May 25, 2016

I've been busy with the Capstone 1 team group project!

Still haven't chosen my elective of focus for the CFE.

One thing I figured out is that you can actually choose any elective to focus on for day 2 of the CFE!!! REGARDLESS of the electives you've chosen!

But another factor in choosing hey... it's almost like the beginning of an audit.

Here are something to keep in mind for the beginning of an audit IN OTHERWORDS - ACCEPTANCE OR CONTINUANCE with a client:

1) Do you have the resources required to take on the engagement/CFE Day 2?

Yes, I took the assurance elective, so I have all the practice cases and immersive case!

2) Do you have the competency required to take on the engagement/CFE Day 2?

That's something I need to work on, but I can put myself in a position to be at the highest competency possible within 4 months of training.

3) Are you independent of the client? This question isn't really relevant for the CFE Day 2.

4) Do you have safeguards that would mitigate threats to independence? Irrelevant to CFE Day 2.

5) Are there any regulatory/legislative requirements for the engagement/CFE Day 2? Yes, it has to focus on one of the electives: Tax, Assurance, Performance Management, or Finance.

6) Management agreement has to be signed for the engagement/CFE Day 2. This will be when I actually register

7) There shouldn't be any scope limitation and there should be sufficient accounts to audit for the engagement/CFE Day 2? In other words, do you have any limitations that would stop you from writing the CFE Day 2.

8) Is there a certain framework you have to follow for the CFE Day 2 Exam? The framework will be the CPA Competency Map that you have to satisfy!

9) Now you gotta establish communication with those charged with governance for the engagement/CFE Day 2 Exam. In this case CPA are both those charged with governance and the company I need to be interacting/auditing.

I believe that's all the factors. Pretty important factors that will help me decide on which elective to choose:

- Resources
 - I have the most resources for assurance.
- Competency
 - low but can improve with training.
- Choice
- Limitations
- CPA Competency Map

Well! I finally made the choice!

I signed up for assurance as my focus for Capstone 2. $1,300+HST or $1,469.

And I also signed up for the CFE! $1,500 + HST or $1,695 :'( Gone! Buh-bye!

One of the reasons I signed up for assurance was:

After some research, I came to the understanding that to Pass the CFE for day 2, you need to score mostly C's (in other word competent) on the assurance role. So I looked at last years results for the CFE (The first offering), and

here is what I found out:

An average of 52.5% of writers who chose the Assurance role were able to obtain mostly C's on the Day 2 Exam. 57.6% of writers got C or CD.

An average of 54% of writers who chose the Finance role were able to obtain mostly C's on the Day 2 Exam. 57% of writers got C or CD.

An average of 43.1% of writers who chose the Taxation role were able to obtain mostly C's on the Day 2 Exam. 51.5% of writers got C or CD.

An average of 42.2% of writers who chose the Performance Management role were able to obtain mostly C's on the Day 2 Exam. 51.0% of writers got C or CD.

In other words, Most people who chose the assurance role passed. And most people who chose the Performance Management role failed.