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ACCA Paper F8 - Audit and Assurance (international) - sample chapter from www.TonySurridge.co.uk

ACCA Paper F8 - Audit and Assurance (international) - sample chapter from www.TonySurridge.co.uk

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Published by accountancylad
ACCA Paper F8 Revision Mnemonics and Charts e-book (sample chapter). Full version available for purchase and instant download from accountancy authors and publishers www.TonySurridge.co.uk
ACCA Paper F8 Revision Mnemonics and Charts e-book (sample chapter). Full version available for purchase and instant download from accountancy authors and publishers www.TonySurridge.co.uk

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Published by: accountancylad on Mar 05, 2010
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Mnemonics and Charts
CLICK ON THE TEXT WITHIN THE BOX –NOT THE BOX
Paper F8: Audit and Assurance
 
 ©Tony Surridge Online Limited, 2010
1
DOWNLOAD SAMPLE
Welcome to our download sample of the Tony Surridge
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E-book publication:
ACCA Paper F8 –Audit and Assurance –Mnemonics and Charts
Thanks for taking time to review a download extract of this Mnemonics and Chartspublication which we have developed specially for the
ACCA Paper F8: Audit andAssurance
. We hope you like our electronic study material and recognise that at anextremely low price from just £3 (plus VAT where applicable) the complete purchased anddownloaded version represents true value for money.This is only a small sample, taken directly from the full version, and as such not allhyperlinks will be active. For illustrative purposes, the active hyperlinks within the table ofcontents will be shaded pink. All hyperlinks are fully functional only in the full downloadedversion when purchased.You may like to learn some details about the full version: (please note these details mayvary slightly depending on which updated version you have purchased)
Pages 775Charts and text 226Mnemonics 179Specimen examples of audit working papers 37Thousands of hyperlink connections
It is important for you to know that eachTony Surridge
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E-book can only beused on the computer it is initially downloaded to. The data cannot be transferred to anyportable memory or any other computer or electronic device. This condition is enforced toprotect our digital rights. The data can, however, be transferred to a printer linked to thesame computer and printed in colour or black, white and grey. If you wish to use this
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Good luck with your studies.
 
Mnemonics and Charts
CLICK ON THE TEXT WITHIN THE BOX –NOT THE BOX
Paper F8: Audit and Assurance
 
 ©Tony Surridge Online Limited, 2010
2You are a partner at Green, Green and Associates, a medium to large accounting firm. One Thursdaymorning a letter is received from Goodies Sweet Manufacturing (GSM) Company, a local unlisted UKcompany which requests your company to submit a proposal for its current audit. You understand, from theletter, that GSM is of a size considered ‘small’ by UK legislation but that its principal shareholder, who is notemployed by the company, using a legal entitlement has insisted on an audit by an independent auditor. Thiswill be GSM’s first independent audit.The senior partner in your firm has assigned you to be GSM’s ‘engagement partner’.The following ‘overview’ takes us through the stages, procedures and documents involved in such an auditengagement (and also gives you quite a good idea of what is involved in the ACCA Paper F8 syllabus).
Start here andget an overviewof what PaperF8 entails …..
An overview of what is involved inPaper F8 …… (1 of 4)
 
Mnemonics and Charts
CLICK ON THE TEXT WITHIN THE BOX –NOT THE BOX
Paper F8: Audit and Assurance
 
 ©Tony Surridge Online Limited, 2010
3
What youneed to know
BEFOREYOUSTARTBefore you get involved in the audit work itself, you must be aware of thebackground requirements. In essence, you must know and actaccording to:
the
objectives
of the audit
the
legal requirements
the
auditing standards
that you will use (your firm has adopted theInternational Auditing Standards issued by the IAASB)
the
code of ethical behaviour
of your professional body (you arean accredited member of the ACCA)
the
procedures and rules of your accounting firm
.This is no problem for you. You are a professional accountantaccredited by ACCA.
Obtaining theengagement
PHASE 1
Acceptance
OF
the client ….. Acceptance
BY
the client
This is the first step on your journey through the audit. In this phase of theaudit you will have two objectives:(i) To examine GSM (the client -who the International Auditing Standardsrefer to as ‘entity’) to determine whether there is any reason to rejectthe engagement. In others words,
do we want the audit engagement?
(ii)On the basis that you
do
want to obtain the audit engagement
toconvince GSM to employ your firm
.This first step involves six procedures:1. Determine whether your accounting firm is
able to meet the ethicalrequirements
regarding the client.2. Determine whether your firm will need to employ the
work of otherspecialists or experts
as part of the audit.3.
Communicate withpredecessor auditor
. (Not in this case because itis a ‘first’ audit.)4.
Select the staff who will form the audit team
and consider the auditcosts and budget.5. Prepare a
client proposal
.6. Prepare and obtain an
engagement letter
which will only be issuedwhen the client agrees to your proposal.
An overview of what is involved inPaper F8 …… (2 of 4)

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