Technical articles

Paper FAU

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 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.

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.

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

Using the work of an auditor's expert
This article considers when an auditor may need to rely on the opinion of experts to provide assurance in areas of an entity's financial statements.

Specific aspects of auditing in a computer-based environment
This article provides guidance on various aspects of auditing in a computer-based accounting environment.

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

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.

The IAASB Clarity Project
This article provides a summary of the reasons for, and effects of, the Clarity Project from an international and a UK and Ireland perspective.

Audit documentation
The redrafted ISA 230 and how it redefines audit documentation.

A risk-based approach to auditing financial statements
The key points of a risk-based audit.

Exam technique

How to answer multiple-choice questions
Answering MCQs successfully requires you to develop a range of skills and exam techniques. Taking the steps set out in this article will help you to maximise your marks.

Computer-based exams
This article considers the benefits of computer-based exams (CBEs), highlights the points that you need to be aware of when completing ACCA's current CBEs, and looks at the different types of questions.

Five steps to multiple-choice success
A five-step approach to answering multiple-choice questions.

Exam support resources

Return to the exam resource finder to locate other materials to help with your studies