AUDIT AND ASSURANCE (F8) – STUDY OVERVIEW
1 Stage of study System Study
Sessions Syllabus coverage
INTRODUCTORY
(Note: All topics to be covered before taking
Monitoring Test 1)
1
Audit and other assurance engagements Regulatory environment – statutory audit Regulatory environment – corporate governance
Professional codes of ethics and conduct Auditor appointment
Audit planning
Business risk and internal control
Understanding the entity, audit risk and engagement risk
Internal controls and assessing control effectiveness (incl CIS) plus Appendix 1 (Documentation techniques) Appendix 2 (Transaction cycles) & Appendix 5 (Data sources and records)
Audit evidence – ISA 500
Trade receivables and Trade payables Auditor’s reports
Internal audit
MONITORING TEST 1 (1½ hours)
INTERMEDIATE 1
6 10 11 14 16 – 21
Documentation Materiality
Fraud & Error, Laws & Regulations Service organisations
General techniques of audit testing 22 – 26
Appx 3 28 – 31
33 34
Auditing balances plus Appendix 3 (Audit programmes)
Finalisation, going concern and audit reports Internal audit
Considering the work of internal audit
AUDIT AND ASSURANCE (F8) – STUDY OVERVIEW
2
Stage of study System Study
Sessions Syllabus coverage
INTERMEDIATE 2
27 32 Small businesses Review assignmentsRevision of previous studies in preparation for the Revision Phase and student accountant articles by the examiner as noted below.
REVISION
Qs will be set on all topics likely to be examined. Any topics which have featured recently in student accountant will be covered.
MOCK EXAM(s)
(3 hours)Examiner’s Report
Ensure you read the June 2008 Examiner’s Report before commencing the revision course.
Relevant
Student Accountant
articles (as at 01 August 2008)
¾
Auditing fundamentals – April 2008¾
Examiner’s approach to Paper F8 – February 2007¾
Audit and review examination technique – November 2006¾
Auditing manual and computerised systems – May 2006¾
Examiner’s approach to Paper 2.6 – January 2005 (relates to old syllabus but contains useful tips)¾
The regulatory environment – January 2005 (relates to old syllabus but contains useful tips)All of these articles are CRITICAL reading as they are by the examiner, Alan Lewin, explaining his approach to the examination and what he expects from students. Ignore at your peril!!! www.accaglobal.com/students