F8 Audit and Assurance aims to develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework.

F8 Audit and Assurance aims o develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework.

MAIN CAPABILITIES

On successful completion of this paper, candidates should be able to:

  • Explain the concept of audit and assurance and the functions of audit, corporate governance, including ethics and professional conduct, describing the scope and distinguishing between the functions of internal and external audit
  • Demonstrate how the auditor obtains and accepts audit engagements, obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements
  • Describe and evaluate internal controls, techniques and audit tests, including IT systems to identify and communicate control risks and their potential consequences, making appropriate recommendations
  • Identify and describe the work and evidence obtained by the auditor and others required to meet the objectives of audit engagements and the application of the International Standards on Auditing
  • Explain how consideration of subsequent events and the going concern principle can inform the conclusions from audit work and are reflected in different types of audit report, written representations and the final review and report.

RATIONALE

The Audit and Assurance syllabus is essentially divided into five areas. The syllabus starts with the nature, purpose and scope of assurance engagements both internal and external, including the statutory audit, its regulatory environment, and introduces governance and professional ethics relating to audit and assurance. It then leads into planning and risk assessment audit. The syllabus then covers a range of areas relating to an audit of financial statements including the scope of internal control. These include, evaluating internal controls, audit evidence, and a review of the financial statements. In addition to final review procedures, the final section concentrates on reporting, including the form and content of the independent auditor’s report.

APPROACH TO EXAMINING THE SYLLABUS

The syllabus is assessed by a three-hour 15 minutes paper-based examination, All questions are compulsory.

  • Section A of the exam comprises three 10 mark case-based questions. Each case has five objective test questions worth 2 marks each.
  • Section B of the exam comprises one 30 mark question and two 20 mark questions.

Section B of the exam will predominantly examine one or more aspects of audit and assurance from planning and risk assessment, internal control or audit evidence, although topics from other syllabus areas may also be included.

Course Curriculum

ACCA F8 SECTION A: Audit framework and regulation
ACCA F8 A1: The concept of audit and other assurance engagements
ACCA F8 A1: The concept of audit and other assurance engagements Details 00:00:00
Quiz ACCA F8 A1: The concept of audit and other assurance engagements 00:00:00
ACCA F8 A2: External audits
ACCA F8 A2: External audits Details 00:00:00
Quiz ACCA F8 A2: External audits 00:00:00
ACCA F8 A3: Corporate governance
ACCA F8 A3: Corporate governance Details 00:00:00
Quiz ACCA F8 A3: Corporate governance 00:00:00
ACCA F8 A4: Professional ethics and ACCA’s Code of Ethics and Conduct
ACCA F8 A4: Professional ethics and ACCA’s Code of Ethics and Conduct Details 00:00:00
Quiz ACCA F8 A4: Professional ethics and ACCA’s Code of Ethics and Conduct 00:00:00
ACCA F8 A5: Internal audit and governance and the differences between external audit and internal audit
ACCA F8 A5: Internal audit and governance and the differences between external audit and internal audit Details 00:00:00
Quiz ACCA F8 A5: Internal audit and governance and the differences between external audit and internal audit 00:00:00
ACCA F8 A6: The scope of the internal audit function, outsourcing and internal audit assignments
ACCA F8 A6: The scope of the internal audit function, outsourcing and internal audit assignments Details 00:00:00
Quiz ACCA F8 A6: The scope of the internal audit function, outsourcing and internal audit assignments 00:00:00
ACCA F8 SECTION B: Planning and risk assessment
ACCA F8 B1: Obtaining and accepting audit engagements
ACCA F8 B1: Obtaining and accepting audit engagements Details 00:00:00
Quiz ACCA F8 B1: Obtaining and accepting audit engagements 00:00:00
ACCA F8 B2: Objective and general principles
ACCA F8 B2: Objective and general principles Details 00:00:00
Quiz ACCA F8 B2: Objective and general principles 00:00:00
ACCA F8 B3: Assessing audit risks
ACCA F8 B3: Assessing audit risks Details 00:00:00
Quiz ACCA F8 B3: Assessing audit risks 00:00:00
ACCA F8 B4: Understanding the entity and its environment
ACCA F8 B4: Understanding the entity and its environment Details 00:00:00
Quiz ACCA F8 B4: Understanding the entity and its environment 00:00:00
ACCA F8 B5: Fraud, laws and regulations
ACCA F8 B5: Fraud, laws and regulations Details 00:00:00
Quiz ACCA F8 B5: Fraud, laws and regulations 00:00:00
ACCA F8 B6: Audit planning and documentation
ACCA F8 B6: Audit planning and documentation Details 00:00:00
Quiz ACCA F8 B6: Audit planning and documentation 00:00:00
ACCA F8 SECTION C: Internal control
ACCA F8 C1: Internal control systems
ACCA F8 C1: Internal control systems Details 00:00:00
Quiz ACCA F8 C1: Internal control systems 00:00:00
ACCA F8 C2: The use and evaluation of internal control systems by auditors
ACCA F8 C2: The use and evaluation of internal control systems by auditors Details 00:00:00
Quiz ACCA F8 C2: The use and evaluation of internal control systems by auditors 00:00:00
ACCA F8 C3: Tests of control
ACCA F8 C3: Tests of control Details 00:00:00
Quiz ACCA F8 C3: Tests of control 00:00:00
ACCA F8 C4: Communication on internal control
ACCA F8 C4: Communication on internal control Details 00:00:00
Quiz ACCA F8 C4: Communication on internal control 00:00:00
ACCA F8 SECTION D: Audit evidence
ACCA F8 D1: Financial statement assertions and audit evidence
ACCA F8 D1: Financial statement assertions and audit evidence Details 00:00:00
Quiz ACCA F8 D1: Financial statement assertions and audit evidence 00:00:00
ACCA F8 D2: Audit procedures
ACCA F8 D2: Audit procedures Details 00:00:00
Quiz ACCA F8 D2: Audit procedures 00:00:00
ACCA F8 D3: Audit sampling and other means of testing
ACCA F8 D3: Audit sampling and other means of testing Details 00:00:00
Quiz ACCA F8 D3: Audit sampling and other means of testing 00:00:00
ACCA F8 D4: The audit of specific items
ACCA F8 D4: The audit of specific items Details 00:00:00
Quiz ACCA F8 D4: The audit of specific items 00:00:00
ACCA F8 D5: Computer-assisted audit techniques
ACCA F8 D5: Computer-assisted audit techniques Details 00:00:00
Quiz ACCA F8 D5: Computer-assisted audit techniques 00:00:00
ACCA F8 D6: The work of others
ACCA F8 D6: The work of others Details 00:00:00
Quiz ACCA F8 D6: The work of others 00:00:00
ACCA F8 D7: Not-for-profit organisations
ACCA F8 D7: Not-for-profit organisations Details 00:00:00
Quiz ACCA F8 D7: Not-for-profit organisations 00:00:00
ACCA F8 SECTION E: Review and reporting
ACCA F8 E1: Subsequent events
ACCA F8 E1: Subsequent events Details 00:00:00
Quiz ACCA F8 E1: Subsequent events 00:00:00
ACCA F8 E2: Going concern
ACCA F8 E2: Going concern Details 00:00:00
Quiz ACCA F8 E2: Going concern 00:00:00
ACCA F8 E3: Written representations
ACCA F8 E3: Written representations Details 00:00:00
Quiz ACCA F8 E3: Written representations 00:00:00
ACCA F8 E4: Audit finalisation and the final review
ACCA F8 E4: Audit finalisation and the final review Details 00:00:00
Quiz ACCA F8 E4: Audit finalisation and the final review 00:00:00
ACCA F8 E5: Audit reports
ACCA F8 E5: Audit reports Details 00:00:00
Quiz ACCA F8 E5: Audit reports 00:00:00

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