ACCA F8 Exam Tips March 2018 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 2018:
ACCA F8 Exam Tips March 2018 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.
In Q16 & 18 expect:
- Audit planning.
- Audit risk (identification and explanation of audit risks from a scenario and explanation of the auditor’s response to each risk.
- internal audit.
- Internal controls (identification and explanation of deficiencies in internal control and the recommendation of suitable internal controls or description of test of control).
- Audit procedures (both substantive procedures and tests of control).
Try to use a tabular format in your solutions where relevant as the examing team have stated that candidates who do this score better.
Understand your verbs. ‘explain’ requires a sentence and will score one mark. ‘List’ simply requires you to list out information with no further explanation and this will score 0.5 marks per point.