Good evening everyone, and welcome to the latest ASN FREE Q & A session with Neil Arnott on the ISYS project and the written parts of AAT Assessments. If you have any questions, please post as a comment below. Please be aware, if any questions are left unanswered, then they will be answered at a later time. And thank you all for participating…..now over to you, who has the first question?
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Neil Arnott
Neil Arnott Good evening everyone…hope you all have a glass of wine and a bucket of popcorn for tonight’s session…who has the first question?
Like · Reply · 16 August at 19:01
Paula Rutter
Paula Rutter
Like · Reply · 1 · 16 August at 19:07
Natasha Everard
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Gareth Schoorl
Gareth Schoorl Good evening, I’ve not looked at the written parts yet. How should I prepare for them?
Like · Reply · 16 August at 19:01
Neil Arnott
Neil Arnott Which level are you at Gareth?
Like · Reply · 16 August at 19:02
Gareth Schoorl
Gareth Schoorl Level 3
Like · Reply · 16 August at 19:02
Rita Lees
Rita Lees Hi Ive just started my project – lil question it says in my scenario Ive just joined the company as accounts clerk – does this mean I should include myself in the organisation chart tree
Like · Reply · 16 August at 19:02
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Neil Arnott
Neil Arnott Hi Rita – I would include yourself within the chart
Like · Reply · 1 · 16 August at 19:04
Rita Lees
Rita Lees Many thanks wasnt sure 🙂
Like · Reply · 16 August at 19:05
Neil Arnott
Neil Arnott Which scenario are you doing?
Like · Reply · 16 August at 19:05
Rita Lees
Rita Lees A to Z vehicle hire
Like · Reply · 16 August at 19:05
Neil Arnott
Neil Arnott OK – key thing there is really about the way in which the old and new companies communicate with each other. Also lots of ethical issues. It’s an interesting scenario – plenty in it!
Like · Reply · 1 · 16 August at 19:06
Rita Lees
Rita Lees Staffing is bit awkward as they are spread between 3 branches, assume I still show all 3 branches as seperate branches (like 3 different trees)
Like · Reply · 16 August at 19:06
Neil Arnott
Neil Arnott Yes there’s a couple of ways to show it – the most important thing is showing the communication/accountability lines. So try to identify who has responsibility for which sections…although they may seem like three separate trees there must be SOME level of overall control/management
Like · Reply · 1 · 16 August at 19:08
Rita Lees
Rita Lees I need to reread it more as I was struggling to work out responsibilities of accounts staff at different branches 🙂 thanks for the advice though, much appreciated
Like · Reply · 1 · 16 August at 19:11
Caroline May
Caroline May So Chandra overseas everything then as the office manager ?
Like · Reply · 16 August at 19:18
Caroline May
Caroline May Is there a specific area that I should concentrate on with a – z vehicle hire, in an example I have read it was really obvious that cash handling was a major issue
Like · Reply · 16 August at 19:22
Neil Arnott
Neil Arnott Hi Rita/Caroline – no, we need to be careful not to discuss live assessments! Remember there are four key themes which EVERY project must cover – business efficiency, potential for fraud, ethical behaviour and sustainability. So every time you find a weakness try to ‘link’ it to at least one of these key themes.
Like · Reply · 1 · 16 August at 19:27
Neil Arnott
Neil Arnott You must cover ALL of these key themes – so careful not to focus too much on just one type of weakness!
Like · Reply · 2 · 16 August at 19:27
Natasha Everard
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Neil Arnott
Neil Arnott OK so at Level 3 (under AQ2013) there are not a lot of written tasks in exams apart from in Professional Ethics. It is not really a case of doing additional learning for the written tasks – just a different way of assessing your knowledge. The key is to look at the marks available and make sure you provide enough detail to earn those marks. A 1 or 2 mark question is likely to be about IDENTIFYING or STATING knowledge – higher mark tasks tend to need you to DESCRIBE or EXPLAIN
Like · Reply · 1 · 16 August at 19:04
Natasha Everard
Natasha Everard evening:-) when writing the written questions how much detail should i go?
Like · Reply · 16 August at 19:09
Neil Arnott
Neil Arnott Again, depends on the the question. If it is a State or Identify – then just do that. If you are explaining or describing something you will need more depth – but be sure to stick to the question – not just write everything you know
Like · Reply · 16 August at 19:11
Natasha Everard
Natasha Everard how much of the written section is in the new synoptic? if any?
Like · Reply · 16 August at 19:12
Neil Arnott
Neil Arnott A really useful approach is PEE – Make your POINT, provide some EVIDENCE (usually from within the question) and then EXPLAIN or EVALUATE – this could be making a recommendation, choosing between alternatives etc. AAT have said at Level 4 they expect students to make recommendations – not just to sit on the fence!!
Unlike · Reply · 3 · 16 August at 19:12
Natasha Everard
Natasha Everard Anyone else have any questions?
Like · Reply · 16 August at 19:14
Neil Arnott
Neil Arnott In AQ2016 ALL three levels (2,3 and 4) have written tasks in the synoptic exam. Obviously the depth of knowledge increases through the levels. There is no ISYS report now at Level 4 under AQ2016 – but the synoptic will require students to answer shorter questions as if they are communicating with management
Unlike · Reply · 2 · 16 August at 19:14
Neil Arnott
Neil Arnott Who thinks AAT exams shouldn’t have written tasks??
Like · Reply · 16 August at 19:16
Rita Lees
Rita Lees I think they should have them – tests skils you require for real life situations, you need to be able to communicate in writing. Doesn’t mean I like the questions lol
Like · Reply · 1 · 16 August at 19:17
Natasha Everard
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Natasha Everard
Natasha Everard as much as i don’t like the written section….they are part of becoming an accountant and explaining your figures. it does help to build your confidence.
Like · Reply · 16 August at 19:17
Natasha Everard
Natasha Everard still don’t like them though 🙁
Like · Reply · 1 · 16 August at 19:17
Gareth Schoorl
Gareth Schoorl Neil, is spelling and grammar also considered in the marks?
Like · Reply · 16 August at 19:17
Neil Arnott
Neil Arnott Grammar and spelling not specifically marked / punished – BUT you’re answers should reflect your growing professionalism. You won’t be penalised for minor slips etc but your work should be understandable…so do the best you can!
Like · Reply · 2 · 16 August at 19:20
Natasha Everard
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Neil Arnott
Neil Arnott Most students don’t – but the thing that differentiates a bookkeeper and an accountant is precisely the ability to communicate – verbally and also in writing. You need to explain to clients / management what the figures actually mean!
Unlike · Reply · 1 · 16 August at 19:19
Caroline May
Caroline May I dreaded the thought of written exams when I was looking at level 4 , they haven’t been my strongest point but it does help explain the figures
Like · Reply · 16 August at 19:20
Paula Rutter
Paula Rutter so say im starting on budgeting for example
how much written counts towards the final mark
how much time should i allocate to written task
and do u have to learn it word by word or is it freestyle ?
Like · Reply · 1 · 16 August at 19:20
Caroline May
Caroline May I dreaded the thought of written exams when I was looking at level 4 , they haven’t been my strongest point but it does help explain the figures
Like · Reply · 16 August at 19:20
Caroline May
Caroline May At the moment the worded questions are quite heavily marked
Like · Reply · 16 August at 19:20
Neil Arnott
Neil Arnott Written tasks are important – typically 30-40% of the total marks and more in some exams. So they are REALLY important. Usually they are freestyle – you are explaining figures, trends etc and making recommendations. But there are some definitions etc which you need to learn word-for-word in Financial Statements – these are key definitions from the IASs
Like · Reply · 3 · 16 August at 19:22
Neil Arnott
Neil Arnott Anybody else out there working on ISYS at the moment?
Like · Reply · 16 August at 19:23
Caroline May
Caroline May I am, first submission due September and not really much of a clue where to start, not the best time to be doing it when college is shut
Like · Reply · 16 August at 19:33
Neil Arnott
Neil Arnott I would start by reading the scenario really thoroughly, and using post-its or highlighters to focus on key bits. Then start by identifying weaknesses – against the four key themes. This will form the starting point of your analysis – the report is all about identifying weaknesses, coming up with recommendations for improvement and then identifying the costs and benefits of the recommendations. But every provider tackles it is slightly different ways so hopefully you have had some guidance already
Like · Reply · 4 · 16 August at 19:36
Natasha Everard
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Natasha Everard
Natasha Everard Anyone else have any questions?? Don’t be shy 😉
Like · Reply · 16 August at 19:26
Emma Cavanagh
Emma Cavanagh I’ll be starting level 4 on the new 2016 standards, so I won’t need to do ISYS??? Is that correct?
Like · Reply · 16 August at 19:27
Neil Arnott
Neil Arnott That’s right Emma. Some would say “Lucky You” but I’m actually a huge fan of the ISYS report and think it’s a shame it’s gone.
Like · Reply · 1 · 16 August at 19:28
Emma Cavanagh
Emma Cavanagh To be honest, I was actually looking forward to it :/
Like · Reply · 1 · 16 August at 19:29
Emma Cavanagh
Emma Cavanagh But I won’t be able to finish L3 and L4 in time on the 2013 standards 🙁
Like · Reply · 16 August at 19:29
Neil Arnott
Neil Arnott No- you’d need to enrol on Level 4 in the next week or so. I wouldn’t worry though – the new standards at Level 4 are very similar except you lose the ISYS and gain the synoptic
Like · Reply · 16 August at 19:31
Natasha Everard
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Natasha Everard
Natasha Everard so how is this unit incorporated in the synoptic?
Like · Reply · 1 · 16 August at 19:29 · Edited
Neil Arnott
Neil Arnott The synoptic will contain tasks taken from the three core units – financial statement, budgeting and financial performance (although they all have fancy new names under the new standards!) In addition it will test your ability to analyse accounting systems in much the same way as ISYS does but in less detail – emphasis will I think be on the effectiveness of internal controls, ethics and sustainability
Unlike · Reply · 1 · 16 August at 19:30
Natasha Everard
Natasha Everard think i prefer the case study and AQ2013 😉
Like · Reply · 16 August at 19:31
Emma Cavanagh
Emma Cavanagh So will you have a separate study manual to prepare for synoptic???
Like · Reply · 16 August at 19:32
Neil Arnott
Neil Arnott I think each Training Provider / Publisher may handle it differently – you don’t need a new study manual for the bits you have already studied (but no burning the books when you’ve passed an exam!) But you will definitely need study support for the bits you haven’t previously studied – at Level 2 that’s Working Effectively, at Level 3 it’s Ethics and Spreadsheets and at Level 4 it’s the management / internal controls aspects in particular
Like · Reply · 1 · 16 August at 19:34
Natasha Everard
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Neil Arnott
Neil Arnott It’s personal choice – I think a lot of people (students and tutors!) are a bit scared of the synoptics because they are so new.
Like · Reply · 2 · 16 August at 19:32
Emma Cavanagh
Emma Cavanagh In PETH is particular wording important?? As I’ve noticed I’ve lost points for not using certain terminology, even know I’ve technically stated the correct answer? Almost feels like we need to memorise the whole book?
Like · Reply · 1 · 16 August at 19:37
Neil Arnott
Neil Arnott SOME wording is very important – the five fundamental principles underpin everything so you should be able to use the correct terminology for these. Similarly the threats of familiarity, self interest, self review, advocacy and intimidation each have specific meanings so it is always easier to use one (correct) word instead of ten to explain a key concept. But you shouldn’t be penalised for using the ‘wrong’ word so long as you are explaining your thoughts clearly
Like · Reply · 16 August at 19:40
Steph Reynolds
Steph Reynolds I am yet to do the ISYS. Would you recommend work based (working in a practice) or scenario based?
Like · Reply · 16 August at 19:41
Emma Cavanagh
Emma Cavanagh I think I’ve nailed the objectives, threats, and principles etc! It’s mainly sustainability I struggle with, and actually writing what’s in my head!!! I know the answer but sometime struggle verbalising it! 😉
Like · Reply · 1 · 16 August at 19:43
Neil Arnott
Neil Arnott Three key areas – environment (reducing carbon footprint, waste etc), social (people and communities) and economic growth (making sure we make enough profit that the business continues into the future). It’s about not being too greedy today at the expense of future generations
Like · Reply · 1 · 16 August at 19:45
Natasha Everard
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Neil Arnott
Neil Arnott That’s a great question – the best reports are often those in the workplace because they are real, so therefore more interesting, and hopefully lead to improvements in your workplace. BUT…it depends entirely on where you work. Many organisations (especially dealing in finance) already have pretty robust internal control systems so there is not enough to write about – you need to be able to find around 10-15 weaknesses across the four key themes of business efficiency, ethical behaviour, potential for fraud and sustainability. So the best workplaces to analyse are those where there are some pretty significant issues – often after a period of rapid growth or change (eg a takeover, management buy out etc)
Like · Reply · 1 · 16 August at 19:43
Neil Arnott
Neil Arnott If youwork in a pretty solid, robust organisation the scenario may be the better choice
Like · Reply · 16 August at 19:45
Emma Cavanagh
Emma Cavanagh Many Thanks for all your help Neil – I’m now off! It’s bedtime in the Middle East 😉
Unlike · Reply · 1 · 16 August at 19:46
Neil Arnott
Neil Arnott Many thanks for joining Emma – hope it’s been useful!
Like · Reply · 1 · 16 August at 19:48
Neil Arnott
Neil Arnott Is there anyone whose comments I’ve missed? They sometimes pop up earlier in the feed and then I miss them?
Like · Reply · 16 August at 19:49
Jos Karema
Jos Karema Hello, am doing my ISYS at the moment, got the plan approved so I need to write the essay, am doing my AAT with Kaplan, my question is do l base my essay on the plan entirely or can I change it? I chose case study but I feel like am making things up I go on. Especially solutions to problems, how do I research to make sure I have backup to my suggestions as potential solutions?
Unlike · Reply · 2 · 16 August at 19:52 · Edited
Neil Arnott
Neil Arnott Hi Jos – I can’t really speak for Kaplan but the plan (once agreed) should be a fairly structured approach to what is needed – I’d be very wary if any of my students felt like ‘making things up’! It sounds like you might be jumping the gun a bit – analyse the system first to identify the weaknesses and then make sensible, practical recommendations which would address each of your weaknesses. Imagine it is a real company – it should kjeep your ideas a bit more grounded!
Like · Reply · 16 August at 19:53
Jos Karema
Jos Karema Thank you, I have the weaknesses but it’s the solutions am struggling with, like how much to spend on a new system, along those lines. But I will keep that in mind. Thanks Neil Arnott
Like · Reply · 1 · 16 August at 19:55
Neil Arnott
Neil Arnott Make your recommendations – then you can come up with ‘reasonable’ estimates for the costs by doing a bit of research. The important thing isn’t that your costings are accurate, but that you show reasonable assumptions and identify all potential costs in any recommendation
Like · Reply · 2 · 16 August at 19:57
Natasha Everard
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Natasha Everard
Natasha Everard Does anyone have any further questions? If no one has any further questions tonight, then i would like to thank Neil for his time this evening 🙂 Another great Q & A session….quality!
Like · Reply · 1 · 16 August at 19:55
Neil Arnott
Neil Arnott Thanks everyone for your input – hope I’ve been of some help to you. And don’t panic…it’s only words!
Like · Reply · 3 · 16 August at 19:56