Monthly Archives: May 2020


How to pass CPA CFE 2020 Canada Day 2 & 3 Final Exam


How to pass CPA CFE 2020 Day 2 & 3 Final Exam

Many students are unable to pass CPA CFE Day 2 & 3 Final Exam. Students should review all related technical concepts for all six subject competencies. Care should be taken for selected core roll as you will face about 8 issues in Day 2. Normally students found shortage of time particularly in Day 3. Speed, accuracy, and professional approach for writing cases are most essential to get success. I summarize some important points for getting success at the final exam.

From the last two slides, you will notice, expected case of a company for your 2020 exam. You will also observe that there are around 30-35 issues in day 2 & 3 exam, out of which about 13-15 are in day 2. Roll base has around 8 issues. FR & MA each have 8 issues in total for both the days. Remaining is for breath of competencies. It is expected that you may face case of a private company with Financial Reporting issues in Day 2, and for Day 3 you may face public and or not for profit corporation.

The result was better in Audit & Taxation in comparison to FN & PM for day 2 roll base. Also see the marker’s comments and how you can improve on the same.

If anyone need any special guidance and or coaching can contact me on my web site or

Day 2 – Comprehensive Case evaluating (5 hours)

  • one case analysis of 5 hour duration (about 50 pages) based on technical competencies related with financial accounting, management accounting, and chosen role
  • Answer should be depth in financial or management accounting and in selected role
  • Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
  • Day 2 will be graded combine with day 3
  • Avoid skipping any competencies

Day 3 – Small cases (usually three) (4 hours)

  • Three case analysis of total 4 hour duration based on technical and enabling competencies
  • Answer should be depth in financial or management accounting
  • Answer should be integrated with breath of other courses like taxation, audit, strategy and governance
  • Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
  • Day 3 will be graded combine with day 2
  • Time management and outlining will be important
  • Don’t skip competencies

Marking of Day 2 & 3:

  • To pass day 2 & 3, student should write answer with
  • Sufficient with aggregate all issues….Level 1
  • Depth in MA or FR ……Level 2 (Competent grade C)
  • Depth of issue in selected role Level 3 (Competent grade C)
  • Breath of issues …..Level 4 ( Reaching Competent RC)
  • Students must reply satisfying all 4 level in all major issues
  • Passing grade /limit will be decided for each exam by CPA Exam Board

How you score

For each assessment opportunity (indicator) you’ll score one of the NA – CD scores.

  • Not Addressed (NA)– You did not identify the issue in the case
  • Nominal Competence (NC)– You identified the issue but only covered it superficially. Not much (if any) value added. No evidence of competence demonstrated
  • Reaching Competence (RC)– You identified the issue and covered it, but it was not sufficiently covered to achieve a C
  • Competent (C)– You discussed the issue in a sufficient level to meet expectations.
  • Competent with Distinction (CD)– Your discussion was above what was required. An exceptional response.
  1. For case analysis, always write with IAAR approach i.e. Identifying, analyzing, with alternatives and effective and well justified recommendations. For audit, IT and Ethics follow WIR approach weakness, implication, and recommendation
  2. Start your answer through identifying type of the company whether it is public, private, CCPC, not for profit and or government organization along with applicability of IFRS or CPA handbook section along with effective dates
  3. Marker will be evaluating the quality of your responses (will look to see if you have grasped the key issues in the case, were able to problem solve, analyze, integrate, prioritize, and finally, communicate effectively).
  • Analysis of last two exam cases

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