ACCA Paper F8 Slides

Topics: Auditing, Internal control, Audit Pages: 79 (7442 words) Published: December 8, 2014
ACCA COURSE NOTES

June 2014 Examinations

Paper

F8

Audit and Assurance
(INTERNATIONAL)

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F7 Financial Reporting
F8 Audit and Assurance
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ACCA
edit Master
F8 – Audit
title style
and assurance

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1

Click to edit Master title style
Syllabus
A

Audit framework and regulation

B

Internal audit

C

Planning and risk assessment

D

Internal control

E

Audit evidence

F

Review

G

Reporting

2

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Examiner
and
Master
Examtitle
Format
style

Format of the Exam

Question 1
Question 2
Question 3
Question 4
Question 5
Total

Application of audit procedures to a scenario
Short factual questions on ISAs and other
knowledge-based areas

30
10
20

Questions with short practical scenarios
covering topics such as: internal audit, risk
assessment, planning , controls, evidence,
conclusions and reporting

20
20
100

3

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Click to edit Master title style
Assurance
It is often not possible to check the situation yourself
Skill? Time? Location?
Therefore rely on someone else
Standards?
How much checking?
Report
Audit is only one form of assurance
4

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Elements
of Master
an assurance
title style
engagement
There are the five elements in an assurance engagement:
•  A three party relationship involving a practitioner, a responsible party, and intended users
•  An appropriate subject matter
•  Suitable criteria
•  Sufficient appropriate evidence
•  A written assurance report in the form appropriate

Click
Three
to party
edit Master
relationship
title style
•  Practitioner: for example an auditor. Responsible for determining the nature, timing and extent of procedures
and must pursue doubts and queries
•  A responsible party: the person responsible for the
information and assertions
•  The intended users: the person(s) for whom the
practitioner prepares the assurance report. The
responsible party can be one of the intended users.

6

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Appropriate
to edit Master
subjecttitle
matter
style
Many types:
•  Financial performance
•  Non-financial performance eg the key indicators of efficiency and effectiveness.
•  Physical characteristics eg capacity of a facility.
•  Systems and processes eg an entity’s internal control or IT system
•  Behaviour eg corporate governance, compliance with
regulation

7

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Appropriate...
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