ACCA F8 Audit and Assurance course outline

Three (3) 65 mark assignments and One (1) Mock 100 marks

54 hours course modules

18 hours revision

Focus exam notes

 

Modules

Tests

Topics

Module 1

18 hours

 

 

 

 

 

 

 

 

 

 

 

 

Test 1

2 hours

65 marks

 

 

 

 

 

 

 

 

 

 

 

External Audits

Section A: Audit Framework and Regulations

  • Concept of audit and assurance engagements, regulations for external audits which includes ISAs, corporate governance, statutory regulations and professional code of ethics.  
  • Internal audit and governance, and the differences between external and internal audit

Section B: Planning and Risk Assessment

  • Obtaining and accepting audit engagements
  • Assessing Audit risks – Components of audit risks, explain audit risks in FS and explain auditors’ response to each risk
  • Risk assessment procedures for identification and assessing risks through understanding the entity and its environment, including its internal controls ( covered under Sec C)

i)                   mainly the use of analytical procedures in planning and the use of key ratios (calculate and interpret)

  • The concept of materiality at planning stage

 

Module 2

18 hours

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Test 2

2 hours

65 marks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Section B: Planning and Risk assessment(Cont’d)

  • Auditor responsibilities – fraud and laws and regulations, communication with those charged with governance
  • Audit planning and Documentation: Audit strategy vs Audit Plan – contents and differences

Section C: Internal Controls

  • Explain why auditors need to understand internal control relevant to an audit
  • FIVE components of Internal controls
  • Describe IT controls – general and application controls
  • Limitations of IC
  • How auditors record internal control systems of an organization – narrative notes, flowcharts, ICQs & ICEQs

Section D: Audit Evidence

  • Concept of sufficient appropriate audit evidence-Quality vs Quantity, Relevance and reliability
  • Difference between TOC and Substantive procedures
  • The use of assertions by auditors and audit procedures
  • Other aspects in collecting audit evidence – Audit sampling, Using the work of others
  • Performing Tests of controls (covered in Sec C) and Substantive procedures

 

Module 3

18 hours

 

 

 

 

 

 

Test 3

2 hours

65 marks

 

 

 

 

 

Section D: Audit Evidence(Cont’d)

  • Using Computer Assisted Audit Techniques(CAATs)
  • Not-for-profit organisations

Section E: Review and Reporting

  • Subsequent events, going concern review and written representations,
  • Audit finalization and final review
  • Audit Reports

 

Revision Module

18 hours

 

 

Mock exam

3 hours

100 marks

 

Student will be examined from Section A-E of the syllabus

  • Focus on areas to be examined in the upcoming exam – students will be given an analysis of topics that could be examined

 

 

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