F8 paper in ACCA course is the very first to deal with auditing and assurance matters and examines a great deal of auditing standards knowledge. To know which auditing standards are part of ACCA F8 syllabus and are examinable, students can refer to the examinable document on ACCA’s website under paper F8 section.
Examinable document differs from variant to variant as different countries have different auditing practices and standards. But I will be discussing only the International variant to answer the above question as many students do international variant of paper F8 in ACCA course.
Examinable document actually outlines the standards that are part of a particular syllabus and does not suggest how much and in what depth a particular standard is examinable. For this purpose ACCA issues syllabus and study guide which details the extent and depth of the topic examinable. Students can refer to ACCA F8 syllabus and study guide at this link.
Examinable document of ACCA F8 (INT) variant is divided into different sections as auditing standards itself are divided into different categories. Following are the items relevant to ACCA F8 exam:
(List courtesy of ACCA)
International Auditing Standards (ISAs):
- Glossary of Terms
- International Framework for Assurance Assignments
- Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services
- ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with ISAs
- ISA 210 Agreeing the Terms of Audit Engagements
- ISA 230 Audit Documentation
- ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
- ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements
- ISA 260 Communication with Those Charged with Governance
- ISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
- ISA 300 Planning an Audit of Financial Statements
- ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
- ISA 320 Materiality in Planning and Performing an Audit
- ISA 330 The Auditor’s Responses to Assessed Risks
- ISA 402 Audit Considerations Relating to an Entity Using a Service Organisation
- ISA 450 Evaluation of Misstatements Identified During the Audit
- ISA 500 Audit Evidence
- ISA 501 Audit Evidence – Specific Considerations for Selected Items
- ISA 505 External Confirmations
- ISA 510 Initial Audit Engagements – Opening Balances
- ISA 520 Analytical Procedures
- ISA 530 Audit Sampling
- ISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures
- ISA 560 Subsequent Events
- ISA 570 Going Concern
- ISA 580 Written Representations
- ISA 610 Using the Work of Internal Auditors
- ISA 620 Using the Work of an Auditor’s Expert
- ISA 700 Forming an Opinion and Reporting on Financial Statements
- ISA 705 Modifications to the Opinion in the Independent Auditor’s Report
- ISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
- ISA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
- ISA 720 The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
And not only auditing standards are part of ACCA F8 syllabus there are other pronouncements also which form part of ACCA F8 syllabus and are examinable.
International Auditing Practice Statements (IAPSs)
- IAPS 1000 Inter-bank Confirmation Procedures
- IAPS 1013 Electronic Commerce: Effect on the Audit of Financial Statements
International Standards on Assurance Engagements (ISAEs)
- ACCA’s ‘Code of Ethics and Conduct’
- The UK Corporate Governance Code as an example of a code of best practice
So here you have the full list of all the documents you require for ACCA F8 exams. However, students are not required to go through each and every standard. As these standards are for professional auditors to support and guide them in conducting an audit. So, if student thinks that these documents are too overwhelming then he can rely solely on study texts – which are also based on these same documents and often use abridged information from the relevant documents to make it simple and easy to remember for examination purposes.
But if you have time, and in my opinion also, students should go through these documents at least once. After clarity project, standards have been so easy to understand. But definitely, you should have a source from where you can get guidance if you are stuck or lost somewhere.
I have made some documents bold which I think that every students should read in order to understand the essence of the standard at its best.