ACCA F8 双语教材

Course Notes

ACCA Paper F8

Audit and Assurance

From June 2016 Tutor details

J A N U A R Y 2 0 1 6 R E L E A S E

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Contents

Page

Contents

iii 1 Accounting standards v 2 Overview of the syllabus v 3 Approach to examining the syllabus v 4 Exam technique v 5 Study planner vi 1: Audit framework and regulation

1 1 The concept of audit and other assurance engagements 1

2 External audits

3 3 Corporate governance 5

4 Professional ethics and ACCA’s Code of Ethics and 9

5 Internal audit and governance and the 12

6 The scope of the internal audit function, outsourcing and internal audit 13 2: Planning and risk assessment

17 1 Overview diagram

17 2 Obtaining and accepting audit engagements 18 3 Objective and general principles of audit planning 19 4 Planning an audit

19 5 Understanding the entity and its environment 20 6 Assessing the risks of material misstatements 21 7 Materiality, fraud, laws and regulations 22 8 Analytical procedures 24 9 Interim and final audits 25 10 Audit documentation 26 3: Internal control 27 1 Introduction

27 2 The use of internal control systems by auditors 28 3 Transaction cycles 30 4 IT controls

34 5 Tests of control versus substantive procedures 35 4: Audit evidence

37 1 The use of assertions by auditors 37 2 Audit procedures

38 3 The audit of specific items 40 4 Audit sampling and other means of testing 49 5 Computer-Assisted Audit Techniques 50 6 The work of others

51 7 Not-for-profit organisations

53

5: Review and reporting 55

1Subsequent events 55 2Going concern 57 3Written representations 59 4Audit finalisation and the final review 60 5Audit reports 60 6Application to scenarios 66 7Reports to Management 68

Solutions to Class lecture examples 69

Chapter 5 69

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1 Accounting standards

The accounting knowledge that is assumed for Paper F8 is the same as that examined in Paper F3. Therefore, candidates studying for Paper F8 should refer to the Accounting Standards listed under Paper F3.

2 Overview of the syllabus

The syllabus headings are the same as the titles of each chapter in these course notes: (1) Audit framework and regulation (2) Planning and risk assessment (3) Internal control (4) Audit evidence

(5)

Review and reporting

3 Approach to examining the syllabus

As with all other ACCA exams, F8 is a three-hour exam with an additional 15 minutes’ reading and planning time.

The Examiner for F8 is Pami Bahl.

All the questions in the F8 exam are compulsory. Section A consists of 12 objective test questions. Section B consists of six longer questions. The bulk of these questions will be discursive but some questions involving the calculation and interpretation of some basic ratios will be set from time to time.

Section Topic

Marks Section A Four 1 mark objective test questions covering any area in the syllabus. Eight 2 mark objective test questions covering any area in the syllabus 4 16 Section B

Four 10 mark questions on any area of the syllabus.

40 Two 20 mark questions covering potentially any area of the syllabus, but with heavier emphasis on planning and risk assessment, internal control, audit evidence and review and reporting.

40

4 Exam technique

The exam is 180 minutes long and totals 100 marks. Therefore, you should allocate 1.8 minutes for each mark, or 36 minutes for Section A in total, 18 minutes for each 10-mark question and 36 minutes for each 20-mark question. Some longer questions will have subsections which should also be broken up. How long it takes to answer each objective test question will vary depending on the length of the question, but you should aim to complete the whole of Section A within the 36 minutes allocated to it. Every part of every question must be attempted.

As an approximate guide, in Section B every paragraph should contain 1 valid point which will earn 1 mark. You should try to keep your paragraphs to less than four lines of writing.

Leave a line between each paragraph written, giving the marker the opportunity to give you maximum marks.

The use of columns may work well for those questions where there are two parts of the question e.g. if the question asks for risks and controls that would mitigate those risks or audit procedures, and the reason for carrying them out.