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I failed f8 for 3 times, i found out that one of my weaknesses is risk assessment and the response to it. Is there anyone that has a well structured material on this, easy to understand. I have bpp study book, but it is not so understandable. Please!
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I am attempting first time this paper and insha,allah expect to get an excellent marks, so far the techniques I was using since I started ACCA was to use different books, like london busienss school, kaplan and BPP so when u ever get stuck with on , u read the other one and so on…..
Basically, Risk assessment is the gate to audit, if we don’t get it then it will be difficult……in the exam, we shall see, risk assessment and we can get the points of the risk we need to make from the scenario, always read between dots(full stops) and try to come up with something , for example, if in thd e scenerio , u were told that user entity took a loan of 15 million during the year,,,,,,, then should make some inferences out of that by thinking, what can go wrong, in this situation u can think of three possible errors….1) misclasification of loan 2) incorrect recording of interests and repayment….so these are the risks that can happen, then u came up with response or audit actions(procedures) u should take to check that……
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