ACCA F8 - Audit and Assurance Revision Kit 2016

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Exam informationComputer-based ExamsACCA have announced that they intend to commence the launch of computer-based exams (CBEs) for F5–F9. Theywill be piloting computer-based exams in limited markets in September 2016 with the aim of rolling out into allmarkets internationally over a five year period. Paper-based examinations will be run in parallel while the CBEs arephased in and BPP materials have been designed to support you, whichever exam option you choose.Format of the examThe exam format is the same irrespective of the mode of delivery and will comprise two exam sectionsSection Style of question type Description Proportion of exam, %A Objective test (OT) case 3 questions 10 marksEach question will contain 5subparts each worth 2 marks30BConstructed Response(Long questions)1 question 30 marks2 questions 20 marksTotal 100Section A questions will be selected from the entire syllabus. The paper version of these objective test questionscontain multiple choice only and the computer-based versions will contain a variety. The responses to eachquestion or subpart in the case of OT cases are marked automatically as either correct or incorrect by computer.Section B questions will mainly focus on the following syllabus areas but a minority of marks can be drawn fromany other area of the syllabus Planning and risk assessment (syllabus area B) Internal control (syllabus area C) Audit evidence (syllabus area D)The responses to these questions are human marked.70Additional informationThe Study Guide provides more detailed guidance on the syllabus.xivPassing F8
Useful websitesThe websites below provide additional sources of information of relevance to your studies for Audit and Assurance.www.accaglobal.comACCA's website. The students' section of the website is invaluable for detailed information about thequalification, past issues of Student Accountant (including technical articles) and a free downloadableStudent Planner App.www.bpp.comOur website provides information about BPP products and services, with a link to the ACCA website.www.ifac.orgThis website provides information on international accounting and auditing issues.www.ft.comThis website provides information about current international business. You can search for information andarticles on specific industry groups as well as individual companies.Passing F8xv
Page 1 and 2: ACCA APPROVEDCONTENT PROVIDERACCA A
Page 3 and 4: PAPER F8AUDIT AND ASSURANCEBPP Lear
Page 5 and 6: About this Practice & Revision KitA
Page 7 and 8: Question indexThe headings in this
Page 9 and 10: Topic indexListed below are the key
Page 11 and 12: Revising F8Topics to reviseThe F8 p
Page 13 and 14: Understand the requirementsIt is im
Page 15: Tackling Multiple Choice Case Quest
Page 19 and 20: Questions1
Page 21 and 22: AUDIT FRAMEWORK AND REGULATIONQuest
Page 23 and 24: Conoy (CBE)20 minsThe following sce
Page 25 and 26: Which of the following options best
Page 27 and 28: 17 Orange 39 mins(a)Explain the ext
Page 29 and 30: PLANNING AND RISK ASSESSMENTQuestio
Page 31 and 32: Which of the following statements i
Page 33 and 34: 30 Having established a good unders
Page 35 and 36: 35 Mason has not purchased any new
Page 37 and 38: It is expected that work in progres
Page 39 and 40: 42 Recorder (12/14) 39 minsRecorder
Page 41 and 42: Required(a)(b)(c)Required(i)State M
Page 43 and 44: INTERNAL CONTROLQuestions 46 - 71 c
Page 45 and 46: 52 When goods are received, the goo
Page 47 and 48: 57 During the previous audit, the a
Page 49 and 50: 64 You now need to gain an understa
Page 51 and 52: Greystone Co is a retailer of ladie
Page 53 and 54: Required(a) List FOUR control objec
Page 55 and 56: (iii)Describe a test of control Vio
Page 57 and 58: 74 Which of the following procedure
Page 59 and 60: Which of the following options corr
Page 61 and 62: 85 Tirrol Co's internal audit depar
Page 63 and 64: 92 Redburn (12/09) 59 mins(a)Explai
Page 65 and 66: (c)For the audit of the inventory c
Page 67 and 68:
96 Rose (12/12) 39 mins(a)Identify
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99 Bush-Baby Hotels 39 mins[This qu
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Which of the following correctly su
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108 A key supplier of Humphries Co
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[Questions 115 - 117 below do not r
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The directors have produced a cash
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Answers61
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BJM Co1 A The external audit is car
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13 D Stark is a public interest ent
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Tutorial note: There are a number o
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(b)(c)MarksUp to 1 mark per ethical
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Ethical threatA senior member of th
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(a)Client acceptance procedures(i)(
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(c)Ethical risks and steps to mitig
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EuKaRe24 The correct answer is:The
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Easy marks. In part (a), easy marks
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Audit riskThe finished goods value
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Marks- Junior asked to challenge FD
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Reduction of sample sizesIt is clea
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The following factors may increase
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Audit riskThe already short reporti
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Separate engagement teamsProcedures
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Marking schemeMarks(a) (i) ½ mark
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Audit riskThe current ratio and qui
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(b)Audit risks and auditors' respon
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45 SmoothbrushText references. Chap
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MarksProvisions:- Discuss with mana
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Suitable ControlsDamaged/obsolete g
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53 C The direction of the test is i
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Easy marks. These were available in
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ImplicationPayroll calculations not
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(d)(e)Substantive procedures - Redu
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Part (d) required candidates to use
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(ii)(iii)ImplicationThe reliance is
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(d)Additional assignments for inter
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(c)(d)Marks1 mark for each valid pr
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(d)Audit proceduresObservationObser
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Marking schemeMarks(a)(b)(c)(d)Up t
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- Select a sample of goods despatch
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The requirement for tests of contro
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Deficiencies Recommended controls T
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(c)(d)Payroll substantive procedure
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MarksRights and obligations (iii)Ve
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Top tips. Only two substantive proc
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79 The correct answer is:Accounting
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92 RedburnText references. Chapters
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(e) (i) Define net realisable value
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(d)Inherent risks and mitigating co
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(b)MarksUp to 1 mark per well descr
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Deficiencyanomalies noted, as the i
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94 Springfield NurseriesText refere
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(e)(ii)(iii)Computers and motor veh
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(c)MarksEvent 2 - Explosion- Provid
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Marking scheme(a)(b)MarksUp to 1 ma
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(ii)(iii)Receivables- For those rec
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(a)Procedures to obtain audit evide
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98 Rocks ForeverText reference. Cha
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(d)diamond industry which the firm
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Audit procedureObservation involves
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102 The correct answer is:MaterialY
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114 The correct answer is:5 March 2
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Obtain written representations from
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that the business may struggle to c
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the company’s overdraft which is
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Marking schemeMarks(a)(b)(c)(d)Up t
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• Perform audit procedures in res
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Mock exams181
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ACCAPaper F8Audit and AssuranceMock
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Section A - ALL 15 questions are co
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Scenario 2The following scenario re
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Scenario 3The following scenario re
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Section B - ALL THREE questions are
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Question 18(a) (i) Identify and exp
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AnswersDO NOT TURN THIS PAGE UNTIL
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Plan of attackIf this were the real
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achieve the required level of assur
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Marks(c)(d)Up to 1 mark per well ex
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Deficiency Implication Recommendati
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Question 17Text reference. Material
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(ii)Audit risk and responsesAudit r
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(b)MarksUp to 1 mark per well descr
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(ii)(iii)Substantive procedures for
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Section A - ALL 15 questions are co
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Which of the following options corr
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13 It is May 20X7. The directors ha
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Question 17You are a member of the
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7 The correct answers are:The signi
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Question 16Text references. Chapter
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OccurrenceAudit procedureFor a samp
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(c)Marks- To ensure all goods dispa
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DeficienciesThe same order clerk ta
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Information sourcePrior year financ
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(v)(vi)The ability of current emplo
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Section A - ALL FIFTEEN questions a
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Extract from Balotelli’s non-curr
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The following scenario relates to q
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Section B - ALL THREE questions are
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Question 18Vieri Motor Cars Co (Vie
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Page 273 and 274:
Page 275 and 276:
Option B is based on depreciation b
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Section BQuestion 16(a)(b)(c)(d)(e)
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If Milla has incorrectly classified
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the level of substantive testing to
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Deficiency Control recommendations
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(a)Reliance on the work of an indep
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Notes
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Review Form - Paper F8 Audit and As
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ACCA F8 - Audit and Assurance Revision Kit 2016

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