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F8 - 2020 | Audit and Assurance (AA) | - STUDY TEXT and KIT

Studying F8 Audit and Assurance

The F8 Audit and Assurance exam assessments students' information of auditing and assurance concept but also, very importantly, their capability to practice that understanding to situations that they may well come across in their auditing careers.

The inspecting team's approach interview is reachable on the F8 Audit and Assurance location of the ACCA website, along with an examining team analysis interview searching at student overall performance in a variety of examination sittings, which highlights how students can improve their performance.

All questions on this paper are obligatory so any subject from across the syllabus could be examined.
As referred to above, it is vital that college students possess both understanding of auditing and assurance and the capability to observe that expertise to situations that should occur in real life.

1 What F8 Audit and Assurance is about

The purpose of the F8 Audit and Assurance syllabus is to support understanding and appreciation of the manner of carrying out the assurance engagement and its application in the context of the expert regulatory framework. The syllabus is divided into 5 crucial sections:

Audit framework and law

    The syllabus introduces the questioning of assurance engagements, such as the exterior audit and the special levels of assurance that can be provided. You want to understand the purpose of an external audit and the respective roles of auditors and management. This phase of the syllabus additionally explains the importance of right corporate governance inside an entity. The regulatory framework is also explained, as properly as the key location of professional ethics. Also in the context of the audit framework, we explain the nature of internal audit and describe its role as part of overall performance management and good corporate governance within an entity. It is indispensable that you apprehend the differences between inside and exterior audit at this stage.

Planning and risk assessment

    Planning and hazard evaluation are key stages of the external audit due to the fact it is the facts and know-how received at this time that determine the audit approach to take. We additionally boost similarly the notion of materiality which used to be introduced quickly in the first phase of the syllabus.

Internal control

    In this part of the syllabus you need to be in a position to describe and evaluate facts systems and internal controls to identify and communicate control risks and their workable consequences to the entity's management, making appropriate recommendations to mitigate these risks. We cowl key areas of purchases, sales, payroll, inventory, money and non-current assets.

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Audit evidence

    Audit conclusions want to be supported by way of adequate and fabulous audit evidence. This place of the syllabus assesses the reliability of a range of kinds and sources of audit proof and also examines in detail the audit of specific items (non-current assets, inventory, receivables, bank and cash and payables). We additionally look at the specific considerations for the audit of not-for-profit organisations such as charities, which could come up in a scenario-based question.

Review and reporting

    Towards the quit of an external audit, the auditor desires to think about the concept of going situation and subsequent occasions which should influence on the economic statements. We also look at the audit evidence provided by written representations from management and consider the impact of any uncorrected misstatements on the accounts. This part concludes on the essential theme of audit reporting. The outcome of the external audit is the auditor's report which sets out the auditor's opinion on the financial statements. This section of the syllabus looks at the various types of auditor's report that can be issued and what each of them means. It also looks at reports to management, which are a by-product of the audit but nevertheless very important for highlighting deficiencies in internal control to management.

2 What skills are required?

F8 Audit and Assurance builds on the knowledge and grasp gained from Paper F3 Financial Accounting.
You must possess appropriate technical knowledge of audit and financial reporting but one of the key capabilities you will want is to be able to observe your information to the question.
Another essential talent you will want is to be in a position to explain key ideas, strategies or approaches.
Explaining ability presenting easy definitions and such as the motives why these strategies have been developed.
Your explanations need to be in reality targeted on the precise situation in the question.

3 How to improve your chances of passing

  • There is no preference in this paper; all questions have to be answered. You have to therefore learn about the complete syllabus; there are no shortcuts.
  • Practising questions under timed conditions is essential. 's Practice Revision Kit contains questions on all areas of the syllabus.
  • Questions will be based on simple scenarios, so answers must be focused and specific to the organisation.
  • Answer plans will help you to focus on the requirements of the question in Section B and enable you to manage your time effectively.
  • Answer all parts of the question.
  • Make sure your answers focus on practical applications of auditing techniques, common sense is essential!
  • Keep an eye out for articles, as the examination team will use Student Accountant to get in touch with the students.

4 Brought forward knowledge

The F8 Audit and Assurance syllabus assumes knowledge brought forward from F3 Financial Accounting.
It's essential to be satisfied with your monetary reporting research due to the fact such components are in all likelihood to come up in scenariobased questions, such as subsequent events.
ACCA therefore recommends that you sit papers in order so that you have the understanding from Paper F7 Financial Reporting which will additionally be an advantage when taking Paper F8 Audit and Assurance.
However, please be aware that you do not longer have to pass F7 in order to sit F8 Audit and Assurance.

5 Answering questions

5.1 Analysing question requirements

It's particularly vital to think about the question necessities carefully to make sure you apprehend exactly what the query is asking, and whether each query part has to be answered in the context of the state of affairs or is more general. You additionally want to be certain that you apprehend all the tasks that the query is asking you to perform.

Remember that every word will be important. If for example you are asked to: 'Explain the importance of carrying out a risk assessment at the planning stage of the statutory audit of Company X', then you would explain that:

  • A risk assessment carried out under the ISAs helps the auditor to identify the areas that are susceptible to material misstatement.
  • The risk assessment forms a foundation for designing or performing similarly audit procedures.
You would no longer pick out all the audit risks bobbing up in Company X.

5.2 Analysing question scenarios

When analyzing thru the scenario you need to assume widely about how the scenario relates to the underlying issues of the syllabus, and also important content material from anything areas of the syllabus the question covers.

(a) Ethics

    In questions on ethics, you are likely to be looking out for ethical threats in the current arrangements, and trying to recommend appropriate responses (for example, ways to reduce the threats to an acceptable level) that are line with ethical codes.

(b) Internal control

    With internal control questions, you are most likely to be interested in the deficiencies in the internal control system, and the implications of the deficiencies. From here, you may need to either provide recommendations to management on how to eliminate the deficiencies, or consider the audit risks arising and suggest audit procedures in response to the deficiencies.

(c) Audit procedures

    If you are asked to suggest tests of controls or substantive procedures relating to a particular account balance, transaction or event, first identify the relevant financial statement assertion. Look in the situation for manageable sources of audit evidence. You should call on your knowledge of the standard audit procedures to apply, but always make sure that the procedures you suggest are relevant to the scenario.

(d) Financial analysis

    Where a question requires you to perform financial analysis and calculate ratios, read the scenario first for any clues as to the kind of overarching issue that is affecting the company. These clues may enable you to choose the relevant ratios to calculate. Always keep in mind what the ratios mean: remember what figures make up each ratio, so as to identify possible reasons for fluctuations/sources of misstatement.

(e) Modified audit opinions

    If you are presented with uncorrected misstatements or events which may have an impact on the auditor's report, first consider how material the misstatement or event is in the context of the financial statements as a whole. You will need to take into account the nature of the company's business, as well as any quantitative measures given (assets, revenue or profit) to make this assessment. It will not suffice to identify the appropriate audit opinion – you must justify it.

F8 - Study Text 2020
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