The section "Data Checks" is in the Methodology section of the Audit Trail. Is this a preferable approach to inserting "Data Checks" after the "Data" section?
Hi Viki Ideally I would go with the option of inserting the data checks before the methodology for 2 reasons: sometimes the parameters section does include some data or even some important information with regards to the data. makes sense before starting running the model (methodology) to check the data. As for your second query, since the audience of the audit trail is a fellow colleague, I would definitely give detailed information with regards to the excel functions used for data checks since the idea of audit trail would be the colleague could later catch up with your work. Maybe I would be phrasing like this: "At the top of each auto-checks, an error count has been added using the “COUNTIF” function which counts the number of errors that is present." Hope this helps.
Thanks Darshan. I agree with your points above and this is the exact approach I would use in the exam. However, the model solution from IFOA shows the opposite and hence I've created this topic. Further, past papers would use the same approach as chosen by us. There is a lot of inconsistencies in model solutions across the past papers.
You're welcome Viki. I agree with you, as there are a lot of discrepancies in what they say and what is done with the report. I guess this is because the paper setters are different with sessions and with different topics, the way they present/mark differ a lot. I don't rely on the examiners' report that much for this reason.