Professional Accounting Supplementary School (PASS)
Information/Study Plan Session
2014 UFE Program
Accounting
PASS | Professional
Supplementary School
Agenda
1)
Who is PASS?
2)
Introduction to the UFE
3)
Outline of PASS Program
4)
Studying for the UFE
5)
Preparing a study plan
Accounting
PASS | Professional
Supplementary School
Study Plan
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Who is PASS?
 PASS began offering UFE courses in 1989
 PASS courses are offered in all of the large 4 firms – PWC, KPMG, EY and Deloitte
& Touche and numerous mid-size firms
 PASS courses are offered across Canada
 Michael Levi, co-director of PASS, former Gold Medalist
 Instructors have professional UFE marking experience
 Consistent excellent feedback from students
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Introduction to the UFE
 UFE tests candidate’s ability to demonstrate competencies rather than simply
testing knowledge
 Competency describes what a candidate can do or accomplish
 Goal of competency approach: test candidates ability to apply knowledge
rather than simply recite knowledge
 Competencies that a candidate must demonstrate are included in the UFE
Candidates’ Competency Map
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4
Competency Map’s Main Components
 Two main components:
1. Pervasive qualities
2. Specific technical competencies

Pervasive Qualities:
•
Represents qualities all CA’s are expected to bring to any task
•
Includes:
– CA’s ethical behaviour and professionalism
– Personal attributes
– Professional skills (e.g. Good judgement, effective communication, etc)
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Specific Competencies
 Include six areas of technical expertise:
1. Governance, Strategy and Risk Management
2. Performance Measurement and Reporting
3. Assurance
4. Finance
5. Management decision making
6. Taxation
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6
UFE Competence
KNOWLEDGE
Accounting
PASS | Professional
Supplementary School
PERVASIVE
QUALITIES &
SKILLS
Study Plan
UFE
COMPETENCE
7
Information Technology (IT)
 Not a separate competency. Primarily incorporated into MDM and Assurance.
 Two of the primary indicators must relate to information technology.
Accounting
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Performance Measurement
 Consists primarily of financial accounting
 Also includes divisional and non financial reporting
 For financial reporting need to know CICA handbook
• Part I – IFRS
• Part II – ASPE
• Part III – NPO Accounting
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PASS | Professional
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9
Adoption of International Standards
IFRS




Part I of the Handbook
Candidates responsible for all IFRSs and interpretations, with some exclusions
Exclusions listed in competency map, in knowledge reference list for PMR
Exclusions generally relate to industry specific standards or
unusual / complex situations
 Candidates not responsible for IFRS for small and medium-sized entities
Accounting
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10
Accounting Standards for Private Enterprises
ASPE
 Part II of the Handbook
 Candidates responsible for all ASPE, with similar exclusions to IFRS
 Exclusions listed in the competency map, in knowledge reference list for PMR
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PASS | Professional
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11
Accounting Standards for Not-for-Profit
Organizations
 Part III of the handbook includes specific standards for NPOs - effective
January 1, 2012
 NPOs have the option of applying (A) Part 1 (IFRS) or (B) Part III
 May be asked specifically to apply Part I versus Part III or may need to
consider what is best for client
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Assurance
 Candidates are responsible for Part 1 only which includes all CASs and older
GAAS Handbook sections carried forward
 A few exclusions are listed in knowledge reference list for assurance
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Structure of SOA
 SOA consists of 2 papers over 2 days
 First day is 5 hour comprehensive simulation (Approx 15-20 pages)
 Next day: 4 hour paper consisting of a number of simulations (Approx 60 to 90
minutes each)
 3 simulations on second day
 All cases will test more than one competency
 Each day is weighted 50%
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PASS | Professional
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14
Structure of UFE
 UFE consists of 3 papers over 3 days
 First day is 5 hour comprehensive simulation (Approx 12-20 pages)
 Next two days: 4 hour papers consisting of a number of simulations (Approx
60 to 90 minutes each)
 3 simulations per multi day
 All cases will test more than one competency
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Competencies Weightings
CKE and SOA
Competency
Weighting
Governance, Strategy and Risk Management
5%
Performance Measurement and Reporting
25%
Assurance
30%
Finance
10%
Management Decision Making
15%
Taxation
15%
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Competencies Weightings
UFE
Competency
Weighting
Governance, Strategy and Risk Management
5% - 10%
Performance Measurement and Reporting
20% - 30%
Assurance
25% - 35%
Finance
10% - 20%
Management Decision Making
10% - 20%
Taxation
10% - 20%
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Level of Proficiency
 Cases will reflect ‘normal circumstances’
 Means that entity, situation, event or transaction is of a size or degree of
complexity appropriate for entry level CA
 Entity may be
• Private corporation, partnership or proprietorship
• Small public corporation or division of public corporation
• Public sector or NPO
• Individual
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Outline of PASS Ontario Program
Program consists of 4 Components:
1.
2.
3.
4.
CKE Course
Winter UFE Course
SOA Course
Summer Comprehensive Course
Program provides training for all Exams necessary for obtaining CA
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Course Delivery Formats
3 Course Formats
(1) In-Class
(2) Live Online
(3) Video
** Students can combine any of the above options **
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CKE Course
 12 full days of instruction
 Technical review of all 6 competencies
 3 simulated 100 question practice multiple choice exams
 Comprehensive binder with technical summaries and hundreds of multiple choice
questions
 Course offered either:
Accounting
PASS | Professional
Supplementary School
(1) In-Class
(2) Live Online
(3) Video
Study Plan
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Winter UFE Course
 Provides opportunity for early start
 Learn how the UFE is marked and basic UFE case writing techniques
 Practice writing multi competency and comp cases
 Write 2 multi competency exams and one comp – professionally marked and
debriefed in class
 5 days of instruction – although part of UFE course, also very helpful for SOA
 Course offered either:
Accounting
PASS | Professional
Supplementary School
(1) In-Class
(2) Live Online
(3) Video
22
SOA Course
 Learn how the SOA is marked
 Instruction on how the SOA differs from the UFE and specific techniques relevant
to the SOA exam
 Write simulated multi competency cases and comp specifically designed for the
SOA
• 4 multi competency cases and 1 comprehensive paper – professionally marked
and debriefed in class
 3 Days of Instruction
 Course offered either:
Accounting
PASS | Professional
Supplementary School
(1) In-Class
(2) Live Online
(3) Video
23
Summer Comprehensive UFE Course
 Provides all the tools you need to pass the UFE
 Consists of writing practice cases and ``technique sessions``
 Write 2 multi exams (3 questions each) and 2 comps - Cases marked professionally and
debriefed in class
 Personal counselling session with professional marker – will tell you what you need to do to
pass
 Receive comprehensive binder and detailed UFE guides for 2007 - 2013 UFE
 All sessions recorded and videos available
 11 days of Instruction
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UFE Technique Sessions
 Provides specific techniques for excelling on UFE cases:
•
•
•
•
•
•
Audit Integration – key points for getting depth in assurance
Financial Accounting Integration – essential techniques for analyzing issues
in sufficient depth
Numerical Methods – learn how to number crunch efficiently and effectively
How to Write a Comp – develop structured approach
Taxation Strategies in UFE Cases – review common tax scenarios that
come up in UFE and how to attack them
All sessions recorded and videos available
Sessions are not intended to be technical
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Study Plan
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Comp writing Course
 Intended to provide extra help with writing the Comp
 Write 2 extra comps – marked and debriefed
 Personal counselling session with comp marker
 Walk through comp with instructor
 All sessions recorded and videos available
 3 extra days of instruction (if taken with UFE Comprehensive Course)
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PASS Programs
 A program includes a combination of courses
 By signing up for a program students can save money compared with taking courses
individually as discounts are built into the programs
 Students can combine in-class and online courses in their program
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PASS | Professional
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PASS Programs (continued)
 There are four programs for first time writers
 Complete Ontario Program

Ontario CKE, SOA and Comprehensive (Summer) UFE Program

Winter/SOA and Comprehensive (Summer) UFE Program

SOA and Comprehensive (Summer) UFE Program
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PASS Programs (continued)
Ontario Program
 Includes CKE, Winter UFE, SOA and Comprehensive (Summer) Course
 Ideal program for first time writers, as provides all the courses students need to get
through the UFE
Ontario CKE, SOA and Comprehensive (Summer) UFE Program

Similar to Ontario program but excludes winter UFE Program

Good program for students who have firm programs in the winter or are too busy in the
winter to participate in the winter UFE Course
Accounting
PASS | Professional
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PASS Programs (continued)
Winter/SOA and Comprehensive (Summer) UFE Program

SOA and UFE training same as for the Ontario program, but excludes CKE Course

Appropriate for students who don’t need to write the CKE – they have already passed
it or go to a University where they are exempt
SOA and Comprehensive (Summer) UFE Program
 For students who do not need to write the CKE and are also not able to participate in the
winter UFE – in most cases would be appropriate for students who are still in school
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Pass Team

Ira Walfish

Michael Levi

Jethro Bushenbaum

Narmin Multani

Liz Farrell

Laura Simione
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PASS | Professional
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Studying for the Provincial Program Exams /
UFE
1.
2.
3.
4.
5.
6.
New style required relative to University
Balancing technical study with case writing – Winter versus Summer
Writing full 4 hours versus one case at a time
Use of study group
Technical study sources and old UFEs
Preparing a study plan
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PASS | Professional
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Example of Study Plan
 Will present example of study plan for “Average Joe”
 Plan needs to be tailored to suit your needs
 Means considering a number of factors including:
 When you are writing the CKE - January or May, 2014
 Timing of busy season
 Personal commitments - family, weddings etc.
 Vacations
 How much time off work you can take, for each of the exams
 Example of plan for “Keener” and “Chiller” available on PASS website
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Study Plan
33