tips for acca paper f5

8/2/2019 Tips for ACCA Paper F5

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Tips for ACCA Paper F5 ³Performance Management´

Target costing / Lifecycle costing / Environmental Management Accounting (short written part)

Multi-product cost volume profit analysis

Budgetting (written part) / Time series / regression analysis

Planning and Operational variances

Performance measurement ± financial and non-financial / Transfer pricing

Tips for ACCA Paper F8 Audit and Assurance (INT)

Q1 Inventory; stock count; computer assisted auditing techniques

Q2 Internal audit v external audit; parts of an assurance engagement

Q3 Corporate governance

Q4 Going concern and audit reports

Q5 Sampling



F8 (Int) Exam tips from BPP, Kaplan, First Intuition, Icount ± Dec 2011 sitting

(3 posts)

BPP

Q1 (30 marks)This question will be based on a scenario and incorporate between 3 and 5 distinct

requirements.The areas most likely to be tested in this question include

audit planning and the

identification and explanation of audit risk,

audit procedures (substantive tests and/ or tests of control) and

internal control.Q2 (10 marks)This will be a factual or knowledge based question. It is likely to cover several areas of

the syllabus with 2 or 3 separate requirements worth between 2 and 5 marks each.Topics for Question 2 can be drawn from all areas of the F8 syllabus and questions could

include

the responsibilities of directors and auditors as well as other definitions such as

audit risk,

audit assertions,

audit regulation and corporate governance.

Q3, Q4 & Q5 (20 marks each)

These questions will be scenario based but will also include some knowledge basedrequirements.

Areas which are likely to be covered in these questions include

ethics,

planning,

the audit of specific transactions or

account balances (including estimates), subsequent events,

management representations,



going concern, audit reports,

internal control and

corporate governance.

Note that the scenario may be set in the context of a profit making or non-profit makingorganisation.

Kaplan tips

Ethics including fundamental principles/confidentiality

Evidence: payroll, inventory, share capital, reserves, opening balancesSpecific standards/topics:

í ISA 530 (sampling)

í ISA 220 (review of working papers)

First Intuition

Q1 Substantive audit procedures and tests of control on a key area of the Statement of Financial Position eg inventories or non-current assets

Q2 Short 10-marker on ISAs eg audit reports, fraud & error Q3 µIdentifying and explaining¶ the threats to auditor independence and ways of

managing themQ4 Management letter; identify the weaknesses, consequences and recommendations in a

particular company

Q5 Subsequent events

Icount

System deficiencies and controlsCorporate governance

Audit assertions and appropriate audit procedures.Written representations

Ethics and safeguards



y BPP

Q1 Statutory interpretationQ2 Formation of a contract ± consideration or intention

Q3 Tort of negligence ± how the duty of care is breachedQ5 Debentures and charges



source ± PQ Magazinehttp://www.pqaccountant.com

best of luck with exam!

ansi

tips for acca paper f5

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