Audit & Assurance
June 2008 Exam Tips
All of the questions in this exam are compulsory and the examiner aims to test the syllabus widely at each sitting so it is very dangerous to rely on question spotting as you revise for this paper. The following outline aims to indicate the type of questions that may come up in the exam. Only the examiner knows what has been put into the paper, so these suggestions have been based on the content of the pilot paper, comments made and articles written by the examiner and the content of the old syllabus paper 2.6. The paper F8 examiner, Alan Lewin, set the old syllabus paper 2.6 from June 2005 to June 2007.
Suggested practice questions from the BPP Practice and Revision Kit (2008 edition) for the International stream or the UK stream are shown after the relevant area. These include the most recent past exam questions to give you an idea of how a topic has been examined recently.
Question 1 (30 marks)
This will take the form of a case study with four or five separate requirements. The main requirements are likely to focus on audit procedures on a core area of the financial statements. Question 1 in December 2007 featured purchases and payables. Other areas likely to appear are revenue and receivables, non-current assets or inventories.
Other parts of the question may look at internal controls in the same areas of the accounting system, or the auditor’s use of computer-assisted techniques.
2008 P&R Kit Questions: Q39 Tracey Transporters (non-current assets), Q43 Rocks Forever (inventory), Q45 Coogee (receivables,) Q46 Duckworth (bank,) Q50 Westra (pilot paper) (purchases and payables), Mock exam 3 (December 2007)Q1(purchases and payables).
Question 2 (10 marks)
This will be a 10 mark factual question and likely to cover two or three separate topic areas. The requirements are likely to test basic knowledge of ISAs and other factual areas of the syllabus, such as ACCA’s Code of Ethics and Conduct. The examiner’s aim in this question is to broaden his coverage of the syllabus, so these could be drawn from any area.
2008 P&R Kit Questions: Q35 Terms, evidence and modified reports (pilot paper), Q44 Receivables circularisations Q57 Audit confirmations, Mock exam 3 (December 2007)Q2.
Questions 3, 4 and 5 (20 marks each)
The examiner has said that these will continue to be very similar in style to the questions he used to set in the old syllabus paper 2.6. This means that they tend to have three or four separate requirements, and be based on short scenarios and syllabus areas as listed below. (Relevant questions from the 2008 P & R kit are listed separately after each topic.)
• Audit ethics Q11 Northcee (a) (pilot paper),Q10 Confidentiality and independence
• Audit risk Q19 Parker, Q17 Tempest
• Corporate governance and its links with either internal or external audit Q11 Northcee (b) and (c) (pilot paper),
• Internal controls, possibly with requirements in the style of a “report to management” Q38 Southlea (a)(pilot paper),Q31 Cosmo, Mock exam 3 (December 2007)Q1 (c) and Q3 (b).
• Audit completion and areas such as going concern, management representations, events after the balance sheet date and audit reporting
Q61 Eastvale (pilot paper) Mock exam 3 (December 2007) Q5.
Relevant Articles
The following articles can be found in the Student Accountant magazine (or ACCA website)
• A risk-based approach to auditing financial statements, Brian Pine, February 2008
• IAS 1, Presentation of financial statements (relevant to International stream only), Ellie Griffiths, January 2008
• Audit working papers, Namasiku Liandu, February 2007
• Examiner’s approach to paper F8, Alan Lewin, February 2007
• Audit risk in a brave new world, Namasiku Liandu, 30 September 2004
• Internal audit and review reports, Katherine Bagshaw, January 2003
• The role of internal audit in risk management, Katherine Bagshaw, April 2002
• Directional testing – a methodology, Kim Smith, May 2001
BEST OF LUCK!
[ 本帖最后由 Bright123 于 2008-4-24 03:33 编辑 ]
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