ACCAF8英语版简介
2019年ACCA考试科目及内容
2019年ACCA考试科目及内容第一部分为基础阶段，主要分为知识课程和技能课程两个部分。
知识课程主要涉及财务会计和管理会计方面的核心知识，也为接下去实行技能阶段的详细学习搭建了一个平台。
知识课程的三个科目同时也是FIA方式注册学员所学习的FAB、FMA、FFA三个科目。
技能课程共有六门课程，广泛的涵盖了一名会计师所涉及的知识领域及必须掌握的技能。
具体课程为：第二部分为专业阶段，主要分为核心课程和选修(四选二)课程。
该阶段的课程相当于硕士阶段的课程难度，是对第一部分课程的引申和发展。
该阶段课程引入了作为未来的高级会计师所必须的更高级的职业技能和知识技能。
选修课程为从事高级管理咨询或顾问职业的学员，设计了解决更高级和更复杂的问题的技能。
具体课程为：所有学生必须完成三门核心课程。
ACCA科目内容介绍(中文版)基础阶段：知识课程F1会计师与企业F1《会计师与企业》是P1《公司治理，风险管理与职业道德》和P3《商务分析》的基础。
涵盖：企业组织，公司管理，会计和报告体系，内部财务控制，人力资源管理，会计职业道德您将会学到：企业是如何运作的，会计师和审计师在企业中的作用，如何使用科学的人力资源管理方式，如何使企业和财务的各个环节的处理符合职业道德和价值观。
F2管理会计F2《管理会计》是F5《业绩管理》和P5《高级业绩管理》的基础。
涵盖：管理会计，管理信息，成本会计，预算和标准成本，业绩衡量，短期决策方法。
您将会学到：如何使学员能够处理基本的成本信息，并能向管理层提供能用作预算和决策的信息。
F3财务会计F3《财务会计》是F7《财务报告》和P2《公司报告》的基础。
涵盖：财务会计，财务信息，复式记账法，会计系统，试算平衡表，业务交易，会计事项的记录以及合并报表基础知识。
您将会学到：如何利用财务会计相关的原则和概念，使用复式记账法，编制基本的财务报表。
基础阶段：技能课程F4公司法与商法F4《公司法》与F7《财务报告》、F8《审计与认证业务》、P1《公司治理，风险管理与职业道德》、P2《公司报告》都有着一定的联系。
ACCA Paper F8 双语教学的思考-7页文档资料
ACCA Paper F8 双语教学的思考近年来，我国逐渐呈现出高层次应用型审计、会计人才匮乏的态势。
自从2001年正式加入WTO后，我国必须按照市场共同化原则和统一标准运作，交易、兼并、合并与上市无不需要遵守国际会计准则。
因此，培养一批具备国际专业资格的人才刻不容缓。
目前，除了国内的注册会计师（CPA）外，另有6种国外会计师资格证书在中国厮杀，它们分别是特许公认会计师认证（ACCA）、美国注册会计师（USACPA）、美国管理会计师考试（CMA）、国际会计师专业资格证书（AIA）、澳大利亚公证会计师考试（CTA）和加拿大注册会计师（CGA）。
洋证书中ACCA进驻中国最早，名气最大。
ACCA是特许公认会计师公会（The Association Of Chartered Certified Accountants）的英文缩写，是具有特许头衔的4家英国注册会计师协会之一，也是迄今为止最负盛名的国际性会计师组织之一。
要成为该机构的会员，必须注册并依次通过14门课程的考试。
其中，基础阶段课程之一的paper F8（Audit and Assurance）因为涉及众多审计实务判断，全球通过率基本上在40%徘徊，成为众多学员顺利进入专业阶段考试的拦路虎。
笔者从事F8双语教学六载光阴，有一些拙见愿与大家分享。
一、双语教学模式的选择国际上双语教学的模式主要有浸没型、维持型、过渡型三种形式。
浸没型双语教学（Immersion bilingual teaching）是指学校各个学科百分之百使用一种除学生母语以外的第二语言进行教学，使用外文原版教材，讲义、课件等教学材料和学生作业均为第二语言，授课过程全程使用第二语言讲解；维持型双语教学（Maintenance bilingual teaching）是指学生入学初期仍然使用母语教学，然后选择部分学科采用外文原版教材，但是仍然采用中文讲授；过渡型双语教学（Transitional bilingual teach）即学生入学之后部分或全部使用母语授课，然后逐步转变只使用外文原版教材，教师交替使用第二语言与中文讲解知识点，根据教学效果灵活安排第二语言和中文的授课比例。
ACCA F8 双语教材
Course NotesACCA Paper F8Audit and AssuranceFrom June 2016 Tutor detailsJ A N U A R Y 2 0 1 6 R E L E A S E第一直觉教育www.fi_No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of First Intuition Publishing Ltd.Any unauthorised reproduction or distribution in any form is strictly prohibited as breach of copyright and may be punishable by law.© First Intuition Publishing Ltd, 2016第一直觉教育www.fi_第一直觉教育www.fi_ContentsPageContentsiii 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 regulation1 1 The concept of audit and other assurance engagements 12 External audits3 3 Corporate governance 54 Professional ethics and ACCA’s Code of Ethics and 95 Internal audit and governance and the 126 The scope of the internal audit function, outsourcing and internal audit 13 2: Planning and risk assessment17 1 Overview diagram17 2 Obtaining and accepting audit engagements 18 3 Objective and general principles of audit planning 19 4 Planning an audit19 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 Introduction27 2 The use of internal control systems by auditors 28 3 Transaction cycles 30 4 IT controls34 5 Tests of control versus substantive procedures 35 4: Audit evidence37 1 The use of assertions by auditors 37 2 Audit procedures38 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 others51 7 Not-for-profit organisations535: Review and reporting 551Subsequent 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 68Solutions to Class lecture examples 69Chapter 5 69第一直觉教育www.fi_第一直觉教育www.fi_1 Accounting standardsThe 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 syllabusThe 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 reporting3 Approach to examining the syllabusAs 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 TopicMarks 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 BFour 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.404 Exam techniqueThe 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.5Study plannerThe chapter number refers to the chapter of these Course Notes. The time is a guide as to how longyou should spend on this subject, including question practice. Tick each session off when you havecompleted it.Try and complete each study session in order so that you learn each topic in turn. Some sessions arelonger than others, but make sure you take a break between sessions.Read the relevant chapter of the course notes. It is essential that you try the questions from theQuestion Bank where indicated. You will not pass the exam if you don’t attempt the questions. Don’t forget, if you get stuck you can contact your tutor to ask for advice. Tick off each chapter when youhave completed it.Attempt the course examThe course exam will give you a feel for how well you have grasped the syllabus content, and will also show you if you are lacking in exam technique.RevisePractise lots of questions from the Question Bank and read the Examiner’s Comments and ExamSmarts, so that you can find out what the Examiner is looking for in your written answers.You should consider booking a First Intuition revision course at this stage, to improve your examskills, particularly if you scored below 50% in the course exam. Our revision courses are question-based, and will help you improve your exam technique. We also include a Mock Exam, giving youanother chance to practise under real exam conditions.If you complete all the sessions before you have received the course exam please email your tutor torequest it or check to download it.第一直觉教育www.fi_第一直觉教育www.fi_第一直觉教育www.fi_PERrelevanceQuestionpractice Tick when completeChapter SubjectFirst Intuition tutor guidanceTime (min) 4Audit evidenceThis chapter deals with substantive testing.Make sure you know at least four audit tests for each of the key items in the statement of financial position and make sure you understand what financial statement assertions they are testing.It is important to understand the difference between a test of control and a substantive test – both in theory and in practice P017 3 hours on the chapter and 3½ hours on thequestionsAll OT Q’s Q29 Q30 Q32 Q33 Q365Review and reportingThis chapter focuses on the closing stages of the audit and the auditor’s report to shareholders.It is essential to be familiar with each different type of audit opinion and when it would be appropriate to use them.PO183 hours on the chapter and4 hours on the questionsAll OT Q’s Q38 Q42 Q43 Q45 Q46 Q495.1 Practical Experience Requirements (PER) and Performance ObjectivesACCA requires students to have 36 months’ practical experience in order to become members. Part of the practical experience requirements is achieving performance objectives that demonstrate that you can apply what you’ve learnt when studying to real-life, work activities.ACCA has set out 20 performance objectives in 9 areas. You are required to achieve 13 performance objectives – all 9 Essentials performance objectives and any 4 Options performance objectives. ACCA has provided guidance on which objectives are strongly linked to which exam. The relevant objectives for F8, comprise Essentials objectives and Options objectives:Manage self (relevant for all exams) (Essentials)Communicate effectively (relevant for all exams) (Essentials)Use information and communications technology (relevant for all exams) (Essentials)Prepare and collect evidence for audit (relevant for F8 and P7)Evaluate and report on audit (relevant for F8 and P7)第一直觉教育www.fi_1 The concept of audit and other assurance engagementsAn audit is an evaluation of an organisation, system or process. Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control.In the context of a company and its accounting records, the external audit is an “independentexamination and expression of opinion on the financial statements of an entity”. Many organisations(particularly companies) are legally required to have an external audit.The purpose of the external audit is for the auditor to obtain sufficient appropriate audit evidence on which to base the audit opinion. This opinion states that the financial statements give a ‘true and fairview’ of the position, performance (and cash flows) of the entity. This opinion is prepared for thebenefit of shareholders and can be seen as helping to prevent these investors from being defrauded.There is no strict legal definition of “true and fair” but essentially it means that the financialstatements contain no significant/material errors.“True” can be considered as stating that the information in the financial statements is factual andcomplies with accounting standards.“Fair” refers to information being clear, impartial and unbiased, reflecting the substance oftransactions, rather than the legal form.An audit is considered necessary for all but the smallest companies because there is often a distinction between those people that own the company – the shareholders – and those people that run the day- to-day operations of the company – the directors.In this sense, the directors are considered to be the “stewards” of the company – they are accountable to the owners for the way the performance of the company.第一直觉教育www.fi_审计和其他认证业务的概念审计是对一个组织、系统或过程的评估。
ACCA F8-THE AUDIT OF WAGES 知识点讲解
ACCA F8-THE AUDIT OF WAGES 知识点讲解Relevant to Paper FAU and ACCA Qualification Paper F8 (INT) and (UK)This article focuses on the audit of wages but many of the points made also apply to salaries (the term payroll covers both). The distinction between the two is that wages are normally paid weekly in cash to employees working in departments such as production.Salaries, on the other hand, are paid monthly to employees normally working in administrative departments, via electronic transfers to their bank accounts. Changes in technology and less reliance on cash have blurred this traditional distinction and many hourly paid employees are now paid via bank transfer. However, in some small companies or in parts of the world where few people have bank accounts, employees are still paid in cash based on hours in attendance or work completed.COMMON PAYROLL FRAUDSEven companies that appear to have good internal controls can suffer from instances of fraud. The most common payroll frauds include:The inclusion of fictitious (ghost) employees on the payroll - this can happen in circumstances where blank clock-cards are kept by factory supervisors who also distribute wage packets to employees. There is also a risk of this type of fraud if staff who update the master file for changes are also involved in the preparation or distribution of wage packets.Deliberate timing errors - a variation on the above fraud is to include new employees on the payroll before they actually commence work or to leave them on the payroll after they have left.Requesting a cheque for net wages in excess of the required amount. This type of fraud is generally easier to perpetrate in manual wages systems. Alternatively, if employees are paid by bank transfer a lack of controls could provide staff with the opportunity to make changes to the list before it is sent to the bank.Payment of unauthorised/invalid overtime - this can happen in circumstances where the authorisation of overtime is not properly controlled or details of overtime input during the preparation of the payroll are not independently reconciled to authorised totals for the week.The common feature that often facilitates these frauds is inadequate segregation of duties. Frauds can be difficult to prevent where there is collusion among staff. Historically organisations have lost significant sums when large numbers of staff came to expect the routine inclusion of unauthorised overtime in their pay.AUDIT WORK ON W AGESMost of the audit work on the wages system should be performed during the interim audit but some substantive procedures to confirm payroll costs and wage accruals should normally form part of the final audit.Interim audit work on wages should involve the normal stages of recording, evaluating and testing internal controls.W AGES CONTROL OBJECTIVESTypical control objectives for wages include the following:1. To ensure that employees are only paid for work done.2. To ensure that wages are only paid to valid employees.3. To ensure that all wages are authorised4. To ensure that wages are paid at the correct rates of pay5. To ensure that wages are correctly calculated.6. To ensure all wages transactions are correctly recorded in the books of account.7. To ensure that all payroll deductions are paid over to appropriate third parties (for example, tax authorities)EV ALUATION OF THE INTERNAL CONTROL SYSTEMThe evaluation should be performed by considering if controls exist to ensure specified control objectives are met.Auditors often complete questionnaires to assist in system evaluation. Internal Control Questionnaires (ICQs) ask specific questions about controls relevant to each control objective. The alternative is an Internal Control Evaluation Questionnaire (ICEQs), sometimes referred to as key or control questions which focus on risks rather than objectives. They cover the same areas as control objectives and typical examples include:·Can employees be paid for work not done?·Can wages be paid to fictitious employees?·Can unauthorised wages be paid?·Can errors occur in wage calculations?·Can wage costs be incorrectly recorded?If the evaluation indicates that controls exist a test of controls (compliance test) will be performed but if controls are weak or absent then a substantive procedure will be appropriate, to determine if material misstatement has occurred.。
ACCA必考知识点
关于ACCA知识点中，F8的必考部分。
分为理论部分和情景题部分两大块。
下面中公财经小编就给大家详细介绍一下关于F8的必考知识点;理论部分(1) 5 elements of internal control system内控体系的五大要素-control environment(控制环境)，control activities(控制行为)，risk assessment(风险评估)，control activities(控制的监督)与information system(信息系统)。
这五大要素需要会对其进行描述。
e.g.：Identify and briefly explain the FIVE components of an entity’s internal control. (5 marks)---2015年6月考题(2)limitations of Internal control systems内控体系的局限性(如：human errors in use of judgement, simple processing error, collusion between staff, control by-passed by management)(3) Methods for documenting internal control system记录内控体系的文档都有哪几种形式，以及各自的优缺点是什么-Narrative notes, flowchart, questionnaires (ICQ+ICEQ)Describe TWO methods for documenting the sales and despatch system; and for each explain an advantage and a disadvantage of using this method. (6 marks)---2013年12月份考题(4) Reasons for maintaining internal control system公司为什么需要建立及维护必要的内控体系(如：prevent misstatement in FS, safeguard assets, avoid breach laws and regulations, prevent fraud, increase working efficiency)情景题(1)Control Deficiency +Impact/Consequence +Recommendation or Identify and Explain Deficiency + Recommendation根据题目给出的情景，指出有什么控制缺陷，给公司造成的影响是什么，最后是给出解决问题的建议。
《审计与认证业务(F8)》-课程教学大纲
《审计与认证业务（F8）》课程教学大纲一、课程基本信息课程代码：16086904课程名称：审计与认证业务（F8）英文名称：AUDIT AND ASSURANCE课程类别：专业课学时：64学分：4适用对象:ACCA考核方式：考试先修课程：Financial Accounting二、课程简介中文简介：课程目的是提高学生对审计实务的认知和理解，理解在国家治理现代化中，审计监督的重要意义，掌握审计监督更好服务于建设中国特色社会主义的理论和方法。
同时，让学生掌握实务知识的运用，让学生积累审计理论与实务经验，以便于学生毕业迅速地融入到实务工作中去。
教学大纲分为五个主要部分：（a）审计框架和规章这一部分解释了良好的公司治理在实体中的重要性。
还解释了监管框架，以及职业道德的关键领域。
（b）规划和风险评估计划和风险评估是外部审计的关键阶段，因为获得的信息和知识决定了审计方法。
（c）内部控制能够描述和评估信息系统和内部控制，以识别和交流控制风险及其潜在后果给实体管理层，并提出适当的建议以减轻这些风险。
（d）审计证据审计结论需要得到足够和适当的审计证据的支持。
了解审计证据的各种类型和来源的可靠性，并详细审查了具体项目的审计。
（e）审查和报告在外部审计结束时，审计员需要考虑持续经营的概念和随后可能对财务报表产生影响的事件。
我们也期待在书面陈述管理提供审计证据，并考虑对账户的任何纠正错误的影响。
英文简介The purpose of the F8 syllabus is to develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context ofthe professional regulatory framework. The syllabus is divided into five main sections.(a) Audit framework and regulationThe syllabus introduces the concept of assurance engagements, such as the external audit and the different levels of assurance that can be provided. You need to understand the purpose of an external audit and the respective roles of auditors and management. This part of the syllabus also explains the importance of good corporate governance within an entity. The regulatory framework is also explained, as well as the key area of professional ethics.(b) Planning and risk assessmentPlanning and risk assessment are key stages of the external audit because it is the information and knowledge gained at this time that determine the audit approach to take. We also develop further the concept of materiality which was introduced briefly in the first part of the syllabus.(c) Internal controlIn this part of the syllabus you need to be able to describe and evaluate information systems and internal controls to identify and communicate control risks and their potential consequences to the entity's management, making appropriate recommendations to mitigate those risks. We cover key areas of purchases, sales, payroll, inventory, cash and non-current assets.(d) Audit evidenceAudit conclusions need to be supported by sufficient and appropriate audit evidence. This area of the syllabus assesses the reliability of various types and sources of audit evidence and also examines in detail the audit of specific items (non-current assets, inventory, receivables, bank and cash and payables).(e) Review and reportingTowards the end of an external audit, the auditor needs to consider the concept of going concern and subsequent events which could impact on the financial statements. We also look at the audit evidence provided by written representations from management and consider the impact of any uncorrected misstatements on theaccounts.三、课程性质与教学目的F8 builds on the knowledge and understanding gained from Paper F3 Financial Accounting.You must possess good technical knowledge of audit and financial reporting but one of the key skills youwill need is to be able to apply your knowledge to the question.Section A of the exam will consist of multiple choice questions. These questions can cover any part of thesyllabus, so it is important to gain a precise knowledge of each of the syllabus areas.Section B of the exam will comprise four 10-mark written questions and two 20-mark questions. It isimportant to read the question requirements carefully and make sure that you answer the question set.Another important skill you will need is to be able to explain key ideas, techniques or approaches.Explaining means providing simple definitions and including the reasons why these approaches have been developed. Your explanations need to be clearly focused on the particular scenario in the question四、教学内容及要求第一章Chapter 1 Audit and other assurance engagements（一）目的与要求1.In the first section of this chapter we consider why there is a need for assurance in relation to financial and non-financial information. The main reason an assurance service such as an external audit is required is the fact that the ownership and management of a company are not necessarily one and the same.2.In Section 2 we introduce the concepts of agency, accountability and stewardship and consider reporting as a means of communication to the different stakeholders who are interested in the financial statements of the company. It is important to understand what other assurance services exist in addition to the external audit and these services are discussed3. in Section 3. The key assurance services which the F8 syllabus concentrates on are the external audit (statutory and non-statutory), review engagements and internal auditassignments. The effect of audits and reviews is that the stakeholders of an entity are given a level of assurance as to the quality of the information in the accounts. The degrees of assurance provided by external audits and other engagements are discussed 4.in Section 4.The remainder of the Study Text builds on the themes introduced in this chapter.（二）教学内容第一节Objective of external audit1．Statutory and non-statutory audits2．Statutory and non-statutory audits3．Advantages of the non-statutory audit第二节Accountability, stewardship and agency1．The nature and development of audit and other assurance engagements 2．Elements of an assurance engagement3. Objectives of an assurance engagement第三节Types of assurance services1 Other assurance engagements2.Types of review engagemen（三）思考与实践1 What level of assurance is provided by a review engagement?Answer: Negative assurance2 Which of the following assurance engagements provides the highest level of assurance?Answer: An external audit provides the higher level of assurance, since a positive opinion is used to provide reasonable assurance that the financial statements are not materially misstated. The negative assurance given in a review engagement is a lower level of assurance, since the practitioner only states that nothing has come to their attention that indicates that the financial information is materially misstated.3 What are the five elements of an assurance engagement?(a) A three party relationship. The three parties are the intended user, the responsible party and the practitioner.(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), nonfinancial performance (eg key performance indicators), processes (eg internal control) and behaviour (eg compliance with laws and regulations).(c) Suitable criteria. 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.（四）教学方法与手段课堂讲授、多媒体教学第二章Statutory audit and regulation（一）目的与要求This chapter describes the aims and objectives of the statutory audit and theregulatory environment within which it takes place.The regulatory framework for auditors discussed in this chapter and theregulation of auditors by bodies such as the ACCA are very important.This chapter considers in detail the regulatory aspects of the appointment,removal and resignation of auditors.It ends with an examination of International Standards on Auditing whichauditors must comply with when carrying out an external audit.（二）教学内容第一节Objective of statutory audits and the audit opinion1 The statutory audit opinion2 Small company audit exemption3 Auditor rights and duties第二节Appointment, removal and resignation of auditors1 Appointment2.Remuneration3.Resignation and removal第三节Regulation of auditors1 National level2 EU member states3 International level（三）思考与实践1.What is the function of IFAC?Answer：The function of IFAC is to initiate, co-ordinate and guide efforts to achieve international technical, ethical and educational pronouncements for the accountancy profession.（四）教学方法与手段课堂讲授、多媒体教学第三章Corporate governance（一）目的与要求The concept of corporate governance was introduced in Chapter 1. In this chapter we will look at the codes of practice that have been put in place to ensure that companies are well managed and controlled. The UK Corporate Governance Code is an internationally recognised code which we will use as an example of a code of best practice. The audit carried out by the external auditors is a very important part of corporate governance, as it is an independent check on what the directors are reporting to the shareholders. Auditors of all kinds have most contact with the audit committee, a subcommittee of the board of directors. External auditors liaise with the audit committee over the audit, and internal auditors will report their findings about internal control effectiveness to it. We shall look at audit committees in Section 2 and internal control effectiveness in Section 3. We end this chapter with a consideration of the importance of auditors communicating with those charged with governance in an entity. ISA 260 Communication with those charged with governance provides guidance for auditors in this respect.（二）教学内容第一节Codes of corporate governance1.The importance of corporate governance2 OECD Principles of Corporate Governance3 The UK Corporate Governance Code第二节Audit committees1 Role and function of audit committees2 Relationship with the board3 Drawbacks of audit committees第三节Communication with those charged with governance1 Importance of internal control and risk management2 Directors' responsibilities for internal control3 Auditors' responsibilities for internal control（三）思考与实践Why are internal controls important in a company? International Standards on AuditingAnswer：Internal controls contribute to: Safeguarding company assetsPreventing and detecting fraudSafeguarding the shareholder's investment（四）教学方法与手段课堂讲授、多媒体教学第四章Professional ethics and quality control procedures（一）目的与要求we looked at some of the regulations surrounding the external audit. Here we look at the ethical requirements of the RSBs, specifically the ACCA's Code of ethics and conduct, which is based on the IESBA's Code of ethics for professional accountants. The ethical matters covered in this chapter are very important. They could arise in almost every type of exam question and you must be able to apply the ACCA's guidance on ethical matters to any given situation, but remember that common sense is usually a good guide. First we examine the five fundamental principles of professional ethics as defined in the ACCA's Code of ethics and conduct.We then look at the five main threats to compliance with these principles and the sorts of safeguards that can be put in place to mitigate these threats. Sections 2 and 3 of this chapter are concerned with obtaining audit.（二）教学内容第一节Fundamental principles of professional ethics1.The fundamental principles2.Obligatory disclosure3. V oluntary disclosure第二节Threats to independence and objectivity1 Self-interest2 Self-review threat3 Advocacy threat第三节Conflicts of interest1 Conflicts between members' and clients' interests2 Conflicts between the interests of different clients3.Enforcement mechanisms（三）思考与实践1.Match each ethical principle to the correct definition.(a) Integrity(b) Objectivity(c) Professional competence and due care(d) Confidentiality(e) Professional behavior(i) Not allow bias, conflicts of interest or undue influence of others to override professional or business judgements(ii) Have a continuing duty to maintain professional knowledge and skill at a level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation and techniques. Act diligently and in accordance with applicable technical and professional standards when providing professional services.(iii) Be straightforward and honest in all business and professional relationships. (iv) Comply with relevant laws and regulations and avoid any action that discredits the profession.(v) Respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper or specific authority or unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of members or third parties.Answer：(a) (iii)(b) (i)(c) (ii)(d) (v)(e) (iv)（四）教学方法与手段课堂讲授、多媒体教学第五章Internal audit（一）目的与要求Internal audit is a function established by management to assist in corporate governance by assessing internal controls and helping in risk management. It can be a department of employees or can be outsourced to expert service providers. Internal auditing is different from external auditing, although the techniques used by both are very similar. While the techniques used may be similar, the focus and reasons behind the audit are different.Various assurance assignments may be undertaken by internal auditors and these are outlined in Section 4. The role of internal audit with regard to fraud is also discussed briefly. The chapter ends with a consideration of outsourcing the internal audit function– this is very common in the real world and we discuss the potential benefits and drawbacks of doing so.（二）教学内容第一节Internal audit and corporate governance1 Introduction2 Internal audit and corporate governance3 Assessing the need for internal audit第二节Distinction between internal and external audit June 09, June 12, Specimen Exam1.egulation of internal auditors2. Limitations of the internal audit function3.Financial audits第三节Scope of the internal audit function1 Business risk2 The role of internal audit3 Responsibility for fraud and error第四节Scope of the internal audit function1 Value for money audits2 Information technology audits3Best value audits（三）思考与实践1Name three key differences between internal and external audit.Answer：(1) External auditors report to members, internal auditors report to directors.(2) External auditors report on financial statements, internal auditors report on systems, controls and risks.(3) External auditors are independent of the company, internal auditors are often employed by it.（四）教学方法与手段课堂讲授、多媒体教学第六章Risk assessment（一）目的与要求This chapter covers the aspects of the external audit which will be considered atthe earliest stages, during planning.Firstly we introduce the concept of risk and look in detail at audit risk and its components (control risk, inherent risk and detection risk) and at how audit risk is managed by the auditor. The distinction between audit risk and business risk is also made. We discuss the concept of materiality for the financial statements as a whole and performance materiality and the methods used for calculating them. It is important to understand that the calculation of materiality is a matter of judgement and that materiality must be reviewed during the course of the audit and revised if necessary. The importance of understanding the entity being audited and its environment is a key aspect of audit planning and helps the auditor to identify potential risk areas to focus on. Various techniques can be used here, such as enquiry, analytical procedures, observation and inspection. The risk assessment stage allows the auditor to respond with a proposed audit approach which may be controls based or totally substantive. The auditor also needs to consider the risks of fraud and non-compliance with laws and regulations in the audit and this is examined towards the end of this chapter. This chapter covers the aspects of the external audit which will be considered at the earliest stages, during planning. Firstly we introduce the concept of risk and look in detail at audit risk and its components (control risk, inherent risk and detection risk) and at how audit risk is managed by the auditor. The distinction between audit risk and business risk is also made. We discuss the concept of materiality for the financial statements as a whole and performance materiality and the methods used for calculating them. It is important to understand that the calculation of materiality is a matter of judgement and that materiality must be reviewed during the course of the audit and revised if necessary. The importance of understanding the entity being audited and its environment is a key aspect of audit planning and helps the auditor to identify potential risk areas to focus on. Various techniques can be used here, such as enquiry, analytical procedures, observation and inspection. The risk assessment stage allows the auditor to respond with a proposed audit approach which may be controls based or totally substantive. The auditor also needs to consider the risks of fraud and non-compliance with laws and regulations inthe audit and this is examined towards the end of this chapter.（二）教学内容第一节Introduction to risk1 The overall objectives of the auditor2 Professional scepticism, professional judgement and ethical requirements3 Audit risks第二节Determining and calculating materiality and performance materiality when planning the audit1. Professional scepticism, professional judgement and ethical requirements2. Revision of materiality3 Documentation of materiality第三节Assessing the need for internal audit1.Why do we need an understanding?2 What do we need an understanding of?3 How do we gain an understanding?第四节Assessing the risks of material misstatement1 Identifying and assessing the risks of material misstatement2Significant risks3.Responding to the risk assessment（四）思考与实践1.Which procedures might an auditor use in gaining an understanding of the entityANSWER: Enquiry, analytical procedures, observation and inspection（四）教学方法与手段课堂讲授、多媒体教学第七章Audit planning and documentation（一）目的与要求In this chapter, we introduce the fundamental auditing concept of audit evidence. Audit evidence is required to enable the auditor to form an opinion on the financial statements. Therefore such evidence has to be sufficient and appropriate. We alsoexplain the financial statement assertions for which audit evidence is required. These will be particularly important when we consider detailed testing later in this Study Text, since audit tests are designed to obtain sufficient appropriate evidence about the assertions for each balance or transaction in.（二）教学内容第一节Audit planning1. The importance of planning2 The overall audit strategy and the audit plan3.The audit strategy第二节Audit documentation1 The objective of audit documentation2 Form and content of working papers3 Standardised and automated working papers（三）思考与实践1What is the general rule for audit documentation?2 State two advantages of standardised working papers.Answer：1.What would be necessary to provide an experienced auditor, with no previous connection to the audit,with an understanding of the nature, timing and extent of the audit procedures performed, the results ofaudit procedures, audit evidence obtained, significant matters arising during the audit and conclusions reached.2Advantages of standardised working papers(1) Facilitate the delegation of work(2) Means of quality control（四）教学方法与手段课堂讲授、多媒体教学第八章Introduction to audit evidence（一）目的与要求In this chapter, we introduce the fundamental auditing concept of audit evidence. Audit evidence is required to enable the auditor to form an opinion on the financialstatements. Therefore such evidence has to be sufficient and appropriate.We also explain the financial statement assertions for which audit evidence is required. These will be particularly important when we consider detailed testing later in this Study Text, since audit tests are designed to obtain sufficient appropriate evidence about the assertions for each balance or transaction in the financial statements.（二）教学内容第一节Audit evidence1. The need for audit evidence2 Sufficient appropriate audit evidence3.Management's expert第二节Financial statement assertionsrmation produced by the entity2. Selecting items to test3.Inconsistencies and doubts over reliability（三）思考与实践1.Define sufficiency and appropriateness as they relate to audit evidence.2 State the financial statement assertions.3 State five procedures which auditors can use to obtain audit evidence.4 Explain what 'reperformance' is.Answer：1.Sufficiency is the measure of the quantity of audit evidence.Appropriateness is the measure of the quality/reliability of audit evidence.2.Existence, rights and obligations, occurrence, completeness, valuation, accuracy, classification and understandability, cut-off, allocation.3.Any five from:InspectionObservationEnquiryConfirmationRecalculationReperformanceAnalytical procedures4. Reperformance is the auditor's independent execution of procedures or controls that were originally performed as part of the entity's internal control.（四）教学方法与手段课堂讲授、多媒体教学第九章Internal control（一）目的与要求In this chapter, we introduce the internal control concept. The auditor generally seeks to rely on the internal controls within the entity in order to reduce the amount of testing of final balances.The auditor will assess the risks of material misstatement arising and may respond to those risks by carrying out tests of controls. If he concludes that he can rely on the controls in place, the level of substantive audit testing required can be reduced.We also look at the ways in which auditors can document the internal control systems using narrative notes, flowcharts, questionnaires and checklists, focusing particularly on the use of questionnaires.We shall examine the detailed controls that businesses operate and the tests that the auditors may carry out in specific areas.（二）教学内容第一节Internal control systems1. Control environment2 Entity's risk assessment process3. Information system relevant to financial reporting4. Control activities5. Monitoring of controls6. Small companies – the problem of control7. Limitations of accounting and control systems第二节The use of internal control systems by auditors1. Recording accounting and control systems第三节The evaluation of internal control components1.Confirming understanding2. Tests of control3. Revision of risk assessment, audit strategy and audit plan4. Communication of deficiencies in internal control第四节Internal controls in a computerised environment1. General controls2. Application controls（三）思考与实践1. Explain why an auditor needs to obtain an understanding of internal control relevant to the audit2 Describe and explain the five components of an internal control systemAnswer：1. Internal control is the process designed and effected by those charged with governance, management, and other personnel to provide reasonable assurance about the achievement of the entity's objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations.Having determined which controls are relevant, and are adequately designed to aid in the prevention of material misstatements in the financial statements, the auditor can then decide whether it is more efficient to seek reliance on those controls and perform tests of controls in that area, or more efficient to perform substantive testing over that area.If the controls are not adequately designed, the auditor needs to perform sufficient substantive testing over that financial statement area in light of the apparent lack of control and increased risk. Any deficiencies are noted and, where appropriate, these will be communicated to management2. Internal control has five components:The control environment；The entity's risk assessment process；The informationsystem relevant to financial reporting；Control activities；Monitoring of controls In obtaining an understanding of internal control, the auditor must understand the design of the internal control and the implementation of that control. In the following sub-sections, we look at each of the elements of internal control in turn.（四）教学方法与手段课堂讲授、多媒体教学第十章Tests of controls（一）目的与要求In this chapter we will lookat how tests of controls might be applied in practice. We will examine each major component of a typical accounting system.We have already stated that the auditors must establish what the accounting system and the system of internal control consist of. The auditors will then decide which controls, if any, they wish to rely on and plan tests of controls to obtain the audit evidence as to whether such reliance can be warranted. For each of the major transaction systems we will look at the system objectives the auditors will bear in mind while assessing the internal controls and give examples of common controls. We shall then go on to look at a 'standard' programme of tests of controls.（二）教学内容第一节The sales system1. Sales system: Control objectives, controls and tests of controls第二节The purchases system1. Control objectives, controls and tests of controls第三节The inventory system1. Introduction2. Control objectives, controls and tests of controls第四节The bank and cash system第五节The payroll system1. Control objectives, controls and tests of controls第六节Revenue and capital expenditure1. Controls and tests of controls2. Tests of controls and substantive testing（三）思考与实践1. Explain, analyse and provide examples of internal control procedures andcontrol activities2 Give an example of a control which helps to ensure the completeness of non-current assets. Suggest how the auditor can test that the control is operating effectively.Answer：1. The tests of controls in the sales system will be based around:Selling (authorisation)Goods outwards (custody)Accounting (recording)The tests of controls in the purchases system will be based around:– Buying (authorisation)– Goods inwards (custody)– Accounting (recording)Inventory controls are designed to ensure safe custody. Such controls include restriction of access, documentation and authorisation of movements, regular independent inventory counting and review of inventory condition.2. You could have come up with a number of controls that help ensure completeness of non-current assets, but a common one is the regular reconciliation of the non-current asset register with the general ledger to ensure all items on the register have been recorded. The test of this control would be to obtain a copy of the reconciliation and ensure all discrepancies are followed up and resolved on a timely basis.（四）教学方法与手段课堂讲授、多媒体教学第十一章Audit procedures and sampling（一）目的与要求In this chapter we look at various audit procedures and the use of audit sampling. First we consider substantive testing which encompasses tests of detail and the use of analytical procedures as substantive tests. These methods form the basis for the next five chapters which examine the detailed testing for various financial statement account areas such as cash and inventory.We also examine the audit of accounting estimates. We have mentioned in previous chapters that judgement has to be used in accounting for some of the figures in the accounts. Examples of accounting estimates include depreciation and provisions.We will look in detail at audit sampling, which is an important aspect of the audit. We consider different types of audit sampling and the evaluation of errors.Computer-assisted audit techniques (CAATs) are an important tool in the audit and we examine the two main types of CAATs, audit software and test data.Finally in this chapter we will look at how the auditor can make use of the work of others as a source of audit evidence. We consider the use of auditor's experts, the work of internal audit and the use of service organisations in this regard.We shall examine the detailed controls that businesses operate and the tests that the auditors may carry out in specific areas.（二）教学内容第一节Substantive procedures1. Types of audit tests2 Directional testing3. Analytical procedures第二节Accounting estimates1.The nature of accounting estimates2. Risk assessment procedures3. Risk identification and assessment4. Responding to the assessed risks。
F8-UK学习指南
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Syllabus rationale This is a narrative explaining how the syllabus is structured and how the main capabilities are linked. The rationale also explains in further detail what the examination intends to assess and why. Detailed syllabus This shows the breakdown of the main capabilities (sections) of the syllabus into subject areas. This is the blueprint for the detailed study guide. Approach to examining the syllabus This section briefly explains the structure of the examination and how it is assessed. Study Guide This is the main document that students, tuition providers and publishers should use as the basis of their studies, instruction and materials. Examinations will be based on the detail of the study guide which comprehensively identifies what could be assessed in any examination session. The study guide is a precise reflection and breakdown of the syllabus. It is divided into sections based on the main capabilities identified in the syllabus. These sections are divided into subject areas which relate to the sub-capabilities included in the detailed syllabus. Subject areas are broken down into sub-headings which describe the detailed outcomes that could be assessed in examinations. These outcomes are described using verbs indicating what exams may require students to demonstrate, and the broad intellectual level at which these may need to be demonstrated (*see intellectual levels below). Learning Materials ACCA's Approved Learning Partner - content (ALPc) is the programme through which ACCA approves learning materials from high quality content providers designed to support study towards ACCA’s qualifications. ACCA has one Platinum Approved Learning Partner content which is BPP Learning Media. In addition, there are a number of Gold Approved Learning Partners - content.
【ACCA驿站】F5、F8、F9考官报告
【ACCA驿站】F5、F8、F9考官报告F5 Performance Management F5 绩效管理June 2015 pass rate – 37%F5 candidates must learn to stand back and look at the big picture in questions at this level, says the latest Examiner’s Report (for June). If you can learn to do this it will serve you well when moving on to the professional level papers.F5的考生必须学会后退一步，站在大局观上来看待问题，最新的考官文章（6月）说。
如果你学会这个，这对你专业水平的考试很有帮助。
It seems many students struggled with the ABC question (Q1) in June. The examiner pointed to the fact that students are making fundamental errors when calculating their answers.似乎许多学生在Q1上费了很大功夫。
考官指出，计算这个问题时他们犯了很基本的错误。
Q2 covered transfer pricing and sitters again struggled with this topic.For Q3, the examiner examined learning curves in conjunction with planning and operational variances. When answering a question involving consideration of consequences the examiner said PQs need to ask themselves: ‘why should we care, why is it important?’ This should help ensure that the implications of the observations being made are also consideredin order to earn the marks available.Q3考察了结合规划和操作差异的学习曲线。
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。
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。
6-ACCA F8 SESSION 5
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Confidentiality: Members should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority or unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of members or third parties. Professional behaviour: Members should comply with relevant laws and regulations and should avoid any action that discredits the profession.
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3)
The Threats of Maintenance of Objective & Independence
This has taken the form of identifying five potential threats to ethical behaviour and the suggestion of a number of safeguards which might be appropriate, including the possibility of ceasing to act for the client
ACCA F8知识要点汇总 (上)
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
*考试常见词： Stewardship 管理者；Impartial 不偏不倚；Plausible 貌似有理，花言巧语的
Part 2. Logic of Audit 逻辑 ★重点难点‐必须理解 Assertion 认定 – 考试分值在 10 分
资产负债表认定
对象：All assets, liabilities and equity interests
been included 该披露的都披露，如未决诉讼
Occurrence & rights & obligations Accuracy and valuation
Disclosed events, transactions and other matters have occurred and pertain to the entity. 披露项真实发生，且与企业有关 financial and other information are disclosed fairly and at appropriate amounts 数 值正确性
Part 1. Audit 介绍
*如图所示，审计是受股东委派，直接向股东报告。
External audits For auditor to express their opinion and provide assurance to shareholders that the financial
ACCA考试《审计与认证业务F8》知识点(1)
ACCA考试《审计与认证业务F8》知识点(1)本文由高顿ACCA整理发布，转载请注明出处THE CONTROL ENVIRONMENT OF A COMPANYThe purpose of this article is to provide candidates with a more detailed appreciation of matters pertinent to an auditor, focusing on the need for the auditor of a large limited liability company （in the UK – a limited company）to evaluate the effectiveness of the company’s control environmentISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, sets out the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment including the entity’s internal control. One of the five components of internal control is the control environment and it is recognised that the control environment within small entities is likely to differ from larger entities. Many candidates have not yet had the opportunity of working in larger entities, or have chosen not to, so have not been exposed to working within the type of strong control environment often referred to in auditing texts. Consequently, they often have limited experience on which to draw when answering exam questions that require anything other than superficial knowledge of an entity’s control environment.This article aims to provide common examples of matters the auditor needs to consider when assessing an entity’s control environment, and in making an assessment as to their impact on the risk of material misstatement in the financial statements. Reflecting the general trend of exam questions testing knowledge of this area, the article focuses on the need for the auditor of a large limited liability company （in the UK – a limited company）to evaluate the effectiveness of the company’s control environment.A company’s control environment comprises seven elements each requiring careful consideration by the company’s auditor, recognising that some elements may be more pertinent than others – depending on the subject company. Each one of these elements is identified below, along with an explanation of specific practical aspects that may be considered by the auditor when evaluating its effectiveness. Candidates should be aware that this process forms part o f the auditor’s assessment of the overall effectiveness of the company’s internal control, relevant to the audit.1 Communication and enforcement of integrity and ethical values Many companies have high values and seek to promote honesty and integrity among their employees on a day-to-day basis. Clearly, if it is evident that such values do exist and are communicated effectively to employees and enforced, this will have the effect of increasing confidence in the design, administration and monitoring of controls – leading to a reduced risk of material misstatement in a company’s financial statements. For example, where a company adopts comprehensive anti-bribery and corruption policies and procedures with regard to contract tendering, and has formal employee notification and checking practices in this regard, it follows that there is reduced risk of material misstatement due to the omission of provisions for fines forthe non-compliance with relevant laws and regulations. Alternatively, the existence in a company of comprehensive and ethical procedures with regard to the granting of credit facilities to customers and the pursuance of payment of for goods and services supplied, together with regular supervisory control in this respect, is likely to lead to increased audit confidence in the trade receivables area. This is because the existence of a system allowing goods and services to be a supplied on credit to customers provides the opportunity for fraud to be perpetrated against the company by employees and customers, particularly if controls are deficient in terms of their design or implementation.2 Commitment to competence Competence is the knowledge and skills necessary to accomplish tasks that define the individual’s job. It is self-evident that if individual employees are tasked with carrying out duties that are beyond their competence levels, then desired objectives are unlikely to be met. For example, there is an increased probability that the objective of avoiding material misstatement in a set of complex financial statements will not be met if prepared by an inexperienced company accountant. This is simply due to the inexperience （translating to a lower competence level）of the accountant. From this, it follows that the auditor will have increased confidence in internal control relevant to the audit, where management have taken measures to ensure employees who participate in internal control are competent to carry out relevant tasks effectively. Measures taken by management in this regard can cover a range of activity including for example, rigorous technical and aptitude testing at the employee recruitment stage and in-house or external training courses and mentoring from more senior colleagues3 Participation by those charged with governance The directors of a limitedliability/limited company are charged with the company’s governance. As such, they are responsible for overseeing the strategic direction of the company and its obligations relatedto its accountability – for example, to governments, shareholders and to society in general. In particular, in most jurisdictions the company’s directors are responsible for the preparation of its financial statements. Given the influence that the actions of directors have on a company’s internal co ntrol, the extent of their day-to-day active involvement in the company’s operations has a pervasive effect on the internal control of the company.The extent to which directors do get involved will, to some extent, depend on legislation or codes of practice setting out guidance for best practice in given jurisdictions. For example, the UK Corporate Governance Code （with which companies listed on the London Stock Exchange should comply）sets out standards of good practice, including those pertaining to board leadership and effectiveness. Notwithstanding legislation and codes of practice, the extent of each director’s participation is largely influenced by the nature of their professional discipline and their individual perspective about how they should carry out their respective roles. Some may see themselves as micromanagers, while others will trust subordinates to carry out defined duties with minimal interference. Frequently, directors will be very experienced and adopt an arms-length approach to getting involved in operational tasks. However, they may insist on monitoring activity by way of receipt of formalnarrative reports. Other directors may adopt a more casual （but equally thorough!）‘working alongside subordinates’ approach as a method of mo nitoring activities.All of the variables mentioned above with regard to director involvement, should be important considerations of an auditor as part of the process of ascertaining the extent of internal control in the company and in assessing its effectiveness.4 Management’s philosophy and operating style A company’s board of directors will comprise of individuals each with a different mind – set as to philosophy and operating style, manifested in characteristics such as their:approach to taking and managing business riskattitudes and actions toward financial reportingattitudes toward information processing and accounting and functions personnel.Each of the above characteristics underlie a company’s control environment and it is crucial for an auditor to have an understanding of them. Dealing with each in turn:Approach to taking and managing business risk. Business risk is the risk inherent in a company as a consequence of its day-to-day operations and it comprises several components. The first of these is financial risk – for example, the risk that the company may have insufficient cash flow to continue in operation. The second component is operational risk –for example, the risk that the company’s product lines may decli ne in popularity leading to a sharp decline in sales and profitability. The final component of business risk is compliance risk – for example, the risk that the company may be in breach of health and safety regulations, leading to the possibility of hefty fines or even the closedown of operational activity.Candidates should be aware that a risk-based approach to an audit requires the identification and assessment of inherent risk factors and then of the control risk pertaining to these, in order to determine the risk of material misstatement, prior to carrying out substantive procedures. By adopting a top-down approach to the audit and first identifying business risks, auditors should be able to identify the associated inherent risks arising. They can then progress through the audit using the audit risk model （audit risk = the risk of material misstatement x detection risk）to determine the amount of detailed testing required in each area of the financial statements. To illustrate this approach, referring to the compliance risk example above, an inherent risk arising from the risk of a breach of health and safety regulations. As a consequence, there is a risk that the company’s liabilities may be understated due to the omission of a provision required in the financial statements, in respect of a fine for a non-compliance.The directors’ approach to taking and managing business risk has obvious ramifications on a company’s financial statements, and the auditor should be aware of the various factors that influence directors in this area, and of applicable controls in place. It is often the case that a newly established company with young entrepreneurial directors and a flat management structure will have a more liberal approach to taking and managing business risk than a well-established company withmore experienced directors, and a steep hierarchical management structure. Consequently, it is likely that there would be a lower level of a risk of material misstatement in the financial statements of the latter company.Attitude and actions toward financial reporting. Financial Reporting Standards exist to help facilitate fairness, consistency and transparency of financial reporting. However, some determinants of profitability such as the measure of depreciation, the valuation of inventoryor the amount of a provision remain open to the subjective judgment of management. Consequently, the auditor needs to gain an understanding of directors’ attitudes and actions to financial reporting issues and then make a judgment as to the extent of reliance that can be placed upon these. It may be that a company that is struggling in a faltering economy, and in another driven by a culture to report increasing profits, there is a tendency to adopt aggressive （as opposed to conservative）accounting principles, in order to meet profit expectations. Clearly, on such audit engagements it is important for the auditor to remain resolute in exercising appropriate levels of professional sceptism throughout.Attitude towards information processing and accounting functions and personnel.Properly financed and resourced with sufficient numbers of appropriately qualified staff and contemporary information and communications technology, the financial reporting （accounting） and information processing functions of a company are vital to a company’s ongoing existence. They are key to the facilitation of compliance with laws and regulations, transactions with third parties, administration and control systems and in the provision of information for decision making. In most very large companies many aspects of the accounting function are inextricably intertwined with specific aspects of the company’s information processing systems, and there is an ongoing programme of investment in these, to ensure that the accounting and information processing systems are contemporary and fit for purpose. This is reflective of a situation where directors recognise that business risk will be significantly reduced, if the company has effective information processing and accounting functions. However, this situation does not apply to all companies. In some, both functions may be seen by the directors merely as necessary functional overhead areas of the business and, as such, they become under-funded and inadequately resourced in terms of staffing and equipment. An auditor engaged on an audit in such a company should be aware that there is an increased risk of material misstatement in the financial statements.5 Organisational structure ISA 315 describes a company’s organisational structure as being ‘the framework within which an entity’s activities for achieving its objectives are planned, executed, controlled and reviewed’。
ACCA新大纲解析-F8
2014年ACCA新大纲考试科目全介绍Audit and Assurance 考纲解析(F8)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.最后是对报告的处理，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：知识结构：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课的部分内容有间接联系。
考试形式：F8的考试时长还是3小时。
考试题型由原来5道简答题改为12个单选6道长题，单选题是由8道两分选择题加4道一分选择题组成的。
长题具体包括4道十分长题加2道二十分的长题。
新旧考纲的主要变化：相对旧考纲，从2014年12月F8 的考试结构有所变化，主要是分为两个Section. Section A 包括8道2分的选择题和4道1分的选择题，出题内容函盖全考纲。
Section B 将包括4道10分的长题和2道20分的长题。
同时，在ACCA官网上对于考纲的这次变化的诠释如下：主要是一些结构调整（re-structure)，把原来重复的内容简化( simplified to reduce overlap and duplication)。
新题型的评估：1. Good News:在ACCA 的官网上，有一套叫作“Specimen Exam applicable from December 2014”的题目。
我也为考生们附在这份考纲解析的后面了。
有兴趣的同学可以试着做一下，有标准答案的。
ACCA_F8知识要点汇总_(上)
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
ACCA F8 Level of assurance
Level of assuranceThe degree of assurance given by the impartial professional will depend on the nature of the exercise being carried out.'Assurance' here means the auditors' satisfaction as to the reliability of the assertion made by one party for use by another party.Negative assurance is when an auditor gives an assurance that nothing has come to his attention which indicates that the financial statements have not been prepared according to the framework. In other words, he gives his assurance in the absence of any evidence to the contrary.Directors prepare financial statements for the benefit of members. They assert that the financial statements gives a true and fair view. The auditors provide assurance on that assertion. To provide such assurance, the auditors must:●Assess risk●Plan audit procedures●Conduct audit procedures●Assess results●Express an opinionThe degree of satisfaction achieved and, therefore,the level of assurance which may be provided, is determined by the nature of procedures performed and their results.An external audit can be distinguished from other engagements in the following ways.External audit engagement: the auditor provides a high, but not absolute, level of assurance that the information audited is free of material misstatement. This is expressed positively in the audit report as reasonable assurance.Review engagement:the auditor provides a limited level of assurance that the information subject to review is free of material misstatement. This is expressed in the form of negative assurance.Agreed-upon procedures:the auditor simply provides a report of the factual findings of the engagement agreed by the auditor,entity and any appropriate third parties,so no assurance is expressed. Users of the report must instead judge for themselves the auditor's procedures and findings and draw their own conclusions.Compilation engagement:the practitioner is engaged to use his accounting expertise (as opposed to auditing expertise) to collect, classify and summarise financial information. No assurance is expressed.The following table summarises the different types of engagement that can be carried out by practitioners.Engagement Types of assurance provided ExamplesExternal audit Reasonable -Statutory external audit Review Negative -Review of interim financialstatementsAgreed-upon procedures None -Examination of statement offinancial position-Examination of segmentalsales and profit Compilation None -Preparation of financialstatements-Preparation of tax returnsSufficient appropriate audit evidenceThe appropriateness of audit evidence is the measure of the quality of it, that is, its relevance and its reliability in providing support for the conclusions on which the auditor's opinion is based.The sufficiency of audit evidence is the measure of the quantity of audit evidence. The quantity of audit evidence required is affected by the auditor's assessment of the risks of material misstatement and also by the quality of such evidence.ISA500 Audit evidence requires auditors to 'design and perform audit procedures that are appropriate in the circumstances for the purposes of obtaining sufficient appropriate audit evidence'. 'Sufficiency' and 'appropriateness' are interrelated and apply to both tests of controls and substantive procedures.●Sufficiency is the measure of the quantity of audit evidence.●Appropriateness is the measure of the quality or reliability of the audit evidence.The quantity of audit evidence required is affected by the level of risk in the area being audited. It is also affected by the quality of evidence obtained. If the evidence is high quality, the auditor may need less than if it were poor quality. However, obtaining a high quantity of poor quality evidence will not cancel out its poor quality. The ISA requires auditors to consider the relevance and reliability of the information to be used as audit evidence when designing and performing audit procedures.Relevance deals with the logical connection with the purpose of the audit procedure and the assertion under consideration (we look at assertions in the next section). The relevance ofinformation may be affected by the direction of testing.Reliability is influenced by the source and nature of the information, including the controls over its preparation and maintenance. The following generalisations may help in assessing the reliability of audit evidence.QUALITY OF EVIDENCEExternal Audit evidence from external source is morereliable than that obtained from the entity'srecords because it is from an independentsource.Auditor Evidence obtained directly by auditors is morereliable than that obtained indirectly or byinference.Entity Evidence obtained from the entity's records ismore reliable when the related control systemoperates effectively.Written Evidence in the form of documents (paper orelectronic) or written representations aremore reliable than oral representations, sinceoral representations can be retracted. Originals Original documents are more reliable thanphotocopies or facsimiles, which can easily bealtered by the client.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 auditorsThey also contain working papers covering each audit area. These should include the following:●A lead schedule including details of the figures to be included in the accounts●Problems encountered and conclusions drawn●Audit programmes●Risk assessments●Sampling plans●Analytical review●Details of substantive tests ane tests of controlIf it is necessary to modify/add new audit documentation to a file after it has been assembled, the auditor should document:●Who made the changes, and when, and by whom they were reviewed●The reasons for making changes●The effect of changes on the auditors' conclusionsIf, in exceptional circumstances, changes are made to an audit file after the audit report has been signed, the auditor should document:●The circumstances●The audit procedures performed, evidence obtained, conclusions drawn●When and by whom changes to audit documents were made an reviewed。
ACCAF8英英审计字典
Auditing Dictionary of TermsThe words defined in this dictionary all appeared in questions on the CPA exam, so they are worth knowing if you are studying for the exam. 本字典中定义的单词均出现在注册会计师（美国）的考试之中，如果您正在参与此项考试，那么您值得一读。
acceptance sampling is sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.accounting and review services are official pronouncements covering compilation and review engagements. Compilation is presenting in the form of financial statements information that is the representation of management (owners) without expressing assurance. Review is inquiry and analytical procedures to provide the accountant a basis for expressing limited assurance that there are no material modifications that should be made to the statements for them to be in conformity with U.S. generally accepted accounting principles or, if applicable, another comprehensive basis of accounting.accounting data includes journals, ledgers and other records such as spreadsheets that support financial statements. It may be in computer readable form or on paper.accounting estimate An approximation of a financial statement element. Accounting estimates are often included in historical financial statements because measurement of some amounts is uncertain pending outcome of future events and relevant data about events that have occurred cannot be accumulated on a timely, cost-effective basis.accounting principles are alternative ways of reporting and disclosing information in financial statements and related footnotes.accounts receivable Debts due from customers from sales of products and services. Normally a current asset.adjusting entries are accounting entries made at the end of an accounting period to allocate items between accounting periods.adverse An audit opinion that the financial statements as a whole are not presented in conformity with U.S. GAAP.advisory services are a consulting service in which the CPA develops the findings, conclusions, and recommendations presented for client consideration and decision making. This differs from attestation services where the CPAexpresses a conclusion about reliability of a written assertion that is the responsibility of another.aggregate (aggregated) Constituting the whole. Aggregate expenses include expenses of all divisions combined for the entire year.agreed-upon procedures An engagement where the client specifies procedures and the accountant agrees to perform those procedures. An accountant may accept an engagement limited to applying agreed-upon procedures to financial statement elements, where the scope of the engagement is not sufficient to express an opinion on the elements, if the users assume responsibility for sufficiency of the procedures, and use of the report is restricted to specified users.aicpa American Institute of Certified Public Accountants. The professional organization of CPAs in the U.S. It is a private organization of CPAs, not an arm of the government. Each state issues CPA certificates, not the AICPA. Since each state makes its own laws, each state could prepare and grade their own CPA examination. However, each state uses the uniform CPA exam prepared and graded by the AICPA.allocation Distribution according to a plan. Depreciation, amortization, and depletion are methods to allocate a cost to periods benefited.allowance for doubtful accounts A contra asset account with a credit balance used to reduce the carrying amount of accounts receivable to net realizable value. The allowance balance is the estimated total of uncollectible accounts included in accounts receivable.allowance for sampling risk The difference between a sample estimate and the projected population characteristic at a specified sampling risk. This allowance is also the difference between the expected error rate and the tolerable deviation rate.analytical procedure A comparison of financial statement amounts with the auditor's expectation. An example is the comparison of actual interest expense for the year (a financial statement amount) with an estimate of what that interest expense should be. The estimate can be found by multiplying a reasonable interest rate times the average balance of interest bearing debt outstanding during the year (the auditor's expectation). If actual interest expense differs significantly from the expectation the auditor explains the difference in the working papers.analyze Identify and classify items for further study.anticipated Expected.application control Programmed procedure in application software designed to ensure completeness and accuracy of information.approve To authorize. A manager authorizes a transaction by signing a voucher providing approval for the disbursement.ascertain An audit procedure to determine or to discover with certainty. For example, to ascertain the date on which an investment was purchased by examining source documents.assertion Management asserts financial statements are correct with regard to existence or occurrence of assets, liabilities or transactions, completeness of information in the financial statements, rights and obligations at a point in time, appropriate valuation or allocation, presentation, and disclosure.assess To determine the value, significance, or extent of.assessed Determined. The level of control risk determined by the auditor, based on tests of controls, is the assessed level of control risk.assurance The level of confidence one has in a proposition.attest (attestation)report An attest engagement is one in which a practitioner is engaged to issue a written conclusion about the reliability of a written assertion that is the responsibility of another party. A financial statement audit is one type of attestation.attorney's letter is signed by the client's lawyer and addressed to the auditor. It is the auditor's primary means to corroborate information furnished by management about litigation, claims, and assessments.attribute sampling The characteristic tested is a property that has only two possible values (an error exists or it does not).audit adjustment, whether or not recorded by the entity, is a proposed correction of the financial statements that may not have been detected except through audit procedures.audit committee A committee of the board of directors responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results.audit objective In obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in the light of those assertions. For example, an audit objective related to the completeness assertion an auditor might develop for inventory balances is that inventory quantities include all products, materials, and supplies on hand.audit planning is developing an overall strategy for the conduct and scope of the audit. The nature, extent, and timing of planning varies with the size and complexity of the entity, experience with the entity, and knowledge of the entity's business.audit risk A combination of the risk that material errors will occur in the accounting process and the risk the errors will not be discovered by audit tests.。
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ACCA F8 Audit framework and regulation
1、The concept of audit and other assurance engagements
An audit is an evaluation of an organisation, system or process. Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control.
In the context of a company and its accounting records, the external audit is an “independent examination and expression of opinion on the financial statements of an entity”. Many organisations (particul arly companies) are legally required to have an external audit.
The purpose of the external audit is for the auditor to obtain sufficient appropriate audit evidence on which to base the audit opinion. This opinion states that the financial statements give a ‘true and fair view’ of the position, performance (and cash flows) of the entity. This opinion is prepared for the benefit of shareholders and can be seen as helping to prevent these investors from being defrauded.
There is no strict legal definition o f “true and fair” but essentially it means that the financial statements contain no significant/material errors.
“True” can be considered as stating that the information in the financial statements is factual and complies with accounting standards.
“Fair” refers to information being clear, impartial and unbiased, reflecting the substance of transactions, rather than the legal form.
An audit is considered necessary for all but the smallest companies because there is often a distinction between those people that own the company – the shareholders – and those people that run the day- to-day operations of the company – the directors.
In this sense, the directors are considered to be the “stewards ” of the company – they are accountable to the owners for the way the performance of the company.
1.1 Assurance engagements
Assurance engagements (of which an external audit is an example) are simply assignments where a practitioner expresses a conclusion designed to give confidence about the outcome of a particular subject matter.
The five elements of an assurance engagement are:
(a) A three-party relationship:
(i) A practitioner (i.e. an accountant) who is the professional who will review the subject matter and provide the assurance
(ii) A responsible party, which is the organisation responsible for preparing the subject matter to be reviewed
(iii) Intended user, who is the person who requires the assurance report.
(b) An appropriate subject matter. The subject matter is the data that the responsible party has prepared and which requires verification (e.g. financial statements).
(c) Suitable criteria. The subject matter is compared to the criteria in order for it to be assessed and an opinion provided (e.g. accounting standards).
(d) Sufficient appropriate evidence has to be obtained by the practitioner in order
to give the required level of assurance.
Company Owned by Run by Shareholders Financial statements Directors Independent examination Opinion Auditor
(e) A written assurance report given by the practitioner to the intended user and the responsible party.
1.2 Explain the level of assurance provided by audit and other review assignments
There are two levels of assurance that an assurance engagement can provide, depending on the amount of work performed.
1.2.1 Limited level of assurance
This is a form of negative assurance, whereby the auditors state that “nothing has come to their attention” that causes them to believe that the subject matter is not free from material misstatement. This level of assurance is commonly used for forecasts (e.g. a cash flow forecast), where the auditor cannot “vouch” the accuracy of the data because the data cannot be tested against actual known figures.
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