F8总结之概念题

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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《F8审计与认证业务》冲刺试题

ACCA考试《F8审计与认证业务》冲刺试题2016年ACCA考试《F8审计与认证业务》冲刺试题ACCA在国内称为"国际注册会计师"，实际上是特许公认会计师公会(The Association Of Chartered Certified Accountants)的缩写，它是英国具有特许头衔的'4家注册会计师协会之一，也是当今最知名的国际性会计师组织之一。

下面是店铺带来的一些试题，希望对你有所帮助!一.应收帐款及应付帐款在全年均维持在一个稳定的水平。

Fundamentals Level – Skills Module, Paper F81 (a) Audit strategy documentSection of document Purpose Example from B-StarUnderstanding the entity’s environment Provides detai ls of the industry area that Size of the theme park sector and the company is in along with specific expected growth over the next few years.information about the activities andstrategies of the individual client.Understand the accounting and internal Details of accounting policies of the Accounting policy for sales – sales are control systems client and previous assessments of stated net of sales taxes.internal control systems indicating theReliance on control systems in B-Starexpected extent of reliance on thosemay be limited due to lack ofsystems.documentation of controls.Risk and materiality The assessment of risk for the client and Materiality for sales to be 5% of turnover.the risk of fraud and error and theB-Star receives cash sales – audit workidentification of significant audit areas.required to determine the completenessThe materiality level for audit planning of sales.purposes.Timing and extent of audit procedures Details of the focus on audit work on Audit software could be used to provide specific areas. Detail on the extent of use analytical procedures on the sales ofof audit software and possible reliance B-Staron internal audit.Co-ordination, supervision and review of Details the extent of involvement of B-Star has only one location – audit staff audit work experts, client locations and staffing will be required to work there for Xrequirements for the audit. weeks.(b) (i) Risk affecting completeness–The computer system does not record sales accurately and/or information is lost or transferred incorrectly from the ticket office computer to the accounts department computer.– Cash sales are not recorded in the cash book; cash is stolen by the accounts clerks.– Tickets are issued but no payment is received – that is the sale is not recorded.–Cash is removed by the ticket office personnel, by the security guards or by the account clerks.– The account clerks miscount the amount of cash received from a ticket office.(ii) Use of tests of controls and substantive proceduresTests of controlsTests of control are designed to ensure that documented controls are operating effectively. If controls over the completeness of income were expected to operate correctly, then the auditor would test those controls.In B-Star, while controls could be in operation, e.g. the account clerks agreeing physical cash to computer summaries, there is no indication that the control is documented; that is the computer summary is not signed to show thecomparison has taken place. The auditor could use the test of inquiry – asking the clerks whether the control has been used, and observation –actually watching the clerks carry out the controls. As noted above though, lack ofdocumentation of the control does mean relying on tests of control for the assertion completeness of income has limited value.Substantive proceduresSubstantive procedures include analytical procedures and other procedures.Analytical procedures include the analysis of significant ratios and trends and subsequent investigation of any trends or relationships that appear to be abnormal. These procedures can be used effectively in B-Star as an approximation of income that can be obtained from sources other than the cash receipt records.Other procedures, or tests of detail, are normally used to verify statement of financial position assertions and include obtaining audit evidence relevant to specific assertions. However, they could be used in B-Star to trace individual transactions through the sales/cash systems to ensure allticket sales have been recorded (completeness assertion). The use of other procedures will be time consuming.下载全文。

ACCA_F8_2010年12月考试_试题

实验设计：设计具有代表性的实验，让学生亲自动手操作，加深对理论知识的理解
实践案例分析：分享一些成功的实践案例，让学生了解机器人视觉技术在不同领域的应用
鼓励学生实践：鼓励学生参与实践活动，如机器人比赛、科研项目等，提高实际操作能力
引导学生思考与探索
提出开放性问题，引导学生思考机器人视觉技术的原理和应用
成功经验分享
备考策略：制定详细的学习计划，注重基础知识的巩固和扩展
时间管理：合理分配时间，确保每个部分都得到充分的复习
模拟考试：参加模拟考试，熟悉考试形式和题型，提高解题速度和准确性
心态调整：保持积极心态，遇到困难时及时调整，保持自信和冷静
失败原因反思
基础知识掌握不牢固
财务报告的披露与解释
财务报告的披露要求财务报告的披露内容财务报告的解释方法财务报告的解释技巧
答题技巧
仔细阅读题目，明确考试要求掌握时间分配，合理安排答题时间注重细节，注意题目中的关键词和提示信息掌握答题技巧，如排除法、比较法等
时间管理策略
制定详细计划：根据考试内容和时间安排，制定详细的复
医疗保健：机器人视觉技术用于手术导航、辅助诊断和治疗，提高医疗水平和效率
智能交通：机器人视觉技术用于车辆导航、交通监控和智能交通信号控制，提高交通效率和安全性
农业科技：机器人视觉技术用于农作物监测、识别和分类，提高农业生产效率和智能化水平
军事领域：机器人视觉技术用于目标识别、导航和侦查，提高军事行动的准确性和效率
图像采集设备：用于获取机器人视觉系统所需的信息
图像处理设备：对采集到的图像进行处理、分析和识别
图像输出设备：将处理后的图像输出到显示设备或其他

F8整理

Assurance1)Types of Services provided by Chartered Accountant firmsa.Preparation of Financial statementsb.Preparation of Tax Computationc.Audit of Financial Statements(Yearly f/s)Required by shareholdersd.Review of Financial Statements(Quarterly f/s)Required by bankerse.Review of Cash flow/Profit/Capital forecast2) Assurance: confidence provided by a professional accountant to users…3) Assurance Engagement: an engagement (work) undertaken by the professional where the main purpose is to provide confidence (opinion) to the users.E.g.: Financial statement audit, review engagement4) Non Assurance Engagement: Engagement (work) undertaken by the professional where there is no need for them to provide confidence (opinion)to the users.E.g.: Taxation, accounting5) Types of assurance or opinion (engagements)Reasonable/Positive/High assurance engagementsDefinition: Engagement that gives High but not Absolute level of assurance to the readersE.g.: Financial statement audit engagementFirm’s Opinion: [if the subject matter is True and Fair]In our opinion…f/s show true and fair viewWhy reasonable not absolute assurance for f/s audit?1.Auditor use sampling for testing(do not audit 100% of population)2.Auditor not primarily responsible to detect fraud in f/s3.Reliance on experts(Eg: Auditor will rely on valuer’s report during the audit of revaluation)4.Materiality(Auditor will be concerned about errors which are big in value, small errors are generally ignored.)Limited/Negative/Low assurance engagementsDefinition: Engagement that gives Moderate level of assurance to readersE.g.: Cash flow forecast or Financial Statement Review engagementFirm’s Opinion: [if the subject matter is True and Fair]Based on our review, nothing has come to our attention that causes us to believe that the f/s does not give a true and fair view.Why only can provide Negative assurance in Review?1.Review of F/SReview procedures limited to analytical procedures and enquiries only2.Review of forecastReview procedures limited to analytical procedures and enquiries only.Future related information, cannot give high assurance on achievability, tominimize legal exposure.(forecast will have minimum supporting documents. So it will be difficult to inspect. Avoid shareholder/bankers from suing the reviewer.)6) Five Elements of an assurance engagement1. Involve three separate partiesAn assurance engagement will involve three separate parties; intended user, responsible party, practitioner2. subject matterThe subject matter is the data that the responsible party has prepared and which requires verification.3.Suitable criteriaSuitable criteria are required in an assurance engagement. This subject matter is compared to the criteria in order for it to be assessed and an opinion provided.4.Appropriate evidenceAppropriate evidence has to be obtained by the practitioner in order to give the required level of assurance.5.Assurance reportAn assurance report is the opinion that is given by the practitioner to the intended user and the responsible party.7) Objectives of an assurance engagementa. The objective of a reasonable assurance engagement1. is a reduction in assurance engagement risk to an acceptably low level in the circumstances of the engagement2. as the basis for a positive from of expression of the practitioner’s conclusionb. The objective of a limited assurance engagement1. is a reduction in assurance engagement risk to an acceptably level in the circumstances of the engagement2. But where that risk is greater than for a reasonable assurance engagement (because the checking is less)3. as the basis for a negative form of expression of the practitioner’s conclusion Organizational Structure of Audit Firms (For case)Audit/Engagement PartnersOwner of firm, more than 1 partner, have license, sign audit report, express opinion. Audit/Engagement ManagersManage the audit team, report to audit partner review the audit senior and junior’s workAudit/Engagement assistant managersSupport the manager in terms of workAudit/Engagement seniorsThey will involve in “fieldwork”, do audit for difficult areas of f/s, monitor the juniors Audit/Engagement juniorInvolve in “fieldwork”, audit easy areas of f/s, not experienced, make a lot of mistakes Audit processNormally, auditors will be approached by a clientCAP: Client Acceptance (Procedures) 3-4weeksAuditors will have to decide whether a future client is suitable for the audit firm because of reputation issues.Engagement Letter (contract) few hoursOnce, CAP is done, auditor and the client have to sign contract to prevent misunderstanding and agree terms.Audit Planning (6-8weeks)Must do, auditor will prepare documents, the audit strategy and audit plan.SP: Substantive Procedures (4 weeks)Once planning approved, SP performed by audit team to detect material misstatement in f/s.Audit Review (2 weeks)Review event after balance sheet date. Going concern review, discuss the material misstatements with the directors.Audit report (1 week)Issued to shareholdersUnmodified-f/s show: True and fair view/Don’t show true and fair viewAttend AGM/issue invoice to BODAuditor’s Right and Duties1.Right of access to the company’s books and records at any reasonable time tocollect the evidence necessary to support the audit opinion.2.Right to require information and explanations from the company’s officers that isnecessary to perform their duties as auditors.3.Right to receive notice of and attend meetings of the company in the same wayas any member of the company.4.Right to speak at general meetings on any matter affecting the auditor orprevious auditor.5.Where the company uses written resolutions, a right to receive a copy of thoseresolutions.6.Request EGM for resignation purpose.Engagement LetterFormal contract between the auditor and client that outline responsibilities of both partiesWhy need Engagement Letter?1.To prevent misunderstanding between management and auditor2.To agree the terms of audit between management and auditorContents of EL1.Objective of audit of f/s, to express an opinion on the f/s2.Management responsibility for f/s over preparation of f/s and implementation ofinternal control system3.Scope of audit with reference to ISA4.The form and content of audit report5.Audit feeEngagement Letter do not normally be issued every year unless:1.Client misunderstand term of EL2.There is Revision to original EL3.Significant change in nature or size of client business4.Change in audit feesRemoval of auditorWhy an auditor may be removed? (reasons)1.Disagreement over fees or a/c issues2.Management unsatisfied with quality of work3.Holding company standardize auditors4.Client looking for better reputed auditorResignation of auditorWhy an auditor wants to resign? (reasons)1.Auditor have no resources to undertake audit2.Management is believed to be not honest3.Breakdown in relationship4.Client committing fraud or illegal actsEthics and professional code of conductsThe risk is that auditor may become too close to directorsProfessional code of ethics (By ACCA)Auditor has to be independent so that he is objective in his workObjectivity (fair to shareholders)Not allow bias to affect professional or business judgmentIndependenceState of mind (Objectivity in MIND and APPEARANCE)1.Actual impendenceAuditor maintains unbiased attitude throughout audit2.Perceived independenceInterpretation of auditor independence by 3rd partyTo achieve this, auditor’s relationship with client must appear such that he is independentACCA Fundamental Principles1.IntegrityHonest and Truthful2.ConfidentialityDon’t release information obtained during work to 3rd party without consent of clientpetence and Due CareDon’t accept work where not competent, should be diligent as well4.ObjectivityNot bias, no conflict of interest5.Ethical behaviorBehave with courtesy and consideration5 threats to auditor’s independence (SISRAFI)1.Self InterestAuditor has interest in the financial statement they are auditing 2.Self ReviewAuditor end up reviewing their own work or decisions3.AdvocacyAuditor promote position or opinion on behalf of directors4.FamiliarityAuditor having close relationship with directors5.IntimidationAuditor being threatened by directors because of disagreement Detail Scenario1.Litigation (Intimidation)Directors threatens to take legal action on auditorEffect: Auditor may lose objectivity because of fearSafeguards: if auditor is sued, remove from team immediatelyIf firm is sued, resign from engagement2.Undue dependence (Self interest & Intimidation)Auditor derives large amount of fees from one company。

2020年大学马原试题F8[含参考答案]

2020年大学马原试题[含参考答案]一、选择题1．在人类意识的产生过程中，起决定作用的是（）A.自然界的变化B.能够使用工具和制造工具的劳动C.语言和思维的形成D.脑量的增加【正确答案】B2．形而上学唯物主义物质观的错误是（）A.否认物质的客观性B.否认物质的可知性C.把自然科学的物质结构理论与哲学的物质范畴相混淆D.把可直接感知的实物当作世界的本原【正确答案】C3．辩证法的否定即“扬弃”，它的含义是指（）A.抛弃B.事物中好的方面和坏的方面的组合C.纯粹的否定D.既克服又保留【正确答案】D4．社会运动的物质承担者是()A.社会精英B.经济上占统治地位的阶级C.在一定生产方式下活动着的人D.各革命阶级的联合体【正确答案】C5．纺织厂的资本家购买的用于生产的棉花属于（）A.不变资本B.固定资本C.可变资本D.流动资本6．与资本主义相比较，下列各项中，体现了社会主义的优越性的有（ACDE）A.解放和发展生产力，创造高度发达的生产力和比资本主义更高底劳动生产率B.建立和完善生产资料公有制，消灭剥削和两极分化，实现共同富裕C.实行无产阶级专政，发展社会主义民主D.实行“各尽所能，按需分配”的分配制度E.以马克思主义为指导，大力发展社会主义文化，以人为本，建构和谐社会。

第七章练习题7．对共产主义新人的理解ABCA人们的精神境界极大提高B能自觉为他人.为社会服务C有着高尚的道德和觉悟D完全没有任何私心二、单选题8．真理的发展是一个A.从主观真理走向客观真理的过程B.从局部真理走向全面真理的过程C.从具体真理走向抽象真理的过程D.从相对真理走向绝对真理的过程正确答案：D，9．金融寡头在经济上的统治主要是通过实现的A.联合制B.参与制C.股份制D.价格制正确答案：B，10．真理是没有阶级性的，在真理面前人人平等。

这是因为A.真理就是客观规律，与人的阶级地位无关B.真理具有客观性，包含着不依赖于人类的客观内容C.真理是绝对性和相对性的统一，是不断发展的D.真理是具体的，都有其适用的条件和范围正确答案：B，11．直接经验和间接经验的关系是A.认识中内容和形式的关系B.认识中“源”和“流”的关系C.感性认识和理性认识的关系D.实践和理论的关系正确答案：B，12．在社会意识形态中，最直接反映和作用于经济基础的是A.道德B.哲学C.政治法律思想D.宗教正确答案：C，13．当代资本主义国家垄断组织的主要形式是A.国际卡特尔B.混合联合公司C.跨国公司D.国际康采恩正确答案：C，14．划分生产关系类型的基本标志是A.生产资料的所有制形式B.产品的分配形式C.生产关系与生产力的矛盾性质D.人们在生产中的地位正确答案：A，15．商品交换是按照价值量相等的原则进行的。

2015年ACCA考试《审计与认证业务F8》知识点分析(5)

2015年ACCA考试《审计与认证业务F8》知识点分析（5）本文由高顿ACCA整理发布，转载请注明出处SPECIFIC ASPECTS OF AUDITING IN A COMPUTER-BASEDENVIRONMENTJANUARY 2011this facility may be utilised by the auditor when auditing salaries and wages inthe client’s financial statem ents. Similarly, a facility to report trade payable(creditor) long outstanding balances could be used by an auditor whenverifying the reported value of creditors.Test dataAudit test dataAudit test data is used to test the existence and effectiveness of controls builtinto an application program used by an audit client. As such, dummytransactions are processed through the client’s computerised system. Theresults of processing are then compared to the auditor’s expected results todetermine whether controls are operating efficiently and systems’objectiveness are being achieved. For example, two dummy bank paymenttransactions (one inside and one outside authorised parameters) may beprocessed with the expectation that only the transaction processed within theparameters is ‘accepted’ by the system. Clearly, if dummy transactions processed do not produce the expected results in output, the auditor will need to consider the need for increased substantive procedures in the area being reviewed.Integrated test facilitiesTo avoid the risk of corrupting a client’s account system, by processing test data with the client’s other ‘live’ data, auditors may instigate special ‘test data only’ processing runs for audit test data. The major disadvantage of this is that the auditor does not have total assurance that the test data is being processed in a similar fashion to the client’s live data. To address this issue, the auditor may therefore seek permission from the client to establish an integrated test facility within the accounting system. This entails the establishment of a dummy unit, for example, a dummy supplier account against which the auditor’s test data i s processed during normal processing runs.Other techniquesThis section contains useful background information to enhance your overall understanding.Other CAATs include:Embedded audit facilities (EAFs)This technique requires the auditor’s own program code to be embedded (incorporated) into the client’s application software, such that verification procedures can be carried out as required on data being processed. For example, tests of control may include the reperformance of specific input validation checks (see input controls above) – selected transactions may be‘tagged’ and followed through the system to ascertain whether stated controls and processes have been applied to those transactions by the computer system. The EAFs should ensure that the results of testing are recorded in a special secure file for subsequent review by the auditor, who should be able to conclude on the integrity of the processing controls generally, from the results of testing. A further EAF, often overlooked by students, is that of an analytical 6SPECIFIC ASPECTS OF AUDITING IN A COMPUTER-BASEDENVIRONMENTJANUARY 2011review program enabling concurrent performance of analytical review procedures on client data as it is being processed through the automated system.Application program examinationWhen determining the extent to which they may rely on application controls, auditors need to consider the extent to which specified controls have been implemented correctly. For example, where system amendments have occurred during an accounting period, the auditor would need assurance as to the existence of necessary controls both before and after the amendment. The auditor may seek to obtain such assurance by using a software program to compare the controls in place prior to, and subsequent to, the amendment date.SummaryThe key objectives of an audit do not change irrespective of whether the audit engagement is carried out in a manual or a computer-based environment. The audit approach, planning considerations and techniques used to obtain sufficient appropriate audit evidence do of course change. Students are encouraged to read further to augment their knowledge of auditing in a computer-based environment and to practise their ability to answer exam questions on the topic by attempting questions set in previous ACCA exam papers.Brian Pine is examiner for CAT Paper 8更多ACCA资讯请关注高顿ACCA官网：。

ACCA F8 讲义session5

4.2 Segregation of roles Best practice and strongly recommended under corporate governance codes in many jurisdictions (e.g. the 'Combined Code' governing listed companies in the UK) is that the roles of: Chairman of the board and Chief executive officer. should be held by different individuals. 公司治理的题目中必考的知识点，主席和 CEO 不能是同一个人 The chairman's role Non executive. Ensures full information and full discussion at board meetings. Ensures satisfactory channels of communication with the external auditors. Runs the board of directors Ensures the effective operation of sub-committees of the board. The Chief executive's role Ensures the effective operational functioning of the company. It is important that there is a distinction between the chief executive and chairman as effectively one person assuming both roles is a conflict of interests. The chief executive heads up the executive directors and the chairman heads up the non executives. Not only that, but having one person in both roles means there is a lot of power vested in that one person. They would be able to sway the decisions taken by the board. Those decisions may not be made in the best interests of the shareholders but in the best interests of the directors. 4.3 Audit Committees An audit committee is a committee consisting of non-executive directors which is able to view a company's affairs in a detached and independent way and liaise effectively between the main board of directors and the external auditors. Best practice for listed companies: The company should have an audit committee of at least three non-executive directors (or, in the case of smaller companies, two). At least one member of the audit committee should have recent and relevant financial experience. The objectives of the audit committee Increasing public confidence in the credibility and objectivity of published financial 3 TEL：65648112 FAX：65648112-604

ACCA知识点：F8理解审计战略和审计计划

ACCA知识点：F8理解审计战略和审计计划在ACCA考试中，F8当中理解审计战略和审计计划一直是大纲中最为重要，也是难点最多的一部分知识点。

那么今天就为同学们总结一下F8当中理解审计战略和审计计划的习题讲解，这部分内容体系比较复杂重要，所以帮助大家做些题目逐渐了解这章内容。

Audit is a subject where sharp minds can excel. What is really demanded of us is understanding ‘materiality’. As simple as it sounds, it can be the reason why many students might fail paper F8. The first question was about Audit Strategy. And ‘materiality’ was definitely a part of it. Do you know the role of the audit strategy and audit plan in defining materiality?Audit strategy and materialityAn audit strategy outlines the OBJECTIVES of the audit that is to be performed – like crafting the skeleton of a body. The details are yet to be filled in.Once the internal control environment and the risk assessment system of the entity is understood, the independent auditor then needs to define an OVERALL materiality level. This consists of two important components:Performance Materiality, andTolerable Misstatement ErrorThe auditor defines each of the two components. The performance materiality aswell as the tolerable misstatement error differs from organisation to organisation, market to market and economy to economy.Audit plan and materialityThe audit plan is an important document. ISA 300 is the governing standard here. The audit plan provides guidance on:The directionThe supervision, andThe review of audit proceduresWhile going through ISA 320 – Audit Materiality in the study text, I ran a few searches online, discovering that the US regulates its audit procedures under Statements on Auditing Standards (SAS). These are a collection of Generally Accepted Auditing Standards (GAAS).I opened SAS 122, section 320, which was titled Materiality in Planning and Performing an Audit. There, I found what I was looking for – the audit plan:Helps give the auditor insight regarding the effect of the nature of an organisation in defining materiality.Helps outline situation-based factors influencing the materiality.Allows the auditor to take in account several other factors to establisheffective materiality levels.Lets the auditor document any changes/revisions in the materiality level initially defined by the auditor if crucial evidence is found later on at the performance stage.Takes into account any possible changes to the performance materiality level following any change/revision in the overall materiality level.As part of the ACCA student network, we all need to understand the basics of audit firmly to excel in our careers. I believe ACCA studies do not just keep you confined to one book in your bag, but demand you to research on your own.I would love to hear your thoughts on this. Let me know if this article has helped you on your path to success in Paper F8.获取更多ACCA考试知识点可关注永和九年，岁在癸丑，暮春之初，会于会稽山阴之兰亭，修禊事也。

ACCA考试F8历年真题精选及详细解析1109-66

A.An auditor's internal expert
B.An pert valuer
C.An auditor's external expert
D.Management's expert
The correct answer is: Management's expert
Management's expert is an individual or organisation having expertise in a field other than auditing or accounting, whosework in that field is used by the entity to assist the entity in preparing the financial statements.
Valuers are not the only experts used by management or the auditor.
An auditor's expert is an individual or organisation who has expertise in a field other than auditing or accounting, whose work in that field is used by the auditor to assist the auditor in obtaining sufficient appropriate audit evidence. An auditor's expert may be an auditor's internal expert (partner or staff,including temporary staff, of the auditor's firm or network firm) or an auditor's external expert.

ACCA F8知识点Logical thinking in audit procedure

Logical thinking in audit procedureAra Shen沈璐萍各位学员，大家好，新的考季又开始了，考前我们来简单梳理下审计流程中关键步骤的逻辑思路。

ACCA的Fundamental模块里，F8一直是一个比较诡异的“滑铁卢”，绝大部分学员在朝着Professional阶段大门一路高歌而去时，会在F8这门课上突遭不适，而这绝大部分中的99.99%都是在校学生党。

为什么？当然是因为学生党缺乏经验，相信课堂上老师们都有提及，但需要强调的是，学生党不仅是对现实审计了解不足，更重要的是欠缺经验累积形成的审计思考方式，而这种逻辑思考，才是帮助学员脱离死记硬背，从而学而知之的万金油。

审计作为一门高应用型学科，经验积累在所难免，但对于广大学生党学员，现下似乎难以做到。

因此我们在这里更多的是帮助学员们或多或少建立起一种审计逻辑思考方式。

现实审计中我们也经常遇到新的情况，无法用曾经的审计案例生搬硬套，此时我们就需要用逻辑方法来解决新的问题，而同学们可以将考试中的案例都当作现实中可能遇到的新情况，用学习了的审计方法去解决她。

至于有工作经验或形成方法论的学员们，可以关上文章，自行看题了。

废话说了有点多，切入正题。

审计是流程，流程就有步骤，大体如下：接受委托——>审计计划——>内控测试——>实质性程序——>审计报告前两个以及最后一个步骤本文空间有限就不详述了，我们重点来看，在学习到内控测试和实质性程序时，会遇到F8的重点内容：六大循环。

说白了就是通常审计关注的六大块企业活动，我们以大家喜闻乐见的Sales cycle为例子，来看看企业赚钱的过程中，我们作为一个第三方的公证人，如何验证他的真实公允。

民间审计的主旨是在确保Audit risk在审计师可接受的范围内，在Sales环节，我们首先会通过Test of control来验证Sales流程没有重大fraud及error，确保Audit risk 中的RMM在可接受范围内；如果合格，我们就执行正常的实质性程序，如果TOC不合格，则后续的实质性程序就会增加，以降低Detection risk。

acca f8心得体会

acca f8心得体会本文由高顿ACCA整理发布，转载请注明出处半夜睡不着觉，写个F8F9的总结，楼主我是在校学生，于09年12月参加ACCA考试，菜鸟一枚，免了5门，之前只考了F67，这次第二次参加考试，英语很一般，第一次F89顺利通过，浅谈一下复习心得和经验。

无论是F8,还是F9看书+多次做题+模考+考官文章+总结=PASS先说F8，开始挺难的没错，当时上课除了第一节课后就从未听过，至于原因就是听不懂那老师在讲什么——不知道是我的原因还是老师的原因，还有就是当时在准备另一个考试。

这个不是重点，不说了。

直至10月下旬，开始复习。

首先，用半个月把F8的BPP的书自己看了一遍，当时在学中文的审计，不懂的就拿中文书出来对着看，过一遍，知道个大概，这个阶段，不需要你很会做题很懂很厉害。

半个月也许有点长——大家可以尽情的鄙视我没关系，我看英文的东西都很慢，而且当时还有别的课要上，所以半个月对我来说已经在努力了。

接着，刚看完书还没开始看历年考题，华丽丽的串讲来了，学校有请老师来串讲，至于机构名字我就不说了免得别人说我做广告，来了一个不错的老师——虽然据说没有上一届那位老师牛X，但是我觉得也很不错，至少我是用她的部分方法看F8的。

这位老师是个强人！强就在于她把历年考题分类了，按照大纲将每个知识点都对应着的考题分类，并且细致到每个requirement!这个就是她的讲义最有价值的地方了。

听完串讲的感受：还是混乱啊，F8知识点太多，怎么背啊，还剩不到1个月了，难道这次考试要CUP！？？？怎么办怎么办——在纠结了一番之后我觉得纠结无用不如实践——看历年考题和模拟题，这个东西很有料噢！！！从01年到09年的所有题目——虽然大纲有过变化但是趋势不变啊，所以05年以前的题目也被利用了，我做了3遍。

没错。

有的甚至4遍。

怎么做？按照大纲的知识点分类来做，上文有提到老师那个讲义，我觉得整个串讲和讲义最值钱的就是那几页她对历年考题按照大纲进行分类，比如：TOPICA a. the concept of audit and other assurance engagements有02年6月Q6A、 04年12月Q6A、06年12月Q1C、08年6月Q5D几个题目都是关于这个知识点的。

一起来认识F8之课程介绍

正保远程教育旗下品牌网站美国纽交所上市公司(NYSE:DL)
中华会计网校会计人的网上家园
一起来认识F8之课程介绍
在学习F8审计过程中，因为F8考核的不仅仅是书本上的死知识，它更注重考核的是审计语言的严谨性与逻辑性的表达。

F8属于注重语言表达的科目，考试内容几乎全为文字表述，所以在学习F8过程中，最重要的就是在理解的基础上进行记忆以及训练自己的逻辑思维。

F8考试与大纲是紧密联系的，凡是大纲中包括的知识点，即是考试范围。

F8大纲分为下面几部分：
近年来，由于F8考试增加了选择题，所以每一个知识点都可能作为考点出现在考试中。

这就要求学员在学习F8过程中，不放过任何一个知识点。

这样才能保证在考试中取得令人满意的成绩。

下面这个表格就是F8考试题型以及各项分值分布：
通过分析，不难发现在Section A选择题中，考察概念性的试题偏多，所以对于F8大纲中涉及的所有概念都要求掌握并理解。

在Section B中，除了案例分析，也会包括一些简答题需要学员进行背诵理解。

在刚开始学习F8审计的时候，会有很多晦涩冗长的概念，而这一部分在审计基础知识里，恰恰是必须记忆的。

因为在F8考试中，经常会考察一些定义和概念性的问题，例如：审计程序有哪些，内部控制的定义，风险管。

f8记忆要点

F8各科目记忆要点一、采购环节的control objective(pqr2qtafe)1.确保采购品的价格有竞争力，质量不错2.确保采购产品确实是公司required的3.确保收到货物质量和数量与采购单一致4.确保订购的货物按时收到5.确保所有采购交易正确record6.确保所有支付authorised且无error and fraud二、销售环节的控制目标(Odct2qii0)1.确保订单只有在goods are available to be processed for customers时接受2.确保销售折扣给予valid客户3.确保货物不要给poor credit客户4.确保货物按时发货5.确保发货的货物数量质量正确6.确保发票正确7.确保income的完整性8.确保订单记录正确三、销售环节的实质性审查程序1.把今年的总收入与去年和预算比较，investigate any 重大波动。

2.Obtain schedule of sales（销售明细），与去年比。

3.计算毛利率，与去年比比4.Select a sample of trade customer orders, and agree these to GDN和销售发票，确保收入的完整性。

5.选择一张大客户的发票，算下折扣，确保accuracy.6.选择年前和年后的GDN，agree these to 销售发票，确保cut off has been correctly applied.7.选择一张credit note raised,确保invoice 正确的移除了四、采购环节的实质性审查程序1.把今年的采购与去年和预算比较，investigate any 重大波动。

2.采购明细与去年比。

3.计算毛利率，与去年比比4.Select a sample of purchase, and agree these to GRN和发票，确保完整性。

ACCA F8 讲义session1

财华国际教育中心 Engagement
ACCA F8
Audit and Assurance
Audit procedure – risk based audit approach
Audit planning
Understand business
Preliminary analytical review
The responsibility of management Keep proper accounting records; Prepare financial statements, which comply with legislation and accounting standards; Safeguard the company‘s assets and to prevent fraud and errors; Deliver audited financial statement to any appropriate court or government agency; Establish internal control system and keep their running in efficient way. Auditor’s right and duties Rights - Access to books and records. - Receive info and explanations from the officers. - Notice of and attend company meetings. - Be sent notice of intention to propose his removal, and to make written representations in such circumstances. - Requisition a meeting of shareholders on his resignation and to attend and be heard at that meeting. Duties - Report to the members. - Consider various points before arriving at opinion. - Sign the audit report.

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。

f8考试题及答案

f8考试题及答案F8 考试题及答案一、单项选择题（每题1分，共10分）1. 在审计过程中，注册会计师最关注的是：A. 财务报表的准确性B. 财务报表的完整性C. 财务报表的合规性D. 财务报表的及时性答案：C2. 下列哪项不是内部控制的目的？A. 确保财务报告的可靠性B. 促进企业效率和效果C. 遵守法律法规D. 增加企业利润答案：D3. 在进行风险评估时，注册会计师应当：A. 忽视历史数据B. 仅考虑内部信息C. 考虑内部和外部信息D. 依赖个人经验答案：C4. 以下哪项不是审计证据的特点？A. 充分性B. 适当性C. 相关性D. 时效性答案：D5. 如果被审计单位的内部控制设计良好，注册会计师可以：A. 减少控制测试B. 增加控制测试C. 不进行控制测试D. 忽略控制测试答案：A6. 在审计报告中，注册会计师应当：A. 表达对财务报表的意见B. 提供改进建议C. 详细说明审计过程D. 披露所有发现的问题答案：A7. 下列哪项不是财务报表分析的目的？A. 评估企业的盈利能力B. 评估企业的偿债能力C. 评估企业的市场价值D. 评估企业的内部控制答案：D8. 在进行审计抽样时，注册会计师应当：A. 随机选择样本B. 只选择大型交易C. 选择所有异常交易D. 选择所有大额交易答案：A9. 注册会计师在审计结束时，应当：A. 出具审计意见B. 提交审计报告C. 向管理层提供咨询D. 停止所有审计活动答案：A10. 对于持续经营假设的审计，注册会计师应当：A. 忽略企业的财务困难B. 仅在企业破产时考虑C. 评估企业未来12个月的经营能力D. 评估企业长期偿债能力答案：C二、多项选择题（每题2分，共10分）11. 注册会计师在审计过程中可能遇到的风险包括：A. 固有风险B. 控制风险C. 检测风险D. 法律风险E. 市场风险答案：A, B, C12. 在审计计划阶段，注册会计师应当：A. 确定审计目标B. 评估审计风险C. 选择审计方法D. 完成所有实质性测试E. 确定审计范围答案：A, B, C, E13. 下列哪些因素可能影响注册会计师对审计证据的评估？A. 证据的数量B. 证据的性质C. 证据的来源D. 证据的时效性E. 证据的成本答案：A, B, C, D14. 注册会计师在进行控制测试时，应当关注：A. 控制的设计B. 控制的运行C. 控制的成本效益D. 控制的有效性E. 控制的合规性答案：A, B, D, E15. 在审计报告中，注册会计师可能发表的意见类型包括：A. 无保留意见B. 保留意见C. 否定意见D. 无法表示意见E. 有限意见答案：A, B, C, D三、简答题（每题5分，共20分）16. 简述注册会计师在审计过程中对内部控制进行测试的目的。

2017年ACCA F8考试复习题及答案

2017年ACCA F8考试复习题及答案正在备战2017年ACCA F8考试的同学们，是不是都想要考试复习题呢？你们终于要如愿以偿了，给大家总结了2017年6月ACCA考试复习题及答案。

1.Auditors are required to comply with the requirements of International Standards on Auditing in the conduct of an audit.Which of the following statements is true in relation to International Standards on Auditing?A. They only apply to the audit of companies listed on international stock exchanges.B. They are issued by the International Accounting Standards Board.C. They are structured to contain objectives, definitions, requirements, and other explanatory material.D. They do not apply to the audit of small companies with a revenue of under $7.6m.E. They are issued by the International Auditing and Assurance Standards Board.2.ISA 260 Communication with those charged with governance sets out guidance for auditors on the communication of audit matters with those charged with governance. Which of the following shall be communicated to those charged with governance?A. The audit planB. Written representationsC. Significant difficulties encountered during the auditD. Calculation of materiality3.An incoming auditor wishes to have access to the working papers of the outgoing auditor to satisfy himself as to the accuracy of the opening balances.In these circumstances what rights does the incoming auditor have?A. No statutory right of access but the ethical guide requires the outgoing auditor to make working papers available in circumstances where the audit opinion has been qualified.B. No statutory right of access but the ethical guide requires the outgoing auditor to make the working papers available unless prevented by the process of the law.C. A statutory right of access to the working papers of the previous auditor.D. No statutory or ethical right to access but the outgoing auditor would be expected to afford the incoming auditor reasonable cooperation in this matter.4.Which of the following best describes a 'value for money' audit?A. The audit of the environmental, economic and sustainability policies and procedures of a company.B. The audit of the treasury function within government departments.C. The audit of payroll software in the private sector.D. An audit of the economy, efficiency and effectiveness of a department, function or other business unit.5.At the start of the interim audit of Jenna Co, a long-standing client, what should be the proper order of the following procedures in assessing the accounting systems and internal control?- C - Tests of controls- E - Evaluation of the operation of the system- U - Updating the systems documentation- S - Substantive proceduresA. C, S, E, U.B. U, E, C, S.C. C, E, S, U.D. U, C, E, S.答案及解析1.【参考答案】CEInternational Standards on Auditing apply to all audits where a 'true and fair' opinion is provided, regardless of the size of the audited entity and regardless of whether the company is listed.The International Accounting Standards Board issues international accounting standards, not auditing standards.2.【参考答案】BCISA 260 lists various issues that need to be communicated to those charged with governance. These include written representations requested and significant difficulties encountered during the audit. Although the auditor will discuss elements of the audit strategy and plan (which includes the application of the concept of materiality) with those charged with governance, care must be taken in order not to compromise the effectiveness of the audit.3.【参考答案】DThere are generally not statutory requirements that stipulate that the previous auditor should give access to the incoming auditor.The ethical guidance also does not stipulate that access should be given. In practice it is up to an individual firm as to its policy on giving access to its files.4.【参考答案】DAn audit of the economy, efficiency and effectiveness of a department, function or other business unit (often in the public sector), is the best description of a value for money audit. Such audits are now commonly conducted in the public sector.5.【参考答案】BThe correct order would be to start with updating the documentation on the accounting and control systems, having done this then a preliminary assessment would be made of the systems, to determine if the control environment was weak or strong.If the assessment was that it was strong then the controls would be tested - tests of controls - and then if the controls were operating fine then the substantive procedures could be reduced.。

ACCA_F8知识要点汇总_(上)

nce 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
Positive expression
Financial Reporting Standards.
Review
Limited assurance
Based on our work described in this report, nothing has
审阅
Moderate level
come to our attention that causes us to believe that the
Negative expression
financial statements do not present fairly, in all material
respects, in accordance with International Financial
Reporting Standards.
1. 从外部渠道，提供独立观点，增加了财报的可信度 2. 由鉴证事务所的专业和知识，给公司提高相关性的信息（有价值的建议）。
鉴证业务的步骤：
Agree the scope of work to be performed 同意工作范围 Formalise all of the terms of the engagement in a contract (engagement letter) 签合同 Plan the work 计划工作 Obtain sufficient appropriate evidence on which to base the conclusion 充分恰当的证据 Perform overall review and form opinion 总览并形成意见 Issue report to the client 报告

财华国际6月F8考试分析

财华国际2015年6月F8考试分析杨言鑫首先来看看最后两道大题循环有可能出现的内容1.Inventory循环，存货的盘点，存货计价测试，CUT –OFF，2.purchase cycle 的可能性很可能更大一些而且可以关注下control test也是很久没有考过了，在采购这一块会不会把存货加进来！！存货一定是这次考试的一个重点！采购循环和trade payable的结合3.Ethical的案例题目,包括保密性，连着两次都在考察公司治理的内容，这次应该会考察道德相关的题目4.Internal audit 是否依赖，internal audit 和external audit 的区别，是否要设立internal audit 要考虑的因素5.RECEIVABLE注意到函证,Depreciation, PROVISION ,ACCOUNTING ESTIMATE考审计程序的一道综合题目，拼盘式的！另外也请关注下银行存款的审计bank。

6.CAAT的优点，缺点7．Audit risk 同样要注意到!依然有没有可能和Audit planning,那么如果和分析性复核放在一起来考，简单的RATIO还是要会计算的，而且分析性复核的三个阶段也要能够回答出来的。

8.Assertion的概念，or control objective的小的简答题,比如：list andexplain the assertion of the sales revenueAudit procedure8个具体的概念，针对于某一余额，交易如何适用Audit procedure,比如：explain the audit procedure such inspection ,observation, analytical review, 然后适用到receivable，举例9.管理层声明书，持续经营，管理层对于舞弊fraud的责任，小点的考察要注意到那么我们再来看看有可能考查到的小点有哪些？我们以F8的大纲为基准，挑选出来一些比较偏又比较有可能考查到的点，大家可以关注关注！1.Elements of an assurance engagementAn assurance engagement performed by a practitioner will consist of the following elements: (a) A three party relationship. The three parties are the intended user, the responsible party and the practitioner (each party is described in the key terms box below).(b) A subject matter. This is the data to be evaluated that has been prepared by the responsible party.It can take many forms including financial performance (eg historical financial information), non-financial performance (eg key performance indicators), processes (eg internal control) and behaviour (eg compliance with laws and regulations).(c) Suitable criteria标准. The subject matter is evaluated or measured against criteria in order to reach an opinion.(d) Evidence. Sufficient appropriate evidence needs to be gathered to support the required level of assurance.(e) An assurance report. A written report containing the practitioner's opinion is issued to the intended user, in the form appropriate to a reasonable assurance engagement or a limited assurance engagement.2. Levels of assuranceThe following table summarises the different types of assurance engagements that can be carried out by practitioners.3. Auditor rights and duties书面决议4. Role and function of audit committeesAn audit committee is a sub-committee of the board of directors, usually containing a number of nonexecutive directors. The role and function of the audit committee should be set out in written terms of reference and the extract from the UK Corporate Governance Code on the next page details what the roles and responsibilities of the audit committee should include.First though we will consider the advantages of having an audit committee. An audit committee can:∙ Improve the quality of financial reporting, by reviewing the financial statements on behalf of the Board∙ Create a climate of discipline and control which will reduce the opportunity for fraud∙ Enable the non-executive directors to contribute an independent judgement and play a positive role∙Help the finance director, by providing a forum in which he can raise issues of concern, and which he can use to get things done which might otherwise be difficult∙ Strengthen the position of the external auditor by providing a channel of communication and forum for issues of concern∙ Provide a framework within which the external auditor can assert his independence in the event of a dispute with management∙ Strengthen the position of the internal audit function, by providing a greater degree of independence from management∙ Increase public confidence in the credibility and objectivity of financial statements4.Importance of internal control and risk managementInternal controls are essential to management, as they contribute to:∙ Safeguarding the company's assets∙ Helping to prevent and detect fraud∙ Safeguarding the shareholders' investmentAuditors' responsibilities for internal controlThe auditors' detailed responsibilities with regard to reporting on the requirements of the UK Corporate Governance Code are set out in bulletins issued by the UK's Financial Reporting Council, which are not examinable.However, in summary, the auditors should review the statements made concerning internal control in the annual report to ensure that they appear true and are not in conflict with the audited financial statements.5. The importance of communicating with those charged with GovernanceCommunication with those charged with governance is important because:∙ It assists the auditor and those charged with governance to understand audit-related matters in context and allows them to develop a constructive working relationship.∙ It allows the auditor to obtain information relevant to the audit.∙ It assists those charged with governance to fulfil their responsibility to oversee the financial reporting process, thus reducing the risks of material misstatement in the financial statements.The following matters shall be communicated to those charged with governance:The auditor's responsibilities in relation to the financial statement auditIncluding that the auditor is responsible for forming and expressing an opinion on the financial statements and that the audit does not relieve management or those charged with governance of their responsibilitiesPlanned scope and timing of the auditAn overview of the planned scope and timing of the auditSignificant findings from the auditThe auditor shall communicate the following:∙ The auditor's views about significant qualitative aspects of the entity's accounting practices, including accounting policies, accounting estimates and financial statement disclosures∙ Significant difficulties encountered during the audit∙ Significant matters arising from the audit that were discussed or subject to correspondence with management∙ Written representations requested by the auditor∙ Other matters that, in the auditor's professional judgement, are significant to the oversight of the financial reporting processAuditor independenceThe auditor shall communicate the following for listed entities:∙ A statement that the engagement team and others in the firm, the firm, and network firms have complied with relevant ethical requirements regarding independence∙ All relationships between the firm and entity that may reasonably be thought to bear on independence∙ Related safeguards that have been applied to eliminate identified threats to independence or reduce them to an acceptable level1. independenceIndependence of mind: The state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgement, allowing an individual to act with integrity, and exercise objectivity and professional scepticism.Independence in appearance: The avoidance of facts and circumstances that are so significant that a reasonable and informed third party, having knowledge of all relevant information, including safeguards applied, would reasonably conclude a firm's, or a member of the assurance team's, integrity, objectivity or professional scepticism had been compromised.7. Agreeing the terms of the engagementThe preconditions for an audit are the use by management of an acceptable financial reporting framework in the preparation of the financial statements and the agreement of management and, where appropriate, those charged with governance to the premise on which an audit is conducted. To determine whether the preconditions for an audit are present, the auditor shall do the following:∙ Determine whether the financial reporting framework is acceptable. Factors to consider include the nature of the entity, the purpose of the financial statements, the nature of the financial statements, and whether law or regulation prescribes the applicable financial reporting framework. ∙ Obtain management's agreement that it acknowledges and understands its responsibilities for the following.–Preparing the financial statements in accordance with the applicable financial reporting framework–Internal control that is necessary to enable the preparation of financial statements whichare free from material misstatement–Providing the auditor with access to all information of which management is aware that is relevant to the preparation of the financial statements, with additional information that the auditor may request, and with unrestricted access to entity staff from whom the auditor determines it necessary to obtain audit evidenceIf these preconditions are not present, the auditor shall discuss the matter with management. The auditor shall not accept the audit engagement if:∙ The auditor has determined that the financial reporting framework to be applied is not acceptable.∙ Management's agreement referred to above has not been obtained.8.The audit engagement letterForm and content of the audit engagement letterThe audit engagement letter shall include the following:∙ The objective and scope of the audit∙ The auditor's responsibilities∙ Management's responsibilities∙ Identification of the applicable financial reporting framework for the preparation of the financial statements∙ Reference to the expected form and content of any reports to be issued by the auditor and a statement that there may be circumstances in which a report may differ from its expected form and content9. Assessing the need for internal auditWe have seen that internal audit can assist an entity in providing effective corporate governance and this may be enough to prompt an entity to establish an internal audit department. Other factors an entity might consider when assessing the need for an internal audit function include:∙ The cost of setting up an internal audit department versus对抗 the predicted benefit∙ Predicted savings in external fees where work carried out by consultants will be carried out by the new internal audit department∙ The complexity and sca le of the organisation’s activities and the systems supporting those activities∙ The ability of existing managers and employees to carry out assignments that internal audit may be asked to carry out∙ Management’s perceived need for assessing risk and int ernal control∙ Whether it is more cost effective or desirable to outsource the work∙ The pressure from external stakeholders to establish an internal audit department10. Distinction between internal and external auditThe external audit is focused on the financial statements, whereas the internal audit is focused on the operations of the entire business.11. Professional scepticism, professional judgement and ethical RequirementsProfessional scepticism is an attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence.Professional judgement is the application of relevant training, knowledge and experience in making informed decisions about the courses of action that are appropriate in the circumstances of the audit engagement.Professional scepticismISA 200 states that auditors must plan and perform an audit with an attitude of professional skepticism recognising that circumstances may exist that cause the financial statements to be materially misstated.This requires the auditor to be alert to:∙ Audit evidence that contradicts other audit evidence obtained∙ Information that brings into question the reliability of documents and responses to inquiries to be used as audit evidence∙ Conditions that may indicate possible fraud∙ Circumstances that suggest the need for audit procedures in addition to those required by ISAsProfessional scepticism needs to be maintained throughout the audit to reduce the risks of overlooking unusual transactions, over-generalising when drawing conclusions, and using inappropriate assumptions in determining the nature, timing and extent of audit procedures and evaluating the results of them.Professional scepticism is also necessary to the c ritical assessment of audit evidence. This includes questioning contradictory audit evidence and the reliability of documents and responses from management and those charged with governance.Professional judgementISA 200 also requires the auditor to exercise professional judgement in planning and performing an audit of financial statements. Professional judgement is required in the following areas:∙ Materiality and audit risk∙ Nature, timing and extent of audit procedures∙ Evaluation of whether sufficient appropriate audit evidence has been obtained∙ Evaluating management's judgements in applying the applicable financial reporting framework ∙ Drawing conclusions based on the audit evidence obtained12.Risk assessmentISA 315 requires a discussion among team members that places particular emphasis on how and where the financial statements may be susceptible to fraud.Risk assessment procedures to obtain information in identifying the risks of material misstatement due to fraud shall include the following:∙ Inquiries of management regarding:–Management's assessment of the risk that the financial statements may be misstated dueto fraud–Management's process for identifying and responding to the risk of fraud–Management's communication to those charged with governance in respect of its process for identifying and responding to the risk of fraud–Management's communication to employees regarding its views on business practicesand ethical behaviour–Knowledge of any actual, suspected or alleged可疑的 fraud∙ Inquiries of internal audit for knowledge of any actual, suspected or alleged fraud, and its views on the risks of fraud∙ Obtaining an understanding of how those charged with governance oversee监督management's processes for identifying and responding to the risk of fraud and the internal control established to mitigate使缓和 these risks∙ Inquiries of those charged with governance for knowledge of any actual, suspected or alleged fraud∙ Evaluating whether any unusual relationships have been identified in performing analytical procedures that may indicate risk of material misstatement due to fraud∙ Considering whether any other information may indicate risk of material misstatement due to fraud∙ Evaluating whether any fraud risk factors are present13. The overall audit strategy and the audit planThe audit strategyThe overall audit strategy sets the scope, timing and direction of the audit, and guides the development of the more detailed audit plan.Examples of items to include in the overall audit strategy could be:∙ Industry-specific financial reporting requirements∙ Number of locations to be visited∙ Audit client's timetable for reporting to its members∙ Communication between the audit team and the clientThe audit planThe audit plan converts t he audit strategy into a more detailed plan and includes the nature, timing and extent of audit procedures to be performed by engagement team members in order to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level The audit plan shall include the following:∙ A description of the nature, timing and extent of planned risk assessment procedures∙ A description of the nature, timing and extent of planned further audit procedures at the assertion level∙ Other planned audit procedures required to be carried out for the engagement to comply withISAsThe planning for these procedures occurs over the course of the audit as the audit plan develops. Examples of items included in the audit plan could be:∙ Timetable of planned audit work∙ Allocation of work to audit team members∙ Audit procedures for each major account area (eg inventory, receivables, cash etc)∙ Materiality for the financial statements as a whole and performance materialityAny changes made during the audit engagement to the overall audit strategy or audit plan, and the reasons for such changes, shall be included in the audit documentation.14. Audit filesFor recurring audits, working papers may be split between:Permanent audit files(containing information of continuing importance to the audit). These contain:∙ Engagement letters∙ New client questionnaire∙ The memorandum and articles∙ Other legal documents such as prospectuses, leases, sales agreement∙ Details of the history of the client's business∙ Board minutes of continuing relevance∙ Previous years' signed accounts, analytical review and management letters∙ Accounting systems notes, previous years' control questionnairesCurrent audit files(containing information of relevance to the current year's audit). These should be compiled on a timely basis after the completion of the audit and should contain:∙ Financial statements∙ Accounts checklists∙ Management accounts details∙ Reconciliations of management and financial accounts∙ A summary of unadjusted errors∙ Report to partner including details of significant events and errors∙ Review notes∙ Audit planning memorandum∙ Time budgets and summaries∙ Representation letter∙ Management letter∙ Notes of board minutes∙ Communications with third parties such as experts or other auditorsSafe custody and retention of working papersJudgement may have to be used in deciding the length of holding working papers, and further consideration should be given to the matter before their destruction. The ACCA recommends seven years as a minimum period.15.Sufficient appropriate audit evidence∙ Sufficiency is the measure of the quantity of audit evidence.∙ Appropriateness is the measure of the quality or reliability of the audit evidence.16.Audit procedures to obtain audit evidenceTests of controls are performed to obtain audit evidence about the operating effectiveness of controls preventing, or detecting and correcting, material misstatements at the assertion level. Substantive procedures are audit procedures performed to detect material misstatements at the assertion level. They are generally of two types:∙ Substantive analytical procedures∙ Tests of detail of classes of transactions, account balances and disclosures17. Internal control systemsInternal control has five components:∙ The control environment∙ The entity's risk assessment process∙ The information system relevant to financial reporting∙ Control activities∙ Monitoring of controlsControl environment includes the governance and management functions and the attitudes, awareness and actions of those charged with governance and management concerning theentity's internal control and its importance in the entity.Control activities are those policies and procedures that help ensure that management directives arecarried out.18.Limitations of accounting and control systemsAny internal control system can only provide the directors with reasonable assurance that their objectives are reached, because of inherent limitations. These include:∙ The costs of control not outweighing their benefits∙ The potential for human error∙ Collusion between employees∙ The possibility of controls being by-passed or overridden by management∙ Controls being designed to cope with routine and not non-routine transactionsThese factors demonstrate why auditors cannot obtain all their evidence from tests of the systems of internal control. The key factors in the limitations of controls system are human error and potential for fraud.The safeguard of segregation of duties can help deter fraud. However, if employees decide to perpetrate frauds by collusion, or management commit fraud by overriding systems, the accounting system will not be able to prevent such frauds.19. Internal Control Questionnaires (ICQs)The major question which internal control questionnaires are designed to answer is 'How good is the system of controls?'Although there are many different forms of ICQ in practice, they all conform to the following basic principles:(a) They comprise a list of questions designed to determine whether desirable controls are present(b) They are formulated so that there is one list of questions to cover each of the major transaction cycles.Internal Control Evaluation Questionnaires (ICEQs)In recent years, many auditing firms have developed and implemented an evaluation technique more concerned with assessing whether specific errors (or frauds) are possible, rather than establishing whether certain desirable controls are present. This is achieved by reducing the control criteria for each transaction stream down to a handful of key questions (or control questions). The characteristic of these questions is that they concentrate on the significant errors or omissions that could occur at each phase of the appropriate cycle if controls are weak.*****20. Tests of controlTests of control are tests performed to obtain audit evidence about the effectiveness of the: ∙ Design of the accounting and internal control systems, ie whether they are suitably designed to prevent, or detect and correct, material misstatement at the assertion level; and∙ Operation of the internal controls throughout the period.Tests of control are distinguished from substantive tests which are designed to detect material misstatements in the financial statements.Tests of control may include the following.(a) Inspection of documents supporting controls or events to gain audit evidence that internal controls have operated properly, eg verifying that a transaction has been authorised(b) Inquiries about internal controls which leave no audit trail, eg determining who actually performs each function not merely who is supposed to perform it(c) Reperformance of control procedures, eg reconciliation of bank accounts, to ensure they were correctly performed by the entity(d) Examination of evidence of management views, eg minutes of management meetings(e) Testing of internal controls operating on computerised systems or over the overall IT function, eg access controls(f) Observation of controls to consider the manner in which the control is being operated Auditors should consider:∙ How controls were applied∙ The consistency with which they were applied during the period∙ By whom they were applied21. deficiencies in internal controlA deficiency in internal control 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 the financial statements on a timely basis, or a control necessary to prevent, or detect and correct, misstatements in the financial statements on a timely basis is missing.ISA 265 includes examples of matters to considerwhen determining whether a deficiency in internal control is a significant deficiency:∙ The likelihood of the deficiencies resulting in material misstatements in the financial statements in the future∙ The susceptibility to loss or fraud of the related asset or liability∙ The subjectivity and complexity of determining estimated amounts∙ The amounts exposed to the deficiencies∙ The volume of activity that has occurred or could occur∙ The importance of the controls to the financial reporting process∙ The cause and frequency of the exceptions identified as a result of the deficiencies∙ The interaction of the deficiency with other deficiencies in internal controlThe ISA also lists examples of indicators of significant deficiencies in internal control, which include the following:∙ Evidence of ineffective aspects of the control environment∙ Absence of a risk assessment process∙ Evidence of an ineffective entity risk assessment process∙ Evidence of an ineffective response to identified significant risks∙ Misstatements detected by the auditor's procedures that were not prevented, or detected and corrected, by the entity's internal control∙ Restatement of previously issued financial statements that were corrected for a material misstatement due to fraud or error22. Computer-assisted audit techniquesCAATs may be used in performing various auditing procedures, including the following.∙ Tests of details of transactions and balances∙ Analytical review procedures∙ Tests of computer information system controlsThe advantages of using CAATs are:∙ Auditors can test programme controls as well as general internal controls associated with computers.∙ Auditors can test a greater number of items more quickly and accurately than would be the case otherwise.∙ Auditors can test transactions rather than paper records of transactions that could be incorrect.∙ CAATs are cost-effective in the long-term if the client does not change its systems.∙ Results from CAATs can be compared with results from traditional testing – if the results correlate, overall confidence is increased.The disadvantages associated with using CAATs include:∙ Setting up the software needed for CAATs can be time consuming and expensive∙ Audit staff will need to be trained so they have a sufficient level of IT knowledge to apply CAATs∙ Not all client systems will be compatible with the software used with CAATs∙ There is a risk that live client data is corrupted and lost during the use of CAATsThe major steps to be undertaken by the auditors in the application of a CAAT are as follows.∙ Set the objective of the CAAT application∙ Determine the content and accessibility of the entity's files∙ Define the transaction types to be tested∙ Define the procedures to be performed on the data∙ Define the output requirements∙ Identify the audit and computer personnel who may participate in the design and application ofthe CAAT∙ Refine the estimates of costs and benefits∙ Ensure that the use of the CAAT is properly controlled and documented∙ Arrange the administrative activities, including the necessary skills and computer facilities∙ Execute the CAAT application∙ Evaluate the resultsBenefits of using audit software(a) Audit software can perform calculations and comparisons more quickly than those done manually.(b) Audit software makes it possible to test more transactions than when simply manually scanning print outs. For example audit software may facilitate searches for exceptions, such as negative or very high quantities when auditing inventory listings. The additional information will give the auditor increased comfort that the figure being audited is reasonably stated.(c) Audit software may allow the actual computer files (the source files) to be tested from the originating programme, rather than print outs from spool or previewed files which are dependent on other software (and therefore could contain errors or could have been tampered with followingexport).(d) Using audit software is likely to be cost-effective in the long-term if the client does not change its systems.Difficulties of using audit software(a) The costs of designing tests using audit software can be substantial as a great deal of planning time will be needed in order to gain an in-depth understanding of the client's systems so that appropriate software can be produced.(b) The audit costs in general may increase because experienced and specially trained staff will berequired to design the software, perform the testing and review the results of the testing. (c) If errors are made in the design of the audit software, audit time, and hence costs, can be wasted in investigating anomalies that have arisen because of flaws in how the software was put together rather than by errors in the client's processing.(d) If audit software has been designed to carry out procedures during live running of the client's system, there is a risk that this disrupts the client's systems. If the procedures are to be run when the system is not live, extra costs will be incurred by carrying out procedures to verify that the version of the system being tested is identical to that used by the client in live situations.Test data techniques are used in conducting audit procedures by entering data (eg a sample of transactions) into an entity's computer system, and comparing the results obtained with pre-determined results. Test data is used for tests of controls.Benefits of using test data techniques are:(a) Test data provides evidence that the software or computer system used by the client are working effectively by testing the program controls and in some cases there may be no other way。