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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]

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[" ","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+xii+xiii+xiv+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:B18),4)","v":4},null,"PART (ii) (max 4)",null,null,null,null,null,null,null,null,2]
[null,2,2,"Check there are 120 data points for each type of data"]
[null,1,1,"Check each month number is correct"]
[null,1,1,"Check max/min fund returns are reasonable"]
[null,1,1,"Check median/average fund returns are reasonable"]
[null,1,1,"Any other valid check"]
[]
[]
[null,{"$f":"MIN(SUM(B21:B24),3)","v":3},null,"PART (iii) (max 3)"]
[null,1,1,"Max, min and median calculated correctly (1.53%, -0.09%, 0.75%)"]
[null,1,1,"Suitable chart type used (e.g. column chart)"]
[null,1,1,"Chart has title and axes labels"]
[]
[]
[null,{"$f":"MIN(SUM(B27:B30),3)","v":3},null,"PART (iv) (max 3)"]
[null,1,1,"Monthly charge identified as a parameter"]
[null,1,1,"Initial, fixed and fund-linked expenses identified as a parameter (0.5 mark if one missing, 0 mark if two missing)"]
[null,1,1,"Discount rate identified as a parameter"]
[]
[]
[null,{"$f":"MIN(4,SUM(B33:B36))","v":4},null,"PART (v) (max 4)"]
[null,1,1,"Fund return applied correctly (i.e. start month fund value * (1 + monthly fund return))"]
[null,1,1,"Charge applied correctly (i.e. start month fund value * (1 - monthly charge))"]
[null,1,1,"Correct fund value at each month"]
[null,1,1,"Correct fund value at end of 10 years (6,515)"]
[]
[null,{"$f":"MIN(3,SUM(B39:B42))","v":3},null,"PART (vi) (max 3)"]
[null,1,1,"Monthly fund return and charge applied correctly (i.e. start month fund value * (1 + monthly fund return) * (1 - monthly charge))"]
[null,1,1,"Annual premiums applied correctly (i.e. fund increases by £500 at the start of each year)"]
[null,1,1,"Correct fund value at end of 10 years (5,876)"]
[]
[]
[null,{"$f":"MIN(3,SUM(B45:B48))","v":3},null,"PART (vii) (max 3)"]
[null,1,1,"Correct data plotted on chart"]
[null,1,1,"Suitable chart type used (e.g. line chart)"]
[null,1,1,"Chart has title and axes labels"]
[]
[]
[null,{"$f":"MIN(3,SUM(B51:B54))","v":3},null,"PART (viii) (max 3)"]
[null,1,1,"Monthly charge income calculated correctly (fund value * 0.5%)"]
[null,1,1,"Regular monthly expenses calculated correctly (fund value * 0.2% + 18)"]
[null,1,1,"Expenses deducted from charges to give net cashflow (i.e. first month cashflow is -17)"]
[]
[]
[null,{"$f":"MIN(2,SUM(B57:B59))","v":2},null,"PART (ix) (max 2)"]
[null,1,1,"Calculation deducts initial expenses of 300"]
[null,1,1,"Correct NPV calculated (-1,251)"]
[]
[]
[null,{"$f":"MIN(SUM(B62:B63),2)","v":2},null,"PART (x) (max 2)"]
[null,2,2,"Correct NPVs calculated (-384, 482, 1,349)"]
[]
[]
[null,{"$f":"MIN(2,SUM(B66:B69))","v":2},null,"PART (xi) (max 2)"]
[null,1,1,"Table contains all required data (four premium amounts and NPVs)"]
[null,1,1,"NPV has been rounded or shown to nearest £ (i.e. zero decimal places)"]
[]
[]
[]
[null,{"$f":"MIN(3,SUM(B72:B75))","v":3},null,"PART (xii) (max 3)"]
[null,1,1,"Correct data plotted on chart"]
[null,1,1,"Suitable chart type used (e.g. line chart)"]
[null,1,1,"Chart has title and axes labels"]
[]
[]
[null,{"$f":"MIN(2,SUM(B78:B81))","v":2},null,"PART (xiii) (max 2)"]
[null,1,1,"Monthly charge income calculated correctly (fund value * 0.5%)"]
[null,1,1,"Regular monthly expenses calculated correctly (fund value * 0.2% + 18)"]
[null,1,1,"Expenses deducted from charges to give net cashflow (i.e. first month cashflow is -3)"]
[]
[]
[null,{"$f":"MIN(2,SUM(B84:B85))","v":2},null,"PART (xiv) (max 2)"]
[null,2,2,"Minimum premium calculated at 6,242 using trial and error or otherwise"]
[]
[]
[null,{"$f":"MIN(4,SUM(B88:B97))","v":4},null,"Reasonableness checks (max 4)"]
[null,1,1,"Check end month fund value > start month fund value if fund return > charge (and vice versa) for single premium"]
[null,1,1,"Check end month fund value > start month fund value if fund return > charge (and vice versa) for regular premium"]
[null,1,1,"Check single premium value after ten years is close to projection using mean fund return"]
[null,1,1,"Check end fund value on 'Regular premium NPV' is same as value on 'Fund Values'"]
[null,1,1,"Check NPV using different method (NPV formula)"]
[null,1,1,"Check NPV is higher when premium is higher"]
[null,1,1,"Check NPVs increase in results table"]
[null,1,1,"Any comment on reasonableness of charts"]
[null,1,1,"Check end fund value on 'Single premium NPV' is same as value on 'Fund Values'"]
[null,1,1,"Any other distinct, valid check"]
[]
[null,{"$f":"audit_approach+audit_content","v":58},"of 58","PART 2"]
[]
[null,{"$f":"B103+B111+B116","v":15},"of 15","Audit Approach"]
[]
[null,{"$f":"MIN(8,SUM(B104:B109))","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,{"$f":"MIN(4,SUM(B112:B114))","v":4},"of 4","Written in clear English"]
[null,2,2,"The audit trail is written in clear, crisp and flowing English"]
[null,1,1,"Accurate spelling"]
[null,1,1,"The audit trail is laid out well, with good formatting to aid clarity"]
[]
[null,{"$f":"MIN(3,SUM(B117:B119))","v":3},"of 3","Written in a logical order"]
[null,1,1,"Data is introduced (e.g. what is it, what is the source) before description of how data is used"]
[null,1,1,"Assumptions are stated before explanation of model method"]
[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,{"$f":"B124+B143+B162+B171","v":43},"of 43","Audit Content"]
[]
[null,{"$f":"MIN(21,SUM(B125:B141))","v":21},"of 21","All model steps  accurately covered (1 or 2 each, max of 21)"]
[null,2,2,"Overview"]
[null,2,2,"Description of the data used, including source"]
[null,1,1,"Clear statement that no changes have been made to the data"]
[null,1,1,"Description of calculation of max/min/median loan amounts"]
[null,2,2,"Clear reporting of which numbers are plotted in the chart and type of chart used"]
[null,1,1,"List of parameters used (charge, initial/fixed/fund-linked expenses, discount rate)"]
[null,1,1,"Description of how the fund values were calculated for the single premium product"]
[null,1,1,"Description of how the fund values were calculated for the regular premium product"]
[null,2,2,"Clear reporting of which numbers are plotted in the chart and type of chart used"]
[null,1,1,"Description of how the FundCo cashflows were calculated"]
[null,1,1,"Description of how the NPV was calculated"]
[null,1,1,"Statement that calculations were repeated for other premium values"]
[null,2,2,"Clear reporting of which numbers are shown in the table and plotted in the chart and type of chart used"]
[null,1,1,"Statement that monthly cashflows for FundCo for single premium product use same method as for regular premium product"]
[null,1,1,"Description of how minimum single premium is determined (using trial and error or otherwise)"]
[null,2,2,"Any other useful description"]
[]
[]
[null,{"$f":"MIN(8,SUM(B144:B160))","v":8},"of 8","All checks clearly recorded / described"]
[null,null,null,"(1 each - maximum of 8)"]
[null,1,1,"Description of check that there are 120 data points for each type of data"]
[null,1,1,"Description of check that each month number is correct"]
[null,1,1,"Description of check that max/min fund returns are reasonable"]
[null,1,1,"Description of check that median/average fund returns are reasonable"]
[null,1,1,"Confirmation of no blank entries"]
[null,1,1,"Comment on reasonabless of max/min/median chart"]
[null,1,1,"Description of check that end month fund value > start month fund value if fund return > charge (and vice versa) for single premium"]
[null,1,1,"Description of check that end month fund value > start month fund value if fund return > charge (and vice versa) for regular premium"]
[null,1,1,"Description of check that single premium value after ten years is close to projection using mean fund return"]
[null,1,1,"Description of check that end fund value on 'Regular premium NPV' is same as value on 'Fund Values'"]
[null,1,1,"Description of check that NPV is higher when premium is higher"]
[null,1,1,"Description of check that NPVs increase in results table"]
[null,1,1,"Any comment on reasonableness of charts"]
[null,1,1,"Description of check that end fund value on 'Single premium NPV' is same as value on 'Fund Values'"]
[null,2,2,"Description of any other valid check performed"]
[]
[]
[null,{"$f":"MIN(8,SUM(B163:B169))","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,{"$f":"MIN(6,SUM(B172:B177))","v":6},"of 6","Clear signposting/labelling"]
[null,1,1,"The audit trail allows the user to follow the model through"]
[null,2,2,"The audit trail allows the user to understand each calculation easily"]
[null,1,1,"There is adequate signposting in the audit trail to describe the purpose of each tab"]
[null,1,1,"There is adequate signposting in the audit trail to describe the general direction of the model"]
[null,1,1,"There is adequate signposting of named ranges and parameters"]
[null,1,1,"Model labelling (e.g. sheet names) is consistent with the audit trail "]
[]
[]
[null,"Overall Marks & P/F Assessment"]
[]
[null,null,"Total Marks:",{"$f":"part1+part2","v":100},{"$f":"D182/100","v":1}]
[null,null,null,{"$f":"D182=P1_TOTAL","v":true}]