Do You Need a F8 Study Buddy?

[ptty_noel]

Hi everyone,
ACCA can be a challange, especially F8 since it is theory paper. Also there are persons who have to cope with various tiring circumstances such as work and family and this may cause them to be behind in their studies.

So I think it will be good if each of us help each other by sharing encouragement, thoughts, researched information and other points that will help keep each other on the path to attain the goal of passing our exams. One way we can do so is by becoming study buddies.

If you need a study buddy please state your name, where you live and any other information you chose to say about yourself.

For example:
Name: Patty Noel
Location: Trinidad and Tobago
Papers that I am sitting in June 2009: F4 and F8
Method of study: Self Study
Do I work: Yes fulltime
Email address: ptty_noel@yahoo.com

I am looking foward to your relpy :smile:

Together We Can Achieve!!

[Ajwad]

hey there
im Ajwad.. im in lahore pakistan.. a place famous for all the wrong reasons these days sadly and i'll be appearing in papers F7 and F8 in june session..
Audit is tough and boring makin it harder to pass... i'd luv to have a study buddy.. sum1 that studies hard and also keeps me motivated to study..
so im on ;)

[dannel]

Hi I am Nel from Mumbai India...:rolleyes:

I had registered for ACCA last year but due to work Pressure couldn't appear in Dec 08.

I am appearing for my M.com Exams this Month. Was wondering if i'll be able to cover F8 syllabus in a Month time in May to appear in June....

Any tips from you two ...I guess you have already covered some part of it..

Cheers
Nel

[Acid]

Hi Nel,

Welcome to the forum.

It is not possible to cover F8 in just one month time as you suggest. I advice that you wait till the next session and carry on your current commitments.

Best Wishes

[ptty_noel]

Actually Nel I think it is possible to cover F8 in a month but you need to be dedicated. I mean you need to eat, sleep and breath F8 for that month. But then you said you work and have other exams to sit so then your time will be caught up again.

If you still decide to sit F8 dont worry we are here for you. But to cover F8 in a month with such a hectic schedule it will be very hard.

[dannel]

Patty,

As you too are planning to give F8 along with F4.. this June How is your preparation going...

Any Tips on Studying F8 that you think might be useful

Thanks,
Nel

[ptty_noel]

Well Nel F8 is a theory paper so it is a lot of reading and this could be very boring. So to help me with my studies I would try to apply what I am learning to what I do everyday on work. This helps me remember certain points.

Also I look at the examiners comments on previous exam papers so that I would not make the same mistakes others made and I will be able to write what the examiners expects me to write.

I also do lots of past papers. This will again help me with exam technique and to be able to work on my timing.

I still have a lot to cover though but I am hoping to be prepared in time for the exam.

[Kelly]

Hi I'm Kelly,

I live in the UK.
I'm sitting F8 and F9 this June,

I've not been in touch for a couple of weeks as I've been concentrating on F9. But now I'm back guys, I have alot of catching up to do.

So a study buddy would be great.

At the moment I'm trying to get my head around Audit Risk=IHxCRxDR? Don't quite follow the concept.
Any ideas anyone??:confused:

[Suze]

Audit risk (AR) is the risk that the auditor gives an inappropriate opinion on the f/s.

Auditors will want AR to be low cause they don't want to make an error in their audit opinion.

For Audit Risk to be low then at least one of the factors on the other side of the equation has to be low.

If IR and CR are high then DR will have to be low. If DR is low then the auditors will have more work to perform. DR is is the risk that the auditor will fail to pick up material misstatement. Also DR is the only factor in the equation that the auditors can "control" as the IR and CR are "givens" in an audit.

IR is the risk that comes with the company, eg the type of company - cash based company where transactions may not be recorded unlike bank transfers where it is recorded on the bank statement, having inexperienced/unqualified staff.

CR is the risk where the controls of the company is not working properly hence a material misstatement will not be detected, prevented or corrected. eg. the sales system

[ionelab]

Hello,
I would be delighted to find a buddy for F8. Here are my details:

Name: Ionela
Location: Bucharest, Romania
Papers that I am sitting in June 2009: F8
Method of study: Self Study
Do I work: Yes fulltime
Email address: just_ionela@yahoo.com

I hope is not too late:)

[Kelly]

Audit risk (AR) is the risk that the auditor gives an inappropriate opinion on the f/s.

Auditors will want AR to be low cause they don't want to make an error in their audit opinion.

For Audit Risk to be low then at least one of the factors on the other side of the equation has to be low.

If IR and CR are high then DR will have to be low. If DR is low then the auditors will have more work to perform. DR is is the risk that the auditor will fail to pick up material misstatement. Also DR is the only factor in the equation that the auditors can "control" as the IR and CR are "givens" in an audit.

IR is the risk that comes with the company, eg the type of company - cash based company where transactions may not be recorded unlike bank transfers where it is recorded on the bank statement, having inexperienced/unqualified staff.

CR is the risk where the controls of the company is not working properly hence a material misstatement will not be detected, prevented or corrected. eg. the sales system

Many thanks Suze,

I understand that, but I'm getting confused on why is a company has little control -i.e. Control risk is HIGH and Inherent Risk is HIGH, Then should Detection Risk not be HIGH as well, for more substantive work to be carried out.

I think I'm getting confused with my High's and Low's????

[Ajwad]

DR bears an inverse relationship to the assessment of the risk of material misstatement at the assertion level or u can say that it has an inverse relationship with IR and CR

Example

Inherent Risk x Control Risk x Detection Risk = Audit Risk
High x High x Low = Acceptable


that means ..
the auditors are unlikely to rely on tests of control and will carry out extended substantive tests
detection risk must be rendered low which will mean carrying out a substantial amount of substantive testing


similarly it could be

IR (medium) x CR (low) x DR (medium) = acceptable


besides that the auditor has a limited time so he cant perform all those tests on all 3 of them.. it would increase the cost and may prove to be a wastage of time..


so always remember DR has an inverse relationship with IR and CR..

hope u won't get confused in these risks again :rolleyes:

[Suze]

Hi Kelly

I also used to be confused with that. Not anymore :) . After reading examples other students has written it makes it simpler.

Remember as auditors we cannot control Inherent Risk nor can we control Control Risk. What we can do is make suggestions and still our suggestions may be put in a corner.

The only risk we have control over is Detection Risk and regardless if it is high or low some substantive testing WILL have to be carried out.

[KayPee]

Hi all count me in I'm KayPee in Accra,Ghana and I'm doing F6,F7,F8 and F9-June 2009

I hope we can exchange mock exams papers right?

[wwen81]

Name: Alice Tieu
Location: Malaysia
Papers that I am sitting in June 2009: F8
Method of study: Self Study
Do I work: Yes fulltime
Email address: wwen81@yahoo.com


Hope everyone success in this paper...