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I can discuss the topics and I know basic definitions. However when it comes to answering scenarios I just sometimes do not
know where to start. I need some good advice
please please. Thank you.Thats the thing with f8 paper, happens with the majority of us. what I suggest is, first solve all the past papers and then go for sloving BPP kit. I’ve noticed this happens when we don’t have enough practice of solving exam-type questions. Just practice a lot. You’d feel better, I m sure.
All the very best.
Ok thank you (sids).I will take your advice and try to do my best.I hope this will be my final F8 sitting.
Thank You
Also, take a look at the F8 revision lectures featuring Dinzee and Southlea. These take you through how to approach questions.
colleagues remember not to forget to read the question requirements atleast twice,think carefully.
that’s right, dagech, but the thing is what would be the use if I’d not be knowing the answers 😛
June 2011 is going to be my first sitting and what I have gathered so far from my study of notes and past exam papers is that this paper is quite common sensical.
Addressing your dilemma of answering scenarios, what I have understood so far is that there are assertions for classes of transactions, account balances and disclosures. Occurence/Completeness/Cut off/Valuations etc.. So if the scenarios is asking for substantive testing/tests of control/weakness/strength etc you may consider those in the light of the assertions.
And more often than not the weaknesses/strength are quite obvious in the question. Also if you look at the marking scheme of past papers, there are marks available for “valid points”. So if you make a point and are able to logically back it up, I presume you should get marks for it.
Happy for alternative views. And yes question practice is IMPORTANT!!
Regards
Janet
You may take a look at this too. I presume you may already have since this is not your first sitting for F8. However doesnt cause any harm to go thru once again.
Good Luck!!!!
so what is difference between.test of control,audit procedure,substantive testing and control objective..
Dany,
As far as i understand, audit procedure wud include test of control and substantive testing to achieve the control objective. Basically control objective of testing wages wud be to ensure that the wages paid are for actual hours worked, to genuine employees of the company etc. So audit procedures would be designed to check if that objective is achieved. To carry out those procedures u wud test controls which the company may have in place eg. Daily hours signed off by foreman. Test of control wud be to inspect if that happens based on sample. Substantive testing wud be to recalculate wages computation for a day for total hours times standard wages.
Hope that helps!
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My advice – read the requirement first to see what you are looking for in the scenerios (eg ethical threats, system weaknesses, something in the question that needs substantitve testing) and work out how many you need to write about from the mark allocation. Then use a highlighter pen and pick out the key words from the scenerio that score the identify marks – theres usually more in there than u need but start with the most easy/obvious ones first. From these, the explanation and recommendation can be made from revision knowledge or common sense.
Hope this helps!
Yes and I was reading the examiner’s report, where she told the difference between failed and passed copies of the candidates,
for the passed ones, she mentioned that they solved the Q1 that is the scenario question first and also THEY ATTEMPTED ALL QUESTIONS…So it means if you attempt scenario question first, it would leave a good impression on her. And no matter how little you know about a topic, mix it with your common sense and attempt it, do not leave the paper at all. Don’t get tensed by seeing the big scenario question, the more big it is, the more information is there to use in your answer and you’d not have to think much. The questions that are scenario based but are small, are dangerous 😀 because you’ve to do a lot of thinking.Try solving each part as if it is a different question, if one part gets wrong or you are not sure about it, DO attempt it.
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