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F8 Magdalene

 ACCA F8 Audit and Assurance course outline

Three (3) 65 mark assignments and One (1) Mock 100 marks

60 hours Full-time course modules  

18 hours Part-time course modules

18 hours revision

Focus exam notes

 

Modules

 

Tests

Topics

 

Module 1

 

18 hours (full-time)

or

6 hours (part-time)

 

 

 

 

 

Test 1

 

2 hours

65 marks

 

External Audits

Section A: Audit Framework and Regulations

  • Concept of audit and assurance engagements, regulations for external audits which includes ISAs, corporate governance, statutory regulations and professional code of ethics.  

Section C: Planning and Risk Assessment

Section D: Internal controls (Part 1)

  • Assessing Audit risks – Components of audit risks, explain audit risks in FS and explain auditors’ response to each risk
  • Risk assessment procedures for identification and assessing risks through understanding the entity and its environment, including its internal controls ( covered under Sec D)

i)                   mainly the use of analytical procedures in planning and the use of key ratios (calculate and interpret)

ii)                 FIVE components of Internal controls, controls in a computerized environment

iii)               Methods of documenting internal controls – ICQs, ICEQs, narrative notes, flow charts

  • The concept of materiality at planning stage
  • Audit strategy vs Audit Plan – contents and differences
  • Difference between Interim and Final Audit
  • Audit Documentation

Module 2

 

18 hours (full-time)

or

6 hours (part-time)

 

 

 

 

 

Test 2

 

2 hours

65 marks

 

External Audits

  • Auditor responsibilities – fraud and laws and regulations, communication with those charged with governance  

Section E: Audit Evidence

  • Concept of sufficient appropriate audit evidence
  • The use of assertions by auditors and audit procedures
  • Performing Tests of controls (covered in Sec D Pt2) and Substantive procedures
  • Other aspects of audit evidence – using the work of others, CAATs and sampling

 

Module 3

 

18 hours

(full-time)

or

6 hours (part-time)

 

Test 3

 

2 hours

65 marks

 

Section F: Subsequent events, going concern review and written representations, audit finalization and final review

Section G: Audit reports, Reports to management

Section B – Internal Audits: Internal audit and Corporate governance, Differences between IA and EA, Scope of IA, Outsourcing IA and IA Assignments    

 

Revision Module

 

18 hours

Mock exam

 

 

3 hours

100 marks

 

Student will be examined from Section A-G of the syllabus

  • Focus on areas to be examined in the upcoming exam – students will be given an analysis of topics that could be examined

 

 The information is correct at the time of uploading.