F8 KNOWLEDGE SUMMARY-SKANS SCHOOL OF ACCOUNTANCY
1
Table of Contents- F8 Knowledge Summary (March/June 2018)
Topic
Page number
Reasons
for an unsuccessful attempt
2
Assurance Engagements
3
External
Audit
5
Fundamental Principles of Ethics
and Threats
10
Client acceptance/continuance
18
Planning
24
Internal Control Systems
40
Management assertions, Audit Procedures & Audit Evidence
62
Procedures on specific
areas
72
Review
104
Opinion & Reporting
121
Sampling
140
CAATs
143
Fraud
146
Laws & Regulations
149
Audit Documentation
152
Quality Control
155
Corporate Governance
157
Internal Audit
164
Not for profit organizations-audit techniques
171
The audit process- an overview & important F8 exam info.
173
F8 KNOWLEDGE SUMMARY-SKANS SCHOOL OF ACCOUNTANCY
2
Reasons for an unsuccessful attempt in F8
Very bad scripts
1.
Very brief answers to most, if not all questions.
In other words, some of the basic knowledge is known,
but there is little or no application of that
knowledge to the scenario
2.
Significant lack of understanding of audit procedures and the audit process. For example, where a
question asks for audit procedures to be listed
and explained, a typical answer is ‘check the ledger’
providing no indication of which ledger will be ‘checked’ or what the ledger is being checked for
3.
Lack of exam practice. In a significant minority of scripts, it appears that candidates have not attempted
any mock exams prior to the ‘real’ exam. Poor exam technique is identified as:
answering questions in a random sequence (for example, Question 1 Part (a),
followed by Question 3 Part (b), followed by Question 2 Part (c), and so on)
spending far
too much time on one question, leaving little or no time for the
other
questions
not writing in the required style (eg providing the answer in one long paragraph
rather than splitting the answer up into individual points)
focusing on theory only with no attempt to use the scenario.