F8.pdf

Audit and Assurance

Paper F8 (Global)

Course Notes

ACF8CN07

F8 Audit and Assurance (Global)

Study Programme

Page

Introduction to the paper and the course............................................................................................................... (ii)

The concept of audit and other assurance engagements ........................................................................... 1.1

Statutory audits ........................................................................................................................................... 2.1

The regulatory environment and corporate governance.............................................................................. 3.1

Professional ethics and ACCA's Code of Ethics and Conduct .................................................................... 4.1

Internal audit................................................................................................................................................ 5.1

Risk assessment ......................................................................................................................................... 6.1

End of Day 1 – refer to Course Companion for Home Study

Progress test 1

7 Audit planning and documentation .............................................................................................................. 7.1

8 Introduction to audit evidence...................................................................................................................... 8.1

9 Internal control............................................................................................................................................. 9.1

10 Tests of controls ........................................................................................................................................ 10.1

Audit procedures and sampling ................................................................................................................. 11.1

End of Day 2 – refer to Course Companion for

Home Study

Progress test 2

Course exam 1

12 Receivables ............................................................................................................................................... 12.1

13 Inventory.................................................................................................................................................... 13.1

14 Liabilities and capital ................................................................................................................................. 14.1

15 Bank and cash........................................................................................................................................... 15.1

16 Non-current assets .................................................................................................................................... 16.1

17 Not–for-profit organisations ....................................................................................................................... 17.1

18 Audit review and finalisation ...................................................................................................................... 18.1

19 Reports...................................................................................................................................................... 19.1

End of Day 3 – refer to Course Companion for Home Study

Progress test 3

Course exam 2

Answers to Lecture Examples ................................................................................................................... 20.1

Question and Answer bank ....................................................................................................................... 21.1

Appendix: Pilot Paper questions (UK and International) ........................................................................... 22.1

Don’t forget to plan your revision phase!

•

Revision of syllabus

BPP provides revision courses, question days,

mock days and specific material to assist you in

this important phase of your studies.

•

Testing of knowledge

•

Question practice

•

Exam technique practice

(i)

INTRODUCTION

Introduction to Paper F8 Audit and Assurance

Overall aim of the syllabus

To develop knowledge and understanding of the process of carrying out the assurance engagement and its

application in the context of the professional regulatory framework.

The syllabus

The broad syllabus headings are:

Audit framework and regulation

Internal audit

Planning and risk assessment

Internal control

Audit evidence

Review

Reporting

Main capabilities

On successful completion of this paper, candidates should be able to:

•

Explain the nature, purpose and scope of assurance engagements including the role of the external audit

and its regulatory and ethical framework.

•

Explain the nature of internal audit and describe its role as part of overall performance management and

its relationship with the external audit

•

Demonstrate how the auditor obtains an understanding of the entity and its environment, assesses the

risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of

financial statements

•

Describe and evaluate information systems and internal controls to identify and communicate control risks

and their potential consequences, making appropriate recommendations

•

Identify and describe the work and evidence required to meet the objectives of audit engagements and

the application of the International Standards on Auditing

•

Evaluate findings and modify the audit plan as necessary

•

Explain how the conclusions from audit work are reflected in different types of audit report, explain the

elements of each type of report

Links with other papers

The Professional Accountant

(P1)

Advanced Audit and Assurance

(P7)

Corporate and

Business Law (F4)

Financial Reporting

(F7)

Audit & Assurance

(F8)

This diagram shows where direct (solid line arrows) and indirect (dashed line arrows) links exist between this

paper and other papers that may precede or follow it.

Although ACCA's diagram shows Paper F7 feeding into Paper F8, the accounting knowledge assumed in the F8

exam will only be that covered within Paper F3 Financial Accounting .

(ii)

INTRODUCTION

Assessment methods and format of the exam

Examiner : Alan Lewin

The examination is a three hour paper with 15 minutes reading and planning time. All questions are compulsory.

Some questions will adopt a scenario/case study approach. All questions will require some form of written

response although questions on planning or review may require the calculation and interpretation of some basic

ratios.

Format of the Exam

Marks

Question 1

This will always be a question on audit procedures, and the application of

these procedures to a specific scenario

Question 2

Short factual questions based on International Standards on Auditing (ISAs)

and other knowledge-based areas of the Study Guide

Question 3

Question 4

Question 5

These questions are likely to involve short practical scenarios and will cover

topics such as: internal audit, risk assessment, planning, controls, evidence,

conclusions and reporting

100

(iii)

Plik z chomika:

Inne pliki z tego folderu:

Inne foldery tego chomika: