Tips for ACCA Paper F8 Audit and Assurance (INT) Q1 Inventory; stock count; computer assisted auditing techniques Q2 Internal audit v external audit; parts of an assurance engagament Q3 Corporate governance Q4 Going concern and audit reports Q5 Sampling BPP Q1 (30 marks) This question will be based on a scenario and incorporate between 3 and 5 distinct requirements. The areas most likely to be tested in this question include audit planning and the identification and explanation of audit risk, audit procedures (substantive tests and/ or tests of control) and internal control. Q2 (10 marks) This will be a factual or knowledge based question. It is likely to cover several areas of the syllabus with 2 or 3 separate requirements worth between 2 and 5 marks each. Topics for Question 2 can be drawn from all areas of the F8 syllabus and questions could include the responsibilities of directors and auditors as well as other definitions such as audit risk, audit assertions, audit regulation and corporate governance. Q3, Q4 & Q5 (20 marks each) These questions will be scenario based but will also include some knowledge based requirements. Areas which are likely to be covered in these questions include ethics, planning, the audit of specific transactions or account balances (including estimates), subsequent events, management representations, going concern, audit reports, internal control and corporate governance.
Note that the scenario may be set in the context of a profit making or non-profit making organisation. Kaplan tips •Ethics including fundamental principles/confidentiality •Evidence: payroll, inventory, share capital, reserves, opening balances •Specific standards/topics: − ISA 530 (sampling) − ISA 220 (review of working papers) First Intuition Q1 Substantive audit procedures and tests of control on a key area of the Statement of Financial Position eg inventories or non-current assets Q2 Short 10-marker on ISAs eg audit reports, fraud & error Q3 ‘Identifying and explaining’ the threats to auditor independence and ways of managing them Q4 Management letter; identify the weaknesses, consequences and recommendations in a particular company Q5 Subsequent events Icount •System deficiencies and controls •Corporate governance •Audit assertions and appropriate audit procedures. •Written representations •Ethics and safeguards. source – PQ Magazine http://www.pqaccountant.com best of luck with exam!