exam tips for paper F8

[equity7]

Hi there!
Does anyone have exam tips for paper F8?Please I hope someone can share exam tips/important topics to concentrate for the December sitting.
Thanks.
Regards,
Ron

[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

[equity7]

Dear Sir,
What are important areas or topics spotted likely to come out this sitting?
Thanks.Eagerly waiting for your reply.
Regards,
Ron

[oxymoron1983]

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[Acid]

Amazingg! are you guys going to start with Professional papers?!? i would definetly go for your books. you guys are very helpful

professional level materials will be available in Jan 2008

GTG Studytext are really good!

[Vanessa]

The following topics appear important since they have been repeated quite often:
 Audit risk and going concern,
 Audit procedures using work of others &
 Audit of inventory

[Siro]

Yes all of the above mentioned topics did turn up in the scenario based question inventory related and going concern accounted for a 5 mark portion in the Q2 and Audit risk was tested in Q4 part c worth 3 marks.Inventory was around 15 marks I believe in Q1 and 9 marks for audit procedures in relation to purchases.

[Pollyn, Basil S.]

I think the best way to approach F8 is to carefully understand each IFRS as it concerns each topic. For exanple IFRS and IAS on inventory, going concern etc. Best wishes.:no: