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The audit of wages
The most common payroll frauds can affect even those companies that appear to have good internal controls. This article sets out to help Paper F8/FAU candidates better identify significant deficiencies in internal control, explain the implications of the deficiencies and recommend appropriate controls. It considers the different stages in a typical wages system – for example, what tasks should be undertaken during both the interim audit and final audit stages – as well as the link between control objectives, controls and audit tests.
The control environment of a company
The purpose of this article is to provide candidates with a more detailed appreciation of matters pertinent to an auditor, focusing on the need for the auditor of a large limited liability company (in the UK – a limited company) to evaluate the effectiveness of the company’s control environment.
ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (Related to Entity's Internal Control)
One of the major revisions of ISA 315 relates to the inquiries made by external auditors of the internal audit function since internal auditors have better knowledge and understanding of the organisation and its internal control. This article addresses and highlights the components of internal control.
Candidates tend to perform less well when examined on writing audit procedures. This article helps to clarify the concepts behind audit procedures, and gives advice on how to correctly approach such questions, as well as tips on what to avoid.
It is essential that candidates preparing for the Paper F8 exam understand the respective responsibilities of auditors and management regarding going concern. This article discusses these responsibilities, as well as the indicators that could highlight where an entity may not be a going concern, and the reporting aspects relating to going concern.
This article outlines and explains the concept of audit risk, making reference to the key auditing standards which give guidance to auditors about risk assessment
This article will consider the various sampling methods in the context of Paper F8 and Paper FAU.
This article considers how subsequent events can affect an entity's financial statements, and discusses the auditing requirements Paper F8 candidates need to know.
Clarity auditing standards
An overview of clarity auditing standards, with a focus on the new ISA/HKSA 265 (Clarified), Communicating Deficiencies in Internal Control to those Charged with Governance and Management.
Specific aspects of auditing in a computer-based environment
This article provides guidance on various aspects of auditing in a computer-based accounting environment.
A matter of opinion?
This article, which is relevant to Paper F8 and P7, revisits the basic principles of forming an audit opinion and looks at how this knowledge should be applied by considering a past Paper P7 exam question.
ISA 330 and responses to assessed risks
Outlining the requirements of ISA 330.
Audit working papers
How working papers provide evidence that an effective, efficient, and economic audit has been carried out.
Sally Vernon from BPP focuses on the area of audit evidence including a discussion on the theory of audit evidence and tests of control versus substantive procedures.
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Exam changes from February 2014 to August 2015
The article summarises the rationale for the latest qualification developments to the Foundation level and Knowledge papers, indicating which syllabuses are affected and when, outlining specifically which areas are being amended.
Answering audit risk questions
This article aims to identify the most common mistakes made by candidates in answering audit risk questions as well as clarifying how such questions should be tackled in order to maximise marks.
Examiner's approach to Paper F8
The Paper F8 examiner outlines an approach to the Paper F8 exam.
Ready to sit Paper F8?
Identifying some of the common errors found in Paper F8 exam scripts, and offers some suggested solutions to help with your revision.
Audit and assurance assistance
Illustrating how more marks can be obtained by a better understanding of the requirement verbs used.
Last updated: 12 Feb 2014