These ACCA F8 Exam Tips are just guidelines from exam point of view. After introduction of MCQ’s in ACCA F8 and skill level papers of ACCA, it is now important that you should prepare each and every area of syllabus.
These acca exam tips will help you in questions other than MCQ’s while MCQ’s can come up in exam from any area so in order to get success you must cover the breadth of every topic.
ACCA F8 Exam Tips:
ACCA Exam Tips for paper F8 Audit and Assurance for June 2015 session are given as follows by famous tuition providers
– Conflict of Interest
– Audit Committees
– Assistance to External Auditors
Planning and Risk:
– Audit Risks
– Inventory, Purchases, Payroll System
– Test of Controls
– Purchases, Revenue, Inventory, Payroll
Completion and Reporting:
– Evaluate Misstatement
– Going Concern
– Auditors Reports
– Limited Assurance Engagement
– Risk Assessment Procedures
– Engagement Letters
– Financial Assertions (Ratios)
– Expectation Gap
– Inherent Limitation of Internal Controls
– Audit Planning
12 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.
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
12 MCQs from across whole syllabus.
– Trade payables.
– Bank and cash.
– Purchases (control deficiencies, recommendations, tests of control).
Audit risk and response
– Written scenario plus ratios/analytical procedures.
– Threats to objectivity.
– Scenarios to test the various report modifications.
– Reliance by external audit.
– ISA 240 Fraud.
– ISA 250 Laws and Regulations.
– Positive and Negative Assurance.
MCQs on the whole syllabus.
– 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.
Section A: 10 Marks MCQ’s from Whole Syllabus
– Audit Risk and Audit Planning including analytical procedures
– Audit evidence and procedures: Receivables
– Internal controls – Payables systems
– New audit engagement and engagement letter
Manchester Metropolitan University MMU