F5 Performance Management  F5 績(jī)效管理
June 2015 pass rate – 37%
F5 candidates must learn to stand back and look at the big picture in questions at this level, says the latest Examiner’s Report (for June). If you can learn to do this it will serve you well when moving on to the professional level papers.
F5的考生必須學(xué)會(huì)后退一步，站在大局觀上來(lái)看待問(wèn)題，*7的考官文章（6月）說(shuō)。如果你學(xué)會(huì)這個(gè)，這對(duì)你專(zhuān)業(yè)水平的考試很有幫助。
It seems many students struggled with the ABC question (Q1) in June. The examiner pointed to the fact that students are making fundamental errors when calculating their answers.
似乎許多學(xué)生在Q1上費(fèi)了很大功夫?？脊僦赋?，計(jì)算這個(gè)問(wèn)題時(shí)他們犯了很基本的錯(cuò)誤。
Q2 covered transfer pricing and sitters again struggled with this topic.
For Q3, the examiner examined learning curves in conjunction with planning and operational variances. When answering a question involving consideration of consequences the examiner said PQs need to ask themselves: ‘why should we care, why is it important?’ This should help ensure that the implications of the observations being made are also considered in order to earn the marks available.
Q3考察了結(jié)合規(guī)劃和操作差異的學(xué)習(xí)曲線。在回答一個(gè)涉及考慮后果的問(wèn)題時(shí)，PQs需要問(wèn)自己:“為什么我們要關(guān)注這個(gè),為什么它是重要的?”這將有助于確保評(píng)論的影響，也被認(rèn)為是為了獲得有效的分?jǐn)?shù)。
Q4 (a) was a simple calculation of the total variable cost per unit and fixed overheads. You needed to apply the high-low method here. In part (b) many candidates confused sales volume maximisation with profit maximisation. You needed to use
MC = MR, not MR = O.
Q4 是一個(gè)單位總可變成本和固定成本的簡(jiǎn)單計(jì)算。你需要使用高低法。在部分(b)許多考混淆了銷(xiāo)量*5化與利潤(rùn)*5化。你需要使用邊際成本=邊際收益效用*5化.
Q5 was a purely discursive question on budgeting.
Q5是一個(gè)純語(yǔ)言的預(yù)算問(wèn)題。
F8 Audit & Assurance  F8 審計(jì)和鑒證
June 2015 pass rate – 39%
The F8 examiner said that a candidate preparing for the MCQ part of the paper needed to work through the pilot paper, past exam papers and sample questions discussed in the June Examiner’s Report (there are two here). Question spotting won’t work, it was suggested.
F8的考官說(shuō)，考生需要通過(guò)模擬試卷準(zhǔn)備選擇題題型，過(guò)去的考試試卷和樣題都在六月的考官文章里（這里有兩個(gè)）。這只是建議你去看文章，但是不一定會(huì)考到。
Q1 looked at ethical threats and was well answered by most. Q2 covered internal control components and tests of control. Q3 looked at a review of files and materiality. Q4 asked about deficiencies and recommendations for purchasing systems.
Q1關(guān)注的是道德威脅，并且大多被回答得很好。Q2包括內(nèi)部控制程序與控制測(cè)試。Q3關(guān)注的是文件以及重要性的復(fù)核。Q4問(wèn)的是采購(gòu)系統(tǒng)的不足和建議。
Areas of fraud and error, audit risk and responses and review engagements were all part of Q5. As in previous diets candidates tended to only identify facts from the scenario but failed to describe how this resulted in an audit risk. Many candidates yet again focused on business risks rather than audit risks.
Q5著重于欺詐和錯(cuò)誤方面，審計(jì)風(fēng)險(xiǎn)和響應(yīng)以及審查業(yè)務(wù)。和以前的情況差不多，考生往往只從場(chǎng)景中確定事實(shí)，但未能說(shuō)明它會(huì)如何導(dǎo)致審計(jì)風(fēng)險(xiǎn)。許多考生又把重點(diǎn)放在了經(jīng)營(yíng)風(fēng)險(xiǎn)而非審計(jì)風(fēng)險(xiǎn)。
They also gave business advice (such as undertaking quality control procedure over inventory to prevent the increased level of sales returns). The examiner stressed auditor responses need to be practical and should relate to the approach (what testing) the auditor will adopt to assess whether the balance is materially misstated or not.
他們也給出了商業(yè)建議(如在庫(kù)存防止銷(xiāo)售回報(bào)水平的增加的工程質(zhì)量控制程序)?？脊?gòu)?qiáng)調(diào)審計(jì)師的反應(yīng)需要有實(shí)際性,應(yīng)該與審計(jì)人員將采取方法(所測(cè)試的東西)是否在重要性上誤報(bào)相關(guān).
Q6 tested financial statement assertions and substantive procedures. The examiner pointed out that substantive procedures are a core topic area and PQs must be able to produce relevant detailed procedures.
Q6測(cè)試的是財(cái)務(wù)報(bào)表認(rèn)定和實(shí)質(zhì)性測(cè)試程序?？脊僦赋?實(shí)質(zhì)性程序是一個(gè)重點(diǎn)，并且PQs必須能夠做出相關(guān)的細(xì)節(jié)測(cè)試。
F9 Financial Management   F9 財(cái)務(wù)管理
June 2015 pass rate – 41%
The key learning point for Q1 was the importance of understanding the difference between an FEC and an FRA. Interest rate risk is also different to foreign currency risk and interest rate parity, said the examiner.
Q1的學(xué)習(xí)要點(diǎn)是理解一個(gè)FEC和FRA（遠(yuǎn)期利率協(xié)議）之間的差異的重要性?？脊僬f(shuō)，利率風(fēng)險(xiǎn)也不同于外幣風(fēng)險(xiǎn)和利率平價(jià)。
Many candidates struggled to gain full marks in Q2 (a), where you had to calculate the equity market value of a company using the dividend growth model. The examiner wants PQs to study the dividend growth model as a business valuation method, understanding the variables that are used by the model and avoiding unnecessary calculations on a per share basis when total figures can be used.
許多考生在Q2（a）獲得滿分，他們利用了股利增長(zhǎng)模型計(jì)算公司的股權(quán)市場(chǎng)價(jià)值?？脊傧Ｍ鸓Qs將股利增長(zhǎng)模型作為一種企業(yè)價(jià)值評(píng)估方法，了解模型的變量，避免了當(dāng)總數(shù)可用時(shí)在每股基礎(chǔ)上的不必要的計(jì)算。
Students should also know that any business valuation method in the syllabus can be examined – you have to be familiar with them all.
學(xué)生也應(yīng)該知道，在教學(xué)大綱中的任何商業(yè)價(jià)值評(píng)估方法都可能被測(cè)試，你必須熟悉所有的模型。