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exam imp F8

exam imp F8

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Published by Syed Umair Nafees

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Published by: Syed Umair Nafees on Jun 08, 2012
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1 Inventory count. 2 Nature of an assurance assignment/internal audit 3 Going concern and analytical procedures 4 Computer assisted audit techniques 5 Contingent liabilities

• Audit planning and identification of audit risk, audit procedures and internal control. • Responsibilities of directors and auditors. • Definitions – assurance and audit regulation. • The 20-mark questions: ethics, planning, audit risk explanation, specific transaction audit, internal controls and audit, management representations, going concern and audit reports.

Kaplan Financial
• Assurance engagements. • Ethics including fundamental principles. • Systems – non-current assets, purchasing (including tests of control). • Evidence – non-current assets, share capital/reserves, bank and cash, payables. • Completion (ISA 570 – going concern).

First Intuition
• Substantive audit procedures and tests of control on a key area of the statement of financial position, eg inventories or non-current assets. • Audit risks. • Identifying and explaining the threats to auditor independence and ways of managing them. • Management letter: identifying the weaknesses, consequences and recommendations in a particular company. • Subsequent events.

F8 June 2012 : For sure following are the chapter you cannot ignore if you wanna pass F8. Here are the chapters: 1. Ethics ( threats and safeguards to independence/ how an auditor accept an appointment ) 2. Planning and risk ( especially Audit risk and its application- should be good at picking risk from scenario and commenting upon them- should also know the definition of audit risk and three components well) / what impact on audit strategy of selected audit risk level. 3. Internal controls ( something you cant rule out from F8 paper / sales and purchase system looks at top priority)/ Test of controls too 4.Substantive procedures ( again receivables/ payables/ sales / purchases / inventory looks important) 5. Review ( Subsequent events / going concern) 6. Reporting ( looks important – again opinions in a given scenario)

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