AAF8 Int exam tips – June 2013 (Bpp, Kaplan, LSBF, First Intuition, Becker)

Exam tips are out! Enjoy but do not rely on them. Kaplan • Audit Framework: confidentiality / conflicts of interest / audit committees • Internal Audit: Role and function • Planning and Risk: Audit risk including analytical procedures • Internal Control: Cash / purchases system (including tests of control) • Audit Evidence: Purchases / payables; bank and cash; review engagements • Completion & reporting : Subsequent events (ISA 560) Auditor’s reports • Specific standards/topics: ? Elements of internal control: Control Environment (recent article) (ISA 315) ? Elements of assurance ? Expectation gap ? Professional clearance ? Audit strategy/plan (ISA 300) ? Risk assessment procedures (ISA 315) ? Materiality (ISA 320) Continued... Kaplan Financial May 2012 Please be aware that recent diets for F8 have ranged from those requiring knowledge of the content of a broad range of standards (some quite peripheral to the syllabus) and those requiring grounding in the core auditing concepts/techniques. Therefore, students should be prepared for either possibilities in the June 2013 paper, or a combination of the two. BPP 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 procedures. 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, 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. Opentuition Internal control – sales; letter of weakness Assertions and evidence to support the assertions Events after the period end (adjusting/non-adjusting) Corporate governance Audit planning; accepting new business LSBF * Wide reading is highly recommended and knowing a little about a lot! * Audit of specific items especially non-current assets, receivables and payables. * Internal controls-especially control environment. * Audit planning and risk assessment especially audit risk issues. * Audit reports especially emphasis of matter, Final Review especially evaluation of misstatements and/or subsequent events. * Others, assurance, ethics and internal audit. First Intuition * Internal controls – deficiencies and recommendations. * Scenario based ethics or corporate governance question. * Substantive testing and audit evidence. * Subsequent events. * Audit reports. _______________________________________ Source: https://www.pqaccountant.com/ https://www.kaplan-exam-tips.com/acca/ Very best of luck with your exams! ansi