Hints & Tips for F8 Audit and Assurance
ACCA F8 has a new exam format for the December exam.
Question 1
Internal control, audit planning, audit evidence and audit procedures (both substantive procedures and tests of control).
Section A:
12 multiple choice questions of which eight are worth 2 marks each and four are worth 1 mark each. The MCQs will largely be knowledge based and will balance out the questions in Section B to make sure that all aspects of the syllabus are examined.
Section B:
Q1 – Q4:
Four 10 mark questions. These will test single topic areas of the syllabus and so will either test syllabus area A, B, C, D or E. The questions will be broken down into sub requirements and may also be based on a short scenario. Areas expected to be tested in questions 1 to 4 include ethical threats and safeguards, corporate governance and internal audit, audit planning, materiality, audit procedures (especially substantive procedures), audit finalisation and audit reports.
Q5, Q6
Two 20 mark questions which will be broken down into sub requirements and be scenario based. The majority of marks in each question will test syllabus areas B, C and/ or D.
Areas expected to be tested in questions 5 and 6 include audit risk, internal control and audit procedures (both substantive procedures and tests of controls).
F8 has the following syllabus areas:
A Audit framework and regulation
B Planning and risk assessment
C Internal control
D Audit evidence
E Review and reporting
General advice:
Where questions are based on a scenario it is essential that you use the information in the scenario to make your answers relevant. At the beginning of the exam you are given 15 minutes "reading and planning" time. During this time you can read and annotate your question paper and so this is a perfect chance to make notes next to the information in the scenarios of things to include in your answer.
During this time you should also think about how you will present your answer – try to use a tabular format in your solutions where relevant as the examiner has stated that candidates who do this score better.
Finally pay attention to the verbs used in question requirements as these indicate the number of marks available. For example, the verb "explain" requires a sentence and will score one mark if properly explained whereas the verb "list" simply requires you to list out information with no further explanation and this will score ½ mark per point.
You can also visit ACCA's website for more information about F8 Audit and Assurance.
ACCA F8 has a new exam format for the December exam.
Question 1
Internal control, audit planning, audit evidence and audit procedures (both substantive procedures and tests of control).
Section A:
12 multiple choice questions of which eight are worth 2 marks each and four are worth 1 mark each. The MCQs will largely be knowledge based and will balance out the questions in Section B to make sure that all aspects of the syllabus are examined.
Section B:
Q1 – Q4:
Four 10 mark questions. These will test single topic areas of the syllabus and so will either test syllabus area A, B, C, D or E. The questions will be broken down into sub requirements and may also be based on a short scenario. Areas expected to be tested in questions 1 to 4 include ethical threats and safeguards, corporate governance and internal audit, audit planning, materiality, audit procedures (especially substantive procedures), audit finalisation and audit reports.
Q5, Q6
Two 20 mark questions which will be broken down into sub requirements and be scenario based. The majority of marks in each question will test syllabus areas B, C and/ or D.
Areas expected to be tested in questions 5 and 6 include audit risk, internal control and audit procedures (both substantive procedures and tests of controls).
F8 has the following syllabus areas:
A Audit framework and regulation
B Planning and risk assessment
C Internal control
D Audit evidence
E Review and reporting
General advice:
Where questions are based on a scenario it is essential that you use the information in the scenario to make your answers relevant. At the beginning of the exam you are given 15 minutes "reading and planning" time. During this time you can read and annotate your question paper and so this is a perfect chance to make notes next to the information in the scenarios of things to include in your answer.
During this time you should also think about how you will present your answer – try to use a tabular format in your solutions where relevant as the examiner has stated that candidates who do this score better.
Finally pay attention to the verbs used in question requirements as these indicate the number of marks available. For example, the verb "explain" requires a sentence and will score one mark if properly explained whereas the verb "list" simply requires you to list out information with no further explanation and this will score ½ mark per point.
You can also visit ACCA's website for more information about F8 Audit and Assurance.
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