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. 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 1 of 20

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

 
 
 
 

Question 2 of 20

3. What sort of ethical threat arises from the auditor owning shares in the company audited?

 
 
 
 
 

Question 3 of 20

4. Which one of the following is NOT part of the five main principles of the UK Corporate Governance Code?

 
 
 
 
 
 

Question 4 of 20

5. Is the following statement true or false?

“An emphasis of matter paragraph included in an audit report means that the audit opinion is modified”

 
 

Question 5 of 20

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

 
 

Question 6 of 20

7. What is another name for a reasonable assurance engagement?

 
 
 
 

Question 7 of 20

8. Which one of the following pair of evidence is better?

 
 

Question 8 of 20

9. What aspects of a client’s undertaking do computer audit programs examine?

 
 
 
 

Question 9 of 20

10. 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 10 of 20

11. 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 11 of 20

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

 
 

Question 12 of 20

13. When the audit firm changes, the proposed new auditor should contact the retiring auditor. If the client refuses permission for communication to take place, what should the proposed new auditor do?

 
 
 
 
 

Question 13 of 20

14. What is the proper treatment of a contingent liability where there is a possible obligation or a present obligation that may, but will probably not lead to an outflow of assets?

 
 
 

Question 14 of 20

15. 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 15 of 20

16. 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 16 of 20

17. * * * 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 17 of 20

18. 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 18 of 20

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

 
 
 
 
 
 

Question 19 of 20

20. 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 20 of 20

 

Comments

    • Profile photo of gromit says

      @kaise, I’m sure you know that the exam question are nothing like this simple quiz. Above all, remember to apply your excellent knowledge to the practical situations set out in the scenarios.

      All the best for the exam!

      Gromit

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