- This topic has 8 replies, 2 voices, and was last updated 11 years ago by
.
- Posts
a) Identify and explain the audit risks identi?ed at the planning stage of the audit of Smoothbrush Paints Ltd.
(10 marks)This is the requirement can you please guide me how many audit risks i have to identify.
One more thing i want to ask that does writing matter so much in exam of f8. seriously im attempting it the 3rd time.I am pretty good in the f8 but i dont know why i dont pass. Please guide me how to do revise my f8 in these days now! i will be really thankful.
The marking guide says 1/2 mark per risk identified and up to another 1 for a description of the risk. Therefore 6 – 7 for full marks.
If you know the theory in F8, your problem must lie with writing. They are not too worried about English/style, but you have to reallt try to explain things in as much detail as you can. Pretend you were describing risks/procedures/ internal control weaknesses or whatever to a 15 year old child with no business experience. In such a case you would have to really spell things out. You couldn’t get away with, for example, “Finance director left”. You would have to explain why this gives rise to a risk: eg Financial statements being prepared without proper leadership and a less skilled person in charge.
thanks sir.i lack time management thats the main reason..i write more than required thats why
Self-knowledge is half the battle: be strict with time to give yourself the best chance.
i know what are substantive procedures and audit procedures but i sometimes get confused.when examiner ask use sustantive procedures to confirm revenue/recievables etc.please help.
There’s a new article on this site that might help. Go to the ACCA home section and read article on tests of control and substantive tests. Get back if you still need help.
https://opentuition.com/acca/f8/audit-tests-difference-tests-control-substantive-tests/
it was helpfulbut i just want to enquire that substantive procedures are part of sources of evidence and so to apply substantive procedures we use audit procedures? Am i correct?
Audit procedures are procedures used to gather evidence that the FS do not contain material misstatements. There are two types of audit procedures: tests of control and substantive tests. Therefore your ataremeny ‘to apply substantive procedures we use audit procedures’ is not really correct. It would be better to say ‘ one form of audit procedures consists of substantive procedures’.
- You must be logged in to reply to this topic.