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CIPFA exam tips

A first - Exam tips for Public Sector sitters in June 08

Our experts offer some guidance on what they think will be tested in the upcoming exams. Remember – use in conjunction with a full programme of revision

Financial and Performance Reporting
* Local authority cash flow
* PCT operation cost statement and balance sheet
* Central government journal entries/ adjust financial statements
* Financial evaluation of either a housing association or NHS Trust
* Corporate governance
* Accounting standards (cash flow/ substance over form/fixed assets & impairment)

Taxation
* Corporation tax
* Adjustment of trading profit
* Chargeable gains roll over and hold over relief
* Capital allowances computation
* Income Tax
* Calculation of benefits in kind
* Personal tax computation
* Employed v self-employed evaluation
* VAT
* Registration
* Penalties
* Accounting for VAT
* Avoidance v evasion – use of case law
* Attributes of a good tax system

Finance & Management
Case Study
* Use the background information in the pre seen material to list most likely techniques to be used
* Integrate the background material with the detail case material to demonstrate understanding of the case
* Be prepared in the most common case techniques:
* costing
* dealing with inflation
* business planning and modelling
* investment appraisal
* cash flow budgeting and analysis
* Performance comparison/ benchmarking
* Dealing with staffing/HR issues
* Chi Squared computation and interpretation
* Measuring risk
* Corporate governance
* Syllabus basics
* CVP analysis
* Bank reconciliations
* Journal entries
* Classifying costs
Audit & Assurance
* Value for money audit – principles to practice
* External audit reporting arrangements – the audit report
* Tests of control within a system
* Performance management – internal/ external audit management and control
* IT security/risk management – managing the control environment
* Fraud – reducing the risk of fraud

Strategic Business Management
* Strategic planning process – theory and application
* Stakeholder management/mapping
* Achieving competitive advantage through performance management
* Organisational design to support strategy
* Identifying/predicting triggers/events that force change
* Identifying and enhancing strategic capability

Management Accounting
* Standard costing and variances
* Cash budgeting
* Absorption costing and ABC
* Marginal costing and contribution
* Financial accounting versus management accounting
* Linear programming

Accounting for Decision Making
* NPV and IRR
* WACC and CAPM
* Profitability index
* Pricing decisions
* Cost management (eg ABM, JIT, target costing)
* Dealing with risk and uncertainty
Public Finance
* Treasury management frameworks
* Role of insurance in risk
* Compare sources of finance – grants, taxation, charging
* Impact of interest rate and exchange rate fluctuation

Governance & Public Policy
* Role of the judicary
* Pressure groups
* Global macroeconimics
* Privatisation
* Ethics

FMST
* Debtors and creditors
* Working capital ratios
* Critical path analysis
* Procurement management
* Risk management
* Role of the director of finance

Financial Reporting
* Income statement and balance sheet with a focus on non-current assets
* Revaluation
* Cash flow statement
* Group accounts
* Earnings per share
* Ratios
* Leases

Financial Accounting
* PLC financial statements
* Cash flow
* Ratio analysis – earnings per share
* Clubs and societies
* Property, plant and equipment revaluation, disposal, depreciation
* Compiled by leading CIPFA experts

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