F8 Int – exam tips – December 2013 (BPP, Kaplan, LSBF, Opentuition)

Exam tips are out! Enjoy but do not rely on them.

BPP

Internal controls, audit evidence or audit procedures (substantive and tests of control).
Scenario questions – corporate governance, ethics, planning, audit risk, internal controls, audit procedures and audit reports.

The F8 exam consists of 5 compulsory questions. Question 1 is a 30 mark scenario based question which will test a wide range of topics such as internal controls and audit evidence and audit procedures (both substantive and tests of control).
The second question focuses on testing knowledge and is worth 10 marks. This question is often broken down in to 3 or 4 separate requirements and can require you to define some of the key terms within audit and assurance.
Questions 3, 4 and 5 are worth 20 marks each and the requirements will largely be based upon the given scenario. Typical areas which are tested in these questions are corporate governance, ethics, planning, audit risk, internal controls, audit procedures and audit reports.
Audit procedures, internal controls, audit risk and audit reports are almost always examined so make sure that you can generate both tests of control and substantive procedures for key cycles and balances as well as being able to identify internal control deficiencies. You should also ensure that you can draw out audit risks from a scenario as well as determining the effect audit issues may have on the audit report.

Kaplan

• Audit Framework – confidentiality, conflicts of interest, audit committees.
• Internal audit – outsourcing.
• Planning & risk – audit risk.
• Internal control – sales/payroll system (including tests of control).
• Audit evidence – trade receivables; payroll; review engagements.
• Completion & reporting – Going Concern (ISA 580) and auditor’s reports.
• Specific standards/topics:

<p style=”padding-left: 60px;”>– Elements of internal control (ISA 315).
– Inherent limitations of internal control.
– Expectation gap.
– Sufficient appropriate evidence (ISA 500).
– Auditing accounting estimates (ISA 540).
– Relying on the work of others (ISA 620).
– Risk assessment procedures (ISA 315).

LSBF

• Threats to Objectivity and Conflicts of Interest
• Corporate Governance Code overview of contents
• Audit Risk/Response scenario
• Payroll Controls, including test data
• Substantive Tests on Payroll, Inventory
• Subsequent Events
• Other Information
• Audit Report scenarios
• Pros and Cons of outsourcing Internal Audit
• ISA 210, 250, 402, 610

Opentuition

• Receivables system and receivables circularisation
• Computer assisted audit techniques
• Corporate governance
• Audit risk and planning
• Assertions and audit evidence/procedures
Remember, if asked for audit procedures state which assertion the procedure helps with.

First Intuition

* Internal controls – deficiencies and recommendations from a scenario, e.g. revenue and receivables cycle.
* Scenario based ethics or corporate governance question.
* Substantive testing and audit evidence on key area of the financial statements e.g. inventory.
* Identification of audit risks and responses to risk.
* Going concern.
* Audit reports.

De Monfort

* Scenario question considering wages and tests of controls.
* Audit planning.
* Assurance engagement, possible not for profit focus.
* Audit reports and finalisation of audit work.

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Source: https://www.pqaccountant.com/

Very best of luck with your exams!
ansi