Showing posts with label Substantive procedure. Show all posts
Showing posts with label Substantive procedure. Show all posts

Monday, 17 June 2013

The summary of ACCA F8 Audit and Assurance

Quick look at ACCA F8 Audit and Assurance.

Assurance

Audit is the process, assurance is the product.

Agency theory: secondary agent (auditor) delivers the aussurance to principal (shareholders) that the report (FSs) provided by primary agent (director) shows T&F view.

Objective of EA is assurance, purpose of EA is delivery confidence of FSs to shareholders.
Reasonable assurance is a high degree of confidence, but NO guarantees!

5 elements of assurance engagement:

(1) 3 parties relationships:
  • practitioner (auditor)
  • responsible party (director)
  • intended users (shareholders)
(2) subject matter
(3) criteria (standards)
(4) audit procedures to form opinion
(5) audit report

Positive assurance - high level, but not absolute, a lot of testings to form opinion, FSs show T&F view
Negative assurance - medium level, a smaller amount of testings to form opinion, we have no evidences that CF forecast does not provide T&F view.

Statutory audit is an audit of annual FSs.

Auditor & AC - matters to discuss:
  • scope & timing of audit
  • significant findings during audit
  • independence issues
  • modification of audit report (opinion)
  • man-t representation requested
  • fraud cases
Corporate governance (CG) - systems by wich the company directed and controlled.
Rules of CG:
  • global - OCDE Code
  • national - The US - SOX, The UK - The UK CG Code
  • other - Stock Echange Rules


Underlying concepts of CG:
HAIR DRIFT

Sunday, 2 June 2013

Free past exam questions of ACCA F8 Audit and Assurance

Hello to everyone!

Preparing for an exam ACCA F8 Audit and Assurance (Int) I found the video with analysis and resolving past papers exam.

The lecturer Low Chin Ann - Kolej Bandar, Citypro (www.acca2u.com)  writes by hand the answers of questions in the answer sheets. This may be a very good example for students who are needed in time management in exam. This video helps to get the skill of fast navigation into the task and to present the answers clearly and precisely.

Low Chin Ann gives the recommendations about how many to write to gain more marks on exam.

Free video of ACCA F8 revision


ACCA F8 Audit and Assurance - free lecture of substantive procedures

Hello to everyone!

I am preparing for ACCA F8 Audit and Assurance (Int). Searching in Youtube I found an excellent lecture on Substantive procedures. As you know, Substantive procedures is one of the most popular themes of ACCA F8 exam.

The lecturer teaches ACCA F8 at CityPro Institute (Johor, Malaysia).
The theme of this video - Substantive procedures and Non-current assets.

The lecturer handwrites the answers in the worksheet in ACCA F8 exam style. It is a very good example of presentation to score high marks on exam.

After watching this video I am sure you can write easily substantive procedures for PPE (Property, Plant and Equipment). Just use COVE (Completness, Ownership, Valuation and Existence) plus Disclosure!

See free video Substantive procedures and Non-current assets