ACCA F8Audit 2011Dec ExamNotes
ACCA考试《审计与认证业务F8》知识点(2)
ACCA考试《审计与认证业务F8》知识点(2)本文由高顿ACCA整理发布，转载请注明出处RELEVANT TO ACCA QUALIFICATION PAPER F8 ANDPERFORMANCE OBJECTIVES 17 AND 18Audit riskCandidates studying Paper F8, Audit and Assurance, are required under thesyllabus to: ‘Explain the com ponents of audit risk and explain the risks ofmaterial misstatement in the financial statements’。
This element of the syllabus has been examined in the last three sessions ofPaper F8 – in June 2010, December 2010 and June 2011. However, theperformance of candidates has on the whole been unsatisfactory. This articleaims to identify the most common mistakes made by candidates as well asclarifying how audit risk questions should be tackled in order to maximisemarks.An example question requirement relating to audit risks is as follows:Describe the audit risks and explain the auditor’s response to each risk in planning the audit of XYZ Co.Previously examined risk questions have carried a mark allocation of 10 marks.However, a significant majority of candidates have not passed this part of thequestion. Common mistakes made include:? providing definitions of the audit risk model, even though this was not part of the question requirement? a lack of understanding of what audit risk is and providing business risks instead? not providing an adequate response to the risk. This needs to be fromthe perspective of the auditor and not from management’s perspective? a limited range of risks identified, often just focusing on one area suchas going concern.Audit risk definitionsAudit risk is defined as ‘the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. Audit risk is a function of the risks of material misstatement and detection risk’。
ACCA考试《审计与认证业务F8》知识点(4)
ACCA考试《审计与认证业务F8》知识点(4)本文由高顿ACCA整理发布，转载请注明出处ELEVANT TO CAT QUALIFICATION PAPER 8 AND ACCA QUALIFICATIONPAPERS F8 AND P7SPECIFIC ASPECTS OF AUDITING IN ACOMPUTER-BASED ENVIRONMENTInformation technology （IT）is integral to modern accounting and management information systems. It is, therefore, imperative that auditors should be fullyaware of the impact of IT on the audit of a client’s financial statements, both in the context of how it is used by a client to gather, process and report financial information in its financial statements, and how the auditor can use IT in theprocess of auditing the financial statements.The purpose of this article is to provide guidance on following aspects ofauditing in a computer-based accounting environment:? Application controls, comprising input, processing, output and masterfile controls established by an audit client, over its computer-basedaccounting system and? Computer-assisted audit techniques （CAATs）that may be employed byauditors to test and conclude on the integrity of a client’scomputer-based accounting system.Exam questions on each of the aspects identified above are often answered to an inadequate standard by a significant number of students – hence the reason for this article.Dealing with application controls and CAATs in turn:APPLICATION CONTROLSApplication controls are those controls （manual and computerised）that relate to the transaction and standing data pertaining to a computer-based accounting system. They are specific to a given application and their objectives are to ensure the completeness and accuracy of the accounting records andthe validity of entries made in those records. An effective computer-based system will ensure that there are adequate controls existing at the point of input, processing and output stages of the computer processing cycle and over standing data contained in master files. Application controls need to be ascertained, recorded and evaluated by the auditor as part of the process of determining the risk of material misstatement in the audit client’s financial statements.Input controlsControl activities designed to ensure that input is authorised, complete,accurate and timely are referred to as input controls. Dependent on the complexity of the application program in question, such controls will vary in terms of quantity and sophistication. Factors to be considered in determining these variables include cost considerations, and confidentiality requirements with regard to the data input. Input controls common to most effective application programs include on-screen prompt facilities （for example, are quest for an authorised user to ‘log-in’）and a facility to produce an audit 2SPECIFIC ASPECTS OF AUDITING IN A COMPUTER-BASED ENVIRONMENTJANUARY 2011trail allowing a user to trace a transaction from its origin to disposition in the system.Specific input validation checks may include:Format checksThese ensure that information is input in the correct form. For example, the requirement that the date of a sales invoice be input in numeric format only –not numeric and alphanumeric.Range checksThese ensure that information input is reasonable in line with expectations. For example, where an entity rarely, if ever, makes bulk-buy purchases with a value in excess of $50,000, a purchase invoice with an input value in excess of $50,000 is rejected for review and follow-up.Compatibility checksThese ensure that data input from two or more fields is compatible. For example, a sales invoice value should be compatible with the amount of sales tax charged on the invoice.Validity checksThese ensure that the data input is valid. For example, where an entity operates a job costing system – costs input to a previously completed job should be rejected as invalid.Exception checksThese ensure that an exception report is produced highlighting unusual situations that have arisen following the input of a specific item. For example, the carry forward of a negative value for inventory held.Sequence checksThese facilitate completeness of processing by ensuring that documents processed out of sequence are rejected. For example, where pre-numberedgoods received notes are issued to acknowledge the receipt of goods intophysical inventory, any input of notes out of sequence should be rejected.Control totalsThese also facilitate completeness of processing by ensure that pre-input,manually prepared control totals are compared to control totals input. For example, non-matching tota ls of a ‘batch’ of purchase invoices should result inan on-screen user prompt, or the production of an exception report forfollow-up. The use of control totals in this way are also commonly referred toas output controls （see below）。
2013年ACCA新大纲各科目全解析-F8
2013年ACCA新大纲考试科目全介绍Audit and Assurance(F8)相关资源下载：F82013syllabus and study guideF8Pilot Paper Questions and AnswersF82012Dec Exam QuestionF82011Dec Exam AnswerF82012Jun Exam QuestionF82012Jun Exam Answer科目介绍：F8《审计与鉴证》分为4个部分。
1、介绍鉴证服务的特性、目的和范围，包括法定审计、规范环境以及和审计与鉴证相关的职业道德；2、介绍内部审计，包括内部审计的范围和内部审计与外部审计的差异；3、大部分内容都是在介绍如何对财务报表进行审计。
这些包括计划、风险评估、评价内部控制、手机审计证据以及财务报表的复审；4、介绍对报告的处理，包括法定审计报告、管理报告和内部审计报告。
近几年考试通过率趋势图：F8知识结构：科目关联性::科目关联性F8课程是ACCA基础课程阶段唯一的一门关于审计的课程，它详细介绍了对财务报表的整个审计流程，与F8直接相关联的课程是专业阶段的选修课程P7（高级审计与鉴证）。
同时，F8也与F4、F7和P1课程的部分内容有间接联系。
F8的考试时长为3小时。
考试共有五道题，全为必选题，五道题中大部分都是需要论述，但是有些题目也是需要有一些计算的内容。
第一题30分是案例情景题。
第二题10分是考察书上的知识点，即简答题。
第三、第四和第五题都是每题20分。
F8考官Pami Bahl毕业于利物浦约翰摩尔大学（LJMU),现任荷兰BPP职业教育财务报告导师。
曾担任BPP会计讲师，拥有深厚的学识背景以及丰富的教学经验。
相对旧考纲，F8新考纲略微扩大了考试范围，如增加了审计程序中的对于无形资产和准备金的考察。
同时，也细化了一些部分的测试要求，使之更为明确，如期后事项和审计报告两方面的内容。
另外，审计离不开对准则的理解，对F7中的各准则规定的更新和改变都会对F8产生影响。
2011年6月特许公认会计师F8考试真题
2011年6月特许公认会计师F8考试真题ALL FIVE questions are compulsory and MUST be attempted1 IntroductionTinkerbell Toys Co (Tinkerbell) is a manufacturer of children’s building block toys; they have been trading for over 35 years and they sell to a wide variety of customers including large and small toy retailers across the country. The company’s year end is 31 May 2011.The company has a large manufacturing plant, four large warehouses and a head office. Upon manufacture, the toys are stored in one of the warehouses until they are despatched to customers. The company does not have an internal audit department.Sales ordering, goods despatched and invoicingEach customer has a unique customer account number and this is used to enter sales orders when they are received inwriting from customers. The orders are entered by an order clerk and the system automatically checks that the goods are available and that the order will not take the customer over their credit limit. For new customers, a sales manager completes a credit application; this is checked through a credit agency and a credit limit entered into the system by the credit controller. The company has a price list, which is updated twice a year. Larger customers are entitled to a discount; this is agreed by the sales director and set up within the customer master file.Once the order is entered an acceptance is automatically sent to the customer by mail/email confirming the goods ordered and a likely despatch date. The order is then sorted by address of customer. The warehouse closest to the customer receives the order electronically and a despatch list and sequentially numbered goods despatch notes (GDNs) are automatically generated. The warehouse team pack the goods from the despatch list and, before they are sent out, a second member of the team double checks the despatch list to the GDN, which accompanies the goods.Once despatched, a copy of the GDN is sent to the accounts team at head office and a sequentially numberedsales invoice is raised and checked to the GDN. Periodically a computer sequence check is performed for any missing sales invoice numbers.FraudDuring the year a material fraud was uncovered. It involved cash/cheque receipts from customers being diverted into employees’personal accounts. In order to cover up the fraud, receipts from subsequent unrelated customers would then be recorded against the earlier outstanding receivable balances and this cycle of fraud would continue.The fraud occurred because two members of staff ‘who were related’colluded. One processed cash receipts and prepared the weekly bank reconciliation; the other employee recorded customer receipts in the sales ledger. An unrelated sales ledger clerk was supposed to send out monthly customer statements but this was not performed. The bank reconciliations each had a small unreconciled amount but no-one reviewed the reconciliations after they were prepared. The fraud was only uncovered when the two employees went on holiday at the same time and it was discovered that cash receipts from different customers were being applied to older receivable balances to hide the earlier sums stolen.Required:(a) Recommend SIX tests of controls the auditor would normally carry out on the sales system of Tinkerbell, and explain the objective for each test.(b) Describe substantive procedures the auditor should perform to confirm Tinkerbell’s year-end receivables balance.(c) Identify and explain controls Tinkerbell should implement to reduce the risk of fraud occurring again and, for each control, describe how it would mitigate the risk.(d) Describe substantive procedures the auditor should perform to confirm Tinkerbell’s revenue.。
acca f8知识要点汇总(下)
Part 12. Subsequent Event期后事项定义: Events after the reporting period: events, both favourable and unfavourable, that occurs between the end of the reporting period and the date when the financial statements are authorised for issue.区分调整非调整，主要看时间节点：事件发生在报告期后及财报正式公布前；是否对报告期内数值有影响？Adjusting events调整项目★背诵-定义Events which provide evidence of conditions which existed at the end of the reporting period. Non‐adjusting events 非调整事项★背诵-定义Events that relate to conditions which arose after the end of the reporting period✓Resolution of a court case未决诉讼✓Bankruptcy of a major customer主要客户破产 ✓Evidence of NRV of inventories库存的NRV测试 ✓Discovery of fraud or errors that show the financial statements were incorrect财报错误：舞弊和错误 ✓Destruction of major asset, e.g. by flood or fire自然灾害✓Major share transactions大宗股权交易✓Announcement of a plan to close part of a business关闭公司或部门，包括裁员Change the amounts in the financial statements 上述情况都会影响财报的正确性 Disclose non‐adjusting event in a note to the financial statements在财报的notes中披露即可●Auditor's responsiblityPeriod between the year‐end date and the date the auditor’s report is signed财年结束后，至审计报告签署前 The auditor shall perform audit procedures designed to obtain sufficient appropriate audit evidence that all events occurring between the date of the financial statements and the date of the auditor’s report that require adjustment of, or disclosure in, the financial statements have been identified.审计师有积极的责任执行审计程序，来辨别财报是否正确，该披露的是否披露？The auditor is not, however, expected to perform additional audit procedures on matters to which previously applied audit procedures have provided satisfactory conclusions.如果审计师对当年的财务报告已经比较满意了，那么不会再执行额外的审计程序（这句话比较难理解！）Period between the date the auditor’s report is signed and the date the financial statements are issued审计报告已签署，至财报公布前 The auditor has no obligation to perform any audit procedures regarding the financial statements after the date of the auditor’s report.签署审计报告后，审计师没有责任来主动发现问题。
ACCAF8考试重点Mike
1． Audit 定义‐背诵： External audits provide assurance to shareholders that the financial statements are prepared, in all material respects , in accordance with an applicable financial reporting framework.2． Assurance engagement 定义‐背诵：An assurance engagement is an engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria . 3． Assurance engagement 5要素，选择题‐知道：(审计是鉴证业务的一种)* A second element is a suitable subjectmatter. The subject matter is the datathat the responsible party has preparedand which requires verification.* Suitable criteria are required in anassurance engagement. The subjectmatter is compared to the criteria inorder for it to be assessed and an opinionprovided.✓ Sufficient appropriate evidence has to be obtained by the practitioner in order to give therequired level of assurance.✓ An assurance report is the opinionthat is given by the practitioner to the intended user andthe responsible party .EngagementLevel of Assurance Examples External audit法令审计 Reasonable assurance Highest levelPositive expressionIn our opinion , the financial statements present fairly, in all material respects, in accordance with International Financial Reporting Standards. Review 审阅Limited assuranceModerate levelNegative expression Based on our work described in this report, nothing has come to our attention that causes us to believe that the financialstatements do not present fairly , in allmaterial respects, in accordance with IFRS4． Ture and Fair 选择题‐知道：尽管ISA 对真实公允没有定义，但我们可以如下理解：✓ True ‐ Information is factual and conforms with reality in that there are no factual erros. Inaddition it is assumed that to be true it must comply with accounting standards and any relevant legislation . Lastly true includes data being correctly transferred from accounting records to the financial statement.信息符合事实，遵守会计准则和法规。
ACCA考试《审计与认证业务F8》知识辅导8
ACCA考试《审计与认证业务F8》知识辅导8本文由高顿ACCA整理发布，转载请注明出处RELEVANT TO ACCA QUALIFICATION PAPERS F8 AND P72011 ACCAClarity auditing standardsTo enhance the application of auditing standards in exam questions,candidates must familiarise themselves with the clarity auditing standards.The International Auditing and Assurance Standards Board （IAASB）hascompleted its comprehensive project to enhance the clarity of all of itsInternational Standards on Auditing （ISAs）in 2009 for improvingunderstandability of auditing standards, and all the new clarity auditingstandards are now examinable. This also affects the Hong Kong Standards on Auditing （HKSAs）。
The full set of clarity auditing standards features 39 documents, which include: ? a new International/Hong Kong Standard on Auditing on communicatingdeficiencies in internal control – ISA/HKSA 265 （Clarified），Communicating Deficiencies in Internal Control to those Charged with Governance andManagement? 35 clarity ISAs/HKSAs? a clarified international/Hong Kong standard on quality control – ISQC 1/ HKSQC 1, Quality Controls for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements ? a revised glossary of terms? a revised preface to the International/Hong Kong Standards on Quality Control, Auditing, Review, Other Assurance and Related Services.ISA/HKSA 265 （Clarified），Communicating Deficiencies in InternalControl to those Charged with Governance and ManagementAmong the clarified auditing standards, ISA/HKSA 265 （Clarified）is a completely new standard.It deals with the auditor’s responsibility to communicate appropriately to those charged with governance and management deficiencies in internal control that the auditor has identified in an audit of financial statements.When auditors plan for an audit, they are required to perform risk assessment through understanding internal controls, and also test for the appropriateness of design of internal controls and whether they are implemented. When control reliance strategy is adopted, auditors are required to perform tests of controls to gather audit evidence on the operating effectiveness of controls.During both processes, auditors might identify deficiencies in internal controls.In accordance with ISA/HKSA 265 （Clarified），‘deficiency’ exists when ‘a control is designed, implemented or operated in such a way that it is unable to prevent, or detect and correct, misstatements in financial statements on atimely basis; or a control necessary to prevent, or detect and correct misstatements in the financial statements on a timely basis is missing’。
ACCA F8知识点讲解：梳理审计流程
ACCA F8的知识点比较多，考试更注重细节，往往会让很多考生措手不及。
2018年三月考季，ACCA F8的考试通过率更是惨不忍睹，以39%的通过率，“稳坐”F阶段通过率末尾。
ACCA考试以大学生为重要主体，没有实操经验，在ACCA F8这样对实务经验要求比较高的科目来说，这样的通过率和考试成绩也算正常。
在文章开头中公财经网小编就说过F8知识点繁多，单是了解各个知识点是远远不够的，重要的是要把这些知识点联系起来。
今天，中公财经网小编就带大家一起来梳理一下F8的知识点：审计流程。
上图就是一个完整的审计流程，通俗来解释：Tendering就是审计师和客户合作的开始；为了增进合作关系，就有了client acceptance procedure；确定唯一的合作关系，需要用appointment and engagement letter来证明；通过audit planning更加深入的了解彼此，当在相处过程中发现一些似是而非的问题（ROMM），会通过更加细致的调查（substantive procedure）和确认（audit review），最终确认和解决。
充分了解并体会审计师和客户的这种关系和合作，对理解F8的内容是非常有帮助的。
各位同学们不要被F8历年惨淡的考试通过率吓到，只要用对方法，ACCA F8将不再是你的“拦路虎”。
X。
(完整)ACCA F8备考Tips：审计各阶段及流程详解
ACCA F8备考Tips：审计各阶段及流程详解F8(Audit and Assurance)是一门实务性很强的课程，要求大家熟悉审计工作流程，应用会计知识判断被审计单位的财务报告编制过程及结果是否有误。
自2016年9月开始实施的新考试题型包括Section A和Section B两大部分，Section A（Objective Test Cases)共有三道Case，每个Case有五道选择题,每题两分，涉及范围包括大纲的方方面面;Section B共有三道大题,第一题30分,第二题和第三题各自20分，常见的题型包括auditrisk ＆auditor’s response,internal controldeficiencies/strengths & TOCs,以及substantive procedures等。
大题对大家书面表达的要求比较高，所以理解审计逻辑,勤加练习并学会总结对于大部分没有实务经验的同学们而言非常必要。
我们先来看一下完整的审计工作需要经过哪些阶段，具体又有哪些流程。
上图是完整的审计工作循环,始于engagement letter（业务约定书），终于audit report（审计报告），历经audit planning、auditperformance和completion三个阶段。
1.Beforeaudit process为了签订最开始的engagementletter，审计师在接受业务委托时需要先“自我反省"，看看注册会计师是否符合职业道德准则（Code of Ethics)的要求，如果有一些情况产生了对独立性（independence)的威胁（具体包括self-interest, self—review, familiarity, advocacy＆intimidation threats），则应该考虑适用相对应的保卫措施(常见的safeguards包括dispose of interests/shares, independent/quality control partner review，remove the one from the engagementteam等）.2。
ACCA2011F8-UK
P a p e r F 8 ( U K )ALL FIVE questions are compulsory and MUST be attempted1Introduction and client backgroundYou are the audit senior of Blair & Co and your team has just completed the interim audit of Chuck Industries Ltd, whose year end is 31 January 2012. You are in the process of reviewing the systems testing completed on the payroll cycle, as well as preparing the audit programmes for the final audit.Chuck Industries Ltd manufactures lights and the manufacturing process is predominantly automated; however there is a workforce of 85 employees, who monitor the machines, as well as approximately 50 employees who work in sales and administration. The company manufactures 24 hours a day seven days a week.Below is a description of the payroll system along with deficiencies identified by the audit team:Factory workforceThe company operates three shifts every day with employees working eight hours each. They are required to clock in and out using an employee swipe card, which identifies the employee number and links into the hours worked report produced by the computerised payroll system. Employees are paid on an hourly basis for each hour worked. There is no monitoring/supervision of the clocking in/out process and an employee was witnessed clocking in several employees using their employee swipe cards.The payroll department calculates on a weekly basis the cash wages to be paid to the workforce, based on the hours worked report multiplied by the hourly wage rate, with appropriate tax deductions. These calculations are not checked by anyone as they are generated by the payroll system. During the year the hourly wage was increased by the Human Resources (HR) department and this was notified to the payroll department verbally.Each Friday, the payroll department prepares the pay packets and physically hands these out to the workforce, who operate the morning and late afternoon shifts, upon production of identification. However, for the night shift workers, the pay packets are given to the factory supervisor to distribute. If any night shift employees are absent on pay day then the factory supervisor keeps these wages and returns them to the payroll department on Monday.Sales and administration staffThe sales and administration staff are paid monthly by bank transfer. Employee numbers do fluctuate and during July two administration staff joined; however, due to staff holidays in the HR department, they delayed informing the payroll department, resulting in incorrect salaries being paid out.Required:(a)For the deficiencies already identified in the payroll system of Chuck Industries Ltd:(i)explain the possible implications of these; and(ii)suggest a recommendation to address each deficiency.(12 marks)(b)Describe substantive procedures you should now perform to confirm the accuracy and completeness ofChuck Industries’ payroll charge.(6 marks)(c)Last week the company had a visit from HM Revenue & Customs who reviewed the wages calculations anddiscovered that incorrect levels of tax had been deducted by the payroll system, as the tax rates from the previous year had not been updated. The finance director has queried with the audit team why they did not identify this non-compliance with tax legislation during last year’s audit.Required:Explain the responsibilities of management and auditors of Chuck Industries Ltd in relation to compliance with law and regulations under ISA 250A (UK & Ireland) Consideration of laws and regulations in an audit of financial statements.(4 marks)(d)Chuck Industries has decided to outsource its sales ledger department and as a result it is making 14 employeesredundant. A redundancy provision, which is material, will be included in the draft accounts.Required:Describe substantive procedures you should perform to confirm the redundancy provision at the year end.(4 marks)(e)Chuck Industries is considering establishing an internal audit (IA) department next year. The finance director hasasked whether the work performed by the IA department can be relied upon by Blair & Co.Required:Explain the factors that should be considered by an external auditor before reliance can be placed on the work performed by a company’s internal audit department.(4 marks)(30 marks)2(a)ISA 315 (UK & Ireland) Identifying and assessing the risks of material misstatement through understanding the entity and its environment, requires auditors to understand the entity’s internal control. An entity’s internal control is made up of several components.Required:State the FIVE components of an entity’s internal control and give a brief explanation of each component.(5 marks)(b)ISA 700 (UK & Ireland) The auditor’s report on financial statements provides guidance on the form and contentof the auditor’s report and should contain a number of elements.Required:Describe FIVE elements of an unmodified auditor’s report. (5 marks)(10 marks)3(a)Explain the components of audit risk and, for each component, state an example of a factor which can result in increased audit risk.(6 marks) Abrahams Ltd develops, manufactures and sells a range of pharmaceuticals and has a wide customer base across Europe and Asia. You are the audit manager of Nate & Co and you are planning the audit of Abrahams Ltd whose financial year end is 31 January. You attended a planning meeting with the finance director and engagement partner and are now reviewing the meeting notes in order to produce the audit strategy and plan. Revenue for the year is forecast at £25 million.During the year the company has spent £2·2 million on developing several new products. Some of these are in the early stages of development whilst others are nearing completion. The finance director has confirmed that all projects are likely to be successful and so he is intending to capitalise the full £2·2 million.Once products have completed the development stage, Abrahams begins manufacturing them. At the year end it is anticipated that there will be significant levels of work in progress. In addition the company uses a standard costing method to value inventory; the standard costs are set when a product is first manufactured and are not usually updated. In order to fulfil customer orders promptly, Abrahams Ltd has warehouses for finished goods located across Europe and Asia; approximately one third of these are third party warehouses where Abrahams just rents space.In September a new accounting package was introduced. This is a bespoke system developed by the information technology (IT) manager. The old and new packages were not run in parallel as it was felt that this would be too onerous for the accounting team. T wo months after the system changeover the IT manager left the company; a new manager has been recruited but is not due to start work until January.In order to fund the development of new products, Abrahams has restructured its finance and raised £1 million through issuing shares at a premium and £2·5 million through a long-term loan. There are bank covenants attached to the loan, the main one relating to a minimum level of total assets. If these covenants are breached then the loan becomes immediately repayable. The company has a policy of revaluing land and buildings, and the finance director has announced that all land and buildings will be revalued as at the year end.The reporting timetable for audit completion of Abrahams Ltd is quite short, and the finance director would like to report results even earlier this year.Required:(b)Using the information provided, identify and describe FIVE audit risks and explain the auditor’s response toeach risk in planning the audit of Abrahams Ltd. (10 marks)(c)Describe substantive procedures you should perform to obtain sufficient appropriate evidence in relation to:(i)Inventory held at the third party warehouses; and(ii)Use of standard costs for inventory valuation.(4 marks)(20 marks)4(a)Explain what is meant by ‘corporate governance’ and why it is important.(3 marks)(b)Serena VDW plc has been trading for over 20 years and obtained a listing on the London stock exchange fiveyears ago. It provides specialist training in accounting and finance.The listing rules of the London stock exchange require compliance with corporate governance principles, and the directors are fairly confident that they are following best practice in relation to this. However, they have recently received an email from a significant shareholder, who is concerned that Serena VDW plc does not comply with corporate governance principles.Serena VDW plc’s board is comprised of six directors; there are four executives who originally set up the company and two non-executive directors who joined Serena VDW plc just prior to the listing. Each director has a specific area of responsibility and only the finance director reviews the financial statements and budgets.The chief executive officer, Daniel Brown, set up the audit committee and he sits on this sub-committee along with the finance director and the non-executive directors. As the board is relatively small, and to save costs, Daniel Brown has recently taken on the role of chairman of the board. It is the finance director and the chairman who make decisions on the appointment and remuneration of the external auditors. Again, to save costs, no internal audit function has been set up to monitor internal controls.The executive directors’ remuneration is proposed by the finance director and approved by the chairman. They are paid an annual salary as well as a generous annual revenue related bonus.Since the company listed, the directors have remained unchanged and none have been subject to re-election by shareholders.Required:Describe SIX corporate governance weaknesses faced by Serena VDW plc and provide recommendations to address each weakness, to ensure compliance with corporate governance principles. (12 marks)(c)Explain the auditor’s ethical responsibilities with regard to client confidentiality and when they have an:(i)obligatory responsibility; and(ii)voluntary responsibility to disclose client information.(5 marks)(20 marks)5(a)Describe the auditor’s responsibility for subsequent events occurring between:(i)The year-end date and the date the auditor’s report is signed; and(ii)The date the auditor’s report is signed and the date the financial statements are issued.(5 marks)(b)Humphries Ltd operates a chain of food wholesalers across the country and its year end was 30 September2011. The final audit is nearly complete and it is proposed that the financial statements and audit report will be signed on 13 December. Revenue for the year is £78 million and profit before taxation is £7·5 million. The following events have occurred subsequent to the year end.ReceivableA customer of Humphries Ltd has been experiencing cash flow problems and its year-end balance is £0·3 million.The company has just become aware that its customer is experiencing significant going concern difficulties.Humphries believe that as the company has been trading for many years, they will receive some, if not full, payment from the customer; hence they have not adjusted the receivable balance.LawsuitA key supplier of Humphries Ltd is suing them for breach of contract. The lawsuit was filed prior to the year end,and the sum claimed by them is £1 million. This has been disclosed as a contingent liability in the notes to the financial statements; however correspondence has just arrived from the supplier indicating that they are willing to settle the case for a payment by Humphries Ltd of £0·6 million. It is likely that the company will agree to this.WarehouseHumphries Ltd has three warehouses; following extensive rain on 20 November significant rain and river water flooded the warehouse located in Bass. All of the inventory was damaged and has been disposed of. The insurance company has already been contacted. No amendments or disclosures have been made in the financial statements.Required:For each of the three events above:(i)discuss whether the financial statements require amendment;(ii)describe audit procedures that should be performed in order to form a conclusion on the amendment;and(iii)explain the impact on the audit report should the issue remain unresolved.(15 marks) Note: The total marks will be split equally between each event.(20 marks)End of Question Paper。
ACCA-F8-知识点总结
ACCA考试《审计与认证业务F8》知识点总结ISA 315 （REVISED），IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING THE ENTITY AND ITS ENVIRONMENTOne of the major revisions of ISA 315 relates to the inquiries made by external auditors of the internal audit function since internal auditors have better knowledge and understanding of the organisation and its internal control. This article addresses and highlights the components of internal controlThe International Auditing and Assurance Standards Board （IAASB）issues International Standard on Auditing （ISA）for international use. From time to time, ISAs are revised to provide updated standards to auditors. In order to enhance the overall quality of audit, IAASB published a consultation draft on a proposed revision to ISA 315. The objective in revising ISA 315 is to enhance the performance of external auditors by applying the knowledge and findings of an entity’s internal audit function in the risk assessment process, and to strengthen the framework for evaluating the use of internal auditors work to obtain audit evidence.In March 2012, ISA 315 （Revised）was approved and released. One of the major revisions of ISA 315 relates to the inquiries made by external auditors of the internal audit function since internal auditors have better knowledge and understanding of the organisation and its internal control. This article addresses and highlights the components of internal control.OBJECTIVES IN ESTABLISHING INTERNAL CONTROLSGenerally speaking, internal control systems are designed, implemented and maintained by the management and personnel in order to provide reasonable assurance to fulfil the objectives – that is, reliability of financial reporting, efficiency and effectiveness of operations, compliance with laws and regulations and risk assessment of material misstatement. The manner in which the internal control system is designed, implemented and maintained may vary with the entity’s business nature, size and complexity, etc. Auditors focus on both the audit of financial statements and internal controls that relates to the three objectives that may materially affect financial reporting.In order to identify the types of potential misstatements and to determine the nature, timing and extent of audit testing, auditors should obtain an understanding of relevantinternal controls, evaluate the design of the controls, and ascertain whether the controls are implemented and maintained properly.The major components of internal cont rol include control environment, entity’s risk assessment process, information system （including the related business processes, control activities relevant to the audit, relevant to financial reporting, and communication）and monitoring of controls.ACCACONTROL ENVIRONMENTThe control environment consists of the governance and management functions and the attitudes, awareness and actions of the management about the internal control. Auditors may obtain an understanding of the control environments through the following elements.1. Communication and enforcement of integrity and ethical values It is important for the management to create and maintain honest, legal and ethical culture, and to communicate the entity’s ethical and behavioral sta ndards to its employees through policy statements and codes of conduct, etc.2. Commitment to competence It is important that the management recruits competent staff who possess the required knowledge and skills at competent level to accomplish tasks.3. Participation by those charged with governance An entity’s control consciousness is influenced significantly by those charged with governance; therefore, their independence from management, experience and stature, extent of their involvement, as well as the appropriateness of their actions are extremely important.4. Management’s philosophy and operating style Management’s philosophy and operating style consists of a broad range of characteristics, such as management’s attitude to response to business risks, financial reporting, information processing, and accounting functions and personnel, etc. For example, does the targeted earning realistic? Does the management apply aggressive approach where alternative accounting principles or estimates are available? These management’s philosophy and operating style provide a picture to auditors about the management’s attitude about the internal control.5. Organisational structure The organisational structure provides the framework on how the entity’s a ctivities are planned, implemented, controlled and reviewed.6. Assignment of authority and responsibility With the established organisational structure or framework, key areas of authority andreporting lines should then be defined. The assignment of authority and responsibility include the personnel that make appropriate policies and assign resources to staff to carry out the duties. Auditors may perceive the implementation of internal controls through the understanding of the organisational structure and the reporting relationships.7. Human resources policies and practices Human resources policies and practices generally refer to recruitment, orientation, training, evaluation, counselling, promotion, compensation and remedial actions. For example, an entity should establish policies to recruit individuals based on their educational background, previous work experience, and other relevant attributes. Next, classroom and on-the-job training should be provided to the newly recruited staff. Appropriate training is also available to existing staff to keep themselves updated. Performance evaluation should be conducted periodically to review the staff performance and provide comments and feedback to staff on how to improve themselves and further develop their potential and promote to the next level by accepting more responsibilities and, in turn, receiving competitive compensation and benefits.With the ISA 315 （Revised），external auditors are now required to make inquiries of the internal audit function to identify and assess risks of material misstatement. Auditors may refer to the management’s responses of the identified deficiencies of the internal controls and determine whether the management has taken appropriate actions to tackle the problems properly. Besides inquiries of the internal audit function, auditors may collect audit evidence of the control environment through observation on how the employees perform their duties, inspection of the documents, and analytical procedures. After obtaining the audit evidence of the control environment, auditors may then assess the risks of material misstatement.ENTITY’S RISK ASSESSMENT PROCESSAuditors should assess whether the entity has a process to identify the business risks relevant to financial reporting objectives, estimate the significance of them, assess the likelihood of the risks occurrence, and decide actions to address the risks. If auditors have identified such risks, then auditors should evaluate the reasons why the risk assessmentprocess failed to identify the risks, determine whether there is significant deficiency in internal controls in identifying the risks, and discuss with the management.THE INFORMATION SYSTEM, INCLUDING THE RELEVANT BUSINESS PROCESSES, RELEVANT TO FINANCIAL REPORTING AND COMMUNICATIONAuditors should also obtain an understanding of the information system, including the related business processes, relevant to financial reporting, including the following areas:? The classes of transactions in the ent ity’s operations that are significant to the financial statements. The procedures that transactions are initiated, recorded, processed, corrected as necessary, transferred to the general ledger and reported in the financial statements.? How the information system captures events and conditions that are significant to the financial statements.? The financial reporting process used to prepare the entity’s financial statements.? Controls surrounding journal entries.? Understand how the entity communicates financial reporting roles, responsibilities and significant matters to those charged with governance and external – regulatory authorities.CONTROL ACTIVITIES RELEVANT TO THE AUDITAuditors should obtain a sufficient understanding of control activities relevant to the audit in order to assess the risks of material misstatement at the assertion level, and to design further audit procedures to respond to those risks. Control activities, such as proper authorisation of transactions and activities, performance reviews, information processing, physical control over assets and records, and segregation of duties, are policies and procedures that address the risks to achieve the management directives are carried out.MONITORING OF CONTROLSIn addition, auditors should obtain an understanding of major types of activities that the entity uses to monitor internal controls relevant to financial reporting and how the entityinitiates corrective actions to its controls. For instance, auditors should obtain an understanding of the sources and reliability of the information that the entity used in monitoring the activities. Sources of information include internal auditor report, and report from regulators.LIMITATIONS OF INTERNAL CONTROL SYSTEMSEffective internal control systems can only provide reasonable, not absolute, assurance to achieve the entity’s financial reporting objective due to the inherent limitations of internal control – for example, management override of internal controls. Therefore, auditors should identify and assess the risks of material misstatement at the financial statement level and assertion level for classes of transactions, account balances and disclosures.CONCLUSIONAs internal auditors have better understanding of the organisation and expertise in its risk and control, the proposed requirement for the external auditors to make enquiries of internal audit function in ISA 315 （Revised）will enhance the effectiveness and efficiency of audit engagements. External auditors should pay attention to the components of internal control mentioned above in order to make effective andefficient enquiries. An increase in the work of internal audit functions is also expected because of such proposed requirement.Raymond Wong, School of Accountancy, The Chinese University of Hong Kong, and Dr Helen Wong, Hong Kong Community College, Hong Kong Polytechnic UniversityReference ISA 315 （Revised），Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment[文档可能无法思考全面，请浏览后下载，另外祝您生活愉快，工作顺利，万事如意!]。
ACCA F8知识要点汇总 (上)
Positive expression
Financial Reporting Standards.
Review
Led on our work described in this report, nothing has
审阅
Moderate level
come to our attention that causes us to believe that the
assurance given, as in the case of statutory audit, is described as 'reasonable assurance'. 非绝对的保证 is
not absolute assurance because there are 固有局限性 inherent limitations of an audit which result in the
statements are materially misstated'.审计风险是指当 FS 有重大误报时，审计师发表了不恰当的审计观
点。
The auditor shall obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low
Risk‐based approach to audit 风险导向型审计: Analyse 分析客户商业、交易和系统中，可能导致重大误报的
风险。直接测试风险区域 testing risky area。
Audit risk is the 'risk that the auditor expresses an inappropriate audit opinion when the financial
F8 考官文章(第4章)Nov2011_audit risk
RELEVANT TO ACCA QUALIFICATION PAPER F8 ANDPERFORMANCE OBJECTIVES 17 AND 18Audit riskCandidates studying Paper F8, Audit and Assurance, are required under the syllabus to: ‘Explain the components of audit risk and explain the risks of material misstatement in the financial statements’.This element of the syllabus has been examined in the last three sessions of Paper F8 – in June 2010, December 2010 and June 2011. However, the performance of candidates has on the whole been unsatisfactory. This article aims to identify the most common mistakes made by candidates as well as clarifying how audit risk questions should be tackled in order to maximise marks.An example question requirement relating to audit risks is as follows:Describe the audit risks and explain the auditor’s response to each risk in planning the audit of XYZ Co.Previously examined risk questions have carried a mark allocation of 10 marks. However, a significant majority of candidates have not passed this part of the question. Common mistakes made include:•providing definitions of the audit risk model, even though this was not part of the question requirement• a lack of understanding of what audit risk is and providing business risks instead•not providing an adequate response to the risk. This needs to be from the perspective of the auditor and not from management’s perspective • a limited range of risks identified, often just focusing on one area such as going concern.Audit risk definitionsAudit risk is defined as ‘the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. Audit risk is a function of the risks of material misstatement and detection risk’. Hence, audit risk is made up of two components – risks of material misstatement and detection risk.Risk of material misstatement is defined as ‘the risk that the financial statements are materially misstated prior to audit. This consists of two components… inherent risk … control risk.’Inherent risk is ‘the susceptibility of an assertion about a class of transaction, account balance or disclosure to a misstatement that could be material, eitherNOVEMBER 2011individually or when aggregated with other misstatements, before consideration of any related controls.’Control risk is ‘the risk that a misstatement that could occur in an assertion about a class of transaction, account balance or disclosure and that could be material, either individually or when aggregated with other misstatements, will not be prevented, or detected and corrected, on a timely basis by the entity’s internal control.’Detection risk is defined as ‘the risk that the procedures performed by the auditor to reduce audit risk to an acceptably low level will not detect a misstatement that exists and that could be material, either individually or when aggregated with other misstatements.’Audit risk questions require candidates to identify risks of material misstatements, which include inherent and control risks as well as detection risks.Audit risk modelIn all three sessions a number of candidates have wasted valuable time by describing the audit risk model along with definitions of audit risk, inherent risk, control and detection risk. Unless the question requirement specifically asks for the ‘components of audit risk’ or ‘a description of the audit risk model’, candidates should not provide definitions of audit risk, inherent risk, control risk or detection risk as no marks are available.Audit risk versus business riskThe main area where candidates continue to lose marks is that they do not actually understand what audit risk relates to. Hence, they frequently provide answers that consider the risks the business would face or ‘business risks’, which are outside the scope of the syllabus. There are no marks available for business risks.Business risks are defined as ‘a risk resulting from significant conditions, events, circumstances, actions or inactions that could adversely affect an entity’s ability to achieve its objectives and execute its strategies, or from the setting of inappropriate objectives and strategies’.Risks must be related to the risk arising in the audit of the financial statements and should include the financial statement assertion impacted. Therefore, audit risks should be related back to relevant assertions.NOVEMBER 2011ISA 315, Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment identifies the following assertions: •Assertions about classes of transactions and events for the period under audit – occurrence completeness, accuracy, cut off and classification.•Assertions about account balances at the period end – existence, rights and obligations completeness, and valuation and allocation.•Assertions about presentation and disclosure – occurrence and rights and obligations, completeness, classification and understandability, and accuracy and valuation.In addition, a risk can relate to a practical problem the audit team may face, such as attendance at inventory counts where the company has multiple sites holding simultaneous inventory counts, or if the company has had significant changes in their finance department and so the risk of fraud and error has increased.The common mistake is for candidates to identify a relevant issue from the scenario and then consider the risk to the company rather than to the auditor, linking into the related assertion.Therefore, using Question 3b from the June 2011 exam: ‘The travel agents are given a 90-day credit period to pay Donald Co; however, due to difficult trading conditions, a number of the receivables are struggling to pay.’ The audit risk related to this point is that if receivables are struggling to pay, then they may be overstated and, hence, valuation of receivables is the relevant risk.The business faces the risk of slow cash flows and so there is a business risk related to the liquidity of Donald Co. While going concern is an audit risk, the above point from the scenario is not sufficient on its own to indicate going concern risk.In addition, Question 1a from the June 2010 exam told candidates: ‘Purchase orders for overseas paint are made six months in advance and goods can be in transit for up to two months.’ The explanation of the audit risk would be to ascertain that the cut-off of inventory is appropriate at the year end. However, many candidates explained that the company may encounter problems with stock-outs of goods, which is focused more on operational business risk rather than on the risks to the financial statements.Other examples of audit risks include:•treatment of capital and revenue expenditure – the risk here could relate to existence of property plant and equipment if revenue expenditure has been capitalised rather than charged as an expense in the incomestatementNOVEMBER 2011•valuation of inventory – when, for example, there are considerable levels of aged inventory•completeness of liabilities – this could arise if provisions have been incorrectly treated as contingent liabilities•completeness of revenue – this could be relevant where the entity being audited has significant cash sales.Responses to audit risksHaving identified the audit risk candidates are often required to identify the relevant response to these risks. A common mistake made by candidates is to provide a response that management would adopt rather than the auditor. From Question 3b June 2011, in relation to the risk of valuation of receivables, as Donald Co had a number of receivables who were struggling to pay, many candidates suggested that management needed to chase these outstanding customers. This is not a response that the auditor would adopt, as they would be focused on testing valuation through after date cash receipts or reviewing the aged receivables ledger.Auditor’s responses should focus on how the team will obtain evidence to reduce the risks identified to an acceptable level. Their objective is confirming whether the financial statement assertions have been adhered to, and whether the financial statements are true and fair.Responses are not as detailed as audit procedures; instead they relate to the approach the auditor will adopt to confirm whether the transactions or balances are materially misstated. Therefore, in relation to the risk of going concern, the response is to focus on performing additional going concern procedures, such as reviews of cash flow forecasts.Also, auditor responses should not be too vague such as ‘increase substantive testing’ without making it clear how, or in what area, this would be addressed. In addition, candidates’ must ensure that they do not provide impractical responses. A common example of this is to request directly from the company’s bank as to whether the bank will provide a loan or renew a bank overdraft. The bank is not going to provide this type of information to the auditor, especially if they have not yet informed the company, and therefore this response will not generate any marks.Limited range of risks identifiedIn order to score well in risk questions it is advisable to aim to identify a breadth of points from the question scenario. If the question asks for a specific number of audit risks, such as five, then it is not sufficient to identify just one or two risks. In addition, a common mistake is to identify a risk such as goingNOVEMBER 2011concern and then give this answer over and over again. In Question 3b of the June 2011 exam, there was only a maximum of one mark available for the description of going concern risk.Each scenario will have a variety of audit risks and candidates should, as part of their planning, aim to identify as many as possible. They should then decide which of the identified risks they will explain/describe in their answer. If the question asks for five risks, candidates should aim to identify six or seven points during their initial reading of the question. Candidates should then review their list and pick the five risks and responses that they feel they can expand on the most when writing up their answer.ConclusionAudit risk is, and will continue to be, an important element of the Paper F8 syllabus. Candidates must understand the syllabus outcomes, understand what the question requirements involve and practise risk questions prior to the exam.Pami Bahl is the examiner for Paper F8。
2011年6月ACCA考试F8考试真题
2011年6月ACCA考试F8考试真题ALL FIVE questions are compulsory and MUST be attempted1 IntroductionTinkerbell Toys Co (Tinkerbell) is a manufacturer of children’s building block toys; they have been trading for over 35 years and they sell to a wide variety of customers including large and small toy retailers across the country. The company’s year end is 31 May 2011.The company has a large manufacturing plant, four large warehouses and a head office. Upon manufacture, the toys are stored in one of the warehouses until they are despatched to customers. The company does not have an internal audit department.Sales ordering, goods despatched and invoicingEach customer has a unique customer account number and this is used to enter sales orders when they are received inwriting from customers. The orders are entered by an order clerk and the system automatically checks that the goods are available and that the order will not take the customer over their credit limit. For new customers, a sales manager completes a credit application; this is checked through a credit agency and a credit limit entered into the system by the credit controller. The company has a price list, which is updated twice a year. Larger customers are entitled to a discount; this is agreed by the sales director and set up within the customer master file.Once the order is entered an acceptance is automatically sent to the customer by mail/email confirming the goods ordered and a likely despatch date. The order is then sorted by address of customer. The warehouse closest to the customer receives the order electronically and a despatch list and sequentially numbered goods despatch notes (GDNs) are automatically generated. The warehouse team pack the goods from the despatch list and, before they are sent out, a second member of the team double checks the despatch list to the GDN, which accompanies the goods.Once despatched, a copy of the GDN is sent to the acco ounts team at head office and a sequentially numberedsales invoice is raised and checked to the GDN. Periodically a computer sequence check is performed for any missing sales invoice numbers.FraudDuring the year a material fraud was uncovered. It involved cash/cheque receipts from customers being diverted into employees’personal accounts. In order to cover up the fraud, receipts from subsequent unrelated customers would then be recorded against the earlier outstanding receivable balances and this cycle of fraud would continue.The fraud occurred because two members of staff ‘who were related’colluded. One processed cash receipts and prepared the weekly bank reconciliation; the other employee recorded customer receipts in the sales ledger. An unrelated sales ledger clerk was supposed to send out monthly customer statements but this was not performed. The bank reconciliations each had a small unreconciled amount but no-one reviewed the reconciliations after they were prepared. The fraud was only uncovered when the two employees went on holiday at the same time and it was discovered that cash receipts from different customers were being applied to older receivable balances to hide the earlier sums stolen.Required:(a) Recommend SIX tests of controls the auditor would normally carry out on the sales system of Tinkerbell, and explain the objective for each test.(b) Describe substantive procedures the auditor should perform to confirm Tinkerbell’s year-end receivables balance.(c) Identify and explain controls Tinkerbell should implement to reduce the risk of fraud occurring again and, for each control, describe how it would mitigate the risk.(d) Describe substantive procedures the auditor should perform to confirm Tinkerbell’s revenue.。
2011年6月特许公认会计师考试F8考试真题
2011年6月特许公认会计师考试F8考试真题ALL FIVE questions are compulsory and MUST be attempted1 IntroductionTinkerbell Toys Co (Tinkerbell) is a manufacturer of children’s building block toys; they have been trading for over 35 years and they sell to a wide variety of customers including large and small toy retailers across the country. The company’s year end is 31 May 2011.The company has a large manufacturing plant, four large warehouses and a head office. Upon manufacture, the toys are stored in one of the warehouses until they are despatched to customers. The company does not have an internal audit department.Sales ordering, goods despatched and invoicingEach customer has a unique customer account numberand this is used to enter sales orders when they are received in writing from customers. The orders are entered by an order clerk and the system automatically checks that the goods are available and that the order will not take the customer over their credit limit. For new customers, a sales manager completes a credit application; this is checked through a credit agency and a credit limit entered into the system by the credit controller. The company has a price list, which is updated twice a year. Larger customers are entitled to a discount; this is agreed by the sales director and set up within the customer master file.Once the order is entered an acceptance is automatically sent to the customer by mail/email confirming the goods ordered and a likely despatch date. The order is then sorted by address of customer. The warehouse closest to the customer receives the order electronically and a despatch list and sequentially numbered goods despatch notes (GDNs) are automatically generated. The warehouse team pack the goods from the despatch list and, before they are sent out, a second member of the team double checks the despatch list to the GDN, which accompanies the goods.Once despatched, a copy of the GDN is sent to theaccounts team at head office and a sequentially numbered sales invoice is raised and checked to the GDN. Periodically a computer sequence check is performed for any missing sales invoice numbers.FraudDuring the year a material fraud was uncovered. It involved cash/cheque receipts from customers being diverted into employees’personal accounts. In order to cover up the fraud, receipts from subsequent unrelated customers would then be recorded against the earlier outstanding receivable balances and this cycle of fraud would continue.The fraud occurred because two members of staff ‘who were related’colluded. One processed cash receipts and prepared the weekly bank reconciliation; the other employee recorded customer receipts in the sales ledger. An unrelated sales ledger clerk was supposed to send out monthly customer statements but this was not performed. The bank reconciliations each had a small unreconciled amount but no-one reviewed the reconciliations after they were prepared. The fraud was only uncovered when the two employees went on holiday at the same time and it was discovered that cash receipts from different customers were being applied to olderreceivable balances to hide the earlier sums stolen.Required:(a) Recommend SIX tests of controls the auditor would normally carry out on the sales system of Tinkerbell, and explain the objective for each test.(b) Describe substantive procedures the auditor should perform to confirm Tinkerbell’s year-end receivables balance.(c) Identify and explain controls Tinkerbell should implement to reduce the risk of fraud occurring again and, for each control, describe how it would mitigate the risk.(d) Describe substantive procedures the auditor should perform to confirm Tinkerbell’s revenue.。
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EXAMINABLE DOCUMENTS JUNE 2011 AND DECEMBER 2011AUDITINTERNATIONALKnowledge of new examinable regulations issued by 30th September will be examinable inexamination sessions being held in the following calendar year. Documents may be examinableeven if the effective date is in the future. This means that all regulations issued by 30thSeptember 2010 will be examinable in the June and December 2011 examinations.The study guide offers more detailed guidance on the depth and level at which the examinabledocuments should be examined. The study guide should therefore be read in conjunction withthe examinable documents list.Accounting StandardsPaper F8 Audit and AssuranceThe accounting knowledge that is assumed for Paper F8 is the same as that examined in PaperF3. Therefore, candidates studying for Paper F8 should refer to the Accounting Standards listedunder Paper F3.Paper P7 Advanced Audit and AssuranceThe accounting knowledge that is assumed for Paper P7 is the same as that examined in PaperP2. Therefore, candidates studying for Paper P7 should refer to the Accounting Standards listedunder Paper P2.N.B. P7 will only expect knowledge of accounting standards and financial reporting standardsfrom Paper P2. Knowledge of exposure drafts and discussion papers will not be expected.P7 Title F8 International Standards on Auditing (ISAs)Glossary of Terms 99for Assurance Assignments 99FrameworkInternational99Preface to the International Standards on Quality Control, Auditing,Review, Other Assurance and Related Services99ISA 200 Overall Objectives of the Independent Auditor and the Conduct ofan Audit in Accordance with ISAsISA 210 Agreeing the Terms of Audit Engagements 99ISA 220 Quality Control for an Audit of Financial Statements 9ISA 230 Audit Documentation 9999ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit ofFinancial Statements99ISA 250 Consideration of Laws and Regulations in an Audit of FinancialStatementsISA 260 Communication with Those Charged with Governance 9999ISA 265 Communicating Deficiencies in Internal Control to Those Chargedwith Governance and ManagementISA 300 Planning an Audit of Financial Statements 9999ISA 315 Identifying and Assessing the Risks of Material Misstatementthrough Understanding the Entity and Its EnvironmentISA 320 Materiality in Planning and Performing an Audit 99ISA 330 The Auditor’s Responses to Assessed Risks 9999 ISA 402 Audit Considerations Relating to an Entity Using a ServiceOrganisationISA 450 Evaluation of Misstatements Identified During the Audit 99 ISA 500 Audit Evidence 99 ISA 501 Audit Evidence – Specific Considerations for Selected Items 99 ISA 505 External Confirmations 99 ISA 510 Initial Audit Engagements – Opening Balances 99 ISA 520 Analytical Procedures 99 ISA 530 Audit Sampling 9999 ISA 540 Auditing Accounting Estimates, Including Fair Value AccountingEstimates and Related DisclosuresISA 550 Related Parties 9 ISA 560 Subsequent Events 99 ISA 570 Going Concern 99 ISA 580 Written Representations 999 ISA 600 Special Considerations - Audits of Group Financial Statements(Including the Work of Component Auditors)ISA 610 Using the Work of Internal Auditors 99 ISA 620 Using the Work of an Auditor’s Expert 99 ISA 700 Forming an Opinion and Reporting on Financial Statements 99 ISA 705 Modifications to the Opinion in the Independent Auditor’s Report 9999 ISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs inthe Independent Auditor’s Report99 ISA 710 Comparative Information – Corresponding Figures and ComparativeFinancial Statements99 ISA 720 The Auditor’s Responsibilities Relating to Other Information inDocuments Containing Audited Financial StatementsInternational Auditing Practice Statements (IAPSs)IAPS 1000 Inter-bank Confirmation Procedures 99 IAPS 1010 The Consideration of Environmental Matters in the Audit ofFinancial StatementsIAPS 1013 Electronic Commerce: Effect on the Audit of Financial Statements 99 International Standards on Assurance Engagements (ISAEs)99 ISAE 3000 Assurance Engagements other than Audits or Reviews of HistoricalFinancial InformationISAE 3400 The Examination of Prospective Financial Information 9 ISAE 3402 Assurance Reports on Controls at a Service Organisation 9 International Standards on Quality Control (ISQCs)9 ISQC 1 Quality Controls for Firms that Perform Audits and Reviews ofFinancial Statements, and Other Assurance and Related ServicesEngagementsInternational Standards on Related Services (ISRSs)9 ISR 4400 Engagements to Perform Agreed-Upon Procedures RegardingFinancial InformationInternational Standards on Review Engagements (ISREs)ISRE 2400 Engagements to Review Financial Statements 99 ISRE 2410 Review of Interim Financial Information Performed by theIndependent Auditor of the EntityExposure Drafts (EDs)Auditing Complex Financial Statements 99 Proposed ISA 315 (Revised) Identifying and Assessing the Risks ofMaterial Misstatement through Understanding the Entity and ItsEnvironmentProposed ISA 610 (Revised) Using the Work of Internal Auditors 9Other DocumentsACCA’s ‘Code of Ethics and Conduct’ 999 IFAC’s ‘Code of Ethics for Professional Accountants’ (Revised July2009)9 ACCA’s Technical Factsheet 94 – Anti Money-Laundering(Proceeds of Crime and Terrorism)9 The UK Corporate Governance Code as an example of a code ofbest practice9 The UK Corporate Governance Code as an example of a code ofbest practice in relation to audit committess9 IAASB Practice Alert Challenges in Auditing Fair Value AccountingEstimates in the Current Market Environment (October 2008)9 IAASB Practice Alert Audit Considerations in Respect of GoingConcern in the Current Economic Environment (January 2009)9 IAASB Applying ISAs Proportionately with the Size and Complexityof an Entity (August 2009)9 IAASB Practice Alert Emerging Practice Issues Regarding the Useof External Confirmations in an Audit of Financial Statements(November 2009)IAASB XBRL : The Emerging Landscape (January 2010) 99 IAASB Auditor Considerations Regarding Significant Unusual orHighly Complex Transactions (September 2010)Note:Topics of exposure drafts are examinable to the extent that relevant articles about them are published in student accountant.EXAMINABLE DOCUMENTS JUNE AND DECEMBER 2011AUDITUKKnowledge of new examinable regulations issued by 30th September will be examinable inexamination sessions being held in the following calendar year. Documents may be examinableeven if the effective date is in the future. This means that all regulations issued by 30thSeptember 2010 will be examinable in the June and December 2011 examinations.The study guide offers more detailed guidance on the depth and level at which the examinable documents should be examined. The study guide should therefore be read in conjunction withthe examinable documents list.Accounting StandardsAll questions set will be based on International Financial Reporting Standards.Paper F8 Audit and AssuranceThe accounting knowledge that is assumed for Paper F8 is the same as that examined in PaperF3. Therefore, candidates studying for Paper F8 should refer to the Accounting Standards listedunder Paper F3.Paper P7 Advanced Audit and AssuranceThe accounting knowledge that is assumed for Paper P7 is the same as that examined in PaperP2. Therefore, candidates studying for Paper P7 should refer to the Accounting Standards listedunder Paper P2.N.B. P7 will only expect knowledge of accounting standards and financial reporting standardsfrom Paper P2. Knowledge of exposure drafts and discussion papers will not be expected.Title F8P7 International Standards on Auditing (ISAs) (UK and Ireland)Summary of changes to the new ISAs (UK and Ireland) 9Glossary of terms 2009 9999ISA 200 Overall objectives of the independent auditor and the conduct of anaudit in accordance with ISAs (UK and Ireland)ISA 210 Agreeing the terms of audit engagements 99ISA 220 Quality control for an audit of financial statements 9ISA 230 Audit documentation 9999ISA 240 The Auditor’s responsibilities relating to fraud in an audit of financialstatements99ISA 250A Consideration of laws and regulations in an audit of financialstatementsISA 260 Communication with those charged with governance 9999ISA 265 Communicating deficiencies in internal control to those charged withgovernance and managementISA 300 Planning an audit of financial statements 9999ISA 315 Identifying and assessing the risks of material misstatement throughunderstanding the entity and Its environmentISA 320 Materiality in planning and performing an audit 99ISA 330 The auditor’s responses to assessed risks 99Title F8P7ISA 402 Audit considerations relating to entities using a service organisation 99ISA 450 Evaluation of misstatements identified during the audit 99ISA 500 Audit evidence 99ISA 501 Audit evidence – specific considerations for selected items 99ISA 505 External confirmations 99ISA 510 Initial audit engagements – opening balances 99ISA 520 Analytical procedures 99ISA 530 Audit sampling 9999ISA 540 Auditing accounting estimates, including fair value accountingestimates and related disclosuresISA 550 Related parties 9ISA 560 Subsequent events 99ISA 570 Going concern 99ISA 580 Written representations 999ISA 600 Special considerations - audits of group financial statements (includingthe work of component auditors)ISA 610 Using the work of internal auditors 99ISA 620 Using the work of an auditor’s expert 99ISA 700 The auditor’s report on financial statements 99ISA 705 Modifications to opinions in the independent auditor’s report 9999ISA 706 Emphasis of matter paragraphs and other matter paragraphs in theindependent auditor’s report99ISA 710 Comparative information – corresponding figures and comparativefinancial statements99ISA 720A The auditor’s responsibilities relating to other information in documentscontaining audited financial statements99ISA 720B The auditor’s statutory reporting responsibility in relation to directors’reportsInternational Standards on Quality Control (ISQC)9ISQC 1 Quality control for firms that perform audits and reviews of financialstatements and other assurance and related services engagementsPractice Notes (PNs)9PN 12 (Revised) Money Laundering – Guidance for auditors on UK legislation(September 2010)PN 16 Bank reports for audit purposes in the United Kingdom (Revised) 999PN 23 (Revised) Auditing complex financial instruments – interim guidance(October 2009)PN 25 Attendance at stocktaking 9999PN 26 (Revised) Guidance for smaller entity audit documentation (December2009)Ethical Standards (ESs)ES (Revised – April 2008) Provisions available for small entities 99ES1 (Revised – April 2008) Integrity, objectivity and independence 9999ES2 (Revised - April 2008) Financial, business, employment and personalrelationshipsES3 (Revised – October 2009) Long association with the audit engagement 9999ES4 (Revised – April 2008) Fees, remuneration and evaluation policies,litigation, gifts and hospitalityES5 (Revised – April 2008) Non-audit services provided to audit clients 99Glossary 99 Bulletins2001/03 E-business: identifying financial statement risks 9992008/01 Audit issues when financial market conditions are difficult and creditfacilities may be restrictedP7 Title F82008/06 The ‘senior statutory auditor’ under the United Kingdom CompaniesAct 200692008/10 Going Concern Issues During the Current Economic Conditions 99 2009/2 Auditor’s Reports on Financial Statements in the United Kingdom 99 2009/4 Developments in corporate governance affecting the responsibilities ofauditors of UK companies92010/1 XBRL tagging of information in audited financial statements – guidance for auditors9 Statement of Standards for Reporting Accountants (SSRAs)ISRE (UK and Ireland) 2410 Review of Interim Financial Information Performed by the IndependentAuditor of the Entity9Exposure Drafts (EDs) (UK and Ireland)Consultation Paper : Revised Draft Ethical Standard for Auditors 9 Consultation Draft : Practice Note 25 Attendance at Stocktaking(Revised)Consultation Draft : Practice Note 16 Bank reports for audit purposesin the United Kingdom9Discussion Paper Auditor Scepticism : Raising the Bar 9 Consultation Draft : ISA (UK and Ireland) 700 The auditor’s report onfinancial statements9The Provision of Non-Audit Services by Auditors Consultation Paper on Revised Draft Ethical Standards for Auditors9Other DocumentsACCA’s ‘Code of Ethics and Conduct’ 99 IFAC’s ‘Code of Ethics for Professional Accountants’ (Revised July2009)9The UK Corporate Governance Code 9The UK Corporate Governance Code in relation to audit committees 9 Going Concern and Liquidity Risk : Guidance for Directors of UKCompanies 20099Scope and Authority of APB Pronouncements (Revised) – October200999ACCA’s Technical Factsheet 94 – Anti-Money Laundering (Proceeds ofCrime and Terrorism)9IAASB Practice Alert Challenges in Auditing Fair Value AccountingEstimates in the Current Market Environment (October 2008)9IAASB Applying ISAs Proportionately with the Size and Complexity ofan Entity (August 2009)9IAASB Practice Alert Emerging Practice Issues Regarding the Use ofExternal Confirmations in an Audit of Financial Statements (November2009)9IAASB Auditor Considerations Regarding Significant Unusual or Highly Complex Transactions (September 2010)9Note:Topics of exposure drafts are examinable to the extent that relevant articles about them are published in student accountant.。