Recommendations poorly described or do not clearly address the specific control weakness identified
or were impractical suggestions.
-
TOCs not well explained/ vague/ using the word ‘observe’ repeatedly.
Audit Evidence
-
A description of the work and evidence obtained by the auditor required to meet the
objectives of audit
engagements and the application of International Standards on Auditing.
-
Describe relevant audit procedures for a particular class
of transactions or event
-
Students unable to tailor their knowledge of general substantive procedures to the specific issues in
the question requirements
-
Often the requirement is to describe substantive procedures to address specific financial statement
assertions, such as completeness, any tests provided which do not test this assertion would not score
any marks
-
Learning a generic list of tests will not translate to exam success – procedures must be tailored to the
specific requirements of the question.
F8 KNOWLEDGE SUMMARY-SKANS SCHOOL OF ACCOUNTANCY
179
Review and Reporting
-
An understanding of how consideration of subsequent events and the going concern
principle can
inform the conclusions from audit work and are reflected in different types of auditor’s report,
written
representations and the final review and report.
Examiner’s comments
-
Candidates are often required to discuss the accounting issue, assess whether the error is material,
consider the type of modification, if any, and lastly to discuss the impact on the auditor’s report.
-
Candidates often omit the discussion of the issue and incorrectly assess the materiality of the issue.
Weaker candidates continue to provide every possible report option available and include random
words, such as modification, into their answer in a context which makes no sense.
