First of all I am looking at whether or not E2 contains "No – 2014-15 non compliant". Out of those results I want it to return "CAFA 2-Initial Assessment for compliance (will exceed 18 years in 2014-15)" if there's a V in A2 or "CAFA 2-Initial Assessment for compliance (will exceed 18 years in 2014-15) & concurrent with DE" if there's DET in A2.

Here's my attempt:

=IF(AND(AI2="No – 2014-15 non compliant",ISNUMBER(SEARCH("V",A2)),"CAFA 2-Initial Assessment for compliance (will exceed 18 years in 2014-15)"),IF(AND(AI2="No – 2014-15 non compliant",ISNUMBER(SEARCH("DET",A2))),"CAFA 2-Initial Assessment for compliance (will exceed 18 years in 2014-15) & concurrent with DE",""))