F8 Audit and Assurance (AA)
THE SECRET TO EXAM SUCCESS
The syllabus and study guide take you through the purpose of audits, ethical considerations, how audits are performed and the reports that are issued after the audit has been completed. Make sure you know auditing theory and, very importantly, understand how it is applied to the scenarios in the worked questions. Exam question approach is the key.
To develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework.
The Audit and Assurance syllabus is essentially divided into five areas. The syllabus starts with the nature, purpose and scope of assurance engagements both internal and external, including the statutory audit, its regulatory environment, and introduces governance and professional ethics relating to audit and assurance. It then leads into planning and risk assessment audit. The syllabus then covers a range of areas relating to an audit of financial statements including the scope of internal control. These include, evaluating internal controls, audit evidence, and a review of the financial statements. In addition to final review procedures, the final section concentrates on reporting, including the form and content of the independent auditor’s report.
On successful completion of this paper, candidates should be able to:
- Explain the concept of audit and assurance and the functions of audit, corporate governance, including ethics and professional conduct, describing the scope and distinguishing between the functions of internal and external audit
- Demonstrate how the auditor obtains and accepts audit engagements, obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements
- Describe and evaluate internal controls, techniques and audit tests, including IT systems to identify and communicate control risks and their potential consequences, making appropriate recommendations
- Identify and describe the work and evidence obtained by the auditor and others required to meet the objectives of audit engagements and the application of the International Standards on Auditing
- Explain how consideration of subsequent events and the going concern principle can inform the conclusions from audit work and are reflected in different types of audit report, written representations and the final review and report.
- Lectures 11
- Quizzes 2
- Duration 15-25 hrs
- Skill level All levels
- Language English
- Students 30
- Certificate Yes
- Assessments Self
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As full-time accountant I have no time to go to classroom ACCA courses which last till late evening (or whole weekends) and sometimes cover material I already know. Previously, I used LSBF video online lectures which are great but now I wanted to move faster still and cover only the material that I struggled with under a flexible schedule. I used Quantia several times to prepare for my F7 and F8 exams and do a revision for P4, P5 and P7. Very satisfied with the tutors, quality and my results.
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My job is pretty demanding, so I needed a review course that boiled everything down to essential information. I passed both F9 financial management and F8 audit and assurance.
Alek van Nes
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Veronica is the most energetic and knowledgeable person when it comes to the ACCA exam. She has one-of-a-kind teaching style that helped me stay engaged and focus on my success. Also I got first hand advice on exam technique.