F8 Last minute revision

PRESENTED BY ALAN LEWIN

Areas included in presentation

Syllabus overview F8 Paper format Review of December 2013 paper Recent articles Question spots June 2014 Last minute tips

Overview of syllabus
A Nature and purposes of assurance engagements B Nature / work of internal audit C Understand the entity being audited D Evaluate control systems E Collect audit evidence F Evaluate findings from audit G Audit reports

F8 Paper format all questions compulsory

Section A 30 Marks questions based on scenario Section B 10 marks - Short questions nearly always knowledge based Section C 60 marks three 20 mark questions mixture of knowledge and application Knowledge (40%+) v Application (60%)

Section A style questions

Large scenario 30 marks Needs careful planning Any syllabus area

Section B style questions

Smaller questions 10 marks Test knowledge Bullet points acceptable and advisable

Section C style questions

Mix of knowledge and application 20 marks Can have some obscure knowledge so leave or guess! Clear answer format important

Review of December 2013 paper

Question 1 Explanation of audit risk and identify risks in scenario then explain audit strategy document Substantive procedures on some SFP items Question 2 Tests of control and substantive procedures Types of audit evidence Procedures in final review of Financial Statements

Review of December 2013 paper

Question 3 Methods of system documentation Control objectives, deficiencies and recommendations in sales and despatch system Question 4 Procedures before accepting audit Ethical risks and how to resolve

Review of December 2013 paper

Question 5 Procedures to confirm opening balances Reliance on an expert Amendment of poorly worded audit report

F8 Recent articles
Audit of wages Explanation of wages system and the different audit procedures on IS and SFP Audit procedures Guidance on how to write audit procedures The control environment of a company Explanation of the elements of a control environment

Question spots June 2014

Audit framework ethical principles / limitations of an audit Internal audit (not examined D13) particularly need for internal audit Planning and risk Materiality and analytical procedures Internal control systems Purchases, inventory and wages Audit evidence Inventory, possibly bank then use of CAATs Completion and reporting Written representations / going concern

F8 - Last minute tips

Practice recent exam questions Remember to present answers clearly Note the verb requirement list is .5 mark per point while explain recommend etc is 1 mark per point Presentation is clearer with double line spacing (with large handwriting) and use of headings for points