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Please clarify the expected level of seniority for an auditor attempting this paper.

Most questions will be set at the audit senior/manager level. Questions may be set at the junior level but it is extremely unlikely that there will be questions set at the partner level.

What is the best use of the reading time for this examination?

Read all of the questions and then plan the answer to question 1.

Is there any value in knowing all the ISAs and the ISA numbers?

No. Candidates need to have a basic knowledge of the key points of the relevant ISAs. There is no need to quote numbers and paragraphs in answers.

Can bullet points be used in answers?

Bullet points can be used in answers. However, each bullet must contain a complete sentence. The only exception to this is the requirement "list" where a list of documents, assertions etc, may be required without explanation.



How much detail will candidates be expected to go into for audit report questions?

Candidates should be able to explain the effects of different modifications and occasionally they will be asked to write small extracts from modified reports (particularly in the opinion paragraph). However, questions will not be set asking candidates to write out an audit report in its entirety.

Are intangible non-current assets examinable in this paper?

Candidates are expected to have knowledge of accounting standards listed under Paper F3 for Paper F8 and therefore intangible non-current assets are examinable.

What are the differences between the UK and Irish streams for the audit papers?

The Irish papers are adapted from the UK papers. Where there are differences in practice between the UK and the Republic of Ireland, the UK papers are adapted to make them relevant to Irish students.

Differences mainly relate to questions being in Euros rather than pounds and any Companies Act differences. The same accounting and auditing standards are examinable for both streams.

Should questions be answered in order?

Not necessarily. Candidates may answer questions in any order they wish. They should use the reading time to review all of the questions. It may be helpful to start with question 1 as this is the longest question.

Will internal audit be examined at every sitting?

Internal audit will not necessarily be examined at every single sitting going forward. However, it is an important area of the syllabus and is likely to be examined regularly.

How important are assurance engagements as opposed to standard audits?

Assurance will feature in future exams but it is a limited area of the syllabus.

Should candidates take F7 before F8?

There is no need to take F7 before F8. However, candidates do need to take F3 before F8.

Will candidates need a calculator in the F8 exam?

Yes. Candidates may be asked to calculate materiality and, as we saw in the December 2010 examination, candidates may be asked to do an analytical review by way of ratio analysis.

How are marks allocated for questions including the verbs ‘identify' and ‘state'?

For questions which require candidates to ‘identify' certain points within a scenario, generally half to one mark will be awarded for the identification of an issue.

Where candidates are asked to ‘state' various points, generally half to one mark will be available for each point made (eg the December 2010 paper asked candidates to state four benefits of documenting audit work, and attracted one mark per point).

Could a 20-mark question be set on audit reports?

A full 20-mark question would not be set on reporting in isolation, but as reporting is a key aspect of the syllabus it may form a substantial part of a question.

Could candidates be asked about business as well as audit risk?

No. Business risk isn't part of the F8 syllabus. However, candidates need an awareness of the auditor's responsibility for understanding the entity and its environment in planning questions. They should apply that knowledge to an audit risk area.

Is business risk examinable in the context of going concern?

Business risk is not examinable in relation to planning and risk assessment in Paper F8.

Candidates would not be asked a question requiring them to identify business risks in a scenario. However going concern indicators, which may technically be business risks, are examinable. ISA 570 is fully examinable as is the topic of going concern including going concern indicators.

To avoid confusing candidates, it would be preferable when teaching to refer to these as going concern indicators rather than business risks.

Is monetary unit sampling examinable?


Could candidates be expected to pick a sample?


Is error projection examinable?


Last updated: 27 Mar 2012