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ACCA F8 Audit And Assurance Video Resources

ACCA F8 Audit And Assurance Video Resources

ACCA F8 Audit And Assurance Video Resources :  This is designed to help you plan your studies and to provide more detailed interpretation of the syllabus for ACCA’s Certified Accounting Technician exams. It contains both the Syllabus and the Study Sessions for the paper, which you can follow when preparing for the exam.

The Syllabus outlines the content of the paper and how that content is examined. The Study Sessions take the syllabus and expand it into teaching or study sessions of similar length. These sessions indicate what the examiner expects of candidates for each part of the syllabus, and therefore gives you guidance in the skills you are expected to demonstrate in the exams. The time to complete each session will vary according to your individual capabilities and the time you have available to study. Tuition providers offering face-to-face tuition are recommended to design courses with a minimum of two hours tuition per study session. However, repeated coverage of the material is vital to ensure your understanding and recall of the subject. Be sure to practise past exam questions to consolidate your knowledge and read Student Accountant regularly.

video lectures

video lectures

From 26 February 2014 ACCA has introduced an improved student experience for all exams available by CBE.  Use the specimen exam available via the link on the right hand side of this page to familiarise yourself with the style and layout of the exam.

The term ‘Chartered’ in ACCA qualification refers to the Royal Charter granted in 1974.

Chartered Certified Accountant is a legally protected term. Individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, carrying liability insurance and submitting to inspections.

The Association of Authorised Public Accountants (AAPA), one of the British professional bodies for public accountants, has been a subsidiary of ACCA since 1996.

ACCA works in the public interest, assuring that its members are appropriately regulated. It promotes principles-based regulation. ACCA actively seeks to enhance the value of accounting in society through international research. It takes progressive stances on global issues to ensure accountancy as a profession continues to grow in reputation and influence.

ACCA F8 Audit And Assurance Video Resources

ACCA F8 Audit And Assurance Video Resources : The examining team prepares these reports after each exam session to offer constructive feedback on candidates’ performance in the examinations. They are full of useful guidance for future candidates.

The reports provide a general commentary on candidates’ performance as well as:

  • identifying technical aspects examined in the questions
  • highlighting good performance and where performance could be improved
  • explaining aspects which caused difficulty and why the difficulties arose, whether lack of knowledge, poor examination technique, for example.

ACCA F8 Audit And Assurance Video Resources : APPROACH ARTICLE

These resources are very useful when you tackle the paper for the first time. They give you real insight into what the examiner is looking for in terms of exam performance.

They cover:

  • the main themes of the paper
  • information on how the exam is structured
  • advice on exam technique
  • tips on how to succeed
  • potential pitfalls to avoid.

The examiner has also written articles on changes to the study guide.

ACCA F8 Audit And Assurance Video Resources

ACCA F8 Audit And Assurance Video Resources : The F8 Audit and Assurance exam is offered in both computer-based (CBE) and paper formats. The structure is the same in both formats but our model of delivery for the CBE exam means that candidates do not always receive the same set of questions. In this report, the examining team share their observations from the marking process to highlight strengths and weaknesses in candidates’ performance, and to offer constructive advice for future candidates.

 Section A objective test questions – we focus on two specific questions

 Section B constructed response questions – here we provide commentary around some of the main themes that have affected candidates’ performance in this section of the exam, identifying common knowledge gaps and offering guidance on where exam technique could be improved, including in the use of the CBE functionality in answering these questions. There were two sections to the examination and all the questions were compulsory. Section A consisted of three OT cases each comprising five OT questions for a total of 30 marks, which covered a broad range of syllabus topics. In Section B candidates were presented with one constructive response question worth 30 marks and two constructive response questions worth 20 marks each; testing the candidates’ understanding and application of audit and assurance in more depth. In order to pass this examination, candidates should ensure they devote adequate time to obtain the required level of knowledge and application. Candidates who do not spend sufficient time practising questions are unlikely to be successful as the written questions in particular aim to test candidate’s application skills.

ACCA F8 Audit And Assurance Video Resources

ACCA F8 Audit And Assurance Video Resources : Section A

It was very pleasing to see that almost all candidates attempted all 15 questions, across the three OT cases. Candidates preparing for the next examination of F8 are advised to work through the December 2016 exam and other past exams and to carefully review how each of the correct answers were derived and future candidates should aim to revise all areas of the F8 syllabus, rather than attempting to question spot. The following two questions are reviewed with the aim of giving future candidates an indication of the types of questions asked, guidance on dealing with exam questions and to provide a technical debrief on the topics covered by the specific questions selected.

ACCA F8 Audit And Assurance Video Resources

ACCA F8 Audit And Assurance Video Resources : Section B

The constructed response questions in Section B tested candidates understanding of the audit and assurance syllabus: – Audit framework and regulation – Planning and risk assessment – Internal control – Audit evidence – Review and reporting

Audit framework and regulation

This area of the syllabus requires; an understanding of the functions of an audit, being able to distinguish between the scope of internal and external audit, and, an understanding of both corporate governance and professional ethics. Questions in this area may present candidates with a scenario-based ethics question and performance in this area remains satisfactory, Candidates are generally asked to identify and explain a set number of issues from a given scenario and give relevant recommendations to counter the risks identified. It is pleasing to note evidence of candidates planning their time carefully and generally only listing the required number of issues. One mark was available for each well explained issue. As in previous sittings, while it was pleasing that candidates were able to identify relevant issues from the scenario, candidates often did not explain the issues correctly, or in sufficient detail, therefore many candidates scored ½ marks rather than one mark for each issue. Therefore, a candidate who identified an issue and stated the type of threat scored ½ marks, to be awarded the second ½ mark the candidate had to explain why this caused an ethical problem. The explanation was often weak, for example explaining the threat of ‘self-interest` resulting from contingent audit fees, as “the auditor will not be independent” is not sufficient. The candidates needed to comment on the possibility of the auditor “ignoring audit adjustments that reduce profits” to obtain the second ½ mark. Candidates may also be presented with a scenario-based corporate governance question and again candidates tend to perform well in this area. In this type of question candidates are asked to identify and explain a set number of corporate governance weaknesses from a scenario and provide relevant recommendations to address each weakness.

Planning and risk assessment

This area of the syllabus requires an understanding of how the auditor obtains and accepts audit engagements, obtains an understanding of the entity and its environment, assesses the risk of material misstatement and plans an audit of the financial statements. Questions on assessing audit risks tend to be scenario based; the candidates having to identify and explain the risks from a scenario and give an auditor’s response to address the risks. Other questions in this area of the syllabus tend to be more factual, knowledge based questions and hence depends on the ability of students to recall their knowledge in the exam. As noted in previous Examiner’s Reports a fundamental factor in planning and assessing the risks of an audit of an entity is an assessment of audit risk, and this remains a highly examinable area. Audit risk questions typically require a number of audit risks to be identified (½ marks each), explained (½ marks each) and an auditor’s response to each risk (1 mark each). The scenarios usually contain more issues than are required to be discussed. It is pleasing that candidates planned their time carefully and generally only attempted to list the required number of issues. However, a large number of candidates often did not explain how each issue could impact on the audit risk and therefore were not awarded the second ½ mark. To explain audit risk candidates need to state the area of the accounts impacted with an assertion (e.g. cut off, valuation etc.), or, a reference to under/over/misstated, or, a reference to inherent, control or detection risk. Misstated was only awarded if it was clear that the balance could be either over or understated.

Internal control Examiner’s report –

F8 March 2017 This area of the syllabus requires both an ability to describe and evaluate internal controls techniques and audit tests, and, also an ability to make appropriate recommendations. Internal control questions typically require internal control deficiencies to be identified (½ marks each), explained (½ marks each), a relevant recommendation to address the control (1 mark), and, often a test of control the external auditor would perform to assess whether each of these controls, if implemented, is operating correctly (1 mark). Internal controls questions remain a highly examinable area and in common with prior sittings, performance in the internal control questions in March 2017 was mixed. The scenarios included in exam questions contain more issues than is required to be discussed and it was therefore disappointing that some candidates did not identify the required number of issues noted in the question. In addition, some candidates did not clearly explain the implication of the deficiency, for example if PPE is not regularly physically verified then an implication of this deficiency is the possible misappropriation of assets. Most candidates were able to provide good recommendations to address the deficiencies they identified. However some of the recommendations were either poorly described, did not clearly address the specific control weakness identified or were impractical suggestions.

ACCA F8 Audit And Assurance Video Resources

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