ACCA Paper F8 Auditiing and Assurance F8AA(Int)RQB Conts d08

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ATC

INTERNATIONAL

ACCA

PAPER F8

AUDIT AND ASSURANCE (INTERNATIONAL)

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16 Elmtree Road Teddington TW11 8ST United Kingdom.

Editorial material Copyright  Accountancy Tuition Centre (International Holdings) Limited, 2008.

All rights reserved. No part of this training material may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without permission in writing from the Accountancy Tuition Centre (International Holdings) Limited.

Acknowledgement

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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

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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

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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

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THE AUDITOR’S REPORT ON FINANCIAL STATEMENTS

RELIANCE ON INTERNAL AUDITING

70 ZPM (ACCA J06) 58 1165 20

PILOT PAPER (December 07)

Questions

Answers

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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).

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