so…how the hell are you guys memorizing what is required vs. what is recommended?/? I just came across a question in the CFAI text…end of Reading 4 Q 3. The vignetter suggests that the firm updates its reports annually and issues a final report for discontinuation based on staff availability… now …when i was trying to answer this question…I knew that the standard recommends updates every quarter…but they do not require it…hence it would seem that they do comply with the standards…because as per the “requirement” the updates seems timely… with regards to the discontinuation too…it is recommended that when coverage is to be discontinued they issue a final report…but this is not in the requirements!! of course …i thought wrong…the answer says that the firm does not comply with the standards…since it recommends updates on a quarterly basis and discontinuation of coverage should be done with a final report… my point is…if the recommended is required…then why is it not part of the required section… if the answer is expected to be based on the recommended and required standards…what is the difference between the two…and when we’re looking at a question…should we just consider both …to see if a company/indivual comply or not?? am i just blabbing or does this make sense???
that’s hard, i’m hoping Q-bank will help me with retention of that kind of info.