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Thursday, 11 February 2016

Dealing with Paper F8 - Audit & Assurance

Introduction


The F8 Audit and Assurance exam tests students' knowledge of auditing and assurance theory but also, very importantly, their ability to apply that knowledge to scenarios that they might well come across in their auditing careers.


The examination team's approach interview is available on the F8 area of the ACCA website, along with an examiner's analysis interview looking at student performance in various exam sittings, which highlights how students can improve their performance.


All questions on this paper are compulsory so any topic from across the syllabus could be examined. As stated above, it is essential that students possess both knowledge of auditing and assurance and the ability to apply that knowledge to situations that could arise in real life.

Format of the paper



The exam is a three-hour paper consisting of twelve multiple choice questions (MCQs) and six compulsory written questions. You also have 15 minutes for reading and planning.




The MCQs will comprise of eight 2-mark questions, and four 1-mark questions. They will examine topics from across the F8 syllabus.


Of the written questions, questions 1 to 4 will be worth 10 marks. Questions 5 and 6 will be worth 20 marks each. The 10-mark questions cover all topics in the syllabus, most likely with each question focusing on one single syllabus area. These questions will either take the form of a short scenario, or knowledge-based requirements.


Each of the 20-mark questions will cover multiple syllabus areas. They will be predominantly focused on planning and risk assessment (syllabus area B), internal control (syllabus area C) and audit evidence (syllabus area D). However, the audit framework and regulation (syllabus area A) and review and reporting (syllabus area E) can also feature.


The majority of the questions will be discursive but some questions involving computational elements




How to Prepare


•There is no choice in this paper; all questions have to be answered. You must therefore study the entire syllabus; there are no shortcuts. Therefore, preparation is key! You should not leave any stones unturned in your preparation. For clearer explanations on topics, please visit http://opentuition.com/acca/f8/acca-f8-lectures/


•Keep an eye out for articles, as the examination team will use Student Accountant to communicate with students.


•Practising questions under timed conditions is essential.


•Questions will be based on simple scenarios and answers must be focused and specific to the organisation. Therefore, you must have a general awareness of the general business environment. Reading wide is essential and think about your own organisation if that is relevant.






Tips for the Exam Day


◾Try to get to the venue of the venue as early as possible. You might be destabilized if you arrive late!


◾Effective use of the 10 minutes reading time is essential. Decide the order in which you want to tackle the questions within this time. Jot down the ideas you have on each question during this period.


◾Answer plans will help you to focus on the requirements of the question and enable you to manage your time effectively.


◾Answer all parts of the question. Even if you cannot do all of the calculation elements, you will still be able to gain marks in the discussion parts.


◾Work as fast as you can. But, do not compromise quality for speed.
 

Thanks for reading



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