ACCA F8 - Audit and Assurance Revision Kit 2016

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ACCA APPROVED CONTENT PROVIDERAs the first accredited publisher of ACCA materials, BPP Learning Media has set the benchmark forproducing exceptional study materials for students and tutors alike.Our Study Texts, Practice & Revision Kits and i-Passes (for exams on demand) are reviewed by the ACCAexamining team and are written by our in-house authors with industry and teaching experience whounderstand what is required for exam success.EXAM SUCCESS SITETo help maximise your chances of succeeding in your exams, we’ve put together a suite of exclusive ACCAresources. Our Exam Success site provides you with access to a free digital version of this publication, aswell as extra resources designed to focus your efforts on exams and study methods.To access the Exam Success site, please email learningmedia@bpp.com with the subject line “Access to ExamSuccess site - eBook”, including your order reference number and the name of the book you’ve bought (ieACCA F5 Study Text) for your access code. Once you have received your code, please follow the instructionsbelow:To access the BPP ACCA Exam Success site for this materialplease go to:www.bpp.com/ExamSuccessSiten Create a user account if you don’t already have one.Make sure you reply to the confirmation email.n Log in using your registered username and password.Select the paper you wish to access.n Enter the code you received when prompted. You will onlyhave to do this once for each paper you are studying.
PAPER F8AUDIT AND ASSURANCEBPP Learning Media is an ACCA Approved Content Provider for the ACCA qualification.This means we work closely with ACCA to ensure our products fully prepare you foryour ACCA exams.In this Practice & Revision Kit, which has been reviewed by the ACCA examinationteam, we:Discuss the best strategies for revising and taking your ACCA examsEnsure you are well prepared for your examProvide you with lots of great guidance on tackling questionsProvide you with three mock examsProvide ACCA exam answers as well as our own for selected questionsOur Passcard product also supports this paper.PRACTICE&REVISIONKITFOR EXAMS IN SEPTEMBER 2016, DECEMBER 2016,MARCH 2017 AND JUNE 2017
Page 1: ACCA APPROVEDCONTENT PROVIDERACCA A
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 and 16: Tackling Multiple Choice Case Quest
Page 17 and 18: Useful websitesThe websites below p
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
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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
Page 71 and 72:
Which of the following correctly su
Page 73 and 74:
108 A key supplier of Humphries Co
Page 75 and 76:
[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
Page 89 and 90:
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
Page 111 and 112:
Marking schemeMarks(a) (i) ½ mark
Page 113 and 114:
Audit riskThe current ratio and qui
Page 115 and 116:
(b)Audit risks and auditors' respon
Page 117 and 118:
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
Page 127 and 128:
ImplicationPayroll calculations not
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(d)(e)Substantive procedures - Redu
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Part (d) required candidates to use
Page 133 and 134:
(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
Page 145 and 146:
The requirement for tests of contro
Page 147 and 148:
Deficiencies Recommended controls T
Page 149 and 150:
(c)(d)Payroll substantive procedure
Page 151 and 152:
MarksRights and obligations (iii)Ve
Page 153 and 154:
Top tips. Only two substantive proc
Page 155 and 156:
79 The correct answer is:Accounting
Page 157 and 158:
92 RedburnText references. Chapters
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(e) (i) Define net realisable value
Page 161 and 162:
(d)Inherent risks and mitigating co
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(b)MarksUp to 1 mark per well descr
Page 165 and 166:
Deficiencyanomalies noted, as the i
Page 167 and 168:
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
Page 177 and 178:
(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
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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
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(b)MarksUp to 1 mark per well descr
Page 229 and 230:
(ii)(iii)Substantive procedures for
Page 231 and 232:
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
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Page 243 and 244:
Page 245 and 246:
7 The correct answers are:The signi
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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:
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 271 and 272:
Page 273 and 274:
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
Page 283 and 284:
Deficiency Control recommendations
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(a)Reliance on the work of an indep
Page 287 and 288:
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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