ACCA F8 | Audit and Assurance
Students are introduced to auditing in ACCA scheme for the first time in F8 paper. Though this paper starts from scratch but still covers a lot of grounds. It demands high level of comprehension skills from students and also good grip on matters of financial accounting studied in ACCA F3 as the basic concepts learnt in F3 are vital in understanding the auditing process. Even though this subject seems theoretical in nature but examination requires application of the skills acquired through learning and not the knowledge itself. However, students should not be concentrating only on audit procedures but should also prepare other areas of syllabus
After completing ACCA F8 course students are presumed to have knowledge and relevant skills of the following:
- What are assurance engagements and their types. How assurance engagements attaches credibility to financial statements and how it helps intended users.
- The difference in internal audit function and the duties of external auditor and how they can interact and work together
- Understanding how auditor conducts assurance engagements especially audit engagements and the procedures applied by auditor to understand entity, environment and internal control system.
- How auditor responds to the information gathered from understanding the entity and relevant areas and evaluating the audit risk and the procedures to reduce it to acceptable level.
- How evidence gathered by auditor helps him in reaching appropriate conclusions and how such conclusions enabled him to express his opinion
- How opinion is expressed in auditor’s report and understanding the types of opinion and the reports.
There will be FIVE compulsory questions where to total time allowed is 3 hours. Most of the questions will be discursive in nature but we can expect computation based questions from different areas of syllabus. The structure of the questions is as follows:
- Question 1 will be scenario based question and carries 30 marks
- Question 2 will knowledge based question and will carry 10 marks
- Q3, Q4 and Q5 can examine any part of the syllabus and carry 20 marks.
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