ACCA F8 Exam Tips December 2014
This article provides Acca Exam Tips For F8 For December 2014 Attempt. In this article following content is provided Acca Exam Tips By Kaplan, Acca Exam Tips By Bpp, Acca Exam Tips By Lsbf, Acca Exam Tips By First Institution, Acca Exam Tips By Open Tuition, Acca Exam Tips By Becker Professional Education, Acca Exam Tips By MM University and Acca Exam Tips By Many Other Top Institution Providers And Tutors.
However, following are the Exam Tips (Important Topics) of ACCA f8 for December 2014 session that may appear in exams as long question according to expert tutors and tuition providers.
Audit Framework: Ethics / confidentiality / Audit committees
Internal Audit: Direct assistance by internal audit for external audit
Planning and Risk: Audit risks and responses
Internal Control: Cash, inventory, purchases (including tests of control)
Audit Evidence: Purchases, revenue, inventory
Completion & reporting : Written representations (ISA 580), Subsequent events (ISA 560), and Auditor’s reports
– Limited assurance engagements
– Expectation gap
– Auditor rights and duties
– Benefits / limitations of audits
– Engagement letters (ISA 210)
– Fraud and error (ISA 240)
– Laws and regulations (ISA 250)
– Components of an internal control system (ISA 315)
– Inherent limitations of internal control
– Risk assessment procedures (ISA 315)
– Auditing accounting estimates (ISA 540)
– Financial statement assertions
Please be aware that recent diets for F8 have ranged from those requiring knowledge of the content of a broad range of standards (some quite peripheral to the syllabus) and those requiring grounding in the core auditing concepts/techniques. Therefore, students should be prepared for either possibilities in the December 2014 paper, or a combination of both.
MCQ’s from whole syllabus
– Internal control.
– Audit planning.
– Audit evidence and audit procedures (both substantive procedures and tests of control).
– Ethical threats and safeguards.
– Audit finalisation.
– Corporate governance and internal control.
– MCQ’s will likely to be a mix of knowledge and practical, so knowledge of ISAs, corporate governance etc will be important
– Substantive testing – tangible non-current assets, trade payables, provisions, bank and cash.
– Controls – reporting to management and tests of controls on Purchases (including asset purchases), bank and cash.
– Planning – audit risk and response, with ratios.
– Ethics – threats to objectivity, confidentiality.
– Finalisation/reports – subsequent events, other Information.
– Internal audit– reliance by external auditors (ISA 610).
– Other – roles of audit committees, CAATS, levels of assurance, ISA 240, 250, 260, 402.
MCQs on whole syllabus.
– Audit risk and auditor response (including ratio calculations).
– Internal control – deficiencies, implications and recommendations (purchases and payables cycle).
– Audit evidence and substantive testing.
– Subsequent events.
– Modified auditors reports.
Section A: 20 marks MCQ’s from any area of syllabus
- Audit planning and risk assessment
- Internal control evaluation or criticism – for sale system
- Audit evidence for specific figures in Financial statement
- CAAT – Computer assisted audit techniques
- Ethical dilemmas