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F8

The audit of financial statement assertions
This article looks at the effect of revisions to ISA 315, Identifying and Assessing the Risks of Material Misstatements through Understanding the Entity and its Environment with respect to financial statement assertions.

The new auditor’s report
The completion of an IAASB project in 2015 resulted in a set of new and revised standards on auditor reporting. These standards are examinable from the September 2016 exam session, meaning that F8 and P7 candidates will be expected to understand the requirements and responsibilities of the auditor as set out in the standards.

Laws and regulations
It is important that candidates preparing for F8 have an understanding of how laws and regulations affect an audit, not only in terms of the work the auditor is required to do, but also to appreciate the responsibilities of both management and the auditor where laws and regulations are concerned. 

Using the work of internal auditors
Also available as a podcast on iTunes
This article focuses on the provision of direct assistance by the internal auditors, which – to date – has been a very controversial issue. Although internal auditors are the employees of the entity, which could result in threats to independence (either in fact or perceived) if direct assistance is provided by the internal auditors, there are benefits relating to this provision which cannot be ignored. 

The audit of wages
Also available as a podcast on iTunes
The most common payroll frauds can affect even those companies that appear to have good internal controls. This article sets out to help 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.

Audit procedures
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.

Going concern

It is essential that candidates preparing for the 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.

Audit risk
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

Audit sampling
This article will consider the various sampling methods in the context of F8 and FAU.

Subsequent events
This article considers how subsequent events can affect an entity's financial statements, and discusses the auditing requirements F8 candidates need to know.

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 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 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.

Analytical procedures
An outline of the analytical procedures relevant to the audit papers.

Examining evidence
This article explains the importance of understanding audit evidence.

ISA 240 (redrafted), auditors and fraud
The definitions given by International Standard on Auditing (ISA) 240 (Redrafted) of fraud and error, and the historical expectations of the audit role.`

Study support videos

Internal controls (part 1)
Paul Kirkwood, a tutor from Kaplan, focuses on the key internal controls syllabus areas in F8. He also provides guidance on answering multiple-choice questions on internal controls.
Cannot access Youtube? Watch it here

Internal controls (part 2)
Paul Kirkwood continues his focus on the key internal controls syllabus areas in F8 and discusses how to attempt longer type questions on internal controls.
Cannot access Youtube? Watch it here

Bringing an F8 exam question to life
Do you find it difficult to answer F8 exam questions? Perhaps you don’t have any real-life audit experience, which makes it even harder? Use nine minutes to watch this video which will help you take the exam into the real world.

Audit evidence

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.

Cannot access Youtube? Watch it here

Audit risk
John Glover from Kaplan Financial takes a look at how to approach audit risk questions using past ACCA exam questions to illustrate the key points.
Cannot access Youtube? Watch it here

Exam techniques and last-minute tips
Julie Corkish, education technical adviser at ACCA, provides useful insight which might make the difference between a fail and a pass in your exam, using comments regularly made by the examiner. 

Advice for students retaking exams
This video is about turning your exam fail into a pass at your next attempt. It suggests ways to reflect on where you went wrong, how to draw up an effective study plan, and practising exam questions.

Syllabus updates

Changes to the ACCA Qualification skills module, Professional level and Foundations in 2016–17
This article explains the planned updates to the ACCA Qualification syllabuses taking place as part of the process of continuous syllabus refreshment and improvement.

Changes to the ACCA Qualification and Foundation level in 2015–16
This article explains the planned updates to the ACCA Qualification syllabuses taking place as part of the process of continuous syllabus refreshment and improvement.

Exam technique

Examiner approach
This article considers the examiner’s approach to the F8 exam:
- relevant up to and including the June 2016 sitting
- relevant from the September 2016 sitting

Multiple-choice questions
What you need to know about the multiple-choice questions (MCQs) in the paper-based exams for F4, F5, F7, F8 and F9 from December 2014.

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.

Ready to sit F8?
Identifying some of the common errors found in 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.

F8 – A guide to using the examiner’s reports
Guidance to help you if you are taking the F8 exam for the first time as this takes you through how to use the examiner’s reports as part of your revision phase as directed by the self-study guides. This document will help you to understand how you should be using the examiner’s reports to make the best use of them.

F8 – A guide to reflection for retake students
Guidance to help you if you are retaking the F8 exam as this takes you through the process of reflection using the examiner’s reports as directed in the retake guides. This document will help you to understand how you should be using the examiner’s reports to make the best use of them.

Exam support resources

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Last updated: 27 Jul 2016