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Week 3 - Pony- Up
Feedback Guide
Ref. Minimum Proficiency Indicator (MPI) Description CPA Way N/P/Y Feedback
AO1 (Assurance — Overall financial statement risk assessment)
1 Discusses risk: First-time audit Analyze
2 Discusses risk: Change in ownership Analyze
3 Discusses risk: Lack of segregation of duties and other controls Analyze
4 Discusses risk: Unusual, complex transactions Analyze
5 Discusses risk: Financial statements used by the bank to assess the bank loan Analyze
6 Discusses risk: Other valid financial statement risk Analyze
7 Concludes that the RMM is high Conclude
Note: (1) Risk factors must include what the risk factor is (case fact) and WHY it is a risk.
(2) Risk must be related to risk of financial statement errors. General business risks will not be accepted.
NA The candidate does not address this assessment opportunity.
NC The candidate does not meet the standards for reaching competence.
RC The candidate discusses the RMM for the financial statement audit by discussing 2 risks.
C The candidate discusses the RMM for the financial statement audit by discussing 3 risks. The candidate concludes that
the RMM is high.
CD The candidate provides an in-depth discussion of the RMM for the financial statement audit by discussing 4 risks. The
candidate concludes that the RMM is high.
AO2 (Assurance — Audit procedures)
1 Provides a risk and procedure for revenue recognition — non-refundable boarding fees Analyze
2 Provides a risk and procedure for revenue recognition — non-refundable boarding fees Analyze
3 Provides a risk and procedure for roof repair Analyze
4 Provides a risk and procedure for roof repair Analyze
5 Provides a risk and procedure horse inventory Analyze
6 Provides a risk and procedure horse inventory Analyze
Note: The reasonable procedure is provided in sufficient detail, including specifics of how it would be performed
(for example, which specific pieces of evidence will be examined and agreed to what). In addition, for each
procedure, the risk that the procedure is addressing OR the purpose of the procedure should be provided.
Two rows are provided for each issue to allow for credit for more than one risk/procedure.
NA The candidate does not address this assessment opportunity.
NC The candidate does not meet the standards for reaching competence.
RC The candidate provides 1 reasonable audit procedures (including the related risk or purpose).
C The candidate provides 2 reasonable audit procedures (including the related risk or purpose), addressing at least 2
accounts.
CD The candidate provides 3 reasonable audit procedures (including the related risk or purpose), addressing at least 3
accounts.
AO3 (Financial Reporting — Revenue recognition)
1 Identifies the financial reporting issue Situation
2 Analyzes the criteria in relation to case facts: collection Analyze
3 Analyzes the criteria in relation to case facts: measurement Analyze
4 Analyzes the criteria in relation to case facts: performance Analyze
5 Recommends WHEN the revenue should be recognized, consistent with analysis Conclude
6 Correctly discusses the impact of the issue on the financial statements and the current ratio Conclude
NA The candidate does not address this assessment opportunity.
NC The candidate does not meet the standards for reaching competence.
RC The candidate identifies the financial reporting issue and analyzes at least 2 of the criteria in relation to case facts.
C The candidate identifies the financial reporting issue, analyzes all criteria in relation to case facts, and provides a
recommendation.
CD As in C, and the candidate discusses the impact of the issue on the financial statements and the current ratio.
AO4 (Financial Reporting — Betterment or expense)
1 Identifies the financial reporting issue Situation
2 Identifies the definition of a betterment Situation
3 Analyzes the definition in relation to case facts Analyze
4 Recommends whether the repair is a betterment, consistent with analysis Conclude
5 Correctly discusses the impact of the issue on the financial statements Conclude
NA The candidate does not address this assessment opportunity.
NC The candidate does not meet the standards for reaching competence.
RC The candidate identifies the financial reporting issue and the definition of a betterment but does not apply case facts.
C As in RC, and the candidate analyzes the definition in relation to case facts and provides a
CD recommendation.
As in C, and the candidate discusses the impact of the issue on the financial statements.
AO5 (Financial Reporting — Inventory versus property, plant, and equipment [PPE])
1 Identifies the financial reporting issue Situation
2 Identifies the definition of inventory or PPE Situation
3 Analyzes the definition of inventory and PPE in relation to case facts Analyze
4 Recommends whether the horses meet the definition of inventory or PPE, consistent with the analysis Conclude
5 Correctly discusses the impact of the adjustments on the financial statements and the current ratio Conclude
NA The candidate does not address this assessment opportunity.
NC The candidate does not meet the standards for reaching competence.
RC The candidate identifies the financial reporting issue and the definition of inventory and PPE, but does not apply case
facts.
C As in RC, and the candidate analyzes the definitions of inventory and PPE in relation to case facts, and provides a
recommendation.
CD As in C, and the candidate discusses the impact of the issue on the financial statements and the current ratio.
Communication — The candidate prepares a response that is logically organized with good use of headings and bullet points.
The response is professional in tone and sufficiently readable in terms of spelling, grammar, punctuation, and
acronyms/abbreviations.