ACCA F8 - Audit and Assurance Revision Kit 2016

Plan of attack
If this were the real Audit and Assurance exam and you had been told to turn over and begin, what would be going
through your mind?
An important thing to say (while there is still time) is that it is vital to have a good breadth of knowledge of the
syllabus because all the questions are compulsory. However, don't panic. Below we provide guidance on how to
approach the exam.
Looking through the paper
Section A has 3 objective test cases, each with 5 questions. This is the section of the paper where the examination
team can test knowledge across the breadth of the syllabus. Make sure you read these cases and questions
carefully. The distractors are designed to present plausible, but incorrect, answers. Don’t let them mislead you. If
you really have no idea – guess. You may even be right.
Section B has three longer questions:
Question 16 is a 30-mark internal controls question, with smaller requirements on communication with
those charged with governance, CAATs and substantive procedures. Don’t panic – take time to read the
scenario and set out a three-column format for your answer.
Question 17 is a 20-mark audit planning question, covering materiality and analytical procedures to identify
audit risks. Part (b), with analytical procedures, is tricky but easy marks are available in part (a).
Question 18 is a 20-mark substantive procedures question, requiring you to apply substantive procedures to
bank, payables and receivables. Again, easy marks are available in part (a).
Allocating your time
BPP's advice is to always allocate your time according to the marks for the question. However, use common
sense. If you're doing a question but haven't a clue how to do part (b), you might be better off re-allocating your
time and getting more marks on another question, where you can add something you didn't have time for earlier
on. Make sure you leave time to recheck the OTQs and make sure you have answered them all.
Forget about it
And don't worry if you found the paper difficult. More than likely other candidates will too. If this were the real thing
you would need to forget the exam the minute you left the exam hall and think about the next one. Or, if it is the last
one, celebrate!
Mock exam 1: answers 197