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May 1, 2020

How to Pass the ICAEW ACA Case Study Exam

Updated: Feb 22, 2023

This article offers advice on how to pass the ACA Case Study exam. Written by a multiple prize-winning ACA tutor who scored 92% in the Case Study exam and won the ICAEW prize for the highest score in the world, this is essential reading for any student preparing for their Case Study exam.

How to Ace the ACA Case Study Exam

The Case Study is unlike most other ACA exams as there is very little technical content to learn. Therefore, students who are used to memorising technical concepts and then ‘smashing out the question bank’ will be perplexed when they are presented with 40+ pages of advance information and a Case Study exam paper seemingly testing nothing they have learnt in their other 14 exams.

However, the Case Study is actually very similar to the other ACA exams in that the three exam requirements are always the same, as are the mark schemes. By appreciating the consistency in the exam requirements and the mark schemes, you can develop your exam technique to ensure that you tick all the 'boxes' on the mark scheme and complete your ACA qualification in style.

In light of this, we believe that there are 5 steps to Case Study success:

1. Understand how Case Study is marked

2. Understand what each of the three requirements involve

3. Understand what information is provided in the Advance Information (AI) and what is provided in the exam

4. Learn the Case Study exam technique which ensures that you hit all the boxes on the mark scheme

5. Practice mock exams to master your exam technique

Step 1: Understand how Case Study is marked

The Case Study marking process is objective: there is a set marking key for each requirement and if a student’s report includes a point which is on the mark scheme, they will get the mark. This is not like an academic essay where the examiner forms an overall opinion of the piece of work and then decides whether it is good enough to pass; the Case Study marking grid is rigid. Whilst it can be frustrating that making a valid point which is not on the mark scheme does not score a mark, it does mean that the marking process is very transparent and easy to navigate. Below is an example from a Case Study mark scheme to illustrate what I mean by points and boxes.

Step 2: Understand what each of the three requirements involve

As explained above, the three requirements are broadly the same in each Case Study exam.

R1: Analyse the financial performance of the company

R2: Evaluate a financial proposal

R3: Evaluate an opportunity or issue

The mark scheme for each requirement is also the same. This makes the exam fairly predictable.

By having a look at recent past papers, you will soon start see the consistency in the requirements and build an understanding of what each requirement involves.

Step 3: Understand what information is provided in the AI and what is provided in the exam

In addition to the exam requirements and mark schemes being in the same format every time, the AI is also in the same format every time (albeit a different business with different issues).

By working through past Case Study exams, you will soon start to see that the AI always has the same exhibits with very similar types of information e.g. industry background, prior year accounts, key customers / suppliers, strategic goals and risks. Similarly, all the exams include the same exhibits with very similar types of information.

Having completed the exam, it is important to mark it and reflect on what information came from the AI and what came from the exam exhibits. You will soon start to see that the majority of mark scoring points come from the exam exhibits rather than the AI. You will also learn which types of information in the AI tend to be rewarded in the mark scheme and where in the mark scheme they are rewarded, i.e. which box.

Step 4: Learn the Case Study exam technique which ensures that you hit all the boxes on the mark scheme

Having understood what the exam requirements are and how they are marked, you need to develop an exam technique which ensures that your report includes the points which are included on the mark scheme. Fortunately for you, we have developed an exam technique which does this and it has resulted in two students winning the prize for the highest mark in the world (90% and 92%), another winning a prize for the highest mark in their region (88%) and another achieving the highest mark in their firm (81%)!

Given the practical nature of exam technique, it is not possible to explain this in text so you can watch a free class here which teaches you exactly how to ace Requirement 1 and get a prize-winning mark.

Step 5: Practice mock exams to master your exam technique

By this stage in your ACA journey, you will already know that question practice is key to success. Having learnt the prize-winning technique, you then need to practice mock exams on your case study business under exam conditions so that you master the technique and sign off your ACA in style!

Need Help Passing the ACA Case Study Exam?

Details of our live tuition, video tuition, mock exams and proforma reports can be found here .

About the Author

Kieran Doe is a Senior ACA Tutor at ACA Masters. Kieran won ICAEW prizes for his performance in Financial Accounting and Reporting, Tax, Financial Management, Audit, Business Strategy and Case Study. This is in addition to winning several prizes at university for various Accounting, Management, Business and Economics subjects.

Kieran’s tuition is based around the learning techniques and exam strategies which enabled him to win prizes for all the subjects he teaches. Under his guidance, several of his ACA students have also won ICAEW prizes.

ICAEW ACA Case Study – How Much Preparation Is Enough?

The ACA Case Study was an exam I had not heard much about in detail before my time came to prepare for the exam. I was always one to book annual leave to ensure I had enough time to revise for the exams, especially as I would sit three at a time . When asking my work friends how much time I would need to book off for the ACA Case Study exam they would state only a day or two . As a lot of the exam is skills based and dependant on the real exam itself, it is difficult to know whether you have done enough preparation. I therefore thought I would write this blog to hopefully help.

Note : you may also want to refer to ICAEW Case Study Made Easy , ACA Case Study Marking Key as well as ICAEW Software Testing for more help on the ACA Case Study exam.

Check out my YouTube video if you would prefer watching to reading!

Advanced information (ai), past aca case study mock exams, planning sheets, how much preparation is actually needed, how similar are these mocks to the real exam.

The AI is provided six weeks before the ACA Case Study exam. When the AI was released, I of course took a look to see what industry the business was in. For me, it was Beal the magazine company. As expected, I then read the whole AI when I had more time and went through, very slowly, with the highlighter.

Here is a checklist I have pulled together for what information you need to ensure to pull out of the AI:

Details of who the report will be from so you can form your disclaimer – join my journey for a draft disclaimer included on the overall timing sheet with a draft structure for the report too
Benchmarks/targets/key performance indicators (KPIs) for Requirement 1 – this will give you quick and easy marks in the real exam if you state whether these have been met or not
The relevant PY figures from the AI for Requirement 1 – join my journey to receive how I laid this out and set it up for my Case Study as well as a blank template for your own that you can populate and copy in your exam
For Requirement 2 and 3 you will need to pull out assumptions and these will come from the AI. The AI should also help you with the calculations for these. For my case study, I was able to pull out at least a page of assumptions from the AI!
Business issues and wider context that you can put into any of the exam requirements such as whether the industry is competitive
The ethics marks you should be able to easily identify these from the articles at the end of the AI

Something to consider is whether you need to practice past ACA Case Study mock exams. Now, I studied with Kaplan who really did not focus on the real potential exam much at all to begin with. Even when the AI was out, we would still be going through past paper exams. This was very frustrating at the time but in hindsight, it was definitely beneficial .

We actually ended up going through four ACA Case Study mock exams both in class and as homework and then ran through the real AI and two mocks for this too. Given each mock exam is four hours long, this was definitely not fun. However, timing is KEY with this exam and it is very important to nail timing . If you mess up your timings, leading to an incomplete report as a result, this could result in failure . If you need help with timings, join my journey to receive my timings sheet.

I would therefore strongly recommend practicing at least a couple of ACA Case Study mock exams. Not only will it help ensure you are able to stay on top of your timings but another plus is that it does really help you to understand the mark scheme . The more you practice, the more you start to figure out where the marks/”diamonds” come from and how the mark scheme actually works. For example, knowing which figures are in bold and are needed or how conclusions and the Executive Summary needs to be written.

If you have joined my journey, you should also have been sent some blank planning sheets . These were very helpful when I was studying for the ACA Case Study so I thought I would share these. I only really went into detail on this planning sheet for Requirement 1. This requirement is quite predictable based on the AI in the sense that you should be able to grasp whether the areas of interest are revenue, gross profit and operating profit for example.

What is nice is that the AI purposely gives you three years of management accounts. The AI actually gives example analysis of the year-on-year movements too where they use a range of different numbers and movements. This should help you to prepare for Requirement 1 so you can get an idea of what kind of analysis comments , such as revenue mix, may score a “diamond”. However, a lot of this information and the marks are in the real exam so make sure to pull all of this information into your answers.

I thought it would be helpful if I showed you my Requirement 1 planning sheet for Beal so you can get the gist of how I did this:

Essentially for the Requirement 1 planning sheet I would draft it out similarly to how I have done. Include PY comparison figures so you have these to hand such as PY revenue growth or revenue mix. Also ensure to include business issues and wider context points and recommendations . If your AI mentions any benchmarks/targets/KPIs I would note to comment on whether they were met. Additionally, if there are any bank loan covenants to comment on a breach based on overdraft, note this down. A draft conclusion can also be made based on past mark schemes.

In college we did go through and do a few more planning sheets to Requirement 2 and 3 but I did not really use these given the reduction in predictability. It looks like I have more sheets stapled to the Requirement 1 sheet photographed. However, there are all actually blank (sorry to disappoint) . I pulled this together myself but it may be worth going through this with a friend or study buddy . This may speed up time and it does help with this exam if you all write the same!

It does actually sound like I did a LOT of preparation for the ACA Case Study exam. Looking back, I guess I actually did. Here is a list of points that I think you must do :

Read the AI and pull out everything I have said above!
Practice a couple of past mock exams to time so you can nail timings and understand the mark scheme – depending on how well you do, you may need more practice.
Draft a table with the PY figures for Appendix 1 so you can copy this out into the exam and get started almost straight away
Practice a mock exam based on your AI . Hopefully you are with a training provider so you have access to this or see the next section for an alternative

Anything else on top of this is just an added bonus , such as the next section of this blog. The Requirement 1 planning sheet is not a must do but it really is worthwhile if you do have the time. You could also draft some standard recommendations for Requirement 2 or 3. I have included a photo of a some I had made below for Beal.

Given the above bullet points, I think you should not need to spend more than a few days on preparing for the ACA Case Study exam outside of college. It is very skills based in terms of how you structure and write your report. Many of the marks are going to be in the real exam so through practice, you should get better at knowing how to pull this out and where to include it in your report.

ACA Simplified/Paradigm Shift Mock Exams

Many of you have probably heard of the ACA Simplified or newly named Paradigm Shift ACA Case Study mock exam pack . I did actually get these for my ACA Case Study exam, where I was given five mock exams. It definitely was not needed to pass but I do think it helped. I did not practice any of these but did read through the mark schemes, understood the calculation workings and took these into the exam with me. Given there are so many mocks, I made a quick reference guide for each mock so I could easily identify the relevant mock.

The reason I wanted the mocks is because I found for my case study Beal that the Requirement 2 and 3 calculations were quite difficult. In all honesty, even though I love Maths and know I am good at it, I did always find these tricky. These mock exams give examples of potential calculations that could come up as well as model appendices to address these. The mocks were therefore helpful in this sense.

The mocks were actually quite similar to the real exam in terms of the scenarios that came up. Such as an increase in the magazine price for one of the requirements. I was able to apply how the calculation was done in the mocks to the real exam. This is likely to be the case given the AI indicates a limited number of potential scenarios and I was given five mocks.

You do need to bear in mind that many of the marks/”diamonds” for the real exam will be based on the information given in the real exam . This of course cannot be predicted and so you cannot just copy the mock answers. The same exam will never come up so application is required and given the time pressure, you do need to know what you are doing. That being said, you can probably copy the business issues and wider context points.

If you have other Advanced Level exams to revise for, try not to get too carried away with the ACA Case Study. SBM also helps with Requirement 1 as there is an overlap with the performance analysis.

I hope this helps and good luck!

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Step 1: Understand how Case Study is marked

The marking process is objective: there is a set marking key for each requirement and if your report includes a point which is on the mark scheme, you will get the mark. While it can be frustrating that making a valid point which is not on the mark scheme does not score a mark, it does mean that the marking process is very transparent and easy to navigate.

Each requirement has 11 boxes and you need to pass six boxes on each requirement.

The Executive Summary has seven boxes and you need to pass four boxes. To pass a box, you need to get three of the points included in that box. You need to pass each requirement and the Executive Summary in isolation. Have a look at some recent mark schemes to see what I mean about boxes and points.

Step 2: Understand what each of the three requirements involve

As explained above, the three requirements are broadly the same in each Case Study exam.

Requirement 1: Analyse the financial performance of the company.
Requirement 2: Evaluate a financial proposal.
Requirement 3: Evaluate an opportunity or issue.

The mark scheme for each requirement is also the same. This makes the exam predictable and by having a look at recent past papers, you will soon start to see the consistency in the requirements and build an understanding of what each requirement involves.

Step 3: Understand what information is provided in the AI and what is provided in the exam

In addition to the exam requirements and mark schemes being in the same format every time, the AI is also in the same format every time (albeit a different business with different issues).

By working through past case study exams, you will soon start to see that the AI always has the same exhibits with very similar types of information; industry background ; prior year accounts; customers; suppliers; strategic goals and risks. Likewise, the exams include the same exhibits with very similar types of information.

Having completed an exam, it is important to mark it and reflect on what information came from the AI and what came from the exam exhibits. You will soon start to see that most mark scoring points come from the exam exhibits rather than the AI. You will also learn which types of points tend to be rewarded in each box.

Step 4: Learn the Case Study exam technique which ensures that you hit all the boxes on the mark scheme

Fortunately for you, we have developed an exam technique which does this and it has resulted in two students wining the prize for the highest mark in the world (90% and 92%), another winning a prize for the highest mark in their region (88%) and another achieving the highest mark in their firm (81%).

Given the practical nature of the exam technique, it is not possible to explain this in text so click the link for a tutorial showing you exactly how to ace Requirement 1 and get a prize-winning mark – https://youtu.be/unvyelEwv6y

Step 5: Practice mock exams to master your exam technique

By this stage in your ACA journey, you will already know that question practice is key to success. Having learn the prize-winning technique, you then need to practice mock exams on your case study business under exam conditions so that you master the technique and sign off your ACA in style.

Kieran Doe is a Senior ACA tutor at ACA Masters

Privacy Overview

Advanced Level Case Study advance information

The Advanced Level Case Study exam includes advance information released prior to the exam sitting. This allows you time to become familiar with the information and to undertake any other appropriate research and analysis.

Select the relevant product below, depending on the exam sitting, and proceed to check out to get the product in your ICAEW Bookshelf. You will be able to access this within your exam and see any notes and highlights you’ve made, as well as using the search function.

This document is also available as a standard PDF that you can print and use in your exam sitting.

To access the pdf and for more information on the Case Study exam, please visit https://www.icaew.com/for-current-aca-students/exam-resources/advanced-level/case-study .

Available editions:

November 2023 Case Study Advance Information	£0.00
July 2024 Case Study Advance Information	£0.00

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I want to make a subreddit dedicated to the ICAEW professional qualification. I'll build it when we have established a group of members.

Just wondering how many, if any all, old case study past papers people go through? I know they are very time consuming and so I’ve heard some people don’t bother and just focus on the actual AI. I’ve done 2 past papers in college but they’ve recommended we do 4 in total as home study. I can’t be bothered to do the other 2, and would rather focus on the AI, which has now been released. What’s people’s thoughts? How many did you do?

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The economics of biodiversity
How chartered accountants can help to safeguard trust in society
Video: The financial controller who stole £20,000 from her company
It’s time for chartered accountants to save the world
Video: The CFO who tried to trick the market
Video: Could invoice fraud affect your business?
Business confidence, local authority finance, probate delays, and tax reform
Why are female-led startups so underfunded?
How to get Britain growing
Groupthink: the boardroom’s most pervasive problem?
Corporate reporting update and VAT on private hire vehicles
AI in audit: the good, the bad and the ugly
Company size thresholds and CGT on residences
Lessons in leadership from ICAEW's CEO
So you want to be a leader?
A busy new tax year, plus progress on the Economic Crime Act
Does Britain have a farming problem?
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Training as an independent student

If you’ve not been able to secure a training agreement, but want to take steps to qualifying as an ICAEW Chartered Accountant you are able to register as an independent ACA student. You will still need to complete the required work experience and professional development at an ICAEW authorised training employer, but you will have the opportunity to start studying the ACA and take exams.

Entry requirements for independent students

If you choose to start your studies by completing ICAEW’s Certificate in Finance, Accounting and Business (ICAEW CFAB) , which covers the first six modules of the ACA, there are no formal entry requirements.

If, however, you want to register as an ACA student straight away the minimum entry requirements are:

GCSEs in Maths and English at A*-C (or international equivalent); and
Two A-levels (or international equivalent).

Starting the ACA as an independent student

Once you have chosen whether to start your studies with ICAEW CFAB or by going straight to the ACA, you complete an online form to register as an ICAEW student.

After you have registered you will be able to start your studies and take exams.

As an ICAEW student you will gain access to a wide range of resources, including:

the latest syllabus, past papers and examiner feedback;
the online student community;
regular enewsletters with the latest student news, reminders and exam resources; and
ICAEW’s student support team.

If you have previously completed finance or accountancy related qualifications you may be able to apply for credits for some of the ACA exams.

Find out whether you can apply for credits for prior learning

Costs of studying the ACA independently

While students in a training agreement may have the costs of the ACA covered by their employer, as an independent student you are responsible for covering these costs.

There are two types of costs:

those that are payable directly to your tuition provider; and
those payable to ICAEW.

Fees payable to ICAEW include:

an annual student fee;
costs of learning materials; and
fees for credits for prior learning.

Read a detailed breakdown of the costs.

Roshan Ramesh Independent ACA student

Location: Dubai, UAE

Completing the ACA

While you can start to study the ACA exam modules independently, you cannot become an ICAEW Chartered Accountant without fulfilling the practical work experience , professional development , ethics and professional scepticism requirements of the ACA with an authorised training employer (ATE) or principal (ATP).

Many ATEs list the training opportunities available at their firm on ICAEW's dedicated website: icaewtrainingvacancies.com.

Already employed?

If you are already working in a finance-related role for an organisation that is not an authorised training employer and doesn't employ an ICAEW authorised training principal, it is easy and free for them to become one.

Find out how your firm can become authorised by ICAEW.

Find your route

There are a number of different routes to becoming an ICAEW Chartered Accountant. You can start your journey straight from school, while you're at university or after you have graduated. Find out which route is right for you.

View our brochure

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Discover the latest MyICAEW app for ACA students and members, available to download now. Find out more

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98% of the best global brands rely on ICAEW Chartered Accountants.

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Members are required to supply certain information to the members’ registrar and to pay annual fees and subscriptions. These matters are governed by regulations.

Continuing Professional Development (CPD)

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Search for qualified ACA jobs

Matching highly skilled ICAEW members with attractive organisations seeking talented accountancy and finance professionals.

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Helping skilled and in-demand chartered accountants give back and strengthen not-for-profit sector with currently over 2,300 organisations posting a variety of volunteering roles with ICAEW.

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From as little as £495, access to a pool of highly qualified and ambitious ACA qualified members with searchable CVs.

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Start your ACA training with ICAEW. Find out why a career in chartered accountancy could be for you and how to become a chartered accountant.

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Here are some resources you will find useful while you study for the ACA qualification.

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Discover a new community

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The accountancy profession is facing change and uncertainty. The ICAEW Faculties can help by providing you with timely and relevant support.

Choose to join any of the faculties

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We have teams on the ground in: East of England, the Midlands, London and South East, Northern, South West, Yorkshire and Humberside, Wales and Scotland.

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Support and services we offer our members in Africa, America, Canada, the Caribbean, Europe, Greater China, the Middle East, Oceania and South East Asia.

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Communities by life stage and workplace, communities by professional specialism, local groups and societies.

Election explainers

ICAEW experts offer simple guides to help understand the technical, economic jargon that will be at the heart of political debates in the coming weeks.

Insights pulls together the best opinion, analysis, interviews, videos and podcasts on the key issues affecting accountancy and business.

See the latest insights

ICAEW podcasts

ICAEW produces two podcast series that count towards your CPD: Accountancy Insights for news from across the profession, and The Tax Track for specialist analysis from the ICAEW Tax Faculty.

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With new requirements on ICAEW members for continuing professional development, we bring together resources to support you through the changes and look at the skills accountants need for the future.

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Diversity and Inclusion

Diversity and inclusion is a key pillar of ICAEW's strategy. Discover the latest insights on equality, diversity and inclusion. You can also join our Diversity & Inclusion Community.

Find out more on our hub
Join the community

Insights specials

A listing of one-off Insights specials that focus on a particular subject, interviewing the key people, identifying developing trends and examining the underlying issues.

Top podcasts

Insights by topic.

ICAEW Regulation

Regulatory News

View the latest regulatory updates and guidance and subscribe to our monthly newsletter, Regulatory & Conduct News.

Regulatory Consultations

Strengthening trust in the profession

Our role as a world-leading improvement regulator is to strengthen trust and protect the public. We do this by enabling, evaluating and enforcing the highest standards in the profession.

Regulatory applications

Find out how you can become authorised by ICAEW as a regulated firm.

ICAEW codes and regulations

Professional conduct and complaints, statutory regulated services overseen by icaew, regulations for icaew practice members and firms, additional guidance and support, popular search results.

Practice Exam Software
Training File
Ethics Cpd Course
Routes to the ACA
ACA students membership application
Join as a member of another body
How much are membership fees?
How to pay your fees
Receipts and invoices
What if my circumstances have changed?
Difficulties in making changes to your membership
Faculty and community subscription fees
Updating your details
Complete annual return
Promoting myself as an ICAEW member
Verification of ICAEW membership
Become a life member
Become a fellow
Request a new certificate
Report the death of a member
Practising certificates
Advancement to fellowship regulations
Regulations relating to membership cessation, readmission and resignation
ICAEW's guide to directors' duties and responsibilities
Information to be supplied by members
Payment of annual subscription
Power to change subscription fees
New members
Career progression
Career Breakers
Volunteering at schools and universities
ICAEW Member App
Working internationally
Self employment
Support Members Scheme
Your guide to CPD
CPD learning resources
Online CPD record
How to become a chartered accountant
Register as a student
Train as a member of another body
More about the ACA and chartered accountancy
How ACA training works
Become a training employer
Access the training file
Why choose the ACA
Training routes
Employer support hub
Get in touch
Apprenticeships with ICAEW
A-Z of CPD courses by topic
Firms' guide to CPD
ICAEW Business and Finance Professional (BFP)
ICAEW Annual Conference 2024
Restructuring & Insolvency Conference
Virtual CPD Conference
Virtual Healthcare Conference 2024
All our flagship events
Financial Talent Executive Network (F-TEN®)
Developing Leadership in Practice (DLiP™)
Network of Finance Leaders (NFL)
Women in Leadership (WiL)
Mentoring and coaching
Partners in Learning
Board Director's Programme e-learning
Corporate Finance Qualification
Diploma in Charity Accounting
ICAEW Certificate in Insolvency
ICAEW Data Analytics Certificate
Financial Modeling Institute’s Advanced Financial Modeler Accreditation
ICAEW Sustainability Certificate for Finance Professionals
ICAEW Finance in a Digital World Programme
All specialist qualifications
Team training
Start your training
Improve your employability
Search employers
Find a role
Role alerts
Organisations
Practice support – 11 ways ICAEW and CABA can help you
News and advice
ICAEW Volunteering Hub
Support in becoming a chartered accountant
Vacancies at ICAEW
ICAEW boards and committees
Exam system status
ICAEW systems: status update
Changes to our qualifications
How-to guides for ACA students
Apply for credits - Academic qualification
Apply for credits - Professional qualification
Credit for prior learning (CPL)/exemptions FAQs
Applications for Professional and Advanced Level exams
Applications for Certificate Level exams
Tuition providers
Latest exam results
Archived exam results
Getting your results
Marks feedback service
Exam admin check
Training agreement: overview
Professional development
Ethics and professional scepticism
Practical work experience
Access your online training file
How training works in your country
Student rewards
TOTUM PRO Card
Student events and volunteering
Xero cloud accounting certifications
Student support
Join a community
Wellbeing support from caba
Student mentoring programme
Student conduct and behaviour
Code of ethics
Fit and proper
Level 4 Accounting Technician Apprenticeship
Level 7 Accountancy Professional Apprenticeship
AAT-ACA Fast Track FAQs
ACA rules and regulations FAQs
ACA syllabus FAQs
ACA training agreement FAQs
Audit experience and the Audit Qualification FAQs
Independent student FAQs
Practical work experience FAQs
Professional development FAQs
Six-monthly reviews FAQs
Ethics and professional scepticism FAQs
Greater China
Latin America
Middle East
North America
Australasia
Russia and Eurasia
Southeast Asia
Charity Community
Construction & Real Estate
Energy & Natural Resources Community
Farming & Rural Business Community
Forensic & Expert Witness
Global Trade Community
Healthcare Community
Internal Audit Community
Manufacturing Community
Media & Leisure
Portfolio Careers Community
Small and Micro Business Community
Small Practitioners Community
Travel, Tourism & Hospitality Community
Valuation Community
Audit and corporate governance reform
Audit & Assurance Faculty
Professional judgement
Regulation and working in audit
Internal audit resource centre
ICAEW acting on audit quality
Everything business
Latest Business news from Insights
Strategy, risk and innovation
Business performance management
Financial management
Finance transformation
Economy and business environment
Leadership, personal development and HR
Webinars and publications
Business restructuring
The Business Finance Guide
Capital markets and investment
Corporate finance careers
Corporate Finance Faculty
Debt advisory and growth finance
Mergers and acquisitions
Private equity
Start-ups, scale-ups and venture capital
Transaction services
Board committees and board effectiveness
Corporate governance codes and reports
Corporate Governance Community
Principles of corporate governance
Roles, duties and responsibilities of Board members
Stewardship and stakeholder relations
Corporate Governance thought leadership
Corporate reporting resources
Small and micro entity reporting
UK Regulation for Company Accounts
Non-financial reporting
Improving Corporate Reporting
Economy home
ICAEW Business Confidence Monitor
ICAEW Manifesto 2024
Economy explainers
Spring Budget 2024
Energy crisis
Levelling up: rebalancing the UK’s economy
Resilience and Renewal: Building an economy fit for the future
Social mobility and inclusion
Investment management
Inspiring confidence
Setting up in practice
Running your practice
Supporting your clients
Practice technology
TAS helpsheets
Support for business advisers
Join ICAEW BAS
Public Sector hub
Public Sector Audit and Assurance
Public Sector Finances
Public Sector Financial Management
Public Sector Financial Reporting
Public Sector Learning & Development
Public Sector Community
Latest public sector articles from Insights
Making COP count
Climate hub
Sustainable Development Goals
Accountability
Modern slavery
Resources collection
Sustainability Committee
Sustainability & Climate Change community
Sustainability and climate change home
Tax Faculty
Budgets and legislation
Business tax
Devolved taxes
Employment taxes
International taxes
Making Tax Digital
Personal tax
Property tax
Stamp duty land tax
Tax administration
Tax compliance and investigation
UK tax rates, allowances and reliefs
Artificial intelligence
Blockchain and cryptoassets
Cyber security
Data Analytics Community
Digital skills
Excel community
Finance in a Digital World
IT management
Technology and the profession
Trust & Ethics home
Better regulation
Business Law
UK company law
Data protection and privacy
Economic crime
Help with ethical problems
ICAEW Code of Ethics
ICAEW Trust and Ethics team.....
Solicitors Community
Forensic & Expert Witness Community
Latest articles on business law, trust and ethics
Audit and Assurance Faculty
Corporate Reporting Faculty
Financial Services Faculty
Academia & Education Community
Construction & Real Estate Community
Entertainment, Sport & Media Community
Retail Community
Black Members Community
Career Breakers Community
Diversity & Inclusion Community
Women in Finance Community
Personal Financial Planning Community
Restructuring & Insolvency Community
Sustainability and Climate Change Community
London and East
South Wales
Yorkshire and Humberside
European public policy activities
ICAEW Middle East
Latest news
The World’s Fastest Accountant
Access to finance special
Attractiveness of the profession
Audit and Fraud
Audit and technology
Adopting non-financial reporting standards
Cost of doing business
Mental health and wellbeing
Pensions and Personal Finance
Ukraine crisis: central resource hub
More specials ...
The economics of biodiversity
How chartered accountants can help to safeguard trust in society
Video: The financial controller who stole £20,000 from her company
It’s time for chartered accountants to save the world
Video: The CFO who tried to trick the market
Video: Could invoice fraud affect your business?
Business confidence, local authority finance, probate delays, and tax reform
Why are female-led startups so underfunded?
How to get Britain growing
Groupthink: the boardroom’s most pervasive problem?
Corporate reporting update and VAT on private hire vehicles
AI in audit: the good, the bad and the ugly
Company size thresholds and CGT on residences
Lessons in leadership from ICAEW's CEO
So you want to be a leader?
A busy new tax year, plus progress on the Economic Crime Act
Does Britain have a farming problem?
More podcasts...
Top charts of the week
EU and international trade
CEO and President's insights
Sponsored content
Insights index
Charter and Bye-laws
Archive of complaints, disciplinary and fitness processes, statutory regulations and ICAEW regulations
Qualifications regulations
Training and education regulations
How to make a complaint
Guidance on your duty to report misconduct
Public hearings
What to do if you receive a complaint against you
Anti-money laundering supervision
Working in the regulated area of audit
Local public audit in England
Probate services
Designated Professional Body (Investment Business) licence
Consumer credit
Quality Assurance monitoring: view from the firms
The ICAEW Practice Assurance scheme
Licensed Practice scheme
Professional Indemnity Insurance (PII)
Clients' Money Regulations
Taxation (PCRT) Regulations
ICAEW training films
Helpsheets and guidance by topic
ICAEW's regulatory expertise and history
Regulatory and Conduct news August 2024

Disciplinary update: August 2024

Author: Professional Standards

Published: 12 Aug 2024

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Since the last update, one tribunal order, five consent orders from the Conduct Committee, two fixed penalties, and two settlement orders have been published.

In the tribunal case , a member was severely reprimanded, fined £2,000, ordered to pay costs, and required to sign a consent form, for failing to substantively respond to some or all of the correspondence from ICAEW’s Professional Conduct Department, in breach of Disciplinary Bye-Law 10.7 (effective 14 October 2019 to 31 May 2023).

The consent orders issued by the Conduct Committee resulted in orders that:

A member was reprimanded and fined £1,400 for engaging in public practice without holding a practising certificate for over five years, contrary to Principal Bye-law 51a. Secondly, for a period of five and a half years, they failed to ensure their firm was supervised by an appropriate anti-money laundering supervisory authority, contrary to Regulation 8, and Parts 1 - 6 and 8 - 11 of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (effective from 26 June 2017). Thirdly, for over five years they failed to notify the Members’ Registrar of ICAEW of the formation of their firm within 28 days as required by the Information to be supplied by members Regulation 3 (effective from 1 December 2010). Fourthly, this member engaged in public practice through their firm for over five years without professional indemnity insurance, contrary to Regulation 3.1 of the Professional Indemnity Insurance (PII) Regulations.

A member was severely reprimanded and fined £2,100 because they provided incorrect tax advice in relation to the proposed restructuring of a company in failing to advise that a demerger to separate the trading and investment activities of the company would result in an income tax charge on the shareholders. This behaviour was contrary to section 130.1 of ICAEW’s Code of Ethics (effective 1 January 2011 to 31 December 2019) and/or subsection R113.1 of ICAEW’s Code of Ethics (effective from 1 January 2020).

A member was severely reprimanded and fined £4,500 for failing to submit ICAEW annual returns for two years for their firm. This conduct was in breach of Practice Assurance Regulation 12 and/or Regulation 2.5 of the Professional Indemnity Insurance (PII) Regulations.

A member was reprimanded and fined £1,400 for failing to ensure that their firm was supervised by an appropriate anti-money laundering supervisory authority contrary to Regulation 8, and Parts 1 - 6 and 8 - 11 of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (effective from 26 June 2017). Secondly, the member also incorrectly completed two years of ICAEW annual returns as they stated that the firm was a member firm when this was not the case and also stated that they were the firm’s anti-money laundering supervisor when this was not the case. This was contrary to Practice Assurance Regulation 12 (effective 1 July 2019).

A member was reprimanded and fined £1,400 for engaging in public practice without holding a practising certificate for nearly three years, contrary to Principal Bye-law 51a. Secondly, for a period of nearly three years, they engaged in public practice through their firm without professional indemnity insurance, contrary to Regulation 3.1 of the Professional Indemnity Insurance (PII) Regulations. Thirdly, for nearly three years they failed to notify the Members’ Registrar of ICAEW of the formation of their firm within 28 days as required by the Information to be supplied by members Regulation 3 (effective from 1 December 2010). Fourthly, they failed to ensure their firm was supervised by an appropriate anti-money laundering supervisory authority, contrary to Regulation 8, and Parts 1 - 6 and 8 - 11 of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (effective from 26 June 2017) for a period of nearly three years.

The first four consent orders above also included a requirement to pay costs.

One fixed penalty was issued to a member for engaging in public practice without holding a practising certificate for just over two years, contrary to Regulation 20 of the ACA Student Regulations and/or Principal Bye-law 51a. The member was reprimanded and given a fixed penalty of £700 representing a financial penalty of £1,000 to which a discount of 30% was applied.

Another member was reprimanded and given a fixed penalty for committing assault and using threatening behaviour towards a Transport for London member of staff worker contrary to Section 39 of the Criminal Justice Act 1988 and Section 4(1) and (4) of the Public Order Act 1986, which breached R115.1 (Professional Behaviour) of ICAEW’s Code of Ethics (effective 1 January 2020).

One matter was settled whereby the member was excluded and required to pay costs for:

within 10 business days as required by Practice Assurance Regulation 13 (effective from 1 July 2019); and/or
within 28 days as required by the Information to be supplied by Members Regulation 3 (effective from 1 December 2010).
engaging in public practice without a practising certificate for over four months, contrary to Principal Bye-law 51a (effective from 1 October 2021);
failing to ensure that their firm was supervised by an appropriate anti-money laundering supervisory authority for over four months, contrary to Regulation 8, and Parts 1—6 and 8—11 of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (effective from 26 June 2017); and
stating in response to an email from QAD Visits seeking to arrange a Quality Assurance Monitoring review, that: ‘I notified ICAEW that my practice ceased as of the end of January 2021’ but omitted to include that they had not ceased practising but had continued to engage in public practice after January 2021. This conduct lacked integrity because the member knew that their statement omitted information which was required by QAD to assess whether a visit was needed and this omission was misleading and was contrary to subsection R111.2(c) (Integrity) of ICAEW’s Code of Ethics (effective 1 January 2020).

A second matter was settled whereby the member was severely reprimanded and fined £500 for:

comply with paragraph 16d) of SIP3.1 effective from 1 July 2014; and/or
adhere to the fundamental principle of Professional Competence and Due Care as set out in the Insolvency Code of Ethics effective from 1 May 2020;
comply with paragraph 16f) of SIP3.1 effective from 1 July 2014; and/or
comply with paragraph 16b) of SIP3.1 effective from 1 July 2014; and/or
adhere to the fundamental principle of Professional Competence and Due Care as set out in the Insolvency Code of Ethics effective from 1 May 2020; and
comply with paragraph 16g) of SIP3.1 effective from 1 July 2014; and/or
adhere to the fundamental principle of Professional Competence and Due Care as set out in the Insolvency Code of Ethics effective from 1 May 2020.

Further details can be found on our Disciplinary Database or please visit our Public Hearings page .

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How to Pass the ICAEW ACA Case Study Exam
How to Pass ICAEW Case Study
icaew case study marking
How To Pass The ICAEW ACA Case Study Exam
icaew case study syllabus
How to Pass the ICAEW ACA Case Study Exam

COMMENTS

Case Study module study resources
Case Study The Case Study exam will assess your understanding of providing advice on complex business issues in the form of a written report. The scenario may be based on a variety of different organisational structures or operations, and you will be provided with advance information ahead of the exam. The exam is four hours long and will consist of three requirements and an executive summary ...
Requirement one, two and three in the Case Study exam
Requirement one, two and three in the Case Study exam. In this guide we will explain the rationale of each requirement of the Case Study exam. In each section you will see the theme or focus of each requirement, how the marking keys are structured, helping you to better plan your answers during the exam, the meaning of each of the professional ...
ICAEW Case Study Made Easy
The ICAEW Case Study exam is COMPLETELY different to all other ACA exams. In this article I will break it down and make it easy for you to follow!
How to Pass the ICAEW ACA Case Study Exam: Requirement 1
How to pass the #ICAEW #ACA Case Study exam with our prize-winning Senior ACA Tutor Kieran Doe.The other classes from the #Casestudy course can be found at h...
How to Master the ICAEW ACA Case Study Marking Key
If you are unaware of the exam structure for the ACA Case Study exam, I would recommend reading the Made Easy blog before reading details about the Case Study marking key. You essentially need to know the report you are required to produce is split into an executive summary and three equally weighted requirements.
How to Pass the ICAEW ACA Case Study Exam
This article offers advice on how to pass the ACA Case Study exam. Written by a multiple prize-winning ACA tutor who scored 92% in the Case Study exam and won the ICAEW prize for the highest score in the world, this is essential reading for any student preparing for their Case Study exam.
How to Pass the ICAEW ACA Case Study 2023: Requirement 1
Our Senior #ACA Tutor Kieran Doe demonstrating how to pass the ICAEW ACA Case Study exam. The other videos from the course and our July 2023 and November 202...
ICAEW ACA Case Study
The ACA Case Study exam is very different to all other ACA exams and it is very difficult to know whether you have done enough preparation. Read my guide here!
Introduction to the Case Study exam
This series of Case Study exam resources will cover everything you need to know to prepare for the Case Study exam. This includes: Introduction to the Case Study exam. How to approach the advance information. Using the advance information during the Case Study exam. A guide on Requirements one, two and three. An overview of the Executive Summary.
Regulations standards and guidance
The regulations for ICAEW Certificate Level, Professional Level and Advanced Level ACA assessments, including the Ethics Learning Programme assessment.
How to Ace the Case
However, the Case Study is actually very similar to other ACA exams in that the three exam requirements are always the same, as are the mark schemes. By appreciating the consistency in the exam requirements and the mark schemes, you can develop your exam technique to ensure that you tick all the 'boxes' on the mark scheme and complete your ACA qualification in style.
Case Study November 2021 Advance Information
The marks in the Case Study are awarded for professional skills, allocated broadly as follows: Assimilating and using information 22.5%. Structuring problems and solutions 22.5%. Applying judgement 22.5%. Drawing conclusions and making recommendations 15.0%. ive and multidisciplinary skills 17.5% Of the total marks available, 15% are awarded ...
Advanced Level Case Study
Advanced Level Case Study. The Case Study module covers the following topics: requires demonstration of knowledge, skills and practical application from multiple areas of the syllabus. tests professional skills in the context of a specific business issue. demands ability to analyse financial and non-financial information.
ACA Advanced Level
The ICAEW Advanced level exams present real-life scenarios, with greater complexity and wider implications than the Professional Level exams. The Case Study exam will present a complex business issue which will require problem solving, the identification of ethical implications and your ability to provide effective solutions.
Advanced Level Case Study advance information
The Advanced Level Case Study exam includes advance information released prior to the exam sitting. This allows you time to become familiar with the information and to undertake any other appropriate research and analysis. Select the relevant product below, depending on the exam sitting, and proceed to check out to get the product in your ICAEW ...
ACA Advanced
ACA Advanced will build on the knowledge you gained in the Certificate and Professional Levels. Coupled with the experience you gain in work, you'll attain a deeper understanding of accountancy and finance within businesses, and become eligible for chartered accountancy status upon qualifying. The Advanced Case Study resit course balances ...
How did you guys find the case study exam? : r/ICAEW
Did you guys find any additional requirements apart from financial analysis in requirement 1? I struggles with finding appropriate commercial and operational points in req 3, found loads of ethical issues tho. Anyone else in the same boat?
Exam modules
Exam modules To become an ICAEW Chartered Accountant you must study and pass 15 exam modules focused on different aspects of accountancy, finance and business. Designed to provide you with in-depth knowledge across a broad range of topics, each of the ACA qualification modules are directly relevant to the work that you will do throughout your training. While the modules are split over three ...
Case study : r/ICAEW
I also got 2 as home study but cba to do them. Gonna do some light reading of the real AI, look at the FS figures and wait for ACA M AI analyis and his 3 mocks. Hopefully with another 2 bpp mocks so 5 mocks I'm gonna do on the real AI, that should be enough practice. Just wondering how many, if any all, old case study past papers people go ...
Training as an independent student
Completing the ACA While you can start to study the ACA exam modules independently, you cannot become an ICAEW Chartered Accountant without fulfilling the practical work experience, professional development, ethics and professional scepticism requirements of the ACA with an authorised training employer (ATE) or principal (ATP).
ACA exam FAQs
Do you have a question about ACA exams? Our frequently asked questions could have the answers.
Approaching the advance information for the Case Study exam
This guide is designed to help you understand how to approach the advance information for your Case Study exam. It will cover what the advance information is, what should you do with the advance information before your exam and tips for success.
Disciplinary update: August 2024
In the tribunal case, a member was severely reprimanded, fined £2,000, ordered to pay costs, and required to sign a consent form, for failing to substantively respond to some or all of the correspondence from ICAEW's Professional Conduct Department, in breach of Disciplinary Bye-Law 10.7 (effective 14 October 2019 to 31 May 2023).

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How to Pass the ICAEW ACA Case Study Exam

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Step 1: Understand how Case Study is marked

Step 2: Understand what each of the three requirements involve

Step 3: Understand what information is provided in the AI and what is provided in the exam

Step 4: Learn the Case Study exam technique which ensures that you hit all the boxes on the mark scheme

Step 5: Practice mock exams to master your exam technique

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