ACCA F8 Revision Quiz

Please take ACCA F8 Revision Quiz

To complete the quiz you must answer all 20 questions, then you will be shown the results and the correct answers.

(This quiz selects 20 questions at random from the bank, so do try the test again)


1. Here is an excerpt from an audit report, what word should replace * * *?

“We planned and conducted our audit to obtain * * * assurance that the financial statements are free from material misstatement”

Question 1 of 20

2. Is the following true or false?

Under the UK government code listed companies are required to have an internal audit department

 
 

Question 2 of 20

3. What type of audit report is given if the FS contain a pervasive material misstatement?

 
 
 
 

Question 3 of 20

4. Which one of the following pairs of evidence is better? Indirect evidence v auditor-direct

 
 

Question 4 of 20

5. In a listed company, to whom should internal audit report?

 
 
 
 
 

Question 5 of 20

6. In what type of document would the following sentence be typically found?

“We have no plans or intentions that might materially affect the carrying value or classification of assets and liabilities reflected in the financial statements”

 
 
 
 

Question 6 of 20

7. Audit risk is the risk that an **** audit opinion is given.

Question 7 of 20

8. Do auditors have a duty to detect fraud?

 
 

Question 8 of 20

9. Which one of the following is NOT a component of the three components of audit risk?

 
 
 
 

Question 9 of 20

10. * * * risk is the susceptability of an assertion to a misstatement that could be material individually or when aggregated with misstatements, assuming there were no related internal controls.

What word should appear for * * *?

Question 10 of 20

11. A receivables circulation in which a reply is expected from each customer written to, stating whether or not they agree with the balance.

This is a …

 
 
 
 

Question 11 of 20

12. If an auditor advises clients to buy shares in another client, what sort of ethical threat arises?

 
 
 
 
 

Question 12 of 20

13. What sort of ethical threat arises from the auditor being a close friend of the financial director of the company being audited?

 
 
 
 
 

Question 13 of 20

14. ISA500 states that auditors must obtain ***** ***** audit evidence to be able to draw reasonable conclusions on which to base an audit opinion.

What words are represented by ***** ***** ?

Question 14 of 20

15. The public may perceive that a member’s objectivity is likely to be in jeopardy where fees….. exceed X%… Where the entity is listed or a public interest company, this figure should be Y%.

 
 
 
 
 
 

Question 15 of 20

16. What is the correct treatment of a contingent asset where the inflow of economic benefits is not probable?

 
 
 

Question 16 of 20

17. Is the following question typical of an internal control questionnaire (ICQ) or an internal control evaluation questionnaire (ICEQ)? “Can employees be paid for hours that have not been worked?”

 
 

Question 17 of 20

18. Which one of the following is not one of the financial statement assertions?

 
 
 
 
 
 

Question 18 of 20

19. What word should be in place of * * *? A matter is material if its omission or misstatement would reasonably affect the * * * of an addressee of the auditors’ report.

Question 19 of 20

20. Audit reports can be qualified for two reasons. On reason is inability to collect sufficient appropriate audit evidence.

The other reason is:

 
 
 
 

Question 20 of 20

 

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