13-ACCA F8 SESSION 12

ACCA“名挂”F8审计,拿下也是分分钟的事在ACCA 圈里，据说F8《审计与认证业务》是出了名的fail 科目，应届毕业生网小编咋没听说过这回事儿(挖鼻)。

一定会有人说小编站着说话不腰疼，然而小编看到的事实是有不少学员总是被“所谓的传言”所吓倒，还没挑战就先缴械投降岂是ACCA 英雄作为?
当还算顺利地通过ACCA 前六门考试的时候，我不得不面临一个抉择——接下来要不要报考所谓的“名挂”审计，之前听学姐说过，也在网上看到过好多关于审计有多难的帖子，犹豫了好久，但最终还是选择报考审计、财管、财务报告三门课程。

刚开始学习的时候心里很没底，担心自己报的太多不仅审计过不了，可能还会拖累其他科目，但后来学习了一段时间，我发觉审计并没有大家所说的那么难，一个学期的努力加上一点运气终于换来了审计考试81 分的成绩。

这次考试让我懂得“相信自己、勇于挑战”才有可能取得成功。

获取信息
对于大多数自学的ACCA 学员来说，如何获取考试的相关信息至关重要。

只有及时了解考试的最新动向，才能把握重点，有的放矢地准备考试。

我一般会定期上ACCA 的官方的网站查看信息，另外部落上也有ACCA 论坛，在论坛里可以了解到考试的多方面信息。

在主动搜寻信息之外，每个学员都会定期收到ACCA 的官方邮件，通知报名截止日期、成绩公布等信息，而且学员每月都会收到官方杂志，上面的内容十分全面，我通常会重点研究与考试相关的信息。

学习方法
历年真题是关键。

虽然ACCA 考题重复出现的可能性比较小，但真题体现出的侧重点、各部分的比例，在主考官不变的情况下大都会。

Course NotesACCA Paper F8Audit and AssuranceFrom June 2016 Tutor detailsJ A N U A R Y 2 0 1 6 R E L E A S E第一直觉教育www.fi_No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of First Intuition Publishing Ltd.Any unauthorised reproduction or distribution in any form is strictly prohibited as breach of copyright and may be punishable by law.© First Intuition Publishing Ltd, 2016第一直觉教育www.fi_第一直觉教育www.fi_ContentsPageContentsiii 1 Accounting standards v 2 Overview of the syllabus v 3 Approach to examining the syllabus v 4 Exam technique v 5 Study planner vi 1: Audit framework and regulation1 1 The concept of audit and other assurance engagements 12 External audits3 3 Corporate governance 54 Professional ethics and ACCA’s Code of Ethics and 95 Internal audit and governance and the 126 The scope of the internal audit function, outsourcing and internal audit 13 2: Planning and risk assessment17 1 Overview diagram17 2 Obtaining and accepting audit engagements 18 3 Objective and general principles of audit planning 19 4 Planning an audit19 5 Understanding the entity and its environment 20 6 Assessing the risks of material misstatements 21 7 Materiality, fraud, laws and regulations 22 8 Analytical procedures 24 9 Interim and final audits 25 10 Audit documentation 26 3: Internal control 27 1 Introduction27 2 The use of internal control systems by auditors 28 3 Transaction cycles 30 4 IT controls34 5 Tests of control versus substantive procedures 35 4: Audit evidence37 1 The use of assertions by auditors 37 2 Audit procedures38 3 The audit of specific items 40 4 Audit sampling and other means of testing 49 5 Computer-Assisted Audit Techniques 50 6 The work of others51 7 Not-for-profit organisations535: Review and reporting 551Subsequent events 55 2Going concern 57 3Written representations 59 4Audit finalisation and the final review 60 5Audit reports 60 6Application to scenarios 66 7Reports to Management 68Solutions to Class lecture examples 69Chapter 5 69第一直觉教育www.fi_第一直觉教育www.fi_1 Accounting standardsThe accounting knowledge that is assumed for Paper F8 is the same as that examined in Paper F3. Therefore, candidates studying for Paper F8 should refer to the Accounting Standards listed under Paper F3.2 Overview of the syllabusThe syllabus headings are the same as the titles of each chapter in these course notes: (1) Audit framework and regulation (2) Planning and risk assessment (3) Internal control (4) Audit evidence(5)Review and reporting3 Approach to examining the syllabusAs with all other ACCA exams, F8 is a three-hour exam with an additional 15 minutes’ reading and planning time.The Examiner for F8 is Pami Bahl.All the questions in the F8 exam are compulsory. Section A consists of 12 objective test questions. Section B consists of six longer questions. The bulk of these questions will be discursive but some questions involving the calculation and interpretation of some basic ratios will be set from time to time.Section TopicMarks Section A Four 1 mark objective test questions covering any area in the syllabus. Eight 2 mark objective test questions covering any area in the syllabus 4 16 Section BFour 10 mark questions on any area of the syllabus.40 Two 20 mark questions covering potentially any area of the syllabus, but with heavier emphasis on planning and risk assessment, internal control, audit evidence and review and reporting.404 Exam techniqueThe exam is 180 minutes long and totals 100 marks. Therefore, you should allocate 1.8 minutes for each mark, or 36 minutes for Section A in total, 18 minutes for each 10-mark question and 36 minutes for each 20-mark question. Some longer questions will have subsections which should also be broken up. How long it takes to answer each objective test question will vary depending on the length of the question, but you should aim to complete the whole of Section A within the 36 minutes allocated to it. Every part of every question must be attempted.As an approximate guide, in Section B every paragraph should contain 1 valid point which will earn 1 mark. You should try to keep your paragraphs to less than four lines of writing.Leave a line between each paragraph written, giving the marker the opportunity to give you maximum marks.The use of columns may work well for those questions where there are two parts of the question e.g. if the question asks for risks and controls that would mitigate those risks or audit procedures, and the reason for carrying them out.5Study plannerThe chapter number refers to the chapter of these Course Notes. The time is a guide as to how longyou should spend on this subject, including question practice. Tick each session off when you havecompleted it.Try and complete each study session in order so that you learn each topic in turn. Some sessions arelonger than others, but make sure you take a break between sessions.Read the relevant chapter of the course notes. It is essential that you try the questions from theQuestion Bank where indicated. You will not pass the exam if you don’t attempt the questions. Don’t forget, if you get stuck you can contact your tutor to ask for advice. Tick off each chapter when youhave completed it.Attempt the course examThe course exam will give you a feel for how well you have grasped the syllabus content, and will also show you if you are lacking in exam technique.RevisePractise lots of questions from the Question Bank and read the Examiner’s Comments and ExamSmarts, so that you can find out what the Examiner is looking for in your written answers.You should consider booking a First Intuition revision course at this stage, to improve your examskills, particularly if you scored below 50% in the course exam. Our revision courses are question-based, and will help you improve your exam technique. We also include a Mock Exam, giving youanother chance to practise under real exam conditions.If you complete all the sessions before you have received the course exam please email your tutor torequest it or check to download it.第一直觉教育www.fi_第一直觉教育www.fi_第一直觉教育www.fi_PERrelevanceQuestionpractice Tick when completeChapter SubjectFirst Intuition tutor guidanceTime (min) 4Audit evidenceThis chapter deals with substantive testing.Make sure you know at least four audit tests for each of the key items in the statement of financial position and make sure you understand what financial statement assertions they are testing.It is important to understand the difference between a test of control and a substantive test – both in theory and in practice P017 3 hours on the chapter and 3½ hours on thequestionsAll OT Q’s Q29 Q30 Q32 Q33 Q365Review and reportingThis chapter focuses on the closing stages of the audit and the auditor’s report to shareholders.It is essential to be familiar with each different type of audit opinion and when it would be appropriate to use them.PO183 hours on the chapter and4 hours on the questionsAll OT Q’s Q38 Q42 Q43 Q45 Q46 Q495.1 Practical Experience Requirements (PER) and Performance ObjectivesACCA requires students to have 36 months’ practical experience in order to become members. Part of the practical experience requirements is achieving performance objectives that demonstrate that you can apply what you’ve learnt when studying to real-life, work activities.ACCA has set out 20 performance objectives in 9 areas. You are required to achieve 13 performance objectives – all 9 Essentials performance objectives and any 4 Options performance objectives. ACCA has provided guidance on which objectives are strongly linked to which exam. The relevant objectives for F8, comprise Essentials objectives and Options objectives:Manage self (relevant for all exams) (Essentials)Communicate effectively (relevant for all exams) (Essentials)Use information and communications technology (relevant for all exams) (Essentials)Prepare and collect evidence for audit (relevant for F8 and P7)Evaluate and report on audit (relevant for F8 and P7)第一直觉教育www.fi_1 The concept of audit and other assurance engagementsAn audit is an evaluation of an organisation, system or process. Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control.In the context of a company and its accounting records, the external audit is an “independentexamination and expression of opinion on the financial statements of an entity”. Many organisations(particularly companies) are legally required to have an external audit.The purpose of the external audit is for the auditor to obtain sufficient appropriate audit evidence on which to base the audit opinion. This opinion states that the financial statements give a ‘true and fairview’ of the position, performance (and cash flows) of the entity. This opinion is prepared for thebenefit of shareholders and can be seen as helping to prevent these investors from being defrauded.There is no strict legal definition of “true and fair” but essentially it means that the financialstatements contain no significant/material errors.“True” can be considered as stating that the information in the financial statements is factual andcomplies with accounting standards.“Fair” refers to information being clear, impartial and unbiased, reflecting the substance oftransactions, rather than the legal form.An audit is considered necessary for all but the smallest companies because there is often a distinction between those people that own the company – the shareholders – and those people that run the day- to-day operations of the company – the directors.In this sense, the directors are considered to be the “stewards” of the company – they are accountable to the owners for the way the performance of the company.第一直觉教育www.fi_审计和其他认证业务的概念审计是对一个组织、系统或过程的评估。

accaF8实质性审计程序总结大全编辑整理：尊敬的读者朋友们：这里是精品文档编辑中心，本文档内容是由我和我的同事精心编辑整理后发布的，发布之前我们对文中内容进行仔细校对，但是难免会有疏漏的地方，但是任然希望（accaF8实质性审计程序总结大全）的内容能够给您的工作和学习带来便利。

同时也真诚的希望收到您的建议和反馈，这将是我们进步的源泉，前进的动力。

本文可编辑可修改，如果觉得对您有帮助请收藏以便随时查阅，最后祝您生活愉快业绩进步，以下为accaF8实质性审计程序总结大全的全部内容。

Substantive procedures – Additions and disposalsAdditions– Obtain a breakdown of additions, and agree to the non-current asset register to confirm completeness of plant & equipment （P＆E) 。

1.具体的breakdown 与固资帐比查完整性– Select a sample of additions and agree cost to supplier invoice to confirm valuation.2.抽样与发票核对查价值– Verify rights and obligations by agreeing the addition of plant and equipment to a supplier invoice in thename of Pear. 3。

查发票署名查权利与义务–For a sample of additions recorded in P&E physically verify them on the factory floor to confirm existence。

4.查实体。

ACCAF8备考Tips：审计各阶段及流程详解编辑整理：尊敬的读者朋友们：这里是精品文档编辑中心，本文档内容是由我和我的同事精心编辑整理后发布的，发布之前我们对文中内容进行仔细校对，但是难免会有疏漏的地方，但是任然希望（ACCAF8备考Tips：审计各阶段及流程详解）的内容能够给您的工作和学习带来便利。

同时也真诚的希望收到您的建议和反馈，这将是我们进步的源泉，前进的动力。

本文可编辑可修改，如果觉得对您有帮助请收藏以便随时查阅，最后祝您生活愉快业绩进步，以下为ACCAF8备考Tips：审计各阶段及流程详解的全部内容。

ACCA F8备考Tips：审计各阶段及流程详解F8（Audit and Assurance）是一门实务性很强的课程，要求大家熟悉审计工作流程，应用会计知识判断被审计单位的财务报告编制过程及结果是否有误。

自2016年9月开始实施的新考试题型包括Section A和Section B两大部分,Section A(Objective Test Cases）共有三道Case，每个Case有五道选择题,每题两分，涉及范围包括大纲的方方面面；Section B共有三道大题，第一题30分，第二题和第三题各自20分，常见的题型包括auditrisk & auditor's response，internal controldeficiencies/strengths ＆ TOCs，以及substantive procedures等。

大题对大家书面表达的要求比较高，所以理解审计逻辑，勤加练习并学会总结对于大部分没有实务经验的同学们而言非常必要。

我们先来看一下完整的审计工作需要经过哪些阶段,具体又有哪些流程.上图是完整的审计工作循环，始于engagement letter（业务约定书），终于audit report（审计报告),历经audit planning、auditperformance和completion三个阶段.1.Beforeaudit process为了签订最开始的engagementletter，审计师在接受业务委托时需要先“自我反省”，看看注册会计师是否符合职业道德准则（Code of Ethics）的要求，如果有一些情况产生了对独立性(independence）的威胁(具体包括self—interest， self-review，familiarity, advocacy& intimidation threats)，则应该考虑适用相对应的保卫措施（常见的safeguards包括dispose of interests/shares，independent/quality control partner review，remove the one from the engagementteam等）.2.Audit planning process接受业务之后，首先进入审计计划阶段,在计划阶段最主要做的一项工作就风险评估(risk assessment）,具体说来风险评估通过建立对被审计单位及其所处环境的了解(understand the entity& its environment/KOB)来进行评估，主要使用的程序包括（Enquiry, inspect,observe[1] & Analytical procedures).［[1]这三个审计程序使用范围极广,适用每一个阶段，本文之后简写为EIO风险评估中的风险指的是auditrisk(the risk that auditors express an inappropriateopinion）。

2013年ACCA新大纲考试科目全介绍Audit and Assurance(F8)相关资源下载：F82013syllabus and study guideF8Pilot Paper Questions and AnswersF82012Dec Exam QuestionF82011Dec Exam AnswerF82012Jun Exam QuestionF82012Jun Exam Answer科目介绍：F8《审计与鉴证》分为4个部分。

1、介绍鉴证服务的特性、目的和范围，包括法定审计、规范环境以及和审计与鉴证相关的职业道德；2、介绍内部审计，包括内部审计的范围和内部审计与外部审计的差异；3、大部分内容都是在介绍如何对财务报表进行审计。

这些包括计划、风险评估、评价内部控制、手机审计证据以及财务报表的复审；4、介绍对报告的处理，包括法定审计报告、管理报告和内部审计报告。

近几年考试通过率趋势图：F8知识结构：科目关联性::科目关联性F8课程是ACCA基础课程阶段唯一的一门关于审计的课程，它详细介绍了对财务报表的整个审计流程，与F8直接相关联的课程是专业阶段的选修课程P7（高级审计与鉴证）。

同时，F8也与F4、F7和P1课程的部分内容有间接联系。

F8的考试时长为3小时。

考试共有五道题，全为必选题，五道题中大部分都是需要论述，但是有些题目也是需要有一些计算的内容。

第一题30分是案例情景题。

第二题10分是考察书上的知识点，即简答题。

第三、第四和第五题都是每题20分。

F8考官Pami Bahl毕业于利物浦约翰摩尔大学（LJMU),现任荷兰BPP职业教育财务报告导师。

曾担任BPP会计讲师，拥有深厚的学识背景以及丰富的教学经验。

相对旧考纲，F8新考纲略微扩大了考试范围，如增加了审计程序中的对于无形资产和准备金的考察。

同时，也细化了一些部分的测试要求，使之更为明确，如期后事项和审计报告两方面的内容。

另外，审计离不开对准则的理解，对F7中的各准则规定的更新和改变都会对F8产生影响。

ACCAF8术语翻译序号英语汉语1 ability to perform the work 能力履行工作2 acceptance procedures 承兑程序过程3 accountability 经管责任,问责性4 accounting estimate 会计估计5 accounts receivable listing 应收帐款挂牌6 accounts receivable 应收账款7 accruals listing 应计项目挂牌8 accruals 应计项目9 accuracy 准确性10 adverse opinion 否定意见11 aged analysis 年老的分析(法,学)研究12 agents 代理人13 agreed-upon procedures 约定审查业务14 analysis of errors 错误的分析(法,学)研究15 anomalous error 反常的错误16 appointment ethics 任命伦理学17 appointment 任命18 associated firms 联合的坚挺19 association of chartered certified accounts(ACCA)特计的证(经执业的结社 (ACCA)20 assurance engagement 保证债务21 assurance 保证22 audit 审计,审核,核数23 audit acceptance 审计承兑24 audit approach 审计靠近25 audit committee 审计委员会,审计小组26 ahudit engagement 审计业务约定书27 audit evaluation 审计评价28 audit evidence 审计证据29 audit plan 审计计划30 audit program 审计程序31 audit report as a means of communication 审计报告如一个通讯方法32 audit report 审计报告33 audit risk 审计风险34 audit sampling 审计抽样35 audit staffing 审计工作人员36 audit timing 审计定时37 audit trail 审计线索38 auditing standards 审计准则39 auditors' duty of care 审计(查帐)员的抚养责任40 auditors' report 审计报告41 authority attached to ISAs 代理权附上到国际砂糖协定42 automated working papers 自动化了工作文件43 bad debts 坏账44 bank 银行45 bank reconciliation 银行对账单,余额调节表46 beneficial interests 受益权47 best value 最好的价值48 business risk 经营风险49 cadbury committee cadbury 委员会50 cash count 现金盘点51 cash system 兑现系统52 changes in nature of engagement 改变债务的性质上53 charges and commitments 费用和评论54 charities 宽大55 chinese walls chinese 墙壁56 chronology of an audit 一审计的年代表57 CIS application controls CIS 申请控制58 CIS environments stand-alone microcomputers CIS 环境单机微型计算器59 client screening 委托人甄别60 closely connected 接近地连接61 clubs 俱乐部62 communications between auditors and management 通讯在审计(查帐)员和经营之间63 communications on internal control 内部控制上的通讯64 companies act 公司法65 comparative financial statements 比较财务报表66 comparatives 比较的67 competence 能力68 compilation engagement 编辑债务69 completeness 完整性70 completion of the audit 审计的结束71 compliance with accounting regulations 符合～的作法会计规则72 computers assisted audit techniques (CAATs) 计算器援助的审计技术 (CAATs)73 confidence 信任74 confidentiality 保密性75 confirmation of accounts receivable 应收帐款的查证76 conflict of interest 利益冲突77 constructive obligation 建设的待付款78 contingent asset 或有资产79 contingent liability 或有负债80 control environment 控制环境81 control procedures 控制程序82 control risk 控制风险83 controversy 论战84 corporate governance 公司治理,公司管制85 corresponding figures 相应的计算86 cost of conversion 转换成本,加工成本87 cost 成本88 courtesy 优待89 creditors 债权人90 current audit files 本期审计档案91 database management system (DBMS) 数据库管理制度 (数据管理系统)92 date of report 报告的日期93 depreciation 折旧,贬值94 design of the sample 样品的设计95 detection risk 检查风险96 direct verification approach 直接核查法97 directional testing 方向的抽查98 directors' emoluments 董事酬金99 directors' serve contracts 董事服务合约100 disagreement with management 与经营的不一致101 disclaimer of opinion 拒绝表示意见102 distributions 分销,分派103 documentation of understanding and assessmentof control risk控制风险的协商和评定的文件编集104 documenting the audit process 证明审计程序105 due care 应有关注106 due skill and care 到期的技能和谨慎107 economy 经济108 education 教育109 effectiveness 效用,效果110 efficiency 效益,效率111 eligibility / ineligibility 合格 / 无被选资格112 emphasis of matter 物质的强调113 engagement economics 债务经济学114 engagement letter 业务约定书115 error 差错116 evaluating of results of audit procedures 审计手序的结果评估117 examinations 检查118 existence 存在性119 expectations 期望差距120 expected error 预期的错误121 experience 经验122 expert 专家123 external audit 独立审计124 external review reports 外部的评论报告125 fair 公正126 fee negotiation 费谈判127 final assessment of control risk 控制风险的确定评定128 final audit 期末审计129 financial statement assertions 财政报告宣称130 financial 财务131 finished goods 产成品132 flowcharts 流程图133 fraud and error 舞弊134 fraud 欺诈135 fundamental principles 基本原理136 general CIS controls 一般的 CIS 控制137 general reports to mangement 对 (牛犬等的)疥癣的一般报告138 going concern assumption 持续经营假设139 going concern 持续经营140 goods on sale or return 货物准许退货买卖141 goodwill 商誉142 governance 统治143 greenbury committee greenbury 委员会144 guidance for internal auditors 指导为内部审计员145 hampel committee hampel 委员会146 haphazard selection 随意选择147 hospitality 款待148 human resources 人力资源149 IAPS 1000 inter-bank confirmation procedures IAPS 1000 在中间- 银行查证程序过程150 IAPS 1001 CIS environments-stand-alonemicrocomputersIAPS 1001 CIS 环境-单机微型计算器151 IAPS 1002 CIS environments-on-line computersystemsIAPS 1002 CIS 环境-(与主机)联机计算器系统152 IAPS 1003 CIS environments-database systems IAPS 1003 CIS 环境- 数据库系统153 IAPS 1005 the special considerations in theaudit of small entities在小的个体审计中的 IAPS 1005 特别的考虑154 IAS 2 inventories 信息家电 2 库存155 IAS 10 events after the balance sheet date在平衡 sheeet 日期後面的信息家电 10 事件156 IFAC's code of ethics for professionalaccountantsIFAC's 道德准则为职业会计师157 income tax 所得税158 incoming auditors 收入审计(查帐)员159 independent estimate 独立的估计160 ineligible for appointment 无被选资格的为任命161 information technology 信息技术162 inherent risk 固有风险163 initial communication 签署通讯164 insurance 保险165 intangibles 无形166 integrity 完整性167 interim audit 中期审计168 internal auditing 内部审计169 internal auditors 内部审计师170 internal control evaluation questionnaires(ICEQs)内部控制评价调查表171 internal control questionnaires (ICQs) 内部控制调查表172 internal control system 内部控制系统173 internal review assignment 内部的评论转让174 international audit and assurance standardsboard (IAASB)国际的审计和保证标准登船 (IAASB)175 international auditing practice statements(IAPSs)国际的审计实务声明 (IAPSs)176 international federation of accountants (IFAC) 国际会计师联合会 (IFAC)177 inventory system 盘存制度178 inventory valuation 存货估价179 ISA 230 documentation 文件编制180 ISA 240 fraud and error 国际砂糖协定 240 欺诈和错误181 ISA 250 consideration of law and regulations 法和规则的国际砂糖协定 250 考虑182 Isa 260 communications of audit matters withthose charge governance审计物质的国际砂糖协定 260 通讯由于那些索价统治183 isa 300 planning isa 300 计划编制184 isa 310 knowledge of the business 企业的 isa 310 知识185 isa 320 audit materiality 审计重要性186 isa 400 accounting and internal control isa 400 会计和内部控制187 isa 402 audit considerations relating toentities using service organisations与正在使用的个体有关的 isa 402个审计考虑服务组织188 isa 500 audit evidence 审计证据189 isa 501 audit evidence-additionalconsiderations for specific itemsisa 501个审计证据- 补偿为特殊条款190 isa 510 external confirmations isa 510个外部的查证191 isa 520 analytical procedures 分析性程序192 isa 530 audit sampling 审计抽样193 isa 540 audit of accounting estimates 解释估计的 isa 540 审计194 isa 560 subsequent events 期后事项195 isa 580 management representations 管理当局声明书196 isa 610 considering the work of internalauditingisa 610 以内部审计的工作看来197 isa 620 using the work of an expert isa 620 使用专家的工作198 isa 700 auditors' report on financialstatements财务报表上的 isa 700 审计(查帐)员的报告199 isa 710 comparatives isa 710个比较的200 isa 720 other information in documentscontaining audited financial statementsisa 720 证券包含 audited 财务报表的其他信息201 isa 910 engagement to review financialstatementsisa 910 债务复阅财务报表202 isas and rss isas 和 rss203 joint monitoring unit 连接检验单位204 knowledge of the entity's business 个体的企业知识205 law and regulations 法和规则206 legal and regulations 法定权利和规则207 legal obligation 法定义务,法定责任208 levels of assurance 保险程度,保障水平209 liability 负债210 limitation on scope 审计范围限制211 limitation of audit 审计的提起诉讼的限期212 limitations of controls system 控制系统的提起诉讼的限期213 litigation and claims 诉讼和赔偿214 litigation 诉讼215 loans 借款,贷款216 long term liabilities 长期负债217 lowballing lowballing218 management 管理219 management integrity 经营完整220 management representation letter 管理当局声明书221 marketing 推销,营销,市场学222 material inconsistency 决定性的前后矛盾223 material misstatements of fact 重大误报224 materiality 重要性225 measurement 计量226 microcomputers 微型计算器227 modified reports 变更报告228 narrative notes 叙述证券229 nature 性质230 negative assurance 消极保证231 net realizable value 可实现净值232 non-current asset register 非本期的财产登记233 non-executive directors 非执行董事234 non-sampling risk 非抽样风险235 non-statutory audits 目标236 objectivity 客观性237 obligating event 负有责任事件238 obligatory disclosure 有拘束的揭示239 obtaining work 获得工作240 occurrence 出现241 on-line computer systems (与主机)联机计算器系统242 opening balances 期初余额243 operational audits 经营审计,作业审计244 operational work plans 操作上的工作计划245 opinion shopping 意见购物246 other information 其他的信息247 outsourcing internal audit 支援外包的内部核数248 overall review of financial statements 财务报表的包括一切的评论249 overdue fees 超储未付费250 overhead absorption 管理费用分配251 periodic plan 定期的计划252 permanent audit files 永久审计档案253 personal relationships 个人的亲属关系254 planning 计划编制255 population 抽样总体256 precision 精密257 preface to ISAs and RSs 国际砂糖协定的序文和债券附卖回交易258 preliminary assessment of control risk 控制风险的预备评定259 prepayments 预付款项260 presentation and disclosure 提示和揭示261 problems of accounting treatment 会计处理的问题262 procedural approach 程序上的靠近263 procedures 程序264 procedures after accepting nomination 程序过程在接受提名之后265 procurement 采购266 professional duty of confidentiality 保密的职业责任267 projection of errors 错误的规划268 provision 备抵,准备269 public duty 公共职责270 public interest 公众利益271 publicity 宣传272 purchase ledger 购货分类账273 purchases and expenses system 买和费用系统274 purchases cut-off 买截止275 put on enquiry 询价上的期货买卖276 qualified opinion 保留意见277 qualifying disclosure 合格揭示278 qualitative aspects of errors 错误的性质上的方面279 random selection 随机选择280 reasonable assurance 合理保证281 reassessing sampling risk 再评价抽样风险282 reliability 可靠性283 remuneration 报酬284 report to management 对经营的报告285 reporting 报告286 research and development costs 研究和开发成本287 reservation of title 保留288 reserves 准备,储备289 revenue and capital expenditure 岁入和资本支出290 review 评论291 review and capital expenditure 评论和资本支出292 review 评论293 review engagement 复阅债务294 rights 认股权295 rights and obligations 认股权和待付款296 rights to information 对信息的认股权297 risk and materiality 风险和重要性298 risk-based approach 以风险为基础的方式299 romalpa case romalpa 个案300 rotation of auditor appointments 审计(查帐)员任命的循环301 rules of professional conduct 职业道德守则302 sales cut-off 销售截止303 sales system 销售(货)制度304 sales tax 销售税,营业税305 sales 销售,销货306 sample size 样本量307 sampling risk 抽样风险308 sampling units 抽样单位309 schedule of unadjusted errors 未调整的错误表310 scope and objectives of internal audit 内部核数的范围和目标311 segregation of duties 职责划分312 service organization 服务组织313 significant fluctuations or unexpectedrelationships可重视的 (市价)波动或不能预料的亲属关系314 small entity 小的个体315 smaller entities 比较小的个体316 sole traders 个体营业者317 sources of knowledge 知识的根源318 specimen letter on internal control 内部控制上的样本证书319 stakeholders 赌款保存人320 standardised working papers 标准化工作文件321 statement 1:integrity,objectivity andindependence声明 1: 完整，客观性和独立322 statement 2:the professional duty of confidence 声明 2: 信任的职业责任323 statement 3: advertising ,publicity andobtaining professional work声明 3: 广告法(学) ，宣传和获得专业性工作324 statement 5:changes in professionalappointment声明 5: 在职业上的任命中的改变325 statistical sampling 统计抽样326 statutory audit 法定审计327 statutory books 法定卷册328 statutory duty 法定责任329 stewardship 总管的职务330 strategic plan 战略性计划331 stratification 分层332 subsequent events 期后事项333 substantive procedures 实词程序过程334 substantive tests 实质性测试335 sufficient appropriate audit evidence 充分的适当审计证据336 summarising errors summarising 错误337 sundry accruals 杂的应计项目338 supervision 监督339 supervisory and monitoring roles 监督的和检验角色340 suppliers' statements 供应商的声明341 system and internal controls 系统和内部的控制342 systematic selection 系统选择法343 systems-based approach 以系统为基础的方式344 tangible non-current assets 有形的非流动资产345 tendering 投标,清偿346 terms of the engagement 债务的条件347 tests of control 控制的证人348 the AGM 周年大会349 the board 委员会350 three Es 三 Es351 timing 定时352 tolerable error 可容忍误差353 trade accounts payable and purchases 贸易应付帐款和买354 trade accounts payable listing 贸易应付帐款挂牌355 training 培训356 treasury 国库,库房357 TRUE 真实358 turnbull committee turnbull 委员会359 ultra vires 越权360 uncertainty 不确定性361 undue dependence 未到(支付)期的未决362 unqualified audit report 无条件的审计报告363 unqualified report 无条件的报告364 using the knowledge 使用知识365 using the work of an expert 使用专家的工作366 valuation 计价，估价367 value for money 现金(交易)价格368 voluntary disclosure 自愿披露369 wages and salaries 工资，薪金370 wages system 工资系统371 work in progress 在产品372 working papers 工作底稿。

ACCAF8大神带你全面复习+重难点梳理+必考知识点讲解编辑整理：尊敬的读者朋友们：这里是精品文档编辑中心，本文档内容是由我和我的同事精心编辑整理后发布的，发布之前我们对文中内容进行仔细校对，但是难免会有疏漏的地方，但是任然希望（ACCAF8大神带你全面复习+重难点梳理+必考知识点讲解）的内容能够给您的工作和学习带来便利。

同时也真诚的希望收到您的建议和反馈，这将是我们进步的源泉，前进的动力。

本文可编辑可修改，如果觉得对您有帮助请收藏以便随时查阅，最后祝您生活愉快业绩进步，以下为ACCAF8大神带你全面复习+重难点梳理+必考知识点讲解的全部内容。

下面我将按照Syllabus的五部分，进行分块总结.1、Part A部分,Audit framework and regulation主要是关于审计基本概念、理论和原理的介绍，主要包括了Audit,Assurance Engagement ，Corporate Governance，Professional Ethics ，Conceptual Framework，Internal Audit的相关内容。

这部分内容比较零散，相互之间比较独立，算是记忆性的内容，主要是对后面章节系统化的内容做好知识铺垫，其中Professional Ethics知识点较固定,较简单，容易掌握,因此也是同学们势在必得的分数。

2、Part B部分，Planning and risk assessment主要是审计计划阶段和风险评估,这部分出题的几率和分值都是较高的，需要掌握审计的工作流程（才好做Planning），了解工作流程的过程也是对F8的学习和考核内容的梳理，主要分为：●初次了解企业（Understanding）、●初次进行风险评估(Risk assessment)、●接受业务（Accepting an engagement）、●详细了解企业并进行详尽的风险评估（Assessing risk of materialmisstatement）、●风险应对措施（实时进行，不是单独的一个阶段）、●实施审计程序（Test of control和Substantive procedure）、●收集审计证据(Audit evidence）、●形成审计意见(Audit opinion)、●出具审计报告（Audit report)。

《审计与认证业务（F8）》课程教学大纲一、课程基本信息课程代码：16086904课程名称：审计与认证业务（F8）英文名称：AUDIT AND ASSURANCE课程类别：专业课学时：64学分：4适用对象:ACCA考核方式：考试先修课程：Financial Accounting二、课程简介中文简介：课程目的是提高学生对审计实务的认知和理解，理解在国家治理现代化中，审计监督的重要意义，掌握审计监督更好服务于建设中国特色社会主义的理论和方法。

同时，让学生掌握实务知识的运用，让学生积累审计理论与实务经验，以便于学生毕业迅速地融入到实务工作中去。

教学大纲分为五个主要部分：（a）审计框架和规章这一部分解释了良好的公司治理在实体中的重要性。

还解释了监管框架，以及职业道德的关键领域。

（b）规划和风险评估计划和风险评估是外部审计的关键阶段，因为获得的信息和知识决定了审计方法。

（c）内部控制能够描述和评估信息系统和内部控制，以识别和交流控制风险及其潜在后果给实体管理层，并提出适当的建议以减轻这些风险。

（d）审计证据审计结论需要得到足够和适当的审计证据的支持。

了解审计证据的各种类型和来源的可靠性，并详细审查了具体项目的审计。

（e）审查和报告在外部审计结束时，审计员需要考虑持续经营的概念和随后可能对财务报表产生影响的事件。

我们也期待在书面陈述管理提供审计证据，并考虑对账户的任何纠正错误的影响。

英文简介The purpose of the F8 syllabus is to develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context ofthe professional regulatory framework. The syllabus is divided into five main sections.(a) Audit framework and regulationThe syllabus introduces the concept of assurance engagements, such as the external audit and the different levels of assurance that can be provided. You need to understand the purpose of an external audit and the respective roles of auditors and management. This part of the syllabus also explains the importance of good corporate governance within an entity. The regulatory framework is also explained, as well as the key area of professional ethics.(b) Planning and risk assessmentPlanning and risk assessment are key stages of the external audit because it is the information and knowledge gained at this time that determine the audit approach to take. We also develop further the concept of materiality which was introduced briefly in the first part of the syllabus.(c) Internal controlIn this part of the syllabus you need to be able to describe and evaluate information systems and internal controls to identify and communicate control risks and their potential consequences to the entity's management, making appropriate recommendations to mitigate those risks. We cover key areas of purchases, sales, payroll, inventory, cash and non-current assets.(d) Audit evidenceAudit conclusions need to be supported by sufficient and appropriate audit evidence. This area of the syllabus assesses the reliability of various types and sources of audit evidence and also examines in detail the audit of specific items (non-current assets, inventory, receivables, bank and cash and payables).(e) Review and reportingTowards the end of an external audit, the auditor needs to consider the concept of going concern and subsequent events which could impact on the financial statements. We also look at the audit evidence provided by written representations from management and consider the impact of any uncorrected misstatements on theaccounts.三、课程性质与教学目的F8 builds on the knowledge and understanding gained from Paper F3 Financial Accounting.You must possess good technical knowledge of audit and financial reporting but one of the key skills youwill need is to be able to apply your knowledge to the question.Section A of the exam will consist of multiple choice questions. These questions can cover any part of thesyllabus, so it is important to gain a precise knowledge of each of the syllabus areas.Section B of the exam will comprise four 10-mark written questions and two 20-mark questions. It isimportant to read the question requirements carefully and make sure that you answer the question set.Another important skill you will need is to be able to explain key ideas, techniques or approaches.Explaining means providing simple definitions and including the reasons why these approaches have been developed. Your explanations need to be clearly focused on the particular scenario in the question四、教学内容及要求第一章Chapter 1 Audit and other assurance engagements（一）目的与要求1.In the first section of this chapter we consider why there is a need for assurance in relation to financial and non-financial information. The main reason an assurance service such as an external audit is required is the fact that the ownership and management of a company are not necessarily one and the same.2.In Section 2 we introduce the concepts of agency, accountability and stewardship and consider reporting as a means of communication to the different stakeholders who are interested in the financial statements of the company. It is important to understand what other assurance services exist in addition to the external audit and these services are discussed3. in Section 3. The key assurance services which the F8 syllabus concentrates on are the external audit (statutory and non-statutory), review engagements and internal auditassignments. The effect of audits and reviews is that the stakeholders of an entity are given a level of assurance as to the quality of the information in the accounts. The degrees of assurance provided by external audits and other engagements are discussed 4.in Section 4.The remainder of the Study Text builds on the themes introduced in this chapter.（二）教学内容第一节Objective of external audit1．Statutory and non-statutory audits2．Statutory and non-statutory audits3．Advantages of the non-statutory audit第二节Accountability, stewardship and agency1．The nature and development of audit and other assurance engagements 2．Elements of an assurance engagement3. Objectives of an assurance engagement第三节Types of assurance services1 Other assurance engagements2.Types of review engagemen（三）思考与实践1 What level of assurance is provided by a review engagement?Answer: Negative assurance2 Which of the following assurance engagements provides the highest level of assurance?Answer: An external audit provides the higher level of assurance, since a positive opinion is used to provide reasonable assurance that the financial statements are not materially misstated. The negative assurance given in a review engagement is a lower level of assurance, since the practitioner only states that nothing has come to their attention that indicates that the financial information is materially misstated.3 What are the five elements of an assurance engagement?(a) A three party relationship. The three parties are the intended user, the responsible party and the practitioner.(b) A subject matter. This is the data to be evaluated that has been prepared by the responsible party. It can take many forms, including financial performance (eg historical financial information), nonfinancial performance (eg key performance indicators), processes (eg internal control) and behaviour (eg compliance with laws and regulations).(c) Suitable criteria. The subject matter is evaluated or measured against criteria in order to reach an opinion.(d) Evidence. Sufficient appropriate evidence needs to be gathered to support the required level of assurance.(e) An assurance report. A written report containing the practitioner's opinion is issued to the intended user, in the form appropriate to a reasonable assurance engagement or a limited assurance engagement.（四）教学方法与手段课堂讲授、多媒体教学第二章Statutory audit and regulation（一）目的与要求This chapter describes the aims and objectives of the statutory audit and theregulatory environment within which it takes place.The regulatory framework for auditors discussed in this chapter and theregulation of auditors by bodies such as the ACCA are very important.This chapter considers in detail the regulatory aspects of the appointment,removal and resignation of auditors.It ends with an examination of International Standards on Auditing whichauditors must comply with when carrying out an external audit.（二）教学内容第一节Objective of statutory audits and the audit opinion1 The statutory audit opinion2 Small company audit exemption3 Auditor rights and duties第二节Appointment, removal and resignation of auditors1 Appointment2.Remuneration3.Resignation and removal第三节Regulation of auditors1 National level2 EU member states3 International level（三）思考与实践1.What is the function of IFAC?Answer：The function of IFAC is to initiate, co-ordinate and guide efforts to achieve international technical, ethical and educational pronouncements for the accountancy profession.（四）教学方法与手段课堂讲授、多媒体教学第三章Corporate governance（一）目的与要求The concept of corporate governance was introduced in Chapter 1. In this chapter we will look at the codes of practice that have been put in place to ensure that companies are well managed and controlled. The UK Corporate Governance Code is an internationally recognised code which we will use as an example of a code of best practice. The audit carried out by the external auditors is a very important part of corporate governance, as it is an independent check on what the directors are reporting to the shareholders. Auditors of all kinds have most contact with the audit committee, a subcommittee of the board of directors. External auditors liaise with the audit committee over the audit, and internal auditors will report their findings about internal control effectiveness to it. We shall look at audit committees in Section 2 and internal control effectiveness in Section 3. We end this chapter with a consideration of the importance of auditors communicating with those charged with governance in an entity. ISA 260 Communication with those charged with governance provides guidance for auditors in this respect.（二）教学内容第一节Codes of corporate governance1.The importance of corporate governance2 OECD Principles of Corporate Governance3 The UK Corporate Governance Code第二节Audit committees1 Role and function of audit committees2 Relationship with the board3 Drawbacks of audit committees第三节Communication with those charged with governance1 Importance of internal control and risk management2 Directors' responsibilities for internal control3 Auditors' responsibilities for internal control（三）思考与实践Why are internal controls important in a company? International Standards on AuditingAnswer：Internal controls contribute to: Safeguarding company assetsPreventing and detecting fraudSafeguarding the shareholder's investment（四）教学方法与手段课堂讲授、多媒体教学第四章Professional ethics and quality control procedures（一）目的与要求we looked at some of the regulations surrounding the external audit. Here we look at the ethical requirements of the RSBs, specifically the ACCA's Code of ethics and conduct, which is based on the IESBA's Code of ethics for professional accountants. The ethical matters covered in this chapter are very important. They could arise in almost every type of exam question and you must be able to apply the ACCA's guidance on ethical matters to any given situation, but remember that common sense is usually a good guide. First we examine the five fundamental principles of professional ethics as defined in the ACCA's Code of ethics and conduct.We then look at the five main threats to compliance with these principles and the sorts of safeguards that can be put in place to mitigate these threats. Sections 2 and 3 of this chapter are concerned with obtaining audit.（二）教学内容第一节Fundamental principles of professional ethics1.The fundamental principles2.Obligatory disclosure3. V oluntary disclosure第二节Threats to independence and objectivity1 Self-interest2 Self-review threat3 Advocacy threat第三节Conflicts of interest1 Conflicts between members' and clients' interests2 Conflicts between the interests of different clients3.Enforcement mechanisms（三）思考与实践1.Match each ethical principle to the correct definition.(a) Integrity(b) Objectivity(c) Professional competence and due care(d) Confidentiality(e) Professional behavior(i) Not allow bias, conflicts of interest or undue influence of others to override professional or business judgements(ii) Have a continuing duty to maintain professional knowledge and skill at a level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation and techniques. Act diligently and in accordance with applicable technical and professional standards when providing professional services.(iii) Be straightforward and honest in all business and professional relationships. (iv) Comply with relevant laws and regulations and avoid any action that discredits the profession.(v) Respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper or specific authority or unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of members or third parties.Answer：(a) (iii)(b) (i)(c) (ii)(d) (v)(e) (iv)（四）教学方法与手段课堂讲授、多媒体教学第五章Internal audit（一）目的与要求Internal audit is a function established by management to assist in corporate governance by assessing internal controls and helping in risk management. It can be a department of employees or can be outsourced to expert service providers. Internal auditing is different from external auditing, although the techniques used by both are very similar. While the techniques used may be similar, the focus and reasons behind the audit are different.Various assurance assignments may be undertaken by internal auditors and these are outlined in Section 4. The role of internal audit with regard to fraud is also discussed briefly. The chapter ends with a consideration of outsourcing the internal audit function– this is very common in the real world and we discuss the potential benefits and drawbacks of doing so.（二）教学内容第一节Internal audit and corporate governance1 Introduction2 Internal audit and corporate governance3 Assessing the need for internal audit第二节Distinction between internal and external audit June 09, June 12, Specimen Exam1.egulation of internal auditors2. Limitations of the internal audit function3.Financial audits第三节Scope of the internal audit function1 Business risk2 The role of internal audit3 Responsibility for fraud and error第四节Scope of the internal audit function1 Value for money audits2 Information technology audits3Best value audits（三）思考与实践1Name three key differences between internal and external audit.Answer：(1) External auditors report to members, internal auditors report to directors.(2) External auditors report on financial statements, internal auditors report on systems, controls and risks.(3) External auditors are independent of the company, internal auditors are often employed by it.（四）教学方法与手段课堂讲授、多媒体教学第六章Risk assessment（一）目的与要求This chapter covers the aspects of the external audit which will be considered atthe earliest stages, during planning.Firstly we introduce the concept of risk and look in detail at audit risk and its components (control risk, inherent risk and detection risk) and at how audit risk is managed by the auditor. The distinction between audit risk and business risk is also made. We discuss the concept of materiality for the financial statements as a whole and performance materiality and the methods used for calculating them. It is important to understand that the calculation of materiality is a matter of judgement and that materiality must be reviewed during the course of the audit and revised if necessary. The importance of understanding the entity being audited and its environment is a key aspect of audit planning and helps the auditor to identify potential risk areas to focus on. Various techniques can be used here, such as enquiry, analytical procedures, observation and inspection. The risk assessment stage allows the auditor to respond with a proposed audit approach which may be controls based or totally substantive. The auditor also needs to consider the risks of fraud and non-compliance with laws and regulations in the audit and this is examined towards the end of this chapter. This chapter covers the aspects of the external audit which will be considered at the earliest stages, during planning. Firstly we introduce the concept of risk and look in detail at audit risk and its components (control risk, inherent risk and detection risk) and at how audit risk is managed by the auditor. The distinction between audit risk and business risk is also made. We discuss the concept of materiality for the financial statements as a whole and performance materiality and the methods used for calculating them. It is important to understand that the calculation of materiality is a matter of judgement and that materiality must be reviewed during the course of the audit and revised if necessary. The importance of understanding the entity being audited and its environment is a key aspect of audit planning and helps the auditor to identify potential risk areas to focus on. Various techniques can be used here, such as enquiry, analytical procedures, observation and inspection. The risk assessment stage allows the auditor to respond with a proposed audit approach which may be controls based or totally substantive. The auditor also needs to consider the risks of fraud and non-compliance with laws and regulations inthe audit and this is examined towards the end of this chapter.（二）教学内容第一节Introduction to risk1 The overall objectives of the auditor2 Professional scepticism, professional judgement and ethical requirements3 Audit risks第二节Determining and calculating materiality and performance materiality when planning the audit1. Professional scepticism, professional judgement and ethical requirements2. Revision of materiality3 Documentation of materiality第三节Assessing the need for internal audit1.Why do we need an understanding?2 What do we need an understanding of?3 How do we gain an understanding?第四节Assessing the risks of material misstatement1 Identifying and assessing the risks of material misstatement2Significant risks3.Responding to the risk assessment（四）思考与实践1.Which procedures might an auditor use in gaining an understanding of the entityANSWER: Enquiry, analytical procedures, observation and inspection（四）教学方法与手段课堂讲授、多媒体教学第七章Audit planning and documentation（一）目的与要求In this chapter, we introduce the fundamental auditing concept of audit evidence. Audit evidence is required to enable the auditor to form an opinion on the financial statements. Therefore such evidence has to be sufficient and appropriate. We alsoexplain the financial statement assertions for which audit evidence is required. These will be particularly important when we consider detailed testing later in this Study Text, since audit tests are designed to obtain sufficient appropriate evidence about the assertions for each balance or transaction in.（二）教学内容第一节Audit planning1. The importance of planning2 The overall audit strategy and the audit plan3.The audit strategy第二节Audit documentation1 The objective of audit documentation2 Form and content of working papers3 Standardised and automated working papers（三）思考与实践1What is the general rule for audit documentation?2 State two advantages of standardised working papers.Answer：1.What would be necessary to provide an experienced auditor, with no previous connection to the audit,with an understanding of the nature, timing and extent of the audit procedures performed, the results ofaudit procedures, audit evidence obtained, significant matters arising during the audit and conclusions reached.2Advantages of standardised working papers(1) Facilitate the delegation of work(2) Means of quality control（四）教学方法与手段课堂讲授、多媒体教学第八章Introduction to audit evidence（一）目的与要求In this chapter, we introduce the fundamental auditing concept of audit evidence. Audit evidence is required to enable the auditor to form an opinion on the financialstatements. Therefore such evidence has to be sufficient and appropriate.We also explain the financial statement assertions for which audit evidence is required. These will be particularly important when we consider detailed testing later in this Study Text, since audit tests are designed to obtain sufficient appropriate evidence about the assertions for each balance or transaction in the financial statements.（二）教学内容第一节Audit evidence1. The need for audit evidence2 Sufficient appropriate audit evidence3.Management's expert第二节Financial statement assertionsrmation produced by the entity2. Selecting items to test3.Inconsistencies and doubts over reliability（三）思考与实践1.Define sufficiency and appropriateness as they relate to audit evidence.2 State the financial statement assertions.3 State five procedures which auditors can use to obtain audit evidence.4 Explain what 'reperformance' is.Answer：1.Sufficiency is the measure of the quantity of audit evidence.Appropriateness is the measure of the quality/reliability of audit evidence.2.Existence, rights and obligations, occurrence, completeness, valuation, accuracy, classification and understandability, cut-off, allocation.3.Any five from:InspectionObservationEnquiryConfirmationRecalculationReperformanceAnalytical procedures4. Reperformance is the auditor's independent execution of procedures or controls that were originally performed as part of the entity's internal control.（四）教学方法与手段课堂讲授、多媒体教学第九章Internal control（一）目的与要求In this chapter, we introduce the internal control concept. The auditor generally seeks to rely on the internal controls within the entity in order to reduce the amount of testing of final balances.The auditor will assess the risks of material misstatement arising and may respond to those risks by carrying out tests of controls. If he concludes that he can rely on the controls in place, the level of substantive audit testing required can be reduced.We also look at the ways in which auditors can document the internal control systems using narrative notes, flowcharts, questionnaires and checklists, focusing particularly on the use of questionnaires.We shall examine the detailed controls that businesses operate and the tests that the auditors may carry out in specific areas.（二）教学内容第一节Internal control systems1. Control environment2 Entity's risk assessment process3. Information system relevant to financial reporting4. Control activities5. Monitoring of controls6. Small companies – the problem of control7. Limitations of accounting and control systems第二节The use of internal control systems by auditors1. Recording accounting and control systems第三节The evaluation of internal control components1.Confirming understanding2. Tests of control3. Revision of risk assessment, audit strategy and audit plan4. Communication of deficiencies in internal control第四节Internal controls in a computerised environment1. General controls2. Application controls（三）思考与实践1. Explain why an auditor needs to obtain an understanding of internal control relevant to the audit2 Describe and explain the five components of an internal control systemAnswer：1. Internal control is the process designed and effected by those charged with governance, management, and other personnel to provide reasonable assurance about the achievement of the entity's objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations.Having determined which controls are relevant, and are adequately designed to aid in the prevention of material misstatements in the financial statements, the auditor can then decide whether it is more efficient to seek reliance on those controls and perform tests of controls in that area, or more efficient to perform substantive testing over that area.If the controls are not adequately designed, the auditor needs to perform sufficient substantive testing over that financial statement area in light of the apparent lack of control and increased risk. Any deficiencies are noted and, where appropriate, these will be communicated to management2. Internal control has five components:The control environment；The entity's risk assessment process；The informationsystem relevant to financial reporting；Control activities；Monitoring of controls In obtaining an understanding of internal control, the auditor must understand the design of the internal control and the implementation of that control. In the following sub-sections, we look at each of the elements of internal control in turn.（四）教学方法与手段课堂讲授、多媒体教学第十章Tests of controls（一）目的与要求In this chapter we will lookat how tests of controls might be applied in practice. We will examine each major component of a typical accounting system.We have already stated that the auditors must establish what the accounting system and the system of internal control consist of. The auditors will then decide which controls, if any, they wish to rely on and plan tests of controls to obtain the audit evidence as to whether such reliance can be warranted. For each of the major transaction systems we will look at the system objectives the auditors will bear in mind while assessing the internal controls and give examples of common controls. We shall then go on to look at a 'standard' programme of tests of controls.（二）教学内容第一节The sales system1. Sales system: Control objectives, controls and tests of controls第二节The purchases system1. Control objectives, controls and tests of controls第三节The inventory system1. Introduction2. Control objectives, controls and tests of controls第四节The bank and cash system第五节The payroll system1. Control objectives, controls and tests of controls第六节Revenue and capital expenditure1. Controls and tests of controls2. Tests of controls and substantive testing（三）思考与实践1. Explain, analyse and provide examples of internal control procedures andcontrol activities2 Give an example of a control which helps to ensure the completeness of non-current assets. Suggest how the auditor can test that the control is operating effectively.Answer：1. The tests of controls in the sales system will be based around:Selling (authorisation)Goods outwards (custody)Accounting (recording)The tests of controls in the purchases system will be based around:– Buying (authorisation)– Goods inwards (custody)– Accounting (recording)Inventory controls are designed to ensure safe custody. Such controls include restriction of access, documentation and authorisation of movements, regular independent inventory counting and review of inventory condition.2. You could have come up with a number of controls that help ensure completeness of non-current assets, but a common one is the regular reconciliation of the non-current asset register with the general ledger to ensure all items on the register have been recorded. The test of this control would be to obtain a copy of the reconciliation and ensure all discrepancies are followed up and resolved on a timely basis.（四）教学方法与手段课堂讲授、多媒体教学第十一章Audit procedures and sampling（一）目的与要求In this chapter we look at various audit procedures and the use of audit sampling. First we consider substantive testing which encompasses tests of detail and the use of analytical procedures as substantive tests. These methods form the basis for the next five chapters which examine the detailed testing for various financial statement account areas such as cash and inventory.We also examine the audit of accounting estimates. We have mentioned in previous chapters that judgement has to be used in accounting for some of the figures in the accounts. Examples of accounting estimates include depreciation and provisions.We will look in detail at audit sampling, which is an important aspect of the audit. We consider different types of audit sampling and the evaluation of errors.Computer-assisted audit techniques (CAATs) are an important tool in the audit and we examine the two main types of CAATs, audit software and test data.Finally in this chapter we will look at how the auditor can make use of the work of others as a source of audit evidence. We consider the use of auditor's experts, the work of internal audit and the use of service organisations in this regard.We shall examine the detailed controls that businesses operate and the tests that the auditors may carry out in specific areas.（二）教学内容第一节Substantive procedures1. Types of audit tests2 Directional testing3. Analytical procedures第二节Accounting estimates1.The nature of accounting estimates2. Risk assessment procedures3. Risk identification and assessment4. Responding to the assessed risks。

Examiner’s reportF8 Audit and AssuranceJune 2013General CommentsThe examination consisted of five compulsory questions. Question 1 for 30 marks, question 2 for 10 marks and three further questions of 20 marks each.The performance of candidates across the paper as a whole was reasonable. Candidates performed particularly well on questions 1b, 2a, 3a, 3bi, 4a and 5a. The questions candidates found most challenging were questions 1ai, 1c, 1d, 3bii and 5c. This is mainly due to candidates not understanding core syllabus areas well enough; a lack of technical knowledge and also due to a failure to read question requirements carefully.The vast majority of candidates attempted all five questions, and there was little evidence of time pressure. Where questions were left unanswered by candidates, this appeared to be due to a lack of knowledge or poor exam technique, as opposed to time pressure.A number of common issues arose in candidate’s answers:∙Failing to read the question requirement clearly and therefore providing irrelevant answers which scored few if any marks. Candidates must remember to answer the question asked and not the question they wish had been asked.∙Poor time management between questions, some candidates wrote far too much for some questions such as 1b and this put them under time pressure to answer the remaining questions.∙Failure to fully understand the requirement verbs such as “describe”, or “explain” and hence not providing sufficient depth to their answers.∙Providing more than the required number of points especially in question 1b.∙Poor layout of answers, including not using columns for questions such as 1b and 3bii when this would have helped to maximise marks.Specific CommentsQuestion OneThis 30-mark question was based on a manufacturing company, Fox Industries Co (Fox), and tested candidates’ knowledge of communicating to those charged with governance (TCWG), internal controls, application controls and substantive procedures for bank and cash.Part (ai) for 2 marks required candidates to explain why it’s important for auditors to communicate with TCWG and part (aii) for 3 marks required three matters that may be communicated by auditors to TCWG.Most candidates performed unsatisfactorily on part (ai). They needed to focus on WHY it was important to communicate rather than WHAT needed to be reported as this was the requirement of part (aii). Answers that focused on what was to be communicated would not have gained credit as this was not the question requirement for (ai). In addition some candidates simply restated the requirement, explaining that it was important to communicate, but without answering why. Part (aii) was answered better, with most candidates focusing on the areas of fraud, material misstatement and internal control deficiencies. Some candidates focused on providing details of specific audit issues that would be discussed during the audit as opposed to areas which would be formally reported to TCWG.Part (b) for 14 marks required a report to management which identifies and explains four deficiencies, the implications and a recommendation for each of these deficiencies; in addition a covering letter was required.This part of the question was answered very well and candidates were able to confidently identify four deficiencies from the scenario. However, candidates did not always adequately explain the implication of thedeficiency to the business. For example, for the deficiency of purchase orders not being sequentially numbered, many candidates focused on the difficulties of agreeing invoices to orders, as opposed to the key issue of unfulfilled orders and hence stock outs. In addition many implications were vague such as “there will be errors if application controls are not applied by the purchase ledger clerk” this answer does not give any examples of what type of errors and where they may occur. Candidates need to think in a practical manner and apply their knowledge when answering these types of questions.The requirement to provide controls was, on the whole, well answered. Most candidates were able to provide good recommendations to address the deficiencies. However some of these recommendations were too brief, for example simply stating “apply application controls” to address the deficiency of the purchase ledger clerk. The main recommendation where candidates failed to maximise their marks was for sequentially numbered purchase orders. Simply recommending “that purchase orders should be sequentially numbered” only scored ½ marks, as the control is to undertake sequence checks, for which the orders need to be sequential. This demonstrated a lack of understanding of this type of control.A covering letter to the report was required and there were 2 marks available. Despite this specific requirement a significant number of candidates provided their answers as a memo rather than as a letter. Adopting a memo format resulted in a failure to maximise marks. The two marks were allocated as ½ for a letterhead, ½ for an introductory paragraph, ½ for disclaimers and ½ for a courteous sign off of the letter, which requires more than just a signature.Many candidates set their answer out in two (three) columns being deficiency, implication and recommendation. However, those who explained all of the deficiencies, the implications and then separately provided all of the recommendations tended to repeat themselves and possibly wasted some time.The requirement was for FOUR deficiencies; this session a significant proportion of candidates provided many more than four points, it was not uncommon to see answers with eight deficiencies. Also in many answers deficiencies were combined such as; “purchase orders are not sequentially numbered and only orders over $5,000 require authorisation”, the implications and recommendations would then also be combined. Providing many more points than required and combining answers leads to unstructured answers that are difficult to mark. Spending too much time on this part of the exam also puts candidates under time pressure for the rest of the paper.Part (c) for 4 marks required four application controls to ensure the completeness and accuracy of the input of purchase invoices. Performance on this question was quite unsatisfactory. Many candidates failed to pick up marks for this question; also this question was left unanswered by some candidates.The requirement was for application controls, these could be computerised or manual, but they needed to address the specific area of INPUT of invoices. Many candidates gave general computer controls such as passwords or provided auditor’s substantive tests. In addition candidates listed recommendations from part 1(b) such as “sequentially numbered orders or regular bank reconciliations”; these have nothing to do with input of invoices. Some answers focused on auditing the purchase cycle, agreeing orders to goods received notes and to invoices. Candidates clearly either have a knowledge gap in this area or failed to read the question requirement carefully.Part (d) for 7 marks required substantive procedures for bank and cash at the year end. Performance on this question was unsatisfactory. Substantive procedures are a key area of the paper and may feature in each session.Some scripts were with hardly any valid bank and cash procedures. Tests which start with “to ensure that” are unlikely to gain any marks as these are objectives rather than audit tests. Also some candidates failed to read thequestion requirement which stated that the audit was of year end cash and bank; these answers focused more on tests of controls over the whole of the year for cash and bank, these did not gain any credit.Some candidates focused on the bank reconciliation and auditing its detail, such as unpresented cheques and outstanding lodgements. Most candidates were able to suggest obtaining a bank confirmation letter and counting petty cash, however this seemed to be the extent of many answers. It was unsatisfactory to see that many candidates did not understand the purpose of the bank reconciliation as a common answer was “to agree the bank confirmation letter to the financial statements” as opposed to the bank reconciliation. Many provided vague answers such as “cast the ledger” and a minority misunderstood the question and focused on auditing payables and receivables.Question TwoThis 10-mark question covered the topics of ethical threats, going concern responsibilities and emphasis of matter paragraphs.Part (a) for 5 marks required candidates to list five ethical threats and for each to identify an example of a circumstance that creates this threat. This question was answered very well by almost all candidates with many scoring full marks.Candidates were able to confidently list the five threats and to provide relevant examples. Some candidates failed to provide a relevant intimidation threat, believing that the existence of overdue fees results in an intimidation threat, whereas it’s the threat of not being paid these fees that creates the risk. A small number of candidates provided fundamental principles rather than ethical threats.Part (b) for 3 marks required an explanation of the auditors and management’s responsibilities regarding going concern. This was answered satisfactorily by many candidates.Many candidates were able to suggest that “directors needed to prepare the financial statements on the correct basis” and that “auditors need to gain evidence over the going concern basis”. However, some candidates wasted time by listing definitions of going concern and providing audit procedures to test going concern. Candidates must focus on only answering the question set, as opposed to listing all they know about the topic area.Part (c) for 2 marks required a description of the contents of an emphasis of matter (EOM) paragraph. Performance was mixed on this question.This question divided candidates between those who clearly understood what an EOM paragraph was and hence were able to easily gain the 2 marks available and those who did not understand what EOM was. Some candidates seemed to believe that an EOM paragraph is an “except for qualification” and hence gave these details. Also they did not understand that an EOM paragraph modifies the audit report but that the opinion is unmodified.Question ThreeThis 20-mark question was based on Kangaroo Construction Co (Kangaroo) a building company. The question tested the areas of materiality, ratios and audit risks and auditors responses.Part (a) for 5 marks required an explanation of the concepts of materiality and performance materiality. Candidates’ performed well on this question.The vast majority of candidates were able to score marks on the definition of materiality, provision of some benchmarks for the calculations and a reference to performance materiality being at a lower level. These points would have achieved a pass for this part of the question. An adequate level of detail was provided for this“explain” requirement by the majority of candidates. Some candidates just gave a definition of materiality and nothing else; this would have gained a maximum of 1 mark.Part (bi) for 5 marks required candidates to calculate ratios for 2012 and 2013 to assist in planning the audit. This question was answered very well by the vast majority of candidates with many scoring full marks.Some candidates attempted to calculate ratios despite there being inadequate data available, namely return on capital employed and gearing. Candidates need to think about the information provided in the scenario prior to calculating ratios.In order to gain the ½mark available for each year a relevant ratio had to be calculated. Some candidates did not bring a calculator into the exam and hence were unable to calculate the final ratios; these candidates would not be able to score the 5 available marks. Future candidates are reminded, once again, to bring a calculator into the F8 exam as they are often required.Part (bii) for 10 marks required a description of five audit risks from the scenario and ratios calculated and the auditor’s response for each. Performance on this question was once again unsatisfactory.The scenario contained more than five risks and so candidates were able to easily identify enough risks, they then went on to describe how the point identified from the scenario or movement in a ratio was an audit risk by referring to the assertion and the account balances impacted. The improvement in this area noted in December 12 has been reversed and the proportion of candidates who described the audit risk adequately has declined in this session.Some candidates tended to only identify facts from the scenario such as “Kangaroo has completed houses in inventory where selling price may be below cost” but failed to explain how this could impact audit risk; this would only have scored ½ marks. To gain a full 1 mark they needed to refer to the risk of the inventory being overvalued. Where candidates did attempt to cover the assertion it was often vague; for example stating that “inventory may be misstated”, this is not sufficient to gain the ½ mark available.Additionally, many candidates used the ratios calculated in part (bi) and then gave a detailed analytical review of the ratio movements, commenting on ratio increases and decreases, but with no link at all to the audit risks. It was not uncommon to see very lengthy answers with no audit risks; this just puts the candidate under time pressure.Many candidates focused on business risks rather than audit risks and hence provided responses related to how management should address these business risks. For example, the scenario stated that “Kangaroo had changed their main supplier to a cheaper alternative and as a result warranty claims had increased”. Some candidates answered “this would lead to the company’s reputation suffering as the quality of their buildings would decline”. The suggested auditor’s response was “to change back to a more expensive supplier”. Neither the risk nor the response has been related to the financial statements and hence would only gain a ½mark being the identification of the fact from the scenario.Additionally, candidates performed inadequately with regards to the auditor’s responses. As detailed above some candidates gave business advice, other responses focused more on repeating what the appropriate accounting treatment should be, therefore for the risk of inventory valuation due to number of houses where selling price was below cost, the response given was “inventory should be valued at the lower of cost and NRV”, this is not a valid audit response.Responses which start with “ensure that……” are unlikely to score marks as they usually fail to explain exactly how the auditor will address the audit risk. Also some responses were weak such as “discuss with the directors”without making it clear what would be discussed and how this would gather evidence. Audit responses need to be practical and should relate to the approach the auditor will adopt to assess whether the balance is materially misstated or not.Most candidates presented their answers well as they adopted a two column approach with audit risk in one column and the related auditor’s response next to it.Question FourThis 20-mark question was based on Bush-Baby Hotels Co (Bush-Baby) and tested candidates’ knowledge of procedures for obtaining evidence, internal audit and fraud.Part (a) for 10 marks required a description of five procedures for obtaining audit evidence and an example for each procedure relevant to the audit of property, plant and equipment (PPE). This question was unrelated to the scenario, was knowledge based and candidates’ performed well.Candidates were able to comfortably identify a procedure, such as inspection, describe what this meant, and then provide a well described PPE test for inspection. Those candidates who structured their answers with procedure followed by example PPE test tended to provide tailored relevant answers.The types of procedures which tended to cause most difficulty were “observation” as candidates seemed to struggle with producing valid observation tests. Recalculation and reperformance were used interchangeably, but these are different types of procedures, a common incorrect answer for re-performance was “to reperform the depreciation calculation” this is a recalculation and not a reperfromance test.Some candidates only identified the types of procedures rather than describing them, or the description was inadequate such as “inspection means to inspect an invoice” this is not an adequate description. In addition some candidates did not link the PPE test to the relevant type of procedure. Some candidates misunderstood what was required and gave financial statement assertions rather than types of procedures.It was satisfactory that on the whole candidates provided tests relevant to PPE rather than for other statement of financial position areas.Part (b) for 3 marks required an explanation of how the new internal audit (IA) department of Bush-Baby could assist the directors in preventing and detecting fraud and error. Performance was mixed on this question.Most candidates were able to gain a mark by suggesting controls that IA could help to develop and monitor to prevent fraud and error. However answers needed to be broader and rather than focusing in excessive detail on internal controls, candidates needed to give more of a general outline in how IA could help, such as fraud investigations.Part (c) for 2 marks required a description of the limitations of an IA department. Performance was satisfactory on this question.Many candidates were able to identify the cost outweighing the benefit as being the main limitation or independence issues as they were employees of Bush-Baby. Unfortunately a significant minority of candidates could only provide one of these points. Some candidates referred to the size of the hotel chain as being a limitation, where it was not.Part (d) for 5 marks required a description of additional functions, other than fraud investigations, the IA department could be asked by the directors to undertake. Performance was mixed on this question.Candidates were able to easily describe different functions such as internal controls reviews, value for money (VFM) audits, review for compliance with laws and regulations and risk assessment/management.Some candidates just identified these types of functions with no description of what these functions were;answers such as “the IA department could undertake a VFM audit” were common. Candidates must consider thequestion requirement verb, a describe requirement requires some detailed descriptions.There was also some confusion as to the types of functions IA would perform, for example they should notprepare financial statements. In addition some candidates focused exclusively on the IA department liaising withthe external auditor.Question FiveThis 20-mark question was based on Panda Co (Panda) and tested candidates’ knowledge of assurance engagements, subsequent events and audit reports.Part (a) for 5 marks required an explanation of the five elements of an assurance engagement. This question was unrelated to the scenario and was knowledge based. Performance was mixed on this question, in that many candidates either scored full marks or no marks.Those candidates who were able to identify the elements occasionally failed to score full marks due to a failure tofully explain the element, for example stating “suitable criteria” and then giving an example of accounting standards, rather than explaining that the suitable criteria are the benchmark for comparing the subject matter against.Some candidates did not understand what was required and focused on the different opinions andpositive/negative assurance or on the content of an audit report.Part (b) for 12 marks required for two events; an explanation of whether the financial statements should be amended and audit procedures that should be performed by the auditor to form a conclusion on any required amendment. Performance was mixed on this question.Many candidates were able to correctly identify whether the events were adjusting or non-adjusting. However the justification for this was not always correct; for example stating that “the explosion was non-adjusting as it occurred after the year end”. Many candidates were able to calculate the materiality of the potential error, usingthe numbers provided, although some incorrectly calculated the materiality for event 1 using the total cost of inventory of $0.85m rather than the write down of $0.75m. The decision as to whether the financial statementsrequired amendment was answered well for event 1, but less so for event 2 as many candidates did not seem torealise that adding a disclosure note is an amendment.With regards to procedures to undertake to form a conclusion on any required amendment, candidates seemed tostruggle with this. Many procedures lacked sufficient detail to score the available 1 mark per test. This commonlyoccurred with tests such as; “reviewing board minutes” and “obtain written representation”. These proceduresneed to be phrased with sufficient detail to obtain credit and must be tailored to the scenario. In addition a significant minority of candidates wanted to contact Panda’s insurance company; this is not a realistic procedure.In addition some candidates wasted time by discussing the impact on the audit report for each event; this wasnot part of the question requirement for part (b) and so would not have generated any marks. Candidates onceagain are reminded to only answer the question set.Part (c) for 3 marks required the impact on the audit report should the issue for event 2, the explosion, remain unresolved. Performance on this question was unsatisfactory.Candidates still continue to recommend an emphasis of matter paragraph for all audit report questions, this is not the case and it was not relevant for this issue. Candidates need to understand what an emphasis of matter paragraph is and why it is used. In addition some candidates are confused with regards to audit report terms and used phrases such as “qualify the report” rather than modify the report and “modified opinion” rather than qualified opinion.A significant minority misread the question and rather than just providing the audit report implications for event 2, gave event 1 as well; this would not have gained any marks. Candidates must read the question requirements carefully.A significant number of candidates were unable to identify the correct audit report modification, giving multiple options and some candidates seemed to believe that the opinion did not require qualification as it was only the disclosure, as opposed to any numbers that were incorrect. Also some answers contradicted themselves such as “the issue is material therefore an unqualified opinion can be given”. Additionally many candidates ignored the question requirement to only consider the audit report impact if the issue was unresolved. Lots of answers started with “if resolved the audit report …..” this was not required.Once again future candidates are reminded that audit reports are the only output of a statutory audit and hence an understanding of how an audit report can be modified and in which circumstances, is considered very important for this exam.。