December 2013 ACCA Exam Tips

ACCA F8
The F8 exam consists of 5 compulsory questions. Question 1 is a 30 mark
scenario based question which will test a wide range of topics such as internal
controls and audit evidence and audit procedures (both substantive and tests
of control).
The second question focuses on testing knowledge and is worth 10 marks.
This question is often broken down in to 3 or 4 separate requirements and can
require you to define some of the key terms within audit and assurance.
Questions 3, 4 and 5 are worth 20 marks each and the requirements will
largely be based upon the given scenario. Typical areas which are tested in
these questions are corporate governance, ethics, planning, audit risk, internal
controls, audit procedures and audit reports.
Audit procedures, internal controls, audit risk and audit reports are almost
always examined so make sure that you can generate both tests of control
and substantive procedures for key cycles and balances as well as being able
to identify internal control deficiencies. You should also ensure that you can
draw out audit risks from a scenario as well as determining the effect audit
issues may have on the audit report.