MNEMORICS FOR PAPER F8 AUDIT

[ayesha_far]

can anybody tell me mnemorics for paper f8 to remember some words or topics like ACCAMAP , SOAPSPAM and also tell me which mnemoric for which purpose..
please guyss....x

[Vivienne]

There is a pneumonic for the assertions for the audit of Non current assets.

it is CVR EXIST

C for Completeness

V for valuation

R for rights and obligations

Exist for existence

am sure you should be able to go further and explain on the procedures using these assertions.the pneumonic will only help you to remember the assertions to use.

[zamust]

TWO mnemonics for CONTROL PROCEDURES.
A uthorisation
C omparison
C omputer Controls
A rithematic Controls
M aintaining a trial balance & Control
A ccounting & Reconciliations
P hysical Controls

'or'

P re-numbering
A uthorisation
I ndependent Checks
D ocumentation
S egregation of Duties
A nalysis & Performance Analysis
P hysical Control


To confirm Financial Statement Assertions by performing Audit Procedures/Audit tests

mnemonic for F.S Assertions

C ompleteness
O ccurence
D isclosure
R ights & Obligations
A ccuracy & Valuation
C ut-Off
E xistence

'or'

A ccuracy
C ompleteness
C ut-Off
A llocation
C lassification
O ccurence
V aluation
E xistence
R ights & Obligations

mnemonic for Audit Procedures/Audit Tests

A nalytical Review
E nquiry & Confirmation
I nspection
O bservation
Recalc-U-lation & Reperformance

[viji]

Hi,

I have another one for audit assertions:

Completeness
Occurrence
Measurement (Valuation and allocation)
Presentation and disclosure (Understandability)
Accuracy
Rights and obligations
Existence
This makes a word “compare”! You may link this word with the related words for the
purpose of memorizing this list. This will leave only the following to Cs to be remembered
separately.
Cutoff
Classification

[ayesha_far]

u all are so gentle ..xx
i appreciate u but i have another problem that in scenario question they offen describe ie purchase system , how comp puchases how deal with debtors , making payments etc etc then which types of requiremts they can ask and for which requirement which mnemoric will be suitable ...

Ayesha farooq..

[viji]

Hi,

All scenarios require you to test either a transaction or event, a year end balance or an item which is part of the disclosures in the financial statements:


If it relates to a transaction, then verify whether the existing controls will affect the assertions of:
C (completeness) or
O (occurrence) or
A (accuracy)or
C (cut-off) or
C (classification)

If it relates to a year end balance then verify whether the existing controls will affect the assertions of
C (completeness) or
M (valuation and allocation) or
R (rights and obligations) or
E (existence) or
C (cut-off) or
C (classification) or

If it relates to the disclosures in the FS then verify whether the existing controls will affect the assertions of:
C (completeness) or
O (occurrence) or
M (valuation and allocation) or
P (presentation) or
A (accuracy) or
C (classification)

Therefore if you have to test the controls wrt creditors, then you will be testing the year end balances, if you are testing purchase transactions then you will test the assertions relating to purchase transactions.