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{"sheet":"Marks","index":0,"n_rows":52,"n_cols":29,"rows_kept":52,"cut":false,"hidden":true,"merged":[[5,3,5,10],[6,3,6,10],[8,2,8,14]]}
["SUBJECT CAA Module 5",null,null,"May 2018 exam",null,null,null,null,null,"Assignment No :",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Count","% total"]
["Scripts base path",null,"F:\\CAA Module 5\\May 2018\\Sorted",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"MAX",{"$f":"MAX(X13:X52)","v":0},null,"F","<55",{"$f":"COUNTIF($X$13:$X$52,\"<\"&55)","v":0},{"$f":"IF($AB$7>0,AB2/$AB$7,\"N/A\")","v":"N/A"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"MIN",{"$f":"MIN(X13:X52)","v":0},null,"BL/F","<59",{"$f":"COUNTIF($X$13:$X$52,\"<\"&59)-SUM(AB2:AB2)","v":0},"N/A"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AVE",{"$f":"IF( AB7 > 0,  AVERAGE(X13:X52),  0)","v":0},null,"BL","59-61",{"$f":"COUNTIF($X$13:$X$52,\"<\"&61)-SUM(AB2:AB3)","v":0},"N/A"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"BL/P",">61",{"$f":"COUNTIF($X$13:$X$52,\"<\"&65)-SUM(AB2:AB4)","v":0},"N/A"]
[null,"RESULTS :",null,"Type results date here",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"P",">65",{"$f":"COUNTIF($X$13:$X$52,\"<\"&100)-SUM(AB2:AB5)","v":0},"N/A"]
[null,"ASSISTANT EXAMINER :",null,"Type name here",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Σ",null,{"$f":"SUM(AB2:AB6)","v":0},"N/A"]
[]
[null,null,"MODELLING",null,null,null,null,null,null,null,null,null,null,null,null,null,"AUDIT TRAIL",null,null,null,null,null,null,"Total",null," "]
[null,"Aspect :","I","II","III","IV","V","VI","VII","VIII","IX","X","XI",null,"Total","Fellow Analyst student can review, check & modify the model","Written in clear English","Written in a logical order","All model steps accurately covered","All check clearly recorded","All steps clearly explained","Clear signposting & labelling","Total"]
[null,"Max Marks :",2,9,3,3,2,4,2,3,8,2,3,null,{"$f":"SUM(C11:N11)","v":41},8,5,3,20,8,8,7,{"$f":"SUM(P11:V11)","v":59},{"$f":"O11+W11","v":100}]
[null,"ARN"]
[1]
[{"$f":"A13+1","v":2}]
[{"$f":"A14+1","v":3}]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
[14]
[15]
[16]
[17]
[18]
[19]
[20]
[21]
[22]
[23]
[24]
[25]
[26]
[27]
[28]
[29]
[30]
[31]
[32]
[33]
[34]
[35]
[36]
[37]
[38]
[39]
[40]

{"sheet":"TEMPLATE","index":1,"n_rows":165,"n_cols":13,"rows_kept":165,"cut":false,"hidden":false,"merged":[]}
[" ","CAA Module 119",null,null,null,"Part 1",{"$f":"part1","v":42},{"$f":"C5","v":"of 42"}]
[null,"ARN :",{"$f":"MID(CELL(\"filename\",C2),FIND(\"]\",CELL(\"filename\",C2))+1,LEN(CELL(\"filename\",C2)))","v":"TEMPLATE"},null,null,"Part 2",{"$f":"part2","v":58},"out of 58"]
[null,"Go to Marks sheet",null,null,null,"TOTAL",{"$f":"G1+G2","v":100},"out of 100"]
[]
[null,{"$f":"i+ii+iii+iv+v+vi+vii+viii+ix+x+xi+reasonableness_checks","v":42},"of 42","PART 1"]
[null,null,null,null,null,null,null,null,null,null,null,null,1]
[null,null,null,null,null,null,null,null,null,null,null,null,0.5]
[null,{"$f":"MIN(SUM(B9:B10),2)","v":2},null,"PART (i) (max 2)",null,null,null,null,null,null,null,null,0]
[null,1,1,"Spreadsheet has separate worksheets for parameters and calculations",null,null,null,null,null,null,null,null,0.5]
[null,1,1,"All worksheets have meaningful/sensible titles",null,null,null,null,null,null,null,null,1]
[null,null,null,null,null,null,null,null,null,null,null,null,1.5]
[null,{"$f":"MIN(SUM(B13:B20),5)","v":5},null,"PART (ii) (max 5)",null,null,null,null,null,null,null,null,2]
[null,1,1,"Check there are the correct number of data points (240 for PAI and PAII, 300 for DDI)"]
[null,1,1,"Check mean is close to that expected (based on Normal distribution) for each fund"]
[null,1,1,"Check standard deviation is close to that expected (based on Normal distribution) for each fund"]
[null,1,1,"Check range is sensible (e.g. within 3 standard deviations)"]
[null,1,1,"Check there are no blanks or zero values"]
[null,1,1,"Any other distinct, valid check"]
[null,1]
[null,1]
[]
[null,{"$f":"MIN(SUM(B23:B25),1)","v":1},null,"PART (iii) (max 1)"]
[null,1,1,"Parameters identified and set out in the parameters sheet"]
[null,1]
[null,1]
[]
[null,{"$f":"MIN(SUM(B28:B31),4)","v":4},null,"PART (iv) (max 4)"]
[null,1,1,"The drawdown fund value sheet uses the annual withdrawal, fund value at 65 and DDI annual returns as inputs"]
[null,1,1,"The correct formula is used to calculate the fund value at the end of the year"]
[null,1,1,"The calculation is the same for each year and overall 25 years are projected"]
[null,1,1,"Calculations are correct (with fund at 65 = £300,000, the fund at 90 should be £122,622)"]
[]
[null,{"$f":"MIN(3,SUM(B34:B36))","v":3},null,"PART (v) (max 3)"]
[null,1,1,"Variable (fund at 65) and target (fund at 90) cells for the calculation are clearly identified"]
[null,2,2,"The correct answer is determined (£250,476) using goalseek, trial and error, or otherwise"]
[]
[]
[null,{"$f":"MIN(6,SUM(B39:B44))","v":6},null,"PART (vi) (max 6)"]
[null,1,1,"The accumulation fund value sheet uses the annual contribution, fund value at 45 and PAI and PAII annual returns as inputs"]
[null,1,1,"The correct formula is used to calculate the fund value at the end of the year"]
[null,1,1,"The calculation is the same for each year and overall 20 years are projected"]
[null,1,1,"PAI and PAII funds are projected separately"]
[null,1,1,"50% of each annual contribution is allocated to each fund"]
[null,1,1,"Calculations are correct (with annual contribution = £2,500, the fund at 65 should be £205,616)"]
[]
[null,{"$f":"MIN(3,SUM(B47:B48))","v":3},null,"PART (vii) (max 3)"]
[null,1,1,"Variable (annual contribution) and target (fund at 65) cells for the calculation are clearly identified"]
[null,2,2,"The correct answer is determined (£3,278) using goalseek, trial and error, or otherwise"]
[]
[null,{"$f":"MIN(3,SUM(B51:B54))","v":3},null,"PART (viii) (max 3)"]
[null,1,1,"The poor performance sheet uses the same calculations at the drawdown fund sheet to project fund from 65 to 90"]
[null,1,1,"Variable (annual withdrawal) and target (fund at 90) cells for the calculation are clearly identified"]
[null,1,1,"The correct answer is determined (£11,977) using goalseek, trial and error, or otherwise"]
[]
[]
[null,{"$f":"MIN(3,SUM(B57:B60))","v":3},null,"PART (ix) (max 3)"]
[null,1,1,"Correct type of chart selected"]
[null,1,1,"Chart has meaningful title and labelled axes"]
[null,1,1,"Chart shows age as the x axis and fund value as the y axis"]
[null,1,1,"Chart shows the correct figures"]
[]
[null,{"$f":"MIN(SUM(B63:B67),3)","v":3},null,"PART (x) (max 3)"]
[null,1,1,"Correct type of chart selected"]
[null,1,1,"Chart has meaningful title and labelled axes"]
[null,1,1,"Chart shows age as the x axis and fund value as the y axis"]
[null,1,1,"Chart shows the correct figures"]
[]
[]
[null,{"$f":"MIN(5,SUM(B70:B74))","v":5},null,"PART (xi) (max 5)"]
[null,1,1,"The correct formula has been used to convert monthly returns to annual returns"]
[null,1,1,"Each monthly return is used only once (i.e. months 1 to 12 used to calculated annual return 1, months 13 to 24 for annual return 2)"]
[null,1,1,"20 annual returns have been calculated for PAI and 20 for PAII"]
[null,1,1,"25 annual returns have been calculated for fund DDI"]
[null,1,1,"Check against annual returns provided shows that they match"]
[]
[null,{"$f":"MIN(4,SUM(B77:B83))","v":4},null,"Reasonableness checks (max 4)"]
[null,1,1,"Check the data has correctly been brought through to the annual return calcs sheet for PAI and PAII"]
[null,1,1,"Check 20 annual returns have been calculated for PAI and PAII"]
[null,1,1,"Check the average annual return for each fund is reasonable compared to the average monthly return"]
[null,1,1,"Check the annual returns have correctly been brought through to the drawdown fund sheet"]
[null,1,1,"Check that the calculated poor performance annual withdrawal is less than £15,000"]
[null,1,1,"Check that the fund values on the charts sheet match those on the accumulation fund sheet for PAI and PAII"]
[null,1,1,"Any other distinct, valid check"]
[]
[null,{"$f":"audit_approach+audit_content","v":58},"of 58","PART 2"]
[]
[null,{"$f":"B89+B97+B102","v":15},"of 15","Audit Approach"]
[]
[null,{"$f":"MIN(8,SUM(B90:B95))","v":8},"of 8","Fellow Analyst student can review, check and modify the model"]
[null,2,2,"For a newcomer, the calculations are easy to follow i.e. the marker does not have to look at the audit trail to understand what has been done"]
[null,1,1,"All the steps are correctly and clearly described"]
[null,1,1,"There is sufficient technical detail"]
[null,2,2,"The workbook is well labelled and is easy to navigate through"]
[null,1,1,"Where there are, or could be errors, the audit trail would enable the student to identify and correct errors"]
[null,1,1,"Danger areas in the spreadsheet are appropriately flagged (e.g. goal seek, formulae that don't copy down) "]
[]
[null,{"$f":"MIN(4,SUM(B98:B100))","v":4},"of 4","Written in clear English"]
[null,2,2,"The audit trail is written in clear, crisp and flowing English"]
[null,1,1,"Accurate spelling"]
[null,1,1,"The audit trail is laid out well, with good formatting to aid clarity"]
[]
[null,{"$f":"MIN(3,SUM(B103:B105))","v":3},"of 3","Written in a logical order"]
[null,1,1,"Data is not introduced before referring to it"]
[null,1,1,"Assumptions are not stated before using them"]
[null,1,1,"The methodology is described in a logical order i.e. nothing is introduced which would require that the reader has read ahead"]
[]
[]
[null,{"$f":"B110+B131+B144+B153","v":43},"of 43","Audit Content"]
[]
[null,{"$f":"MIN(21,SUM(B111:B129))","v":21},"of 21","All model steps  accurately covered (1 or 2 each, max of 23)"]
[null,2,2,"Overview"]
[null,1,1,"List of parameters used"]
[null,2,2,"Description of the data used, including source (monthly returns and annual returns for funds PAI, PAII and DDI)"]
[null,1,1,"Clear statement that no changes have been made to the data"]
[null,1,1,"Description of the assumptions made (annual income drawn at start of year, annual contributions made at start of year)"]
[null,1,1,"Description of the formula used to convert monthly returns to annual returns is correct"]
[null,1,1,"Statement that the calculations are the same for each fund"]
[null,1,1,"Description of how the drawdown fund value is projected"]
[null,2,2,"Description of how the minimum fund value at 65 was calculated (goalseek or trial and error)"]
[null,1,1,"Statement of calculated fund required"]
[null,1,1,"Description of how the accumulation fund value is projected"]
[null,1,1,"Statement that fund value is calculated separately for funds PAI and PAII"]
[null,2,2,"Description of how the minimum contribution required was calculated (goalseek or trial and error)"]
[null,1,1,"Statement of calculated contribution required"]
[null,1,1,"Statement that poor performance drawdown fund values are calculated in the same way as the original drawdown fund"]
[null,1,1,"Description of how the maximum annual income was calculated (goalseek or trial and error)"]
[null,1,1,"Statement of calculated maximum income"]
[null,1,1,"Clear reporting of which numbers are plotted in the chart"]
[null,1,1,"Any other useful description"]
[]
[null,{"$f":"MIN(8,SUM(B132:B142))","v":8},"of 8","All checks clearly recorded / described"]
[null,null,null,"(1 each - maximum of 8)"]
[null,1,1,"Description of the check that all numbers are included in a return range"]
[null,1,1,"Mean/S.D. of monthly returns in line with distribution "]
[null,1,1,"Max/min monthly return reasonable"]
[null,1,1,"# data points correct"]
[null,1,1,"No blank entries in data"]
[null,1,1,"Number of annual returns is as expected"]
[null,1,1,"Average annual return for each fund is reasonable compared to monthly return"]
[null,1,1,"Poor performance annual withdrawal is less than £15,000"]
[null,1,1,"Description of any other valid check performed"]
[]
[]
[null,{"$f":"MIN(8,SUM(B145:B151))","v":8},"of 8","All steps clearly explained"]
[null,1,1,"The level of detail in the audit trail is appropriate for a newcomer to understand what has been done"]
[null,2,2,"All the methodology steps are set out clearly"]
[null,2,2,"Data source and format is described adequately and clearly."]
[null,1,1,"All reasonableness checks applied are adequately documented"]
[null,1,1,"Areas where manual intervention or caution is required are well flagged within the audit trail (eg goalseeks or non-standard model areas)"]
[null,1,1,"The marker does not need to look directly at the model to understand what has been performed"]
[]
[]
[null,{"$f":"MIN(6,SUM(B154:B159))","v":6},"of 6","Clear signposting/labelling"]
[null,1,1,"The audit trail allows the user to follow the model through"]
[null,2,2,"The audit trail allows the user to understand each calculation easily"]
[null,1,1,"There is adequate signposting in the audit trail to describe the purpose of each tab"]
[null,1,1,"There is adequate signposting in the audit trail to describe the general direction of the model"]
[null,1,1,"There is adequate signposting of named ranges and parameters"]
[null,1,1,"Model labelling is consistent with the audit trail (data, parameters, scenarios, outputs, charts)"]
[]
[]
[null,"Overall Marks & P/F Assessment"]
[]
[null,null,"Total Marks:",{"$f":"part1+part2","v":100},{"$f":"D164/100","v":1}]
[null,null,null,{"$f":"D164=P1_TOTAL","v":true}]