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. * * * 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 1 of 20

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

Question 2 of 20

3. 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 3 of 20

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

The other reason is:


Question 4 of 20

5. A **** liability is a possible liability arising from past event whose existence confirmed by future events

Question 5 of 20

6. What word should appear for * * *?

* * * risk is the risk that a material misstatement in an assertion will not be prevented or detected and corrected on a timely basis by the entity’s internal control.

Question 6 of 20

7. There are two types of audit file, one is current audit file, the other is ****** audit file

Question 7 of 20

8. Do auditors have a duty to detect fraud?


Question 8 of 20

9. 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 9 of 20

10. Which one of the following pairs of evidence is better?


Question 10 of 20

11. There are two types of CAAT (computer assisted audit techniques). One is audit software.

What is the other?


Question 11 of 20

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


Question 12 of 20

13. What range of percentage of profit is often taken as guidance for materiality?


Question 13 of 20

14. Data held on a computer file and which is relatively permanent and which is referred to many times by programs is known as:


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


Question 16 of 20

17. What is a NED?


Question 17 of 20

18. If an item is included in year-end inventory but no invoice had been received by year-end, to get cut-off correct, the cost of the item should be:


Question 18 of 20

19. Which one of the following is not one of the fundamental principles of professional ethics?


Question 19 of 20

20. An auditor gives weekly advice to a client on a wide range of matters (financial and non-financial). What sort of threat can this give rise to?


Question 20 of 20



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