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Dear fellow F8 INT Students,
I am starting a F8 study group hopeful with the same structure and efficiency as F7 study groups.
I will be preparing documents and question for discussion in ALL sessions.
Please follow the forum for when these documents are made available. DO NOT rely on the documents as your main study tool you are still required to read you choice text.
These sessions will be taking place in the Open Tuition F8 chat room which you can access via the link below: https://opentuition.com/chatroom/
To make the study sessions easy to follow, we will discuss the F8 syllabus in the order of the official ACCA study guide: https://www.accaglobal.com/pubs/students/acca/exams/f8/syllabus/f8int_syll_sg.pdf
We will be following this schedule (dates will be posted progressively):
Audit Framework and Regulation
Internal Audit
Planning and Risk assessment [Part 1]
Planning and Risk assessment [Part 2]
Internal Control
Internal Control
Audit Evidence
Review
Reporting
We should all study the relevant chapters before each session has started. The session will reinforce our knowledge of what we have already read.*********************************************************************************************
FAQsHow to make the best out of these group study sessions?
Please come prepared! Make a list of questions if possible for sessions so that you can get your questions answered.What time will the sessions take place in my country?
To check what time it will be in your country, use this converter https://www.timeanddate.com/worldclock/converter.htmlAny guidelines I need to be aware of before joining?
Yes! Please visit this link for more details https://opentuition.com/groups/general-acca/forum/topic/rules-and-guidelines-for-study-sessions/What if I can’t attend the study sessions?
Not to worry! All chat sessions history will be saved and posted here.
*****************************************************************************************************Best wishes to All
Thanks
Regards
Davisdadon- Topics: 10
- Replies: 85
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The notes for session 1: Audit Framework and Regulation can be downloaded here:
The Chat Log for Session 1: Audit Framework and Regulation can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1287021681-S1F8DEC2010Chatlog.pdf
Summary of the Sessions Questions answered:
What is assurance and why is it important?***
What is Positive Assurance?***
What then is Negative Assurance?***
What do we mean by “True and Fairness” and “Material”?
Is it important that auditors remain independent of their client and why?
Who is allowed to be an External Auditor?
What legal rights do auditors have?***
What responsibilities do Auditors have?
What are the responsibilities of the Directors?
What are some fundamental Ethical principles?***
What are some Ethical threats that can affect Auditors ability to comply with the ACCA’s code of Ethics?***
Client assessment considerations***
Professional clearance process
Engagement letter(*) indicates questions which pose the most difficulty
- Topics: 10
- Replies: 85
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The notes for session 2: Internal Audit can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1287021814-B.InternalAudit.pdf
The Chat Log for Session 2: Internal Audit can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1287538658-S2F8DEC2010ChatLog.pdf
Summary of the Sessions Questions answered:
What is the definition of an Internal Audit?
What are the functions of an Internal Audit?
What would the External Auditor need to consider before relying on the work of the Internal Audit?
What is Corporate Governance?
Why is there a need for strong Corporate Governance?
Who set the rules for Corporate Governance?
What is the Underlying concept behind Corporate Governance?
What are the characteristics of an effective Board of Directors?
What contributions do Non-Executive Directors provide?
What direction does Corporate Governance provide on the relationship of the CEO and the Chairman of the Board?
What direction does Corporate Governance provide on the Board Balance?
What direction does Corporate Governance provide on appointments to the Board?
What direction does Corporate Governance provide on the remuneration of Directors?
What direction does Corporate Governance provide on the relationship of the Remuneration Committee?
What direction does Corporate Governance provide on the relationship of the Audit Committee?
What is a management letter?
What is the difference between the External Audit and the Internal Audit?
What are the Advantages of Outsourcing the Internal Audit?
What are the Disadvantages of Outsourcing the Internal Audit?(*) indicates questions which pose the most difficulty.
- Topics: 10
- Replies: 85
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The notes for session 3: Planning and Risk Assessment can be downloaded here:
- Topics: 10
- Replies: 85
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The Chat Log for Session 3: Planning and Risk Assessment [1of2] can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1287602209-S3DEC2010ChatLog.pdf
Summary of the Sessions Questions answered:
*** Please note that the schedule has been amended ***
What is Professional Scepticism?
What is Professional Judgement?***
Why do auditors plan?
What does planning an audit involve?
What is involved in doing an audit strategy?***
What is involved in doing a detailed audit plan?***
Why do we need an understanding of the entity and its environment?***
What is involved in understanding an Audit Client?***
What sources can we turn to for an Understanding of the Entity?
What is Audit Risk?***
What is the Audit Risk Model?***
What is Inherent Risk?***
What is Control Risk?
What is Detection Risk?
What is the desired Audit Risk and how can Auditor’s achieve this?🙁 Understanding the audit risk model presented the most difficulty…
For example (Inherent Risk = IR, Control Risk = CR and Detection Risk = DR):
If the IR is LOW, CR is HIGH,and DR is HIGH.. what would AR = ?
If the IR is HIGH, CR is LOW,and DR is HIGH.. what would AR = ?
If the IR is HIGH, CR is HIGH,and DR is LOW.. what would AR = ?
If the IR is HIGH, CR is HIGH,and DR is HIGH.. what would AR = ?
If the IR is LOW, CR is LOW,and DR is LOW.. what would AR = ?(*) indicates questions which pose the most difficulty.
- Topics: 10
- Replies: 85
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The Chat Log for Session 4: Planning and Risk Assessment [2of2] can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1288207810-S4F8DEC2010-ChatLog.pdf
Summary of the Sessions Questions answered:
What are analytical procedures?
When are analytic procedures used by auditors?
Give examples of analytical procedures?
Use of ratios in analytic procedures
Materiality Guidelines
What characteristics should audit evidence have?
What does sufficient mean?
What does reliability mean?
What does relevance mean?
What are the assertions in regard to the Statement of Comprehensive Income?
What are the assertions in regard to the Statement of Financial Position? (!)
How do we gather evidence?
How should auditors treat the review of estimates?
Why is it essential that auditors keep documentation?
What are the benefits of keeping working papers?
What are the characteristics of Working Papers?
What is the current audit file?
What is the Permanent audit file?
What are the advantages of standardising audit procedures? (!)
What are the disadvantages of standardising audit procedures? (!)
What are the different types of review procedures performed on working papers?- Topics: 10
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The notes for session 5: Internal Control can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1288628380-D.InternalControl.pdf
- Topics: 10
- Replies: 85
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My apologise for not making Session 5: Internal Control on Tuesday 2nd November @ 6pm UK. Initially I intended to cancel the session but decided not too (after the email I sent out) since many were still online. The hurricane has left me without electricity and making plans for Study Session is difficult.
With that said, this is the chat log for today’s unofficial study session:
https://opentuition.com/wp-content/uploads/group-documents/15/1288727960-S5DEC2010-ChatLog.pdf
- Topics: 10
- Replies: 85
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The Chat Log for Session 6: Internal Controls can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1288813280-S6F8DEC2010-ChatLog.pdf
- Topics: 10
- Replies: 85
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It has been a wonderful journey this past month, I have found the study session groups to be very lively, educational and fun, and I hope many of you share my sentiments. Together we have been able to cover more than half the syllabus in a short space of time and I thank all of you who participated. Regrettably not all good things last forever.
The F8 Study Session Group (by Davisdadon) has been closed. We’ve been able together to cover more than half the syllabus stopping short of completing –Audit Evidence, Review, and reporting. Feel free to message me with any questions you may have or join in on any impromptu discussions in the chat-room.
I look forward to seeing next year where we can pick backup out journey this time in the P-level 🙂
Cheers,
Davisdadon- Topics: 10
- Replies: 85
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The notes for F8 will be posted as soon as they become available.
- Topics: 10
- Replies: 85
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The notes for what would have been Session 7: E. Audit evidence can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1289882056-E.AuditEvidence.pdf
The article from SA September 2009 as it relates to Not-for-profit organisations can be downloaded here:
https://www.accaglobal.com/students/student_accountant/archive/2009/99/sa_sept09_souster.pdf
- Topics: 10
- Replies: 85
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The notes for what would have been Session 8: F. Review can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1289968328-F.Review.pdf
- Topics: 10
- Replies: 85
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The notes for what would have been Session 9: G. Reporting can be downloaded here:
https://opentuition.com/wp-content/uploads/group-documents/15/1290035571-G.Reporting.pdf
This completes the notes 🙂
- Topics: 10
- Replies: 85
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Someone ask for help moderating the F8 sessions for June 2011… maybe this can help as a template …
Thank you Davisdadon. That’s great! However, no one showed up in the chat room last night. So I’m giving up on the idea. I’m going to study it on my own. Thank again, tho!
- Topics: 10
- Replies: 85
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I’ve found that whenever it was that I took a session I always get 2 persons for the first session. But that was my fault. For sessions to be successful you 1) need to ask admin to make you a mod 2) place and “sticky” a schedule like this one on the forum and 3) use your mod privilidges to send a mass mail to everyone in the group the schedule and finally 4) prepare extremely well before hand questions and points for discussion – no one likes a mod who doesnt know his “hand” from his “foot”. Dont give up mate, it’s well worth the effort.
@lalawhite said:
Thank you Davisdadon. That’s great! However, no one showed up in the chat room last night. So I’m giving up on the idea. I’m going to study it on my own. Thank again, tho!Come on lalawhite, don’t give up already..I think you’d be a good and efficient moderator for the group.
OK – I’ll give this a go! Admin, could you make me a moderator? Our first official session is Sunday so I’d like to prepare as soon as possible. I was told that the OT website helps with preparation?
And Davisdadon, thanks for the advise. I appreciate it. I will use your schedule/questions answered above as a starting point. Thank you very much!lalawhite,
Im not sure if this is the correct suggestion, but I think you should copy paste this last post of yours in a fresh thread.. It might be overlooked by the admin and you wouldn’t be able to conduct the session on sunday? Just a suggestion..
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Add me in your good book for email alerts its totally fruitful for all.
Well, looks like there is a need to worry. Admin has not made me a moderator. Don’t know what I’m doing wrong. I’m giving up on this idea and I’m going to study F8 on my own. Sorry to everyone.
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