensured that the statements you have prepared meet all necessary requirements?

Sample answer I have prepared a checklist to ensure that all information required had been completed. The checklist includes items like the fixed assets schedule, accruals, prepayments etc. The checklist also serves as a guideline that I had met all requirements and completed all duties. Question 3 How have you used supp orting (possibly non-financial) information to make these more easily understood by users? Sample answer During board meetings, I used graphical charts to present my analysis. This includes bar charts and trend line analysis. The use of bar charts allows the directors to understand the service usage pattern, whereas trend analysis allows them to understand the future trend of the business. This type of high impact visual presentation, used properly, helps me make points more quickly, effectively and with more conviction.



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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.

To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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. 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 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.

To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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. 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 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.

To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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. 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 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 Paper F2, Management Accounting Paper F5, Performance Management Paper P5, Advanced Performance Management.



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Question 1 Describe how you have been involved in budget planning and production Sample answer I am involved in budget planning and production by creating new budgets for new clients and new budgets for subsidiaries of existing clients. I gather the information by communicating with the client and sometimes potential creditors and also by making comparisons with other subsidiaries of a similar size or nature. I would prepare a budget showing the anticipated costs/accruals for each expense (eg printing, legal, audit expenses etc). The budget would then be reviewed by my manager/supervisor and implemented subject to the approval of the client. I would also undertake regular reviews and comparisons approximately every 23 months. Question 2 Explain, having developed the budget, how you have made sure that it has been implemented correctly Sample answer All budgets prepared by myself must be reviewed by either the manager or a supervisor in my department. I must present this to them accompanied by any documents/sources of information I have used in its production (trial

balances, invoices, FX rates etc) When the budgets are sent to our fund accounting department (the dept responsible for manually inputting adjustments) the entries (eg journal adjustments, new accruals) must all be checked by myself and then reviewed by a colleague (senior, supervisor or manager). These analysis checks are tracked on a log and monitored by management. Question 3 What would be the impact on your department or organisation if the budgets you supp lied were not properly prepared? Sample answer As the subsidiaries for which I prepare budgets are investment portfolios, any changes I make to the expenses can ultimately effect the share price known as the NAV (total assets less total liabilities divided by the number of shares). If the budgets and reviews are not conducted accurately, large over or under accruals may occur or adjustments may be processed incorrectly. If the errors are significant or even material, shareholders may have to be compensated. Such errors reflect badly on my departments performance and on the organisation. Recurring errors or errors with a high impact could cause clients to leave. In 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.

To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: preparing regular variance analysis reports giving explanations and making recommendations based on variance analysis incorporating significant variances in future budget planning. 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 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 Paper F2, Management Accounting Paper F5, Performance Management Paper P5, Advanced Performance Management.



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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. To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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. 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 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.



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Question 1 Outline your experience in this area Sample answer During my time as a management accountant I have had numerous dealings with making investment decisions. At the request of the client, I have been in a position whereby I have had to attend meetings regarding potential changes to the current service. As a result of the meeting the proposed profitability of the change would be calculated. This is known as budget revision. If the adjusted return was above the companys cost of capital and met the various non-financial measures it would be approved from a finance perspective by myself, thus allowing the work to go ahead. I have also had to calculate the profitability of all new investment opportunities. This often means comparing multiple investment opportunities to find the most profitable, whilst not sacrificing the non-financial implications. Question 2 What have you done to fully analyse investment opportunities? Sample answer In a previous role I was given the responsibility of calculating the net present value (NPV) of any projects which materialised. This entailed me compiling a picture of any revenue and costs associated with undertaking a particular activity. Often I would need to make comparisons between a number of different investment opportunities. All of these opportunities could be used for the project, however, each would attract different levels of revenue and incur different levels of cost. Therefore, this

entailed calculating the net cash flow for each of the years of each project and discounting this by the companys cost of capital. I also determined which of the projects, if any, were most profitable or yielded the highest NPV. In circumstances where I had to compare multiple projects I would advise on which project should be undertaken in order to maximise shareholder value. Another example is shown by attending meetings regarding a change to the current service we provide to our client. This requires calculating the proposed new profitability level after the change to the current service. Then I need to consider any non-financial implications of modifying the service at the request of the client and if everybody is happy I authorise the changes from a finance perspective. Question 3 How has research you have done been integrated into a recommendation for management? Sample answer My research into a projects feasibility generally comes directly from the project managers who would be dealing with the proposed change. During the meeting they will highlight the advantages and disadvantages of implementing the change at the request of the client. Once all of the advantages and disadvantages have been addressed, a conclusion is reached as to whether the change is feasible or not. If we determine the change to be viable, both financially and non-financially, then the proposed change is sanctioned by myself from a finance perspective which 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. To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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. 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 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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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. To perform effectively you need to: 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. Examples of relevant activities include: 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. Key knowledge and understanding: Professionalism, ethics and governance 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.



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Question 1 Describe your role and the experience you have had in relation to audits Sample answer My current role is auditor technician in the internal audit department in local government. The key objective of the role is to assist in carrying out a continuous internal audit of local government activities, in accordance with a planned schedule of audit cover. Prior to this position, I worked as an auditor in the provider financial assurance team at a non-governmental organisation. This involved undertaking financial reviews of subcontractors largely within the education sector. My main responsibility is to carry out system based and regularity audits of the local government systems, financial and other with little or no supervision. I lead a small team and am responsible for supervising a member of staff in carrying out more specialised and complex audits. I monitor and co-ordinate the work of the team and prepare written reports of work carried out, detailing audit findings, opinions and recommendations where appropriate. I liaise with service managers and senior staff in communicating the audit approach and discuss with them the outcome of the audits and agreeing actions. I represent the internal audit at inter-service meetings and other working groups, as and when required.

Question 2 With workplace illustrations, how have you found that ineffective planning undermines the quality of audit work? Sample answer It is extremely important to be well organised and to have completed an appropriate level of research prior to completion of the actual test programme. Failure to effectively plan may lead to the following issues arising: Insufficient test coverage the test sample will be determined from the risk assessment which forms part of the planning process. Failure to address all risk factors may lead to an insufficient level of coverage for substantive testing. Without effective planning, the auditor is unable to understand the nature of the programme being tested. Not only does this look unprofessional to the client, but the client may be less likely to take the findings seriously. The weaknesses may then not be addressed. Question 3 From your audit work, how have you been able to contribute to improved business performance? Sample answer I have identified weaknesses and made appropriate recommendations taking into account the nature and scope of the business and resources available in order to add value to each business, without creating unnecessary bureaucracy 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. To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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. 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 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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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. To perform effectively you need to: 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. Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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. 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 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.



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Question 1 Outline your experience in evaluating and computing taxes payable Sample answer I am in charge of preparing and submitting monthly VAT declarations for four companies, including the company I work for, operating under the Belgian fiscal regime, as well as three companies operating under the French rules. I also take part in the preparation of the annual tax return of the company I work for. Moreover, starting next year, I will be preparing the tax returns of the three French sister companies. I am in charge of the calculation and provisions concerning the withholding tax payable by our customers on the royalties due to my company. Finally, together with my colleagues from the fiscal department, I have been working on some computations concerning personal income taxes due by our expatriate employees. Question 2 How have you ensured that the information you have used is complete? Sample answer All the tax returns I prepare (including the VAT declarations) are based on accounting data. Providing that accounting data is also my responsibility. Therefore, my primary obligation is to run a proper accounting system that is complete and in-line with the international and local accounting standards. I also use some spreadsheets (both extracted

from the accounting tool and externally which I prepare myself) that help me to analyse and classify the data I provide in the tax return. In order to keep up-to-date with the legal requirements in the area of taxation, I have subscribed to some fiscal newsletters. Together with my colleagues from the accounting and fiscal departments, we also make use of external consultants if necessary. Question 3 How have you ensured that your information is made best use of by the organisation? Sample answer First and foremost, I need to ensure the smooth operations of my company, i.e. make sure that the tax returns I am in charge of are submitted accurately and to the appropriate deadlines. They also need to be prepared in conformity with current legal requirements. For that purpose, I re-run my computations and consult with the fiscal department. I also make sure we are up-to-date with changes in taxation regulations, eg recently I have participated in the introduction of a Web-based tax return tool replacing the previous paper-based declarations. In the area of withholding tax payable by our customers all over the world, I need to keep in touch with my correspondents in the countries concerned, in order to calculate and, if necessary, update our provisions concerning the withholding tax payable. I need to communicate this information to the tax and accounting departments and keep them up-to-date so that they can prepare their provisions 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.

To perform effectively you need to: 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). Achievement of this performance objective requires consistent performance over a period of time. Examples of relevant activities include: 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. 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 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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City Colleges - ACCA Work Experience Register - Qualify Faster · The ACCA has expressed concern...

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Transcript of City Colleges - ACCA Work Experience Register - Qualify Faster · The ACCA has expressed concern...