icaew case study illustrative scripts

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Case study mock exam pack. relevant practice..

As we have explained on the other Case Study pages on this website, Case Study is fundamentally unlike the other ACA papers because it is marked with a unique "closed form" markscheme in which you can only attract credit if the idea in your exam answer matches the points on the finalised ICAEW markscheme. This is a potentially harsh marking approach and without a good understanding of what points are likely to be on the markscheme, you'll be relying on luck to pass. The other important aspect of preparing for Case Study is that it is a long, 4-hour exam (the longest of all the ACA papers) and one where you must pass all the different elements of the examination (Executive Summary, Requirement 1, Requirement 2 and Requirement 3) or you will be failed by the examiners, no matter how brilliant the other parts of your response may have been. We have therefore created our live Mock Exam Pack to give you 5 opportunities to practise your planning, timing and general exam technique, all within the context of learning points which are likely to be given credit in your own exam. As experienced creators of Case Study Mock Exam Pack since 2013, we have a very good understand of what points are likely to score, so we build these into our full markscheme examples. We also provide example model answers where we write up all our ideas, under the right headings and making the points nice and snappy, creating examples that are actually achievable by a good candidate in the time available. We round off the Mock Exam Pack with detailed Tutor Debrief videos of all 5 Mocks, and a supporting set of over 400 quick-fire questions on the Advance Information so that you can actively learn the content rather than just reading and re-reading the Advance Information yet again! Scroll down the page to learn more about our Mock Exam Pack. July 2024 Mock Exam Pack release schedule Mock 1 - 7 June 2024 by 23.59 UK time Mock 2 - 14 June 2024 by 23.59 UK time Mock 3 - 21 June 2024 by 23.59 UK time Mock 4 - 28 June 2024 by 23.59 UK time Mock 5 - 5 July 2024 by 23.59 UK time The release dates for our November 2024 Mock Exam Pack will be 20 September, 27 September, 4 October, 11 October and 18 October 2024

Prepare to pass.

We have no idea why certain other tuition providers allocate so much course and homework time to past paper Case Study examples. Okay, so doing past papers is obviously of some benefit, but for us, it makes much more sense to focus on the live Case Study Advance Information which will provide the basis of your examination attempt. Using our Mock Exam Pack, you get 5 opportunities to hone your exam technique while also learning about likely scenarios for the real exam (simply not possible by doing past papers!). With our expertly-prepared markscheme grids, we can help you understand what sorts of point to make in your own answer, again all based on points that can actually be tested in your exam (simply not possible by doing past papers!). Our commentaries on our marking grids also explain how we put the Mocks together and what we were trying to test, enhancing your knowledge of the live set of Advance Information.

Some stats on our Mock Exam Pack.

The July 2024 edition of our Case Study Mock Exam Pack will be the 25th edition of the Mock Exam Pack since our first Mock Exam Pack was published in 2013. This means we have accumulated vast knowledge and experience, which we distill into our student-focused approach and realistic question papers.

>100,000

Taking into account our 5 question papers, 5 marking grids, 5 example student-standard model answers and our other tips and tricks content, each Mock Exam Pack contains over 100,000 words of content (about the same length as a novel!). All lovingly prepared under extreme time-pressure to help you as much as possible.

Practice makes perfect.

Since passing Case Study is all about exam technique rather than technical brilliance, it is vital that you do plenty of practice before the exam to work on things like time management, writing style, interpretation of the question and, most important of all, understanding the points that are likely to be on the final ICAEW markscheme. Because if your idea doesn't match the final ICAEW markscheme, you won't get any credit for your point! Harsh, we know, which is why we have got your back through our Mock Exam Pack.

Fully updated for 2024

As always, we will carefully work through the learning points from the 2023 past papers to ensure that our advice and example markschemes are fully up-to-date, ensuring that you are exposed to points that are likely to score. The Case Study examiners are always subtly evolving the examination so it is important that we keep on top of this "cat-and-mouse" game!

Key Points Summary

To make the most of the "open-book" nature of the Case Study exam, we will provide you with our Key Points Summary PDF, an alphabetically-organised summary of key "re-useable" points from the Mock Exam Pack. This will avoid you taking too much content into the exam as everything will be nicely condensed and organised for you. On the day, you must of course use your judgement when using any pre-prepared ideas, but our Key Points Summary PDF will put everything at your fingertips so that you can make your choices as quickly as possible!

Supporting video content

Making the most of advances in technology, recent editions of our Mock Exam Pack have been provided with supporting video content, allowing us to go into certain areas in a bit more detail than in a purely PDF format. Our online platform also allows us to provide over 400 quick-fire questions on the Advance Information so that you can learn it inside-out.

What our students say.

I bet your tutor team are probably feeling more of a strain than us students when it comes to the Case Study exam, seeing the huge amount of work that fits into six weeks. It's rather impressive, particularly with the Mock Exam Pack, the on-demand videos and the patience of the tutor, to go through things over and over again. I honestly feel that you leave no stone unturned for Case Study. I find the on-demand videos so useful. I feel it helps to refresh points in my head. Thank you as always.

I have just got my results for Case Study and I'm really happy to say that I managed to pass with 60% on my first attempt. I am really glad that I came to you guys for my first attempt, which allowed me to adequately prepare myself both content and skill wise for the exam day. Thank you very much for all your help (via TIS and e-mail conversation) throughout the past month and a half!

Thank you, and in particular to my tutor, for helping me pass my Case Study resit in November. The approach to technique and having 5 different Mock Exams based on the live set of Advance Information really helped and I felt so much more prepared going into this exam than the first time. I've already recommended the book and technique to others in my office. Thanks again.

I just wanted to say a huge thank you for your help and materials over the last three exams, as I had some great news on Friday that I passed my Case Study exam first time!! I was delighted to pass with 63% and found your books, Mock Exam Pack and TIS scripts really helpful towards this result. I shall be thoroughly recommending you to my colleagues!

Finally passed the Case Study exam. Thank you so much for all of the content, especially the Mock Exam Pack. Thank you again!

My son passed his Case Study exam and it went really well. He qualified on Friday, so very proud! He said without a doubt, that the Cracking Case book and Mock Exam Pack got him through. We only found out about you near to the exam day, but he only read your book and studied the Mock Exams. Thank you so much, I wish everyone knew about you!

I passed the Case Study exam with 58% - thank you very much for the help!

Thank you for the tuition course. I managed to pass Case Study with a score of 78%, an improvement from 46% on my first attempt. I will recommend your course to fellow colleagues. Thanks again.

I passed Case with a mark of 61. Thank you for all your help and support - will definitely recommend you to others!

I passed my Case Study exam!! So happy and relieved, thanks very much!

I have passed Case Study at the first attempt only because of your company. Coming from academia, I had tremendous trouble accepting what the other tuition providers were doing or how they attempted to provide tuition. The combination of the Cracking Case book and the Mock Exam Pack can yield results if the student is willing to spend the required preparation time.

I received my Case Study results today and achieved a pass mark of 74 which is higher than I ever imagined!! I didn't even think I would be able to pass let alone anything else. The skills and techniques you taught were invaluable. The Mock Exam Pack was incredibly useful to get plenty of practice in before the main exam and the ERP was a very helpful summary of the Advance Information which saved me so much time in the exam. This was my first time sitting Case and I am so glad I chose to invest in the materials that you provide.

I would like to take this opportunity to thank you, having passed my retake Case Study exam in July 2018. I took your online course and I will definitely recommend TIS to any student. I feel the feedback on a real time Mock Exam was very helpful. I got a good idea of how to hit points in the markscheme and how to write precise short points, in order to stick to the tight time window for this exam.

Happy to confirm that I passed Case! I found it a particularly tough exam so I don't know where I would have been without your mocks and guidance! Thank you again for all of the help!

I passed the Case Study exam and now have no more ACA exams to take!! Thank you so very much for the Mock Exam Pack, as well as the very useful TIS feedback that you gave me for the July 2018 sitting. I learned so much about the Case Study exam technique from your Mock Exams and am very grateful for all the help you have given me. Thank you again.

I just wanted to say thank you so much for your Case Study materials/Mock Exam Pack/TIS marking & feedback and personalised help - I passed with 63, compared to the 38 first attempt that I had with [XXXXXX]. Many thanks again!!

Many thanks to you. I purchased your Mock Exam Pack for the November 2019 sitting. I succeeded in my Case Study exam and increased my mark from 32 to 57. Thanks a lot!

I bought your Cracking Case book and your Mock Exam Pack and they were worth every penny. I passed Case Study first time around. They gave me lots of tips about the best way to tackle the Case Study and what examiners wanted me to produce on the day. I would definitely not have passed the Case Study with just the notes and training I received from my previous tuition provider. I would recommend your books and Mock Exam Pack to anyone. Thank you for all your help. Much appreciated.

I failed Case twice (with another provider) and did the True Taste Limited Case in November and finally passed! The course that you offered was exceptionally useful as the hints and tips provided by [tutor name] allowed you to get under the business and treat it as if it's your own. The Mock Exams also allowed me to stick to time and practice over and over again and gave me good guidelines on how to set the Appendices and the markscheme gave you a good indication on whether I'm hitting those dreaded 40 Boxes.

I'm delighted to say that I passed my resit with the result of 65. I purchased your Cracking Case book, Exam Room Pack, Mock Exam Pack and TIS service for 2 Mock papers. Many thanks for your very helpful study materials and advice! Your methodology is indeed far superior to what I have seen previously.

I have purchased the Cracking Case book and the Mock Exam Pack. I cannot thank you enough for helping me pass Case Study following the process mentioned in the book (gospel-holy bible) along with taking a personal positive attitude and determination whilst attempting the 5 Mocks. I cannot stress enough how thankful I am since this was my sixth attempt, and your company was there for me at every query I made, showing a high level of professionalism.

I found Cracking Case and the Mock Exam Pack very useful in my preparation for my exam!

Thank you! I am now a newly qualified accountant after passing my Case Study exam last Friday with 81% (first time). The Mock Exam Pack and techniques you taught me on the course really helped boost my confidence going into the exam.

I am pleased to say I passed with 80 marks! I can’t be more grateful your team for all the help in the study materials and I couldn’t imagine a better way to prepare! I have been a loyal user of your materials (esp the Exam Room Notes) for the Advanced Level examinations and they’re SUPER useful (scored 81 for CR, 70 for SBM and CS score abovementioned), so a HUGE HUGE THANK YOU to the tutors for the hard work and dedication especially with such a challenging time for the Case Study paper.

I recently purchased your Case Study Mock Exam Pack – brilliantly written and very funny! Thanks!

Many thanks for your help. The Mock Exam Pack and the TIS was very useful.

I got a 78 overall first time thanks to purchasing your Case Study materials! Definitely much more on the ball and clued up about the requirements and how to pass than my other provider. Will definitely recommend you to anyone doing Case Study.

Thank you so much, the Case Study Mock Exam Pack materials have been most helpful. Appreciate all your hard work.

Thanks for providing all the Case Study Mock Exams - they've been really helpful

Thank you so much for writing these Case Study Mocks (particularly during these unprecedented times). I have used your materials for BPT and all my Advanced Level exams and have always found them incredibly helpful!

The Mock Exam Pack was really helpful for my preparation – thank you!!

I’d just like to thank your team for their support and assistance in preparation of the August Case Study Exam. Through your help I managed to obtain a first-time pass (62%) and your Mock Exams were a real game changer for me, helping me feel extremely prepared when sitting for the exam. Due to the Mock Exams, I was extremely familiar with the Advance Information and was very comfortable under exam conditions too. Thanks so much!

I just wanted to personally send a note to express how grateful I am for your service! I bought the 5 Case Study Mock Exams for my resit. Confidence was at an all-time low after I failed the first time round with a 44% result, but the Mocks were massively helpful in my revision. The variety of questions were excellent for practice and the answer packs and markschemes were very thorough, targeted and exam technique focused and because of your help, I managed to get 80% in the Beal exam!

I found the Exam Room Pack very useful. In fact, once I’d read through it and could navigate it fairly proficiently, I didn’t really use anything else in the actual Case Study exam! The Mocks were invaluable too as the scenarios which came up in the real exam appeared in the Mocks in some way, shape or form. Thanks again.

I just wanted to send a massive thank you for helping me with the Case Study exam - I passed with 73%! Thank you so, so much for all your support ... of course, the 5 Mock Exams are THE KEY as these truly helped me so, so much in the exam. Doing the exam was just like doing Mock 6 for me and I was so well-practiced that it didn’t seem daunting, but just another practice test! I have already been suggesting to my juniors to definitely reach out to you when their Case Study exam time comes!

Thanks so much for the book and the Mock Exam Pack. I got 78% and could not have done it without your business. The book made sense and the Mock Exams got me match fit.

Having tried and failed with one of the Big Two providers I was very worried I would never pass. I was recommended your "Cracking Case" book and Case Study Mock Exam Pack and I am happy to say due to you, I have received a regional prize and cannot thank you enough. I would recommend you to anyone sitting the Case Study exam. The Mock Exam Pack is fantastic - I actually enjoyed doing them as I knew they were productive practice and I couldn't have felt any more confident when entering the exam room thanks to you.

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Hope I pass Case Study using your book and Mock Exam Pack. I am using another tuition provider's Mock Exams but luckily last week I bought your Case Study Mock Exam Pack. They are very very helpful and I believe the best.

I passed my Case Study exam which was my 2nd attempt (first time with you) and scored 66% compared to my 1st attempt in November 2018 scoring 34%, so almost doubled my mark! The Cracking Case book was invaluable, I used it to create all my plans for the Mock Exams and used the key tips going forward for the actual exam. It really helped and it's amazing how you compile so much into one book. Everybody should purchase this book!

Both of the exam scenarios were in your Case Study Mock Exam Pack which was really helpful.

I just wanted to say thank you. I bought the July 2019 version of the Cracking Case book, Mock Exam Pack and Exam Room Pack for the July 2019 Case Study sitting - pleased to say I passed first time!

Thank you for taking the time to prepare the Mock Exam Pack and Cracking Case resources, I found them very useful.

When I sat Case Study previously, I received no valuable technique or high level tips (something your materials are full of) on the courses I attended with [XXX]. I actually enjoyed revising for the exam this time (using your method) as I had a clear approach when attempting past papers; the Mock Exams were fantastic. I received a "mock pack" of 2 Mock Exams from [XXX] which was 8 pages long so it was such a relief when I saw how detailed (198 pages in total) and focused the 5 Mock Exams provided by you were.

When I sat Case Study previously, I received no valuable technique or high level tips (something your materials are full of) on the courses I attended with [XXX]. I actually enjoyed revising for the exam this time (using your method) as I had a clear approach when attempting past papers; the Mock Exams were fantastic. I received a 'mock pack' of 2 Mock Exams from [XXX] which was 8 pages long so it was such a relief when I saw how detailed (198 pages in total) and focused the 5 Mock Exams provided by you were.

I was with another tuition provider through my employer but was really struggling to get to grips with Case Study, particularly as I have a learning difficulty that made learning past paper sets of Advance Information a real challenge. Your Mock Exam Pack and Advance Information walkthroughs made all the difference. I ended up passing with 83% and don't think I could have managed any kind of pass without your materials.

I'm ecstatic to say I passed the Case Study exam and want to say thank you to Paradigm Shift for preparing the Mock Exam Pack as this played an instrumental part in me passing the exam!

I have found the Mock Exam Pack and the Masterclass Live sessions to be really useful and will be recommending these to my colleagues in the year below.

Thank you for all your help. The Mock Exam Pack and the Exam Room Pack are both very useful and have really helped me prepare for the exam.

Wanted to pass on the great news to say I passed CR and Case! Thank you for your support and words of encouragement. Wanted to say those free sessions I was able to attend and the other 1-hour sessions were super useful and to the point! Additionally, the Mocks for Case gave me the confidence I needed to sit the exam. Continue what you are doing!

Thank you so much for providing such a wonderful Mock Exam Pack - finally passed this exam with 75% and I'm thrilled!

Just wanted to say I passed with 60% and couldn't be happier. The Masterclasses and Mock Exam Pack were vital to me passing and I wasn't anywhere near passing before I purchased them. Thank you very much, I really appreciate it!

Just emailing to say I passed and wanted to thank you guys for making such useful materials! Honestly would not have passed without the Mock Exam Pack.

Thank you for taking the time to prepare the Mock Exam Pack and Cracking Case resources, I found them very useful.

I found your Case Study Mock Exam Pack to be excellent preparation - thank you.

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On-demand Course

Purchase exam room notes.

Advanced Level

Advanced Level Case Study

The Case Study module covers the following topics:

requires demonstration of knowledge, skills and practical application from multiple areas of the syllabus
tests professional skills in the context of a specific business issue
demands ability to analyse financial and non-financial information
requires demonstration of professional and ethical judgement
involves the development of conclusions and recommendations
relates to how students will be expected to work
assesses the application of professional ethics

Ensure you order the correct edition of the materials. The 2023 edition is aligned with the syllabus and exams for 2023 only. The 2024 edition is aligned with the syllabus and exams for 2024 only. You risk losing exam marks if you use a different edition.

For more information and resources, please visit icaew.com/examresources .

Available editions:

Jag's Journey

Sharing my life experiences including the Associate Chartered Accountant (ACA) qualification

How to Master the ICAEW ACA Case Study Marking Key

Four blogs into the ACA Case Study and you might just start to think that I am slightly obsessed with this exam. The ACA Case Study is so different to any other of the 15 ACA exams that I feel there is so much to discuss for this exam. I was not planning to go into detail about the Case Study marking key. However, I have recently realised many who are independently studying or who are taught by different providers may not have all these details or the same level of understanding. In order to pass the ACA Case Study, you do really need to understand how it is marked . Today this is exactly what I will delve into.

You may also want to refer to the other three ICAEW ACA Case Study blogs: ICAEW Case Study Made Easy , ICAEW Software Testing and How Much Preparation is Enough? .

Aca case study marking key terms, maximum marks and marking, different ways to fail the icaew aca case study, overall assessment criteria, executive summary (es), requirements – generic aca case study marking key, marking yourself, aca case study wrap up.

If you are unaware of the exam structure for the ACA Case Study exam, I would recommend reading the Made Easy blog before reading details about the Case Study marking key. You essentially need to know the report you are required to produce is split into an executive summary and three equally weighted requirements .

This will overlap with the ICAEW Case Study Made Easy blog where I have briefly touched on the marking key. The ACA Case Study marking key can be explained using the following terms: “ boxes ” and “ diamonds “, where boxes are skills assessment boxes (SABs). The meaning of these will get clearer as we go on but to give a quick explanation, the Case Study marking key is split into 40 boxes :

The executive summary has 6 boxes (2 for each requirement)
Each requirement (r1, r2 and r3) has 11 boxes
There is one final box for the overall assessment criteria

Within each box, there are diamonds /bullet points that you need to hit to get marks. The maximum mark for each box is 6 marks . Each box will have up to six “diamonds” that are up for grabs from your answer. For example, one diamond could be met by stating revenue increased by x amount/(y %) based on the case study numbers. This will make more sense once you start looking at mock exams for the ICAEW ACA Case Study.

The Case Study marking key is not completely straight forward. It is not one mark per one diamond. Here is how it works:

From the table above you can see you do not benefit from getting more than four diamonds as you will be capped at 6 marks . You may be in fact wasting time and time is definitely of the essence in the ACA Case Study even if it is 4 hours . However, it is difficult to know whether a point you make is a valid diamond or not so it is perhaps best to aim for 5 diamonds at most in each box of the Case Study marking key.

What makes the ACA Case Study very different from the other exams is that there are no predetermined correct answers . I have been told only after assessing the first say 100 papers are the diamonds and the marking key put together. You need to write what everyone else writes so state the obvious and work together when preparing beforehand! This ACA Advanced Level Telegram group (essentially WhatsApp without phone numbers) where you can connect with other students may help.

The maximum marks for the ACA Case Study is 240 marks . Remember, there are 40 boxes and the maximum mark is 6 per box. You may think as the ICAEW ACA Case study exam is 50% to pass , you just need 120 marks to pass. Again, the Case Study really is not that straightforward. 120 marks across the whole paper will not cut it. You actually need 50% in each requirement (including the executive summary) to pass. Getting 66 marks in requirement 1 but 20 marks in requirement 3 is a no go. However, this is not the only way to fail the ACA Case Study…

The below ways to fail which I will touch upon are less black and white than the 50% in each requirement criteria. This is a very grey area and is not nice for anybody in this position. I have come across candidates who have achieved 50% in each requirement and still failed. Below outline the other potential reasons why one could fail the ACA Case Study exam:

As mentioned, achieving less than the overall 50% pass mark.
Achieving less than 50% in each individual requirement and being deemed incompetent often. You really need to show you can produce a strong report to be on the safe side. In each requirement, you should ideally be getting over 50% competent grades (CC or SC) which means six or more boxes. Five SCs (30 marks) and the remaining ID/IC grades (6 marks) would get you above 50% in the requirement (33 marks) but may not be enough to pass.
Missing out parts of the report. If you score above 50% in all requirements but have missed out 4-5 skills assessment boxes, you are likely to fail. There cannot be gaps in the report. A fail could also be for writing poor conclusions and recommendations throughout.
This exam is all about balance . If you have too many NA and ID grades, this could also be a factor of failure.

Essentially, the examiner wants to see that you can write a complete and balanced report. If you do not do as ICAEW say in this exam you will be punished and you will fail. This really is a grey area , especially as for those marginal scripts there is re-moderation to decide which scripts pass and which fail. It does seem quite harsh as surely getting 50% would be enough but examiners will only want to pass a good quality report. Further marking details can be found here from ICAEW and is definitely worth a read.

ACA Case Study Marking Key

This one box will look as follows (imagine the dashes are diamonds):

If you meet all four diamonds, you will show you are clearly competent and should get 6 marks.

The executive summary is essentially meant to summarise each of the three requirements and provide the conclusion and recommendations. It is at the start of the report so if somebody did not have time to read the full report, they would be able to understand exactly what is covered by reading the ES. The Case Study marking key for the ES is as follows. Note this is very generic and may differ case study to case study:

ICAEW in recent years have been very clear that you cannot simply copy and paste the report into the executive summary. The two must differ otherwise you will not score any marks and this could result in failure! Spot the difference below…

I will keep this much more generic and do all three requirements in one. Through these boxes you will need to demonstrate that you can: assimilate and use information; structure problems and solutions; apply judgement and form conclusions and recommendations.

If you have not started any mocks yet, this may all look like gibberish to you. Trust me on this one, once you have been through a mock or so, you will be very grateful for the above tables. For the requirements, you essentially get two boxes for the appendices, two for each of the sub-requirements stated in the question and then two for the conclusions and recommendations. Keeping this in mind when you write your report is crucial to doing well.

If your ACA Case Study is marked by somebody else, I would highly recommend going through this yourself afterwards. This will really help you to understand what kind of points scores diamonds and which do not. You can also see where you are perhaps going overboard or not writing enough .

What I think is very beneficial about going through the Case Study marking key is that you will spot where things are in bold. You may have noticed this above. If “and figures” is written in bold, it means you cannot get the diamond without any numbers. Where I slipped up initially is that I was not including figures or sometimes comparative figures that were needed. You also sometimes must write the £ and % change to get a diamond. It really is worth going through this to maximise your diamond potential.

Hopefully this blog has stressed to you the importance of timings . If you get too many NA boxes, you are likely to fail. This means you cannot just miss areas out and move on but you do need to do it all . If you want help with your timings as well as planning sheets and help with requirement 1’s appendix, join my journey. I will be sending these out to you for free within a few days of joining.

Understanding the Case Study marking key is essential to do well in this exam. I can recall going through this for a full morning in college to make sure we really understood the marking key. If you do not have a solid understanding of this, as well as the different ways to fail, you may just do so. Hopefully this blog has been insightful and helped in some way. I would even suggest taking those generic marking keys into the exam with you so you do not miss anything out.

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Step 1: Understand how Case Study is marked

The marking process is objective: there is a set marking key for each requirement and if your report includes a point which is on the mark scheme, you will get the mark. While it can be frustrating that making a valid point which is not on the mark scheme does not score a mark, it does mean that the marking process is very transparent and easy to navigate.

Each requirement has 11 boxes and you need to pass six boxes on each requirement.

The Executive Summary has seven boxes and you need to pass four boxes. To pass a box, you need to get three of the points included in that box. You need to pass each requirement and the Executive Summary in isolation. Have a look at some recent mark schemes to see what I mean about boxes and points.

Step 2: Understand what each of the three requirements involve

As explained above, the three requirements are broadly the same in each Case Study exam.

Requirement 1: Analyse the financial performance of the company.
Requirement 2: Evaluate a financial proposal.
Requirement 3: Evaluate an opportunity or issue.

The mark scheme for each requirement is also the same. This makes the exam predictable and by having a look at recent past papers, you will soon start to see the consistency in the requirements and build an understanding of what each requirement involves.

Step 3: Understand what information is provided in the AI and what is provided in the exam

In addition to the exam requirements and mark schemes being in the same format every time, the AI is also in the same format every time (albeit a different business with different issues).

By working through past case study exams, you will soon start to see that the AI always has the same exhibits with very similar types of information; industry background ; prior year accounts; customers; suppliers; strategic goals and risks. Likewise, the exams include the same exhibits with very similar types of information.

Having completed an exam, it is important to mark it and reflect on what information came from the AI and what came from the exam exhibits. You will soon start to see that most mark scoring points come from the exam exhibits rather than the AI. You will also learn which types of points tend to be rewarded in each box.

Step 4: Learn the Case Study exam technique which ensures that you hit all the boxes on the mark scheme

Having understood what the exam requirements are and how they are marked, you need to develop an exam technique which ensures that your report includes the points which are included on the mark scheme.

Fortunately for you, we have developed an exam technique which does this and it has resulted in two students wining the prize for the highest mark in the world (90% and 92%), another winning a prize for the highest mark in their region (88%) and another achieving the highest mark in their firm (81%).

Given the practical nature of the exam technique, it is not possible to explain this in text so click the link for a tutorial showing you exactly how to ace Requirement 1 and get a prize-winning mark – https://youtu.be/unvyelEwv6y

Step 5: Practice mock exams to master your exam technique

By this stage in your ACA journey, you will already know that question practice is key to success. Having learn the prize-winning technique, you then need to practice mock exams on your case study business under exam conditions so that you master the technique and sign off your ACA in style.

Kieran Doe is a Senior ACA tutor at ACA Masters

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SECOND ILLUSTRATIVE SCRIPT AND EXAMINERS’ COMMENTS In the commentary below extracts from the scripts are shown in quotation marks and in italics; spelling, grammar, sentence construction and punctuation from the original script have been retained The commentary follows the order and numbering of the script with references to the topics in the marking key It should be read in conjunction with the review of the First Illustrative Script and also the full Examiners’ Report for this session Examiners’ comments – overview This script failed the exam It is around average length (but as always this depends on the actual handwriting), addresses all the key issues and contains some strong sections In terms of professional skills this candidate achieved overall competent grades – Clearly Competent (CC) and Sufficiently Competent (SC) – in out of grade boxes for Assimilating and Using Information; in out of 12 for Structuring Problems and Solutions; out of 12 for Applying Judgement and out of for Conclusions and Recommendations The original 21-page length of the manuscript version was broken down as follows: • • • • Cover and contents – pages Executive summary – pages Report (main body) – 12 pages Appendices/workings – pages The 12 pages of the main body of the report address the key issues and together with the appropriate appendices demonstrate good planning and a good balance in answering the main requirements This candidate achieved sufficient competent grades in Executive Summary and Requirement (audit adjustments and meeting with the bank) but did not achieve sufficient competent grades in either Requirement (financial analysis) or Requirement (evaluation of Foment proposal) Terms of reference and executive summary This internal report starts with a terms of reference section, which is not necessary, but which is seen as being part of a contents summary The executive summary (ES) has an overall introduction and then addresses each of the sections of the report It is properly headed up but given the introduction it is shorter on each of the main sections than average – although there is evidence of planning in compiling this summary, there is possibly some evidence of time pressure The two main pages of the ES are split fairly evenly between the introduction and the three topics The summary of the financial analysis of 4D’s management accounts contains a few of the numbers which are part of the main numerical analysis, but these are insufficient and are mostly absolute figures Mention is made of “profit after tax” which was not required and is irrelevant One paragraph out of the four under this heading is indicative of the erroneous analysis and tone of this section: “However, there are signs that the results for the year are not so bad as they initially seem If the one off revenue from the BBC in 2010 of £1 million is removed from the comparative, revenue has fallen by just over £1 million which in the current economic climate is not too bad” This apologetic approach and inability to summarise and analyse the actual declining results is a real weakness In the section dealing with the proposed audit adjustments the ES again contains an unnecessary reference to after-tax figures and then provides only the broad, bland advice that “4D communicate regularly and effectively with the bank” with no clear, positive cash analysis provided In the review of the Foment proposal section the candidate presents a very brief summary of the financial benefits against a brief, broad analysis of the risks to brand damage with no real consideration of any ethical issues Copyright @ ICAEW 2011 All rights reserved Page of 18 Although the executive summary covered all areas it was only sufficiently competent in presenting the basic information from the report but was insufficiently competent on judgement, conclusions and recommendations To score better grades on this section, the candidate could have provided better judgement and conclusions on each of the sections required in the report Review of 4D’s 2011 financial performance [Requirement 1] The financial statement analysis in this section is accompanied by Appendices & (see detailed commentary below) These appendices support the comparative analysis of revenue, gross profit and revenue streams in percentage and absolute terms, as well as providing an EBITDA figure This section starts with a brief, but not wholly relevant introduction The analysis of revenue then starts by detailing the fact that 2009 was a bumper year for the film industry as a whole Unfortunately, although correct, it is probably not relevant to 4D’s current (2011) position The candidate then spends time concentrating on the “£1 million one-off” BBC income – if it were removed from 2010 then the fall in 2011 would not “appear too concerning” – which does not address the problem at all (Amongst other things it would just mean the fall and situation in 2010 would have been worse.) The analysis continues with an appropriate commentary on the reduction in the DfE budget and possible associated declines in 4D revenue It also identifies that advertisement production is a successful revenue stream The analysis of gross profit and part of the analysis of EBITDA (as far as it goes) is clear and accurate – as is the judgement on these items However there is no mention of the word depreciation, despite it being part of the EBITDA calculation in the appendix, and the loss on disposal does not feature at all Instead the analysis under the heading of EBITDA contains some irrelevant and unnecessary commentary on overheads There is no analysis of non-current assets which was specifically emphasised in the requirement The conclusions and recommendations follow the scattered quality of the analysis and contain weak and bland advice: “They also need to reconsider staff numbers in times of economic downturn and ensure they are not paying for unnecessary staff hours However, in doing this they also need to ensure that the long term strategy of the company is considered” Throughout this section although there is some evidence of awareness of both the broader economic situation and impact on 4D’s results, the style of the analysis seems to be to want to soften the blow of a difficult year, rather than addressing the harsh reality of events – in particular an unwillingness to mention the disposal of non-current assets at a huge loss! This was a weak section of the answer To score better grades on Requirement 1, the candidate could have: • • • • Provided better comparative analysis of actual revenue/streams for 2011 against 2010 Included the loss on disposal in EBITDA and considered its implications for 4D Provided some detailed analysis of non-current assets including: acquisitions, disposals and depreciation and the possible implications on the value of remaining assets and reported profits Provided stronger conclusions and relevant recommendations Proposed audit adjustments [Requirement 2] The financial data analysis in this section is accompanied by Appendices 3-5, which provide a good, clear and relevant numerical platform from which to comment on the proposed adjustments These appendices contain accurate calculations, but stop one step short of completion In the introductory section the candidate sets the scene for 4D: “The company finds itself between needing to make the required audit adjustments in order to get an unmodified audit report; and not wanting to make the audit adjustments in order to stay within the loan covenant limits” – the dilemma succinctly expressed ‘in a nutshell’ Copyright @ ICAEW 2011 All rights reserved Page of 18 The critical impact of the adjustments is correctly stated: “If all four adjustments were processed this would bring operating profit down to just £206k from £381k as shown in Appendix 3” However, the candidate then spends time calculating percentage margins on various decreasing figures – all of which are irrelevant to the question in this topic of how to deal with the bank Sadly, despite having calculated all the steps correctly this candidate failed to present the final calculation of just how much the breach actually was and therefore what the negotiation with the bank would focus on Despite having already identified the potential problem the candidate then spends two whole sections within this topic assessing the adjustments against the existing and new covenant conditions In fact it is not until the concluding paragraph under Section 2.3 that the script contains the starting point for the negotiation with the bank: “The main problem of this company is its ability to control and manage costs [and, dare one say, the losses on disposal] Its statement of financial position and asset values appears healthy” However these (positive) points are not then developed by querying whether the asset values might, in fact, be overstated Although this script deals with the audit adjustments and the implications of processing (or not processing and causing a modified report) correctly, the report is much less clear on the negotiations with the bank – not least because the actual figure of the interest cover covenant breach is never established, either in the report or in the appendix The result of the absence of a clear figure is apparent in some of the broader and more vague suggestions made concerning the meeting: “You can discuss with the bank what detailed forecasts can be done and what immediate plans can be put in place for cutting costs for example monitoring staff numbers in line with revenue” Although the report does mention the change from opening overdraft to closing positive balance at the bank, it offers no positive story, for the meeting, for the route between those two figures The final conclusions and recommendations, particularly as far as the bank meeting is concerned, are not strong or convincing To score better grades on Requirement 2, the candidate could have: • • • • Provided absolute figures for the interest cover covenant breach in the body of the report Discussed the one-off impact of the loss on disposal on the covenant breach Analysed the movements on the statement of cash flows providing a full positive story to the bank Expressed more practical and precise conclusions and recommendations Foment’s proposal [Requirement 3] The candidate has a scene-setting paragraph concerning the Foment proposal in the opening section: “This proposal is not only asking 4D to create a ‘ground breaking advertising campaign’ but is also requesting that the Spindles characters feature in this campaign” The report continues by presenting the significant financial benefits and the potential positive spin-offs for Spindles and 4D Although there is a need to balance the risks, relating to future revenue, this candidate actually makes conflicting statements concerning the Spindles ‘life’ in the risks section: “The key risk is that the Spindles characters could be nearing the end of their product life cycle and by associating them with a new product, neither the product nor Spindles would succeed There is also the risk that by using them in such an extensive campaign over a year period that it could drain any life the Spindles characters had and exhaust the revenue potential” This conflict over whether to exploit Spindles ‘remaining life’ is difficult to unravel Some of the other non-financial risks identified are totally marginal (or wrong): “4D has never operated overseas before and therefore clarification needs to be sought regarding any foreign exchange” The report does recognise the immediate positive financial benefits that this proposal might bring, as well as touching on some of the possible opportunities which might flow to 4D but it is an imprecise discussion: “It could also open up more opportunities to work on big advertising campaigns, both with Copyright @ ICAEW 2011 All rights reserved Page of 18 and without the Spindles characters It is an area their creative expertise excels in and this should continue to be built on” Although there is a short section on the ethics relating to this venture it is a rather woolly series of paragraphs and does not focus on the real ethical problems which such a link-up might create This section on conclusions and recommendations does not, in fact, arrive at a conclusion and the recommendations are weak To score better grades on Requirement 3, the candidate could have: • • • • Provided a more comprehensive analysis of the financial risks of this proposal Provided a more detailed analysis of the non-financial benefits and risks of this proposal Discussed confirming the nature of the Foment products Addressed the ethical concerns in more detail Provided a firm conclusion and clear recommendations Appendices Appendices & These relate to the financial statement analysis (Requirement 1) Appendix provides a series of clearly laid out columnar analyses of the 4D revenue streams for 2011 compared with 2010 The analysis of movements between the years is made in both absolute and percentage terms In the detail provided a clear analysis of sales mix has been calculated, including a column on 2009 – which may be seen to be appropriate in terms of trend analysis Importantly the correct movement in gross profit margin has been identified In Appendix the calculation of EBITDA indicates that the candidate understands what should be included under this heading, for both 2011 and 2010, but does not include the significant loss on disposal or make the comparison with revenue, which would have completed this analysis Overall these are relevant working documents which provide a partial basis for the analysis provided in the body of the report Appendix - These appendices relate to the proposed audit adjustments (Requirement 2) The calculations shown concerning the proposed adjustments are correct together with their impact on 4D’s management accounts The appendices also show the impact of these adjustments on the two original loan covenants conditions and the (correct – net current asset) new loan covenant condition The figures are clearly analysed in both percentage and absolute terms Despite the fact that the final calculation for the actual loan cover breach is not provided these appendices are good working documents which provide a clear basis for the numerical information shown in the body of the report These appendices demonstrate that the candidate knew what had to be done and provided much of the numerical evidence from which to write some clear analysis Overall paper Despite the fact that the content was weak in sections the overall script was well structured and clear following a logical format in answering the requirements There were some lapses in style and grammar but overall the language used was appropriate The report was balanced appropriately between the three sections but the ES was very short There were some unnecessary facts presented given the target audience, but the report had good financial explanations where needed The competent grades awarded for the overall paper rewarded a clearly written, if fundamentally weak, script Copyright @ ICAEW 2011 All rights reserved Page of 18 SECOND ILLUSTRATIVE SCRIPT AND EXAMINERS’ COMMENTS Report to the Board of Directors to Analyse 4D’s recent results and evaluate future strategy for the company From - Ali Monet Date - November 2011 Copyright @ ICAEW 2011 All rights reserved Page of 18 Terms of Reference As requested this report has been prepared to deal with the proposed audit adjustments and future strategies of 4D This report covers • A review of 4D’s results for its year to 30 September 2011 • The impact of the proposed audit adjustments on 4D’s draft management accounts and any implications for loan covenants • An evaluation of a proposed advertising campaign using the Spindles characters The report is based on information provided by our management and has been prepared for the Board of Directors of 4D Limited, it is private and confidential Executive Summary 4D has benefited from historic growth and remains a profitable company However, with poor working capital management, a high investment in fixed assets and a recent downturn in the economy, the company has started to suffer The market is extremely competitive with substitute products and new entrants, but with the creation of the ‘Spindles’ characters, 4D have managed to capitalise on this success With a strong reputation and experienced Directors, 4D should be able to formulate a clear strategy to enable them to confirm future funding and help see them survive the recession This report analyses the current financial position and results of 4D and goes on to look at potential future strategies – Review of 4D’s results for the year With revenue falling by £2,009 million in the year to just £13,928 and profit after tax falling to just £187, it appears that 4D have had a tough year However, there are signs that the results for the year are not so bad as they initially seem If the one off revenue from the BBC in 2010 of £1 million is removed from the comparative, revenue has fallen by just over £1 million which in the current economic climate is not too bad Gross profit has also remained fairly consistent despite the fall in revenue which means gross profit margin has improved to be 40.4% This is most likely to be as a result of changes in revenue mix as the balance has shifted towards those revenue streams generating greater profits Operating costs however are where the results for the year are not so successful as costs have not been managed in line with falls in revenue Copyright @ ICAEW 2011 All rights reserved Page of 18 – Impact of proposed audit adjustments The total effect of the proposed audit adjustments is a reduction in profit of £175 While this may not seem detrimental or material, with profit levels sitting very low, it has a big effect on the bottom line of the company, reducing profit after tax to just £12 It is this effect on profit which then has an effect on the covenants in place from the bank loan The covenant regarding the operating profit levels is no longer met and as a result, 4D risk having their funding withdrawn If this funding was withdrawn it would bring into question the going concern of the company In light of this inability to meet the covenant, it is essential that 4D communicate regularly and effectively with the bank and work with bank to ensure forecasts and cash management is in place to improve the situation – Advertising proposal The proposal to work as an advertising campaign with an existing client would potentially bring in £6 million revenue and £2.97 m of gross profit as well as generating more revenue from DVD and merchandise sales This has big financial advantages to a company which is struggling to secure its future However, there are many risks involved with this proposal such as the remaining popularity of the Spindles characters, further reliance on the Spindles characters and the time scales involved Further to this the directors also need to consider whether they want to associate themselves and their work with foods and products which can lead to obesity Copyright @ ICAEW 2011 All rights reserved Page of 18 1) Review of 4D’s results for the year to 30 September 2011 Since revenue peaked in 2009, it has been clear that conditions are tough for 4D both as a result of the downturn in the economy and as a result of the company not having a clear direction for future growth The 2010 and the 2011 management accounts highlight how difficult conditions currently are for 4D 1.1 Revenue Revenue has fallen by £2,009 million to £13,928k in 2011 Revenue was at its peak in 2009 but we are aware that 2009 was a bumper year in the UK film industry with total UK gross box office takings for the year up 11% on 2008 While 4D’s revenue does not all come from film commissions, 4D may well have benefited from this boost in the industry In 2010 however, the only revenue stream to grow was that of commission of films boosted by a £1 million contract from the BBC for Spindles programmes If this £1 million one off revenue is removed, the decrease in revenue between 2011 and 2010 is just over £1 million at 6.8% fall In light of tough economic trading conditions this doesn’t appear too concerning As Appendix shows the revenue mix between the revenue streams appears to have shifted in 2011 Again, if we remove the £1 million one off revenue from commissions, the proportion of this stream in 2010 reduces from 26.4% of revenue to 21.8% which then doesn’t make 2011’s proportion of 21.4% appear unreasonable The sale of DVD’s and the sale of merchandise have continued to fall with income of £6.7 million (4078 + 2638) in 2011 compared to £7.7 million (4611 + 3134) in 2010 A majority of these sales come from Spindles products and the contract with the Department of Education In October 2010, the government announced that the Department of Education would have its budget cut by between 10% and 20% which may have had an effect on the contract with 4D This fall in revenue may also further indicate that the Spindles products and characters are nearing the end of their product cycle and failing to bring in revenue as was seen in 2009 Despite this, as Appendix shows the contribution in % terms is relatively consistent The only revenue stream which has increased is that of advertisement which has increased by £861 to £1,889 as shown in Appendix While it may have been thought that companies would be reducing such expenditure because of the recession, the opposite appears to have happened whereby companies are actually doing more aggressive, innovative advertising in order to get sales 4D pride themselves on their reputation for innovation and creative advertising and this seems to have benefited them here in 2011 Gross profit Gross profit has only fallen by £265 from £5,898 to £5633 as shown in Appendix With gross profit remaining fairly consistent despite the falls in revenue, gross profit has actually improved to 40.4% While this may be as a result of better cost management and planning, it is more likely to lie in the revenue mix While accurate profit margins cannot be calculated for each profit stream, by taking typical contracts, the margins generated by advertising is 49.5% with an increase in advertising revenue and a bigger contribution, with a relatively high profit margin, it is going to help overall gross profit margins Also with a decrease in commissions and DVD/merchandise sales, which only brought in approximately between 26% and 31.6% gross profit margins, this will have an effect on overall profit margins EBITDA As Appendix shows, EBITDA has fallen from £1209 to £955 This is despite an improvement in gross profit margins Copyright @ ICAEW 2011 All rights reserved Page of 18 This therefore suggests that overheads and operating costs have not been managed as well as costs of sales If we take salaries and wages, these have only reduced by £62 from £2967 to £2905 Salaries contribute 55.3% of overhead costs and if these are not managed it has a detrimental effect on operating profits and further to the EBITDA calculation as shown Conclusions and recommendations 2011 has proved to be somewhat of a mixed year While revenues appear to have been drastically reduced by removing the £1 million one off revenue, they have actually only reduced by 6.8% and gross profit margins have improved However, it appears that the improvement in gross profit margins is as a result of the change in revenue rather than cost management as overheads and operating costs have continued to cause problems and reducing the bottom line profit 4D needs to focus on winning new work and building on the improvements in advertising revenue stream It is also key that they generate a succession plan for Spindles They also need to reconsider staff numbers in times of economic downturn and ensure they are not paying for unnecessary staff hours However, in doing this they also need to ensure that the long term strategy of the company is considered Copyright @ ICAEW 2011 All rights reserved Page of 18 2) Impact of the proposed audit adjustments 4D are currently financed by the £2 million loan and although their cash balance has improved in the year, there are limited alternative sources of funding available As a result, if the loan was recalled through failure to meet the covenants, it would bring into question the company’s ability to continue as a going concern The company therefore finds itself between needing to make the required audit adjustments in order to get an unmodified audit report; and not wanting to make the audit adjustments in order to stay within the loan covenant limits 2.1 Impact on the management accounts Individually the four adjustments proposed by the auditors not have a significant effect on the management accounts, but if all four adjustments were processed this would bring operating profit down to just £206 from £381 as shown in Appendix This reduction in operating profit of £175 then has a further impact on operating profit margins and profit after tax for the year Prior to any adjustments, operating profit margin was just 2.7%, but with the proposed adjustments this reduces even further to 1.5% This brings into serious question the entity and the managements’ ability to control costs After the proposed adjustments, profit after tax is just £12 (£187 - £175) Profit was at its peak in 2008 at £683, so to reduce profits to £12 will bring into question the future of the company and put off any future investors 2.2 Assessment against existing loan agreement Under the existing loan agreement, there are two covenants on the financial statements One regarding the value of non-current assets and one regarding operating profit None of the audit adjustments affect non-current assets and despite the amount of assets that have been disposed of in the year after review of surplus and obsolete assets this covenant is still met In 2011, as show in Appendix 4, there would have to be a minimum net book value of £1,320 and value on the SOFP is £1,610 However, all of the audit adjustments affect operating profit and even before any adjustments were processed, operating profit at £381 was very close to not meeting the required level of £342 as calculated in Appendix A fall of just £39 would have been required for this covenant to no longer be met Therefore, with a fall in profit of £175 from the proposed audit adjustments this covenant is no longer met All of the required adjustments go the same way and reduce profit and while it may be possible to try and compromise on some of the adjustments (the inventory provision ones) it is still not likely to increase profits enough to meet the covenant The WIP and deferred income adjustments would be difficult to compromise on and these alone reduce profit by £50 which would take operating profit below the required level Copyright @ ICAEW 2011 All rights reserved Page 10 of 18 2.3 Assessment against proposed loan agreement As Appendix shows, the proposed agreement stipulates that net current assets should be 150% of the outstanding loan and accrued finance expense Both before and after the proposed adjustments, this covenant is met See Appendix for workings Even after the proposed audit adjustments, net current assets would have to fall by a further £481 (£2281 - £1800) for this proposed covenant not to be met This highlights again that the main problem of this company is its ability to control and manage costs Its statement of financial position and asset values appear healthy 2.4 Proposed meeting with NP Bank In the proposed meeting with NP Bank it is worth highlighting to the bank, that even after the proposed audit adjustments, the only covenant which is not met is that regarding operating profits It can then be discussed how this can be monitored and amended going forwards by careful planning and cost management In order to this, you can discuss with the bank what detailed forecasts can be done and what immediate plans can be put in place for cutting costs for example monitoring staff numbers in line with revenue It is also worth highlighting to them that the cash position has improved considerably over the year increasing from £84 overdraft at the end of 2010 year to a positive cash balance of £419 This increase in cash then opens up more options for future strategies as it means cash is available for possible investments and expenditure Conclusions and recommendations Overall the proposed audit adjustments have a detrimental effect on the profit of the company, but the adjustments may need to be processed in order to maintain an unmodified audit report Action needs to be taken in order to improve profitability and reduce pressure on loan covenants Both the auditors and the bank need to be communicated with, with regards to processing the adjustments and management need to ensure they are proactive with the bank The bank need to be made aware of the difficult trading conditions and may allow 4D to refinance while they are sorting out their cash management problems Management should also prepare quarterly management accounts which will allow them to identify any problems on a more timely basis Copyright @ ICAEW 2011 All rights reserved Page 11 of 18 3) Evaluation of a new advertising campaign 4D have always taken pride in their original and creative work and have won awards for their artistic excellence So the fact that advertising revenue increased in 2011 is testament to their skills – clients want to use them for advertising campaigns during this tough economic climate However, this proposal is not only asking 4D to create a ‘ground breaking advertising campaign’ but is also requesting that the Spindles characters feature in this campaign Benefits to 4D Foment plc are suggesting a fee of £6 million for this project which would have a direct impact on revenues going forwards for the 2012 year The average gross profit margin for an advert contract is 49.5% which would mean that contribution from this contract would be £2.97 million There is also then the benefits and impact it could have on other revenue streams A majority of the revenue from DVD and merchandise sales comes from Spindles related products and this advert could help boost these sales Sales appear to have fallen over the past years, but by potentially reaching wider, multinational audiences, more revenue could be generated and back catalogues continue to be sold There are also advantages to it being an existing client that has proposed this campaign 4D have already built a relationship with this client who clearly approves of 4Ds work In the industry, costs for an advert are almost irrelevant as it is that one idea that can generate future revenues, and by working with an existing client the directors will already have an idea as to how they work and what they like Risks to 4D Despite the obvious financial benefits to the company, there are also many risks which would need to be considered The key risk is that the Spindles characters could be nearing the end of their product life cycle and by associating them with a new product, neither the product nor Spindles would succeed There is also the risk that by using them in such an extensive campaign over a year period that it could drain any life the Spindles characters had and exhaust the revenue potential There is also the risk that the Department of Education could cut their contract as they would not want their safety videos to be associated with products such as soft drinks and iced products This would lose 4D not only revenue but a contract and relationship with the government, which would be detrimental going forwards If the advert doesn’t work it could impact on other work that 4D for Foment such as filming their annual conferences and could lead to losing the client entirely; and there is also the risk that the Spindles characters will not translate into foreign cultures successfully Not only is there a language barrier, but cultures and sense of humour differs also and this doesn’t appear to have been considered A further concern for 4D is the timing of the advert in their busy period leading up to Christmas and the fact that Foment have requested the specific use of directors This reduces directors’ time to spend on other projects and may reduce margins on the project as their salaries are higher There is also the risk of operating overseas – 4D has never operated overseas before and therefore clarification needs to be sought regarding any foreign exchange Copyright @ ICAEW 2011 All rights reserved Page 12 of 18 Impact now and in the future The fact that Foment are willing to pay an upfront fee of 25% to 4D would have an instant positive impact Currently the company is struggling with its cash flow and this would be a boost, and perhaps convince the bank to continue funding them In the longer term, it could also open up more opportunities to work on big advertising campaigns, both with and without the Spindles characters It is an area their creative expertise excels in and this should continue to be built on Ethical concerns There are many concerns over the use of adverts for children and aimed at children as they have an inability or difficulty in distinguishing between advertising and reality 4D therefore need to ensure that the advert complies with all of the relevant advertising regulations regarding children There are also concerns over the product which 4D will be associating their Spindles characters with Previously, the characters have been used to promote safety, but now they are being used to promote food items where 4D have not control over the quality of the product itself With obesity rising, 4D need to consider whether such products are what they want to be associated with Conclusions and recommendations Despite the financial benefits to 4D and the possibility of getting further life out of the Spindles products there are many risks and concerns of the proposal which need to be addressed by management Before they discuss the proposal further they need to • Communicate with the Department of Education to try and gauge any reaction • Investigate the products in question to see whether they are healthy or what nutrition value they have • Investigate further Foments expansion into the Middle East and whether these products are likely to be advertised there Copyright @ ICAEW 2011 All rights reserved Page 13 of 18 Appendix Revenue variance and growth Commissions Sale of DVDs Sale of merchandise Corporate DVDs Advertisement Hiring out 2011 2010 Variance 2977 4078 2638 1917 1889 429 4216 4611 3134 2413 1028 535 -1239 -533 -496 -496 861 -106 13928 15937 -2009 2011 2010 2009 21.4 29.3 18.9 13.8 13.6 3.0 26.4 28.9 19.7 15.1 6.5 3.4 22.0 28.1 20.2 15.2 8.3 6.2 2011 2010 2009 5633 40.4% 5898 37.0% % growth -29.4 -11.6 -15.8 -20.6 83.4 -19.8 Revenue mix (%) Commissions Sale of DVDs Sale of merchandise Corporate DVDs Advertisement Hiring out Gross profit Gross profit Gross profit margin Copyright @ ICAEW 2011 All rights reserved 6879 39.4% Page 14 of 18 Appendix EBITDA calculations 2011 2010 Profit for the year 187 248 Add back Interest Tax Depr Charge Amortisation 114 80 574 - 132 107 722 - EBITDA 955 Copyright @ ICAEW 2011 All rights reserved 1209 Page 15 of 18 Appendix Proposed adjustments to financial statements Income Statement £000s Revenue Draft amount Adj for deferred income £000s 13928 (30) 13898 Cost of sales Draft amount Adj for DVD provision Adj for merchandise Adj for WIP (8295) (65) (60) (20) (8440) 5458 (5252) Gross Profit Overheads Operating Profit 206 Statement of Financial Position £000s Non-current assets £000s 1610 Current Assets Inventory Draft amount Less adj in cost of sales 964 (145) AC receivable Draft amount Add back deferred income 2218 30 819 Cash 2248 419 TOTAL ASSETS 5096 Copyright @ ICAEW 2011 All rights reserved Page 16 of 18 Appendix 1) NCA must be a minimum of 110% of loan outstanding 2011 – Value of loan outstanding Interest accruing Minimum value of NCA 1200 110% x 1200 Actual NCA value 2) 1320 1610 Operating profit must be 300% of net finance expense 2011 – 2011 – Before audit adjustments: Net finance expense 114 Minimum value of operating profit – 300% x 114 342 Actual operating profit 381 After audit adjustments: Net finance expense 114 Minimum value of operating profit – 300% x 114 342 Actual operating profit 206 Copyright @ ICAEW 2011 All rights reserved Page 17 of 18 Appendix Net current assets should be 150% of outstanding loan and accrued finance expense Before audit adjustments Value of loan + accrued interest 1200 Minimum value of net current assets Actual Current assets Current liabilities 1800 3601 (1205) 2396 After audit adjustments Actual Current assets Current liabilities Copyright @ ICAEW 2011 All rights reserved 3486 (1205) 2281 Page 18 of 18 ... 4078 26 38 1917 1889 429 421 6 4611 3134 24 13 1 028 535 - 123 9 -533 -496 -496 861 -106 13 928 15937 -20 09 20 11 20 10 20 09 21 .4 29 .3 18.9 13.8 13.6 3.0 26 .4 28 .9 19.7 15.1 6.5 3.4 22 .0 28 .1 20 .2 15 .2 8.3... deferred income 22 18 30 819 Cash 22 48 419 TOTAL ASSETS 5096 Copyright @ ICAEW 20 11 All rights reserved Page 16 of 18 Appendix 1) NCA must be a minimum of 110% of loan outstanding 20 11 – Value of... Copyright @ ICAEW 20 11 All rights reserved 6879 39.4% Page 14 of 18 Appendix EBITDA calculations 20 11 20 10 Profit for the year 187 24 8 Add back Interest Tax Depr Charge Amortisation 114 80 574 - 1 32 107

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Overview of the Executive Summary

Published: 16 Sep 2021 Update History

What is an Executive Summary?

What should be in the executive summary, how to construct your executive summary, tips for success.

In this guide we will cover that the Executive Summary is, what should be in it and how to construct it as well as tips for success.

This series of Case Study exam resources will cover everything you need to know to prepare for the Case Study exam. This includes:

Introduction to the Case Study exam

How to approach the advance information
Using the advance information during the Case Study exam
A guide on Requirements one, two and three
An overview of the Executive Summary
How to prepare to retake the Case Study exam

The Executive Summary is arguably the most important part of any report. It is the section that the recipient is likely to read first, with the remainder of the report providing the substantive detail should the reader wish to refer to it. In short the Executive Summary is a brief synopsis of the findings of the main report. A useful analogy may be to think of your Executive Summary as the points you would include in a PowerPoint presentation to your client, with the details of the report itself being contained within the speaker notes.

A recurring criticism of the scripts of unsuccessful students is that their Executive Summary sections are weak. In theory the Executive Summary should be the easiest part of the report, as it contains no new information. This guide aims to demystify the Executive Summary, covering:

What the Executive Summary is
What should be in your Executive Summary
Recurring themes in Executive Summary mark keys
How to construct an Executive Summary
Tips for success.

The Executive Summary is the part of a report that is most likely to be read by the recipient of the report. In the context of the Case Study exam this will ultimately be the owners of the client firm. As a rule these people will be busy trying to run their business, and will not be financial experts. As such you need to concisely and clearly summarise the contents of main body and the appendices of your report.

Summarise the financial performance of the client
Integrate numbers with text
Evaluate and apply judgement to the key points
Draw conclusions
Make recommendations
Refer where appropriate to ethics and business trust issues

Aside from the contents themselves there are specific marks reserved for producing an Executive Summary for each requirement that is 'an appropriate summary of the main report'. Therefore, to earn these marks you should avoid copying large sections from your main report into you Executive Summary.

As stated in the overview of the Case Study article you are advised to complete the Executive Summary for each requirement in the exam as you go. For instance, you should write-up your Requirement 1 Executive Summary once you have finished writing up your Requirement 1 section. This approach will ensure that your recollection of Requirement 1 is fresh when beginning to draft its Executive Summary.

While timings will vary from student to student, it should be possible to draft a complete Executive Summary for each section of the main report in 10 minutes each.

The key steps in producing a good Executive Summary include:

Planning your main section on paper, using blank marking keys. This will give you a summarised main requirement section from which to select the points you wish to transfer to your Executive Summary.
Use a specific highlighter pen colour to mark which points from your planning boxes you wish to include in your Executive Summary, this will make it quick and easy to transfer them into your answer.
Write up you Executive Summary from scratch. Do not copy and paste from the main body of you report. It is quicker and easier to write a concise analysis from a plan than it is to copy, paste and edit to reduce your word count.
Write in full English sentences - 'summary' does not mean bullet points!

Watch webinar

View this short webinar for an Overview of the Executive summary.

Requirement one, two and three in the Case Study exam

Read out this code to the operator.

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Case Study
How to Pass ICAEW Case Study
6. Case 2 Icaew
icaew case study syllabus
How to Pass the ICAEW ACA Case Study Exam
ICAEW

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If It Is Not Documented, It Is Not Done
Accounting ICAEW CFAB
How to Pass ICAEW Case Study
ICAEW ACA Case Study Course 2023: Introduction
ACA (ICAEW) Case Study Orientation July 2023
Systemic venous congestion case

COMMENTS

Case Study module study resources
The Case Study exam will assess your understanding of providing advice on complex business issues in the form of a written report. The scenario may be based on a variety of different organisational structures or operations, and you will be provided with advance information ahead of the exam. The exam is four hours long and will consist of three ...
Case Study Mock Exam Pack
Case Study Mock Exam Pack. Relevant practice. As we have explained on the other Case Study pages on this website, Case Study is fundamentally unlike the other ACA papers because it is marked with a unique "closed form" markscheme in which you can only attract credit if the idea in your exam answer matches the points on the finalised ICAEW markscheme.
Case Study July 2013 Illustrative Script 2 ICAEW
Case Study July 2013 Illustrative Script 2 ICAEW - Free download as PDF File (.pdf), Text File (.txt) or read online for free.
How to pass the ICAEW ACA Case Study exam
Step 1 - write down how long the exam is in minutes. We know the exam is four hours long. This converts to 240 minutes in total. Step 2 - Take off 10 minutes from the total which is the time set aside to work out and write down your timings per question. This leaves 230 minutes of actual question-answering time.
Case Study November 2020 Advance Information
ICAEW\CS\N2020 Page 5 of 42 EXHIBIT 1 About you (Ollie Phelps), your employer (Galbraith Worthy) and your client (BEAL Publications Limited) You are Ollie Phelps, a final-year trainee ICAEW Chartered Accountant, working in the business advisory unit of Galbraith Worthy (GW), a firm of ICAEW Chartered Accountants with offices throughout the UK.
Advanced Level Case Study
Advanced Level Case Study. The Case Study module covers the following topics: Ensure you order the correct edition of the materials. The 2023 edition is aligned with the syllabus and exams for 2023 only. The 2024 edition is aligned with the syllabus and exams for 2024 only. You risk losing exam marks if you use a different edition.
ACA
The ICAEW Chartered Accountant qualification, the ACA, is one of the most advanced learning and professional development programmes available. ... To access the two Case Study walkthroughs, ... Access the Case Study syllabus, skills development grid, errata, past exam papers and mark plans, past illustrative scripts and advance information, and ...
ICAEW Case Study Made Easy
Introduction to the ICAEW Case Study . To reiterate, there is no new content that you need to learn to pass the ICAEW Case Study.Passing this exam is more skills based than anything. According to ICAEW, students need to demonstrate they "can provide advice on complex business issues in the form of a written report". In order to do so, you will have to analyse both financial and non ...
Case Study July 2019 Examiners Comments and Markplan.pdf
The subject of the case is Playfree Limited, a company formed in 2012 and based in the south of England. It designs playgrounds and installs playground equipment for a variety of venues across the region, as well as providing inspection and maintenance services to playground operators. The candidate is in the role of Daryl Ross, a final-year trainee ICAEW Chartered Accountant working in the ...
How to Master the ICAEW ACA Case Study Marking Key
You may think as the ICAEW ACA Case study exam is 50% to pass, you just need 120 marks to pass. Again, the Case Study really is not that straightforward. 120 marks across the whole paper will not cut it. You actually need 50% in each requirement (including the executive summary) to pass. Getting 66 marks in requirement 1 but 20 marks in ...
Case study july 2013 illustrative script 2 ICAEW
SECOND ILLUSTRATIVE SCRIPT AND EXAMINERS' COMMENTS The commentary below follows the order and numbering of the script, with reference to the topics in the marking key It should be read in conjunction with the review of the First Illustrative Script and full Examiners' Report for this session Examiners' comments - overview This script failed the exam: it has not achieved sufficient ...
How to Ace the Case
Step 2: Understand what each of the three requirements involve. As explained above, the three requirements are broadly the same in each Case Study exam. Requirement 1: Analyse the financial performance of the company. Requirement 2: Evaluate a financial proposal. Requirement 3: Evaluate an opportunity or issue.
Case study november 2011 illustrative script 2 ICAEW
SECOND ILLUSTRATIVE SCRIPT AND EXAMINERS' COMMENTS In the commentary below extracts from the scripts are shown in quotation marks and in italics; spelling, grammar, sentence construction and punctuation from the original script have been retained The commentary follows the order and numbering of the script with references to the topics in the marking key It should be read in conjunction with ...
Introduction to the Case Study exam
The key steps in the Case Study exam preparation include: Be familiar with your advance information. You must imagine that you are in the workplace, reporting to an actual client. Your analysis and advice must be relevant and impactful, and this only comes with client-specific knowledge. Be strict with your time management.
123doc
View [123doc] - case-study-november-2011-illustrative-script-1-icaew.pdf from BUSSINESS ORGANIZATI at Ajayi Crowther University Oyo. FIRST ILLUSTRATIVE SCRIPT AND EXAMINERS' COMMENTS In the
ACA Advanced
When you complete the qualification, you will be an ICAEW chartered accountant. You can take the exams in any order, apart from the Case Study, which needs to be attempted last, in the final year of an ACA training agreement. ... Additional practice exam on the real case study exam (includes illustrative script and marking key) Resit fees ...
Icaew Case Study Illustrative Scripts
Icaew Case Study Illustrative Scripts. 100% Success rate. 535. Finished Papers. Research Paper, IT Management, 8 pages by Ho Tsou. First, you have to sign up, and then follow a simple 10-minute order process. In case you have any trouble signing up or completing the order, reach out to our 24/7 support team and they will resolve your concerns ...
Icaew Case Study Illustrative Scripts
Icaew Case Study Illustrative Scripts - Submit. ID 11550. Login. 10 Customer reviews. Get help with any kind of Assignment. User ID: 102732. 100% Success rate Icaew Case Study Illustrative Scripts: A certified document that proves 100% content originality. Show Less. Bennie Hawra ...
Historical suggested answers and illustrative scripts
On this page we outline the ICAEW Library's collection of suggested answers and illustrative scripts for historical ICAEW examinations. If you are looking for support materials for the current examinations, these can be found in the ACA Exam Resources section. Copies of suggested answers and illustrative scripts for historical examinations are ...
Requirement one, two and three in the Case Study exam
The ICAEW Chartered Accountant qualification, the ACA, is one of the most advanced learning and professional development programmes available. ... Your reflections can be aided by reviewing the examiners' reports and sample scripts for all past Case Study exams. Detailed reflection and reviewing good quality answers should help you identify ...
Icaew Case Study Illustrative Scripts
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Insight from the examiners: Case Study exam
Author: ICAEW Insights. Published: 03 Feb 2022. 2021 saw the first two sittings of the Case Study exam on the new Professional and Advanced Level exam software. The Case Study Senior Examiners tell us how it went and how future students can learn from the experience. For the first two Case Study sessions on the new exam software - House Pride ...
Overview of the Executive Summary
The Executive Summary is the part of a report that is most likely to be read by the recipient of the report. In the context of the Case Study exam this will ultimately be the owners of the client firm. As a rule these people will be busy trying to run their business, and will not be financial experts. As such you need to concisely and clearly ...