Nature of the ACCA F8 paper
ACCA F8 Paper – Audit and Assurance – is primarily concerned with the purpose, process and outcomes of auditing. There is some follow-on from paper F1, but all matters are covered again in F8.
Structure of the ACCA F8 paper
Question 1 – 30% (primarily scenario based)
Question 2 – 10% (factual)
Questions 3 – 5 20% (primarily scenario based)
Emphasis of the ACCA F8 exam
The syllabus and study guide take you through the purpose of audits, ethical considerations, how audits are performed and the reports that are issued after the audit has been completed. Question 2 requires only factual information but all of the other four questions contain practical scenarios that have to be addressed in addition to relatively small factual requirements. At least 50% of marks in the exam are for application: identifying audit risks, suggesting audit tests, appraising internal control, suggesting the effect of audit findings on audit reports and so on.
How to pass ACCA F8 exam
Use the OpenTuition ACCA F8 lectures along with the F8 Course Notes and worked questions (revision lectures). Make sure you know auditing theory and, very importantly, understand how it is applied to the scenarios in the worked questions. You do not have to memorise the numbers of International Standards on Auditing.
When you are confident of a topic then practise as many past exam questions as you can. Remember, although Question 1 sets out quite a large and amount of information, you have 15 minutes reading time at the start of the exam. You should use that time to become thoroughly familiar with Question 1.
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