ACCA F8

Candidates are getting better at answering the audit report questions, according to the examiner.

For Section B the six written questions were structured around the following topics: Audit framework and regulation; planning and risk assessment; internal control; audit evidence, and finally review and reporting.

The examiner then looked at these areas one-by-one.

For audit framework and regulation candidates must be able to distinguish between internal and external audit. Don’t confuse internal audit and audit committees! You must also have a clear understanding of both corporate governance and professional ethics.

For the area of planning students were examined on their knowledge of engagement letters and the information necessary to aid an understanding of a new audit client.

Audit risk and responses was another area tested.

When it came to audit evidence candidates were asked to explain four factors that influence the reliability of audit evidence. Inventory count procedures also loomed large as did audit procedures in relation to R&D costs.

For review and reporting the examiner looked at going concern indicators and procedures and audit report modification. The December exam included a question on going concern assessment and required five potential indicators present within the scenario. Candidates were then asked to look at going concern procedures.

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