ACCA F8 Past Papers

Download ACCA F8 December 2013 Questions | Answers

Question 1: Minty Cola Co

1(a) Audit risk and components of audit risk

1(b) Identifying audit risks and auditor’s responses

1(c) Designing audit strategy

1(d) Substantive procedures for capital expenditure, receivable allowances, inventory

Question 2: Audit procedures / Audit evidence / Overall audit opinion

2(a) Definition of tests of controls and substantive procedures

2(b) Factors influencing reliability of audit evidence

2(c) Auditor procedures to conduct overall review of financial statements

Question 3: Oregano Co

3(a) Methods of documenting control system

3(b) Control objectives of sales and dispatch system

3(c) Deficiencies in internal control system – Sales

Question 4: Salt & Pepper & Co

4(a) Audit procedures for client acceptance

4(b) Audit engagement letter content

4(c) Threats and safeguards for ethical requirements of audit

Question 5: ISA 510 / Auditor’s Expert / Audit report

5(a) Confirming opening balances and their impact on audit report

5(b) Relying on the work of auditor’s expert

5(c) Writing correct audit report

Download June 2013 Questions | Answers

Question 1: ISA 260 / Fox Industries Co

1 (a) ISA 260 Communication with those charged with governance

1 (b) Purchase system: Deficiencies, Implications and Recommendations in internal control system

1(c) Recommending application controls

1 (d) Substantive procedures for Cash and Bank balance

Question 2: Code of Ethics / Going concern / Emphasis of Matter

2(a) Threats of independence and objectivity

2(b) Responsibility of management and auditor regarding going concern

2(c) Content o emphasis of matter paragraph

Question 3: Materiality / Rhino & Co

3(a) Explanation: Materiality and Performance materiality

3(b)(i) Use of analytical procedures in audit planning

3(b)(ii) Use of analytical procedures in risk assessment

Question 4: Audit evidence / Bush-baby Hotels Co

4(a) Five types of procedures to collect audit evidence with examples related with property, plant and equipment

4(b) Importance of internal audit department

4(c) Limitations of internal audit department

4(d) Functions of internal audit department

Question 5: Assurance engagement / Panda Co

5(a) Elements of assurance of engagement

5(b) Subsequent events

5(c) Modification of audit report under disagreement

Download December 2012 Questions | Answers

Question 1: Lily Window Glass Co

1(a) Deficiencies and recommendations in inventory count system

1(b) Substantive procedures on inventory count

1(c) Audit procedures using CAATs their advantages and disadvantages

Question 2: Rights of auditor, Fraud and error, Limitations of external audit

2(a) rights of auditors

2(b) control procedures to detect fraud and error

2(c) limitations of external audit

Question 3: Sunflower Stores Co

3(a) Sources of obtaining entity’s understanding

3(b) Assessing risk at planning stage

3(c) Importance of internal audit department

Question 4: ACCA’s Code of ethics, Rose Leisure Club Co

4(a) Fundamental principles of ACCA code of ethics

4(b) Case based substantive procedures

Question 5: Violet & Co

5(a) Written representation – procedures and purpose

5(b) Relevance and reliability of methods obtaining representation

5(c) Audit finalization procedures and issues

Download June 2012 Questions | Answers

Question 1: Pear International Co

1(a) Identifying deficiencies and recommendations in sales system

1(b) Substantive procedures on non-current assets

1(c) Level of assurance provided by audit and review engagements

1(d) Understanding difference between external and internal audit and importance of internal audit department

Question 2: Audit Planning, Sampling and Reporting

2(a) Benefits of audit planning

2(b) Methods of sampling

2(c) Types of modified audit opinion

Question 3: Currant and Co

3(a) Fraud and error and auditor’s responsibility

3(b) Threats to independence and safeguards

3(c) Benefits of audit committee

Question 4: Pineapple Beach Hotel Co

4(a) Assertions related to account receivables

4(b) Substantive procedures on non-current assets, contingency provisions

4(c) Audit documentation

Question 5: Kiwi and Co

5(a) Uses of analytical procedures

5(b) Going concern assumption indicators

5(c) Audit procedures on going concern assumption

5(d) Reporting on going concern assumption and impact of disagreement in case of going concern assumption

Download December 2011 Questions | Answers

Question 1: Blair & Co.

1(a) Deficiencies and recommendations in Payroll system

1(b) Substantive procedures on payroll system to check accuracy and completeness

1(c) Compliance with law and related responsibilities of auditor and management

1(d) Substantive procedures on redundancy provision

Question 2: Internal control system and Auditor’s report

2(a) Components of internal control system

2(b) Elements of unmodified auditor’s report

Question 3: Abraham Co

3(a) Components of audit risk

3(b) Identifying and describing audit risk

3(c) Substantive procedures – Inventory

Question 4: Serena VDW Co

4(a) What is corporate governance

4(b) Weaknesses in corporate governance

4(c) Auditor’s ethical responsibilities – Confidentiality

Question 5: Humphries Co

5(a) Auditor’s responsibility towards subsequent events

5(b) Identifying subsequent events and their effect on auditor’s report and related procedures

Download June 2011 Questions | Answers

Question 1: Tinkerbell Toys Co.

1(a) Test of controls: Sales

1(b) Substantive procedures: Receivables

1(c) Internal controls: Cash and Sales

1(d) Substantive procedures: Revenue

Question 2: Questionnaires / ISA 210

2(a) Documenting internal control system through questionnaires

2(b) Importance and contents of Engagement letter

Question 3: Audit evidence / Donald Co.

3(a) Procedures to obtain audit evidence

3(b) Obtaining understanding + Audit procedures in response to assessed risk

Question 4: Nab & Co.

4(a) Code of ethics: Safeguarding against threats to fundamental principles

4(b) Advantages and disadvantages of outsourcing internal audit function

4(c) Code of ethics: Safeguarding against threats to fundamental principles

Question 5: Daffy & Co.

5(a) Uncorrected misstatements and responsibility of auditor

5(b) Relying on the work of an expert

5(c) Effect of uncorrected misstatements on audit report

Download December 2010 Questions | Answers

Question 1: ISA 265 / Greystone Co.

1(a) Factors considered by auditor to determine deficiency as significant deficiency

1(b) communicating on internal controls regarding significant deficiencies

1(c) Substantive procedures: Payables

1(d) Internal audit assignments

Question 2: Audit concepts / Auditing standards / Audit documentation

2(a) Concept of true and fair presentation

2(b) Status of auditing standards

2(c) Advantages of audit documentation

Question 3: Terms of audit engagement / obtaining understanding / White & Co.

3(a) Preconditions to accept audit engagement

3(b) Obtaining understanding of the entity and its environment

3(c)(i) Assessing the risk of material misstatements

3(c)(ii) Audit procedures in response to assessed risk

Question 4: Internal audit / Internal control / Use of assertions by auditor

4(a) Internal audit assignment Purpose of value for money audit

4(b) Understanding entity’s internal control system

4(c) Substantive procedures: Non-current assets

Question 5: Greenfields Co

5(a) Audit procedures: Accounting estimates

5(b) quality and reliability of written representation as audit evidence + Audit procedures to obtain audit evidence

5(c) refusal to provide written representation and effects on audit report

Download June 2010 Questions | Answers

Question 1: Staple and Co

1(a) Assessing audit risk

1(b) Importance of assessing risk

1(c) Internal controls

1(d) Substantive procedures: Inventory + Provision or contingencies

Question 2: Auditing concepts / Materiality

2(a) elements of assurance engagement

2(b) Materiality and how it is determined

Question 3: Audit procedures / Shiny Happy Windows Co.

3(a) Test of controls and substantive procedures

3(b) Evaluation of internal control system and Tests of controls

3(c) Substantive procedures: Bank

Questions 4: Code of ethics / Jones & Co.

4(a) Five threats contained in ACCA’s code of ethics

4(b) Threats to fundamental principles and safeguards against threats

4(c) Procedures to accept audit engagement

Question 5: Going concern / Medimade Co.

5(a) Define going concern

5(b) Identifying indicators regarding going concern

5(c) Assessing the application of going concern assumption

5(d) Audit report and material uncertainty regarding going concern

Download December 2009 Questions | Answers

Question 1: Audit planning / Redburn Co.

1(a) Audit plan: Importance and matters included in audit plan

1(b) Relying on evidence provided by the client

1(c) Substantive procedures: Royalties

1(d) Assessing risk and internal controls to reduce such risks

1(e) Substantive procedures: Inventory

Question 2: Audit evidence / ISA 260

2(a) factors influencing reliability of audit evidence

2(b) communication to those charged with governance

Question 3: ISA 315 / Letham Co.

3(a) Importance of obtaining understanding of entity

3(b) Understanding entity’s internal control

3(c) Substantive procedures: Non-current assets

Question 4: Audit planning / Brampton Co

4(a) Differentiate interim and final audit

4(b) Reliance on work of others: Internal auditor

4(c) Other assurance engagement: examination of prospective financial information

4(d) Status of other assurance engagements

Question 5: Assertions / Have a Bite Co.

5(a) Assertions: Payables

5(b) Internal control system and Tests of controls

5(c) Substantive procedures: Provision and Contingent liabilities

5(d) Effect of uncertainties on audit report

Download June 2009 Questions | Answers

Question 1: B-Star

1(a) Planning an audit: Audit strategy

1(b)(i) Risk assessment through understanding entity

1(b)(ii) Test of controls and substantive procedures

1(c) Substantive analytical procedures

1(d) Substantive procedures: Receivables

Question 2: Audit evidence / Audit reports

2(a) Methods of sample selection

2(b) Assertions related to classes of transaction

2(c) Modified reports

Question 3: Cal and Co.

3(a) CAATs

3(b) Using the work of others: Internal auditor

Question 4: Role of auditors / Conoy Co.

4(a) Role of internal and external auditors

4(b) Corporate governance: Audit committees

Question 5: Tye Co

5(a) Review + Substantive procedures: Inventory

5(b)(i) Auditor’s responsibilities: Detection of fraud

5(b)(ii) communication to stakeholders on detection of fraud

5(b)(iii) safeguards against threats

Download December 2008 Questions | Answers

Question 1: Black Co

1(a) Internal controls: Payroll

1(b) Communication on internal control

1(c) Substantive analytical procedures

1(d) Audit procedures to collect audit evidence

Question 2: Work of an expert / Rights of auditor / Assertions

2(a) Relying on the work of expert

2(b) Rights of external auditor

2(c) Assertions related to non-current assets

Question 3: Ali & Co

3(a) Threats and safeguards to threats to fundamental ethical principles

3(b) Benefits of internal audit department

Question 4: Audit risk / EuKaRe charity

4(a) Audit risk and its components

4(b) Understanding entity its environment and internal controls

4(c) Understanding entity its environment and internal controls

Question 5: ZeeDiem Co.

5(a) Subsequent events

5(b) Subsequent events

Download June 2008 Questions | Answers

Question 1: Brennon & Co.

1(a) Use of internal control questionnaire

1(b) Tests of controls: Sales system

1(c) Assertions related to receivables

1(d)(i) Substantive procedures: External confirmation (circularisation): Receivables

1(d)(ii) Sampling

Question 2: Audit evidence / Management representation letter / Audit procedures

2(a) Factors influencing sufficiency of audit evidence

2(b) Contents of management representation letter

2(c) Additional audit procedures

Question 3: Analytical procedures / Zak Co.

3(a) Analytical procedures

3(b) Analytical procedures to assess risk

3(c) External confirmation: Bank balance

Question 4: Internal audit / Montehodge Co.

4(a) Outsourcing internal audit

4(b) Advantages and disadvantages of internal audit department

Question 5: Smithson Co

5(a) going concern and auditor’s responsibilities

5(b), (c) Procedures to determine going concern assumption application

5(d) Negative assurance in context of audit and other assurance engagements

Download December 2007 Questions | Answers

Question 1: Dinzee Co.

1(a) Substantive procedures: Purchases

1(b) Substantive procedures: Inventory count

1(c) Internal control system deficiencies

1(d) Tests of controls and substantive procedures: Inventory

Question 2: Code of ethics / Going concern

2(a) ACCA code of ethics

2(b) Audit procedures to ascertain use of going concern assumption

Question 3: Matalas Co.

3(a), (b) Internal control system: Deficiencies + Internal audit department

Question 4: Delphic Co.

4(a) CAATs + Substantive procedures: Receivables

4(b), (c) CAATs

Question 5: JonArc & Co.

5(a) Audit finalization and the final review

5(b) Audit report

5(c) Audit report