ACCA F8 Exam Tips:
ACCA Exam Tips for paper F8 Audit and Assurance for June 2015 session are given as follows by famous tuition providersKaplan
Audit Framework:– Ethics
– Conflict of Interest
– Audit Committees
Internal Audit:
– Outsourcing
– VFM
– Assistance to External Auditors
Planning and Risk:
– Audit Risks
Internal Control:
– Inventory, Purchases, Payroll System
– Test of Controls
Audit Evidence:
– Purchases, Revenue, Inventory, Payroll
Completion and Reporting:
– Evaluate Misstatement
– Going Concern
– Auditors Reports
Specific Topics:
– Limited Assurance Engagement
– Risk Assessment Procedures
– Engagement Letters
– Financial Assertions (Ratios)
– Expectation Gap
– Inherent Limitation of Internal Controls
– Audit Planning
Bpp
Section A12 multiple choice questions of which eight are worth 2 marks each and four are worth 1 mark each. The MCQs will largely be knowledge based and will balance out the questions in Section B to make sure that all aspects of the syllabus are examined.
Section B
Q1 – Q4: Four 10 mark questions. These will test single topic areas of the syllabus and so will either test syllabus area A, B, C, D or E. The questions will be broken down into sub requirements and may also be based on a short scenario.
Areas expected to be tested in questions 1 to 4 include ethical threats and safeguards, corporate governance and internal audit, audit planning, materiality, audit procedures (especially substantive procedures), audit finalisation and audit reports.
Q5 & Q6: Two 20 mark questions which will be broken down into sub requirements and be scenario based. The majority of marks in each question will test syllabus areas B, C and/or D.
Areas expected to be tested in questions 5 and 6 include audit risk, internal control and audit procedures (both substantive procedures and tests of controls).
F8 has the following syllabus areas:
A Audit framework and regulation
B Planning and risk assessment
C Internal control
D Audit evidence
E Review and reporting
Lsbf
Section A12 MCQs from across whole syllabus.
Section B
Substantive procedures
– Purchases.
– Trade payables.
– Provisions.
– Bank and cash.
Internal controls
– Purchases (control deficiencies, recommendations, tests of control).
Audit risk and response
– Written scenario plus ratios/analytical procedures.
Ethics
– Threats to objectivity.
– Confidentiality.
Audit reports
– Scenarios to test the various report modifications.
Internal audit
– Reliance by external audit.
– Roles.
Other
– CAATs.
– ISA 240 Fraud.
– ISA 250 Laws and Regulations.
– Positive and Negative Assurance.
First Institution
MCQs on the whole syllabus.– Ethics.
– Audit risk and auditor response (including ratio calculations).
– Internal control – deficiencies, implications and recommendations (purchases and payables cycle).
– Audit evidence and substantive testing.
– Subsequent events, written representations and going concern.
– Modified auditor’s reports.
OpenTuition
Section A: 10 Marks MCQ’s from Whole SyllabusSection B:
– Audit Risk and Audit Planning including analytical procedures
– Audit evidence and procedures: Receivables
– Internal controls – Payables systems
– New audit engagement and engagement letter
– Ethics
