ATC
INTERNATIONAL
ACCA
PAPER F8
AUDIT AND ASSURANCE (INTERNATIONAL)
16 Elmtree Road Teddington TW11 8ST United Kingdom.
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Acknowledgement
REVISION QUESTION BANK – AUDIT AND ASSURANCE (Int) (F8) CONTENTS
Question Page Answer Marks Date worked
REGULATORY FRAMEWORK
1 Auditors and Auditing Standards (ACCA D01) 1 1001 20
CORPORATE GOVERNANCE
2 Jumper (ACCA J06) 1 1004 20
3 Corporate governance (ACCA J05) 2 1007 20
FRAUD, LAWS & REGULATIONS
4 Fraud and compliance seminar (ACCA J01) 2 1009 20
5 Stone Holidays (ACCA D04) 3 1011 20
PROFESSIONAL ETHICS AND CODES OF CONDUCT
6 Manly (ACCA D99) 3 1013 20
AUDIT PLANNING & RISK ASSESSMENT
14 Phones Anywhere (ACCA J97*) 9 1033 20
MATERIALITY
21 Analytical procedures and materiality (ACCA J02) 16 1051 20
22 Concept of materiality (ACCA D00*) 17 1053 12
INTERNAL CONTROL AND ASSESSING CONTROL EFFECTIVENESS
23 Lenton Textiles (ACCA J95*) 17 1055 20
REVISION QUESTION BANK – AUDIT AND ASSURANCE (Int) (F8) CONTENTS
Question Page Answer Marks Date worked
COMPUTER-ASSISTED AUDIT TECHNIQUES
LOANS, BANK & CASH
53 Bardwell (ACCA J01) 44 1129 20
54 Bank & Cash (ACCA J02) 45 1131 20
TRADE PAYABLES AND ACCRUED EXPENSES
55 Ravenshead Engineering (ACCA D94*) 46 1132 20
56 Tollerton (ACCA J96*) 46 1135 20
PROVISIONS AND CONTINGENT LIABILITIES
THE AUDITOR’S REPORT ON FINANCIAL STATEMENTS
RELIANCE ON INTERNAL AUDITING
70 ZPM (ACCA J06) 58 1165 20
PILOT PAPER (December 07)
Questions
Answers
REVISION QUESTION BANK – AUDIT AND ASSURANCE (Int) (F8)
UPDATING NOTE
The IASB reissued IAS 1 ‘Presentation of Financial Statements’ in September 2007. Amendments to the old IAS 1 are mainly to presentation and terminology and have been reflected throughout these questions.
Although IAS 1 does not become effective until periods on or after 1 January 2009, earlier adoption is permitted. ACCA operates a six month rule in its examinations based on issue date, whereby accounting standards will not be examined until six months have passed from their date of issue. Therefore the revised IAS 1 falls to be examined from the June 2008 examinations.
Terminology has therefore been changed throughout the F8 materials. The main changes can be summarised as follows:
Balance sheet ⇒ Statement of financial position
Balance sheet date ⇒ end of the reporting period (note that end of the reporting period may also be
referred to as the “year end” within the study system and question bank)
Income statement ⇒ Statement of comprehensive income (but see below)
Cash flow statement ⇒ Statement of cash flows (IAS 7 is renamed)
Events after the balance sheet date ⇒ Events after the reporting period (IAS 10 is renamed)
The Statement of Comprehensive Income basically consists of two elements – an income statement (the same as the old IAS 1 format) plus other comprehensive income comprising, for example, gains on
revaluations, cash-flow hedges, translation of foreign operations and actuarial gains (all of which are
still analysed within a statement of changes in equity).
