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103259172-22441852-ACCA-F8-INT-Revision-Notes

103259172-22441852-ACCA-F8-INT-Revision-Notes

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Published by: umer12 on Sep 14, 2012
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02/04/2013

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AUDIT – F8REVISION NOTESDECEMBER 2008
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CONTENTS
DECEMBER 2008 .......................................................................................................... 1OVERVIEW OF SYLLABUS AND EXAM ......................................................................3ASSURANCE AND AUDIT ...............................................................................................4OVERVIEW OF THE STATUTORY AUDIT PROCESS ................................................. 6REGULATORY STANDARDS ......................................................................................... 7RESPONSIBILITIES .......................................................................................................... 9ACCEPTING ENGAGEMENTS ......................................................................................11ETHICS FRAMEWORK ...................................................................................................12ETHICS FRAMEWORK ...................................................................................................13ACCA ETHICAL GUIDANCE ........................................................................................15PLANNING THE AUDIT ................................................................................................. 17MATERIALITY AND RISK ASSESSMENT ..................................................................19INTERNAL CONTROLS .................................................................................................20MANAGEMENT LETTER ...............................................................................................22ANALYTICAL PROCEDURES .......................................................................................23AUDIT APPROACH .........................................................................................................24EVIDENCE ........................................................................................................................26Computer Assisted Audit Techniques - CAAT’s ..............................................................33RELIANCE ON THE WORK OF OTHERS .................................................................... 40COMPLETION ..................................................................................................................42QUALITY CONTROL ..................................................................................................... 47REPORTING .....................................................................................................................49CORPORATE GOVERNENCE ........................................................................................50INTERNAL AUDIT ..........................................................................................................52 Not for profit organisations ................................................................................................55
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OVERVIEW OF SYLLABUS AND EXAM
Core areas of the syllabus:
Syllabus areaCorporate governance and EthicsInternal auditPlanning and risk assessmentInternal controlsSubstantive audit evidenceReviewReporting
Exam is 3 hours 15 minutes reading
5 compulsory questions
Predominantly written
Pass mark 50%.
Only
31%
– 43 % of people
pass
this
paper 
a sitting!
The paper format (attempt in order)
Question 1Audit Procedures Scenario Based30 MarksQuestion 2Knowledge Based10 MarksQuestion 3Risk and Audit Approach20 MarksQuestion 4More Specialised Audit Area20 MarksQuestion 5Audit Evidence/Completion/Reports20 Marks
5 STEPS TO SUCCESS1. To pass this exam you must apply your answers to the scenarios2. Expect to get 5 marks per page – therefore a 15 mark questions needs to be 3 pageslong. A 4 mark question no longer than 1 page.3. Read the requirements first. Set up your answer (plan)4. Start each question and section on a separate page Clearly identifying to the marker what question you are answering.5. DO PAST QUESTIONS TO TIME!!!!
ITS IN YOUR BEST INTEREST TO DO THIS MOCK, IT IS THE BEST MEANS OF
ENSURINGA PASS
. GIVE YOURSELF THE BEST POSSIBLE CHANCE – DON’T LET YOURSELF DOWN.
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