ACCA F8 - Audit and Assurance Revision Kit 2016

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212 Mock exam 1: answers
ACCAPaper F8Audit and AssuranceMock Examination 2Time allowed: 3 hours 15 minutesThis question paper is divided into two sections:Section A – ALL 15 questions are compulsory and MUST be attemptedSection B – ALL 3 questions are compulsory and MUST be attemptedDo NOT open this question paper until instructed by the supervisor.Do NOT record any of your answers on the question paper.This question paper must not be removed from the examination hall.213
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ACCA APPROVEDCONTENT PROVIDERACCA A
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PAPER F8AUDIT AND ASSURANCEBPP Lear
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About this Practice & Revision KitA
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Question indexThe headings in this
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Topic indexListed below are the key
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Revising F8Topics to reviseThe F8 p
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Understand the requirementsIt is im
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Tackling Multiple Choice Case Quest
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Useful websitesThe websites below p
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Questions1
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AUDIT FRAMEWORK AND REGULATIONQuest
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Conoy (CBE)20 minsThe following sce
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Which of the following options best
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17 Orange 39 mins(a)Explain the ext
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PLANNING AND RISK ASSESSMENTQuestio
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Which of the following statements i
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30 Having established a good unders
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35 Mason has not purchased any new
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It is expected that work in progres
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42 Recorder (12/14) 39 minsRecorder
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Required(a)(b)(c)Required(i)State M
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INTERNAL CONTROLQuestions 46 - 71 c
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52 When goods are received, the goo
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57 During the previous audit, the a
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64 You now need to gain an understa
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Greystone Co is a retailer of ladie
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Required(a) List FOUR control objec
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(iii)Describe a test of control Vio
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74 Which of the following procedure
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Which of the following options corr
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85 Tirrol Co's internal audit depar
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92 Redburn (12/09) 59 mins(a)Explai
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(c)For the audit of the inventory c
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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
Page 179 and 180: 98 Rocks ForeverText reference. Cha
Page 181 and 182: (d)diamond industry which the firm
Page 183 and 184: Audit procedureObservation involves
Page 185 and 186: 102 The correct answer is:MaterialY
Page 187 and 188: 114 The correct answer is:5 March 2
Page 189 and 190: Obtain written representations from
Page 191 and 192: that the business may struggle to c
Page 193 and 194: the company’s overdraft which is
Page 195 and 196: Marking schemeMarks(a)(b)(c)(d)Up t
Page 197 and 198: • Perform audit procedures in res
Page 199 and 200: Mock exams181
Page 201 and 202: ACCAPaper F8Audit and AssuranceMock
Page 203 and 204: Section A - ALL 15 questions are co
Page 205 and 206: Scenario 2The following scenario re
Page 207 and 208: Scenario 3The following scenario re
Page 209 and 210: Section B - ALL THREE questions are
Page 211 and 212: Question 18(a) (i) Identify and exp
Page 213 and 214: AnswersDO NOT TURN THIS PAGE UNTIL
Page 215 and 216: Plan of attackIf this were the real
Page 217 and 218: achieve the required level of assur
Page 219 and 220: Marks(c)(d)Up to 1 mark per well ex
Page 221 and 222: Deficiency Implication Recommendati
Page 223 and 224: Question 17Text reference. Material
Page 225 and 226: (ii)Audit risk and responsesAudit r
Page 227 and 228: (b)MarksUp to 1 mark per well descr
Page 229: (ii)(iii)Substantive procedures for
Page 233 and 234: Section A - ALL 15 questions are co
Page 235 and 236: Which of the following options corr
Page 237 and 238: 13 It is May 20X7. The directors ha
Page 239 and 240: Question 17You are a member of the
Page 245 and 246: 7 The correct answers are:The signi
Page 247 and 248: Question 16Text references. Chapter
Page 249 and 250: OccurrenceAudit procedureFor a samp
Page 251 and 252: (c)Marks- To ensure all goods dispa
Page 253 and 254: DeficienciesThe same order clerk ta
Page 255 and 256: Information sourcePrior year financ
Page 257 and 258: (v)(vi)The ability of current emplo
Page 259 and 260: ACCAPaper F8Audit and AssuranceMock
Page 261 and 262: Section A - ALL FIFTEEN questions a
Page 263 and 264: Extract from Balotelli’s non-curr
Page 265 and 266: The following scenario relates to q
Page 267 and 268: Section B - ALL THREE questions are
Page 269 and 270: Question 18Vieri Motor Cars Co (Vie
Page 275 and 276: Option B is based on depreciation b
Page 277 and 278: Section BQuestion 16(a)(b)(c)(d)(e)
Page 279 and 280: 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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