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ACCA F8 Examiner's Report

08 November 2017

F8
Section A
The September 2017 exam included (but not limited to questions in the following area:
• The concept of assurance and other assurance engagements.
• Substantive testing including testing on trade payables, bank and cash and share capital.
• Going concern.
• Audit finalisation and the final review.
• Auditor’s reports.
The two sample questions looked at:
• Tests for existence, which need to focus on ascertaining whether the balance is genuine at the year end and is not overstated.
• A material non-adjusting subsequent event after a share issue.

Section B
This tested candidate understanding in:
• Audit framework and regulation.
• Planning and risk assessment.
• Internal control.
• Audit evidence.
• Review and reporting.

Exam technique
The examiner stresses that good exam technique is vital for success in F8, thanks for that!
So, what pleased the examiner? Well students structure their answers in columns, especially for audit risk and internal control questions.
When it comes to the CBE candidates the examiner said that answers must be sufficiently detailed to gain marks. While bullet points are acceptable some answers are too brief almost ‘note like’.
The examiner said occasionally typed words in some candidates’ answers were difficult to understand as the word were ‘quite’ misspelt. Candidates were reminded that there is no automatic spelling checker tool available and to try and manage the time appropriately to allow for a review of their answers before submission.

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