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Paper F8

Using the work of internal auditors
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 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.

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 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.

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 Paper F8 and Paper FAU.

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

The IAASB Clarity Project
This article provides a summary of the reasons for, and effects of, the International Auditing and Assurance Standards Board’s (IAASB) Clarity Project from an international and a UK and Ireland perspective.

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.

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

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

Syllabus updates

Changes to the ACCA Qualification Skills module and Professional level in 2014–15
This article explains the planned updates to the ACCA Qualification syllabuses taking place as part of the process of continuous syllabus refreshment and improvement. The article highlights structural changes to exams, including the latest syllabus changes.

Exam technique

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: 17 Oct 2014