f8 paper

[alishaACCA]

hi all,
as u know this paper has the least pass rate........
i want ur opinion on this......
wat advice u give to students.??
how to pass this paper at first attempt??
any approach/technique towards answering audit questions??

thx in adv

[Acid]

Well I think its not the right time to think about the passrate or to find out a best approach but rather time should be spent doing past paper question practices.

I hope this helps

[Annie]

We will get back to you later in the day


Annie

[Vanessa]

Here are some tips on how to answer questions in F8 so as to get maximum points:

1)Ensure that when you write your answer, you always link to financial statement assertions if on internal controls, planning, internal audit, audit reports etc

2) If you are writing about weaknesses in a system, or ethical conflicts, ensure you explain WHY this is a weakness/conflict and the potential impact it could have on the financial statements

3) If you are writing about tests to be conducted, explain

a. Why you are conducting the test (eg audit assertion - for
completeness, existence etc etc)

b. Exactly how you would do it so that a thick audit junior would be able to pick up your answer and do the test without having to ask you anything (eg find the original purchase invoice and check that the quantities listed and goods order match the quantities listed and goods ordered on the purchase order form. Ensure that it has been authorised by the appropriate person by checking the signature of the authorisation to the list of authorised signatories given to us by management)

F8 Author

[alishaACCA]

hello sir
thx alot for ur post _________gREat job
i'll follow ur advice and hope that i get through the audit paper at first attempt.........

[Kelly]

Hi Alisha,

Dito, gonna do F8 now, and with the least pass rate plan to start studying early (just after the holidays). Good advice tips - I'm sure they'll help.
Just waiting for my study text to arrive.

[Vanessa]

All the best.