ACCA F8 Exam Tips March 2016 session given below are just intelligent guesses from exam point of view provided by famous tuition providers. These exam tips must not be relied on totally. To increase chances of success in Exams you must prepare full breadth of syllabus and topics
ACCA F8 Exam Tips March 2016:
ACCA F8 Exam Tips March 2016 Session are given below by famous tuition providers
Part A: MCQ’s will be from any syllabus area.
Part B: Some of the frequently tested areas in the past were
- Ethics / Conflict of Interest / Confidentiality / Audit committees
- VFM, Outsourcing,
- Audit risks and responses
- Cash, inventory, purchases (including tests of control)
- Purchases, revenue, Payroll
- Written representations
- Auditor’s reports
- Limited assurance engagements
- Expectation gap
- Auditor rights and duties
- Engagement letters
- Fraud and error
- Components of an internal control system
- Inherent limitations of internal control
- Risk assessment procedures
- Financial statement assertions (Ratios)
You must learn the ISAs – not the numbers, but the objectives and key provisions of each ISA. Nearly 30% of the last exam was testing pure rote-learned knowledge.
The examiner wants QUALITY not QUANTITY – sometimes gives 1.5 marks for a well-explained point.
Look at the past exams – many of the model answers were in columnar format. Long windy paragraphs are not an option. Stay to the point and straightforward.
Time allocation is as important in this exam as it is in the others – 1.8 minutes per mark.
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).
Where questions are based on a scenario it is essential that you use the information in the scenario to make your answers relevant.
At the beginning of the exam you are given 15 minutes “reading and planning” time. During this time you can read and annotate your question paper and so this is a perfect chance to make notes next to the information in the scenarios of things to include in your answer.
During this time you should also think about how you will present your answer – try to use a tabular format in your solutions where relevant as the examiner has stated that candidates who do this score better.
Finally pay attention to the verbs used in question requirements as these indicate the number of marks available. For example, the verb “explain” requires a sentence and will score one mark if properly explained whereas the verb “list” simply requires you to list out information with no further explanation and this will score ½ mark per point.
MCQs will cover whole syllabus, mostly knowledge areas, but a couple of practical ones as well.
– Ethics, threats to independence.
– Confidentiality, when to breach.
– Audit risk and response, written scenario.
– Internal controls objectives/procedures/tests on sales cycle.
– Inventory and stocktaking – controls and substantive tests.
– Substantive tests on receivables.
– Advise company on improving its governance.
– Role/benefits of audit committees.
– Roles of internal audit and comparison with external audit.
– Know your ISAs, especially ISA 250, 260, 560, 570, 720.
– Audit Reports