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