BPP EXAM tips for June 2008 –BPP–F8

F8 Audit and Assurance

According to BPP following are the topics that are expected to appear in F8 Audit and Assurance for June 2008 attempt. WARNING: The examiners deliberately try to avoid question spotting. Use the tips as areas to have a good look at, but remember that no-one knows what’s in the exam except the examiner. Your safest bet is to achieve good syllabus coverage in your revision, as the examiner aims to do in the exam. The examiner has indicated the general format of the paper but remember that each question is likely to include several requirements and will range over a number of syllabus areas:

l        Question 1 – a 30-mark scenario based on a particular area of the financial statements, such as revenue/receivables or purchases/payables. Some of the requirements are likely to be based on how the area would be audited. This could include requirements relating to tests of controls and/or substantive procedures. These questions could also include the identification of control weakness and issues relating to internal audit. (Study Text Q11 Knits, Q13 Fenton Distributors, Q14 Cheque Payments and Petty Cash, Q20 Understatement)

l        Question 2 – a 10-mark question broken down into two or three factual requirements. This is likely to test your knowledge of the key principles of the ISAs. Any area of the syllabus could appear here. (Study Text Q9 Audit planning and Documentation, Q10 Audit Evidence, Q25 Audit Review and Finalisation)

l        Question 3 – a 20-mark question that is likely to include risk and audit approach. (Study Text Q22 Boston Manufacturing, Q23 Tap)  

l        Question 4 – a 20 mark question that is likely to feature a more specialized audit area (Study Text Q3 Corporate Governance, Q5 Objectivity, Q7 Role of Internal Audit, Q8 Glo, Q15 Using the Work of an Expert)

l        Question 5 – a 20 mark question that is likely to include topics relating to collection of audit evidence at the end of the audit, audit closedown or reporting (Study Text Q19 Sitting Pretty, Q24 Going Concern, Q26 Wiseguys National Bakeries, Q27 Builders Merchants)