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Tài liệu ACCA mới nhất từ BPP môn F8, sách có giá trị cho kỳ thi đến tháng 6-2014, Revision kit. File PDF dạng Text cực đẹp.
P R A C T I C E & R E V I S I O N K I T PAPER F8 AUDIT AND ASSURANCE (UNITED KINGDOM) BPP Learning Media is the sole ACCA Platinum Approved Learning Partner – content for the ACCA qualification. In this, the only Paper F8 (UK) Practice and Revision Kit to be reviewed by the examiner: We discuss the best strategies for revising and taking your ACCA exams We show you how to be well prepared for your exam We give you lots of great guidance on tackling questions We show you how you can build your own exams We provide you with three mock exams including the December 2012 exam We provide the ACCA examiner's answers as well as our own to the June and December 2012 exams as an additional revision aid Our Passcard and i-Pass products also support this paper. FOR EXAMS UP TO JUNE 2014 ii First edition 2007 Seventh edition January 2013 ISBN 9781 4453 6648 7 (previous ISBN 9781 4453 7997 5) e-ISBN 9781 4453 6951 8 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www.bpp.com/learningmedia Printed in the United Kingdom by Ricoh Ricoh House Ullswater Crescent Coulsdon CR5 2HR Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable, sustainable sources. All rights reserved. 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 BPP Learning Media Ltd. We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions. The suggested solutions in the exam answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated. © BPP Learning Media Ltd 2013 iii Contents Page Finding questions Question index v Topic index ix Helping you with your revision – the ONLY F8 Practice and Revision Kit to be reviewed by the examiner! .x Revising F8 Topics to revise . xii Question practice xii Passing the F8 exam xiii Exam information . xvi Useful websites xxii Planning your question practice BPP Learning Media’s question plan xxiii Build your own exams xxx Questions and answers Questions 3 Answers 77 Exam practice Mock exam 1 (December 2011) Questions 351 A plan of attack 359 Answers .360 Mock exam 2 (June 2012) Questions 383 A plan of attack 391 Answers .392 Mock exam 3 (December 2012) Questions 413 A plan of attack 421 Answers .422 ACCA examiner's answers June 2012 441 December 2012 .449 Review form iv Finding questions A note about copyright Dear Customer What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials do not write and update themselves. People write them: on their own behalf or as employees of an organisation that invests in this activity. Copyright law protects their livelihoods. It does so by creating rights over the use of the content. Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics. With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media: Photocopying our materials is a breach of copyright Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to facebook or emailing them to your friends is a breach of copyright You can, of course, sell your books, in the form in which you have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we do not supply ‘unlock’ codes to people who have bought them second-hand. And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website. A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that do. If they act illegally and unethically in one area, can you really trust them? Using your BPP Learning Media products This Kit gives you the question practice and guidance you need in the exam. Our other products can also help you pass: Learning to Learn Accountancy gives further valuable advice on revision Passcards provide you with clear topic summaries and exam tips Success CDs help you revise on the move i-Pass CDs offer tests of knowledge against the clock Underlying knowledge CD offers guidance on assumed knowledge for Options papers P4, P5, P6, P7 You can purchase these products by visiting http://www.bpp.com/acca Finding questions v Question index The headings in this checklist/index indicate the main topics of questions, but questions are expected to cover several different topics. Questions set under the old syllabus Audit and Internal Review (AIR) paper are included because their style and content are similar to those which appear in the F8 exam. The questions have been amended to reflect the current exam format. Time Page number Marks allocation Mins Question Answer Part A: Audit framework and regulation 1 Audit regulation 10 18 3 77 2 Regulation and ethics 10 18 3 78 3 Assurance and regulation 10 18 3 78 4 Corporate governance 10 18 4 79 5 Ethical issues 10 18 4 80 6 Assurance engagement and materiality (6/10) 10 18 4 81 7 True and fair, ISAs and documentation (12/10) 10 18 4 82 8 External audit (AIR 12/04) 20 36 5 84 9 International Standards on Auditing (AIR 6/06) (amended) 20 36 5 87 10 Jumper (AIR 6/06) 20 36 5 89 11 Conoy (6/09) 20 36 6 91 12 Goofy (6/11) 20 36 6 94 13 NorthCee (Pilot Paper) (amended) 20 36 7 97 14 LV Fones (6/10) 20 36 8 100 15 Stark (12/08) 20 36 8 103 Part B: Internal audit 16 Internal audit function 10 18 9 105 17 Internal audit responsibilities 10 18 9 106 18 Internal audit (AIR 6/03) 20 36 9 107 19 Value for money audit (AIR 12/06) (amended) 20 36 10 110 20 MonteHodge (6/08) 20 36 11 112 Part C: Planning and risk assessment 21 Audit risk and planning 10 18 12 115 22 ICQs, ICEQs and materiality 10 18 12 115 23 Interim audit and governance 10 18 12 116 24 Specs4You (AIR 6/07) 20 36 13 118 25 Tempest (AIR 12/05) 20 36 14 120 26 EuKaRe (12/08) 20 36 15 124 27 Tirrol (6/09) 20 36 15 126 28 Serenity (AIR 12/06) (amended) 20 36 16 129 29 Redsmith (12/10) 20 36 17 131 vi Finding questions Time Page number Marks allocation Mins Question Answer 30 Donald (6/11) 20 36 18 135 31 Mason Air Services 20 36 18 138 32 Bridgford Products 30 54 19 140 33 B-Star (6/09) 30 54 20 143 34 Smoothbrush (6/10) 30 54 21 147 35 Sleeptight 30 54 22 153 36 Redburn (12/09) 30 54 24 156 Part D: Internal control 37 Documenting internal controls and engagement letters (6/11) 10 18 25 161 38 Flowers Anytime (AIR 12/02) 20 36 25 164 39 Rhapsody (AIR 6/07) (amended) 20 36 26 167 40 Shiny Happy Windows (6/10) 20 36 26 169 41 Atlantis Standard Goods (AIR 6/06) 20 36 27 173 42 Letham (12/09) 20 36 28 175 43 SouthLea (Pilot Paper) (amended) 20 36 29 177 44 Burton Housing 20 36 29 180 45 Matalas (12/07) (amended) 20 36 30 182 46 Bluesberry (12/10) 20 36 31 185 47 North 20 36 32 188 48 Seeley (6/08) 30 54 33 191 49 Cosmo (AIR 12/01) (amended) 30 54 34 195 50 Springfield Nurseries (AIR Pilot Paper) (amended) 30 54 35 198 51 Fitta 30 54 36 201 52 Greystone (12/10) 30 54 37 205 53 Blake (12/08) (amended) 30 54 38 210 54 Tinkerbell (6/11) 30 54 40 214 Part E: Audit evidence 55 Expert (12/08) (amended) 10 18 41 219 56 Audit techniques and written representations 10 18 41 220 57 Sampling methods (6/09) (amended) 10 18 41 221 58 Evidence reliability and communication (12/09) 10 18 42 223 59 External confirmations 10 18 42 225 60 Opening balances and directors’ emoluments 10 18 42 225 61 Analytical procedures, sampling and CAATs 10 18 42 226 62 Accounting estimates 10 18 43 227 63 Delphic (12/07) 20 36 43 228 64 Tam (AIR 12/06) (amended) 20 36 44 231 Finding questions vii Time Page number Marks allocation Mins Question Answer 65 BearsWorld (AIR 6/05) 20 36 44 233 66 Porthos (AIR 12/05) 20 36 45 236 67 Wear Wraith (AIR 6/06) 20 36 46 239 68 Tracey Transporters (AIR 6/05) 20 36 47 241 69 MistiRead (AIR 6/07) 20 36 47 244 70 Duckworth Computers 20 36 48 246 71 Metcalf (AIR 6/07) (amended) 20 36 49 248 72 Boulder (AIR 12/04) (amended) 20 36 50 252 73 Newthorpe 20 36 50 255 74 Have A Bite (12/09) 20 36 51 257 75 Jayne (AIR 12/06) (amended) 20 36 52 260 76 FireFly Tennis Club (AIR 12/06) (amended) 20 36 52 262 77 Walsh (AIR 12/06) (amended) 20 36 53 265 78 Brampton (12/09) 20 36 54 266 79 Zak (6/08) (amended) 20 36 54 270 80 Tourex (AIR 6/03) (amended) 20 36 55 272 81 Fizzipop (AIR 6/04) (amended) 20 36 55 275 82 Textile Wholesalers 30 54 56 277 83 Rocks Forever (AIR 12/05) (amended) 30 54 57 279 84 Westra (Pilot Paper) 30 54 58 283 85 Strathfield 30 54 59 287 86 DinZee (12/07) (amended) 30 54 60 289 Part F: Review 87 Evidence and written representations (6/08) (amended) 10 18 62 294 88 Evaluating misstatements and responsibilities 10 18 62 296 89 Ethics and going concern (12/07) 10 18 63 297 90 Written representations, analytical procedures and accounting estimates 10 18 63 298 91 Crighton-Ward (AIR 6/05) (amended) 20 36 63 300 92 Greenfields (12/10) 20 36 64 302 93 Tye (6/09) 20 36 65 306 94 Eastvale (Pilot Paper) (amended) 20 36 66 309 95 OilRakers (AIR 12/05) (amended) 20 36 66 311 96 ZeeDiem (12/08) 20 36 67 314 97 Green (AIR 6/07) (amended) 20 36 68 317 98 Minnie (6/11) 20 36 68 319 99 Medimade (6/10) 20 36 69 323 100 Smithson (6/08) 20 36 70 327 101 Corsco (AIR 12/03) 20 36 70 330 viii Finding questions Part G: Reporting 102 Audit reports (AIR 6/03) (amended) 10 18 71 332 103 Terms, evidence and modified opinions (Pilot Paper) (amended) 10 18 71 334 104 Hood Enterprises (AIR 6/05) (amended) 20 36 72 336 105 MSV (AIR 6/07) (amended) 20 36 73 339 106 Galartha (12/07) 20 36 74 342 Mock exam 1 (December 2011) Questions 107 to 111 Mock exam 2 (June 2012) Questions 112 to 116 Mock exam 3 (December 2012) Questions 117 to 121 Planning your question practice Our guidance from page xxiii shows you how to organise your question practice, either by attempting questions from each syllabus area or by building your own exams – tackling questions as a series of practice exams. June and December 2013 exams BPP’s answers for these exams will be available for free after the exams on http://www.bpp.com/acca Finding questions ix Topic index Listed below are the key Paper F8 syllabus topics and the numbers of the questions in this Kit covering those topics. If you need to concentrate your practice and revision on certain topics or if you want to attempt all available questions that refer to a particular subject, you will find this index useful. Syllabus topic Question numbers Accounting estimates 56, 62, 92 Analytical procedures 29, 33, 53, 56, 61, 65, 79 Assurance engagement 3, 6, ME2 Q1 Audit evidence 28, 30, 36, 47, 53, 57, 65, 71, 72, 87, 103, ME2 Q4, ME3 Q5 Audit planning and documentation 7, 21, 24, 25, 27, 29, 31, 32, 33, 34, 36, ME2 Q2, ME2 Q4 Audit regulation 1, 2, 3, 7, 9, ME3 Q2 Audit reporting 57, 74, 92, 98, 101, 102, 103, 104, 105, 106, ME1 Q2, ME1 Q5, ME2 Q2, ME2 Q5, ME3 Q5 Audit risk 21, 26, 28, 29, 30, 31, 33, 34, 38, 42, 47, 79, ME1 Q3, ME3 Q3 Audit sampling 56, 57, 61, 64, 85, 90, ME2 Q2 CAATs 27, 61, 63, 66, 77, 84, 85, ME3 Q1 Cash and bank 40, 45, 59, 70, 75, 79 Corporate governance 4, 10, 11, 13, 23, 39, ME1 Q4, ME2 Q3 Directors’ emoluments 60 Engagement letters 37, 69, 103 Ethics 2, 5, 12, 13, 14, 15, 69, 89, 93, 97, ME1 Q4, ME2 Q3, ME3 Q4 Experts 55, 83 External audit 8, ME3 Q2 External confirmations 59, 75, 85 Fraud, laws and regulations 43, 54, 88, 93, ME1 Q1, ME2 Q3 Going concern 89, 97, 99, 100, 101, ME2 Q5, ME3 Q5 Interim audit 23, 78, ME2 Q1 Internal audit 11, 12, 15, 16, 17, 18, 19, 20, 27, 45, 46, 52, 78, ME1 Q1, ME2 Q1, ME3 Q3 Internal controls 22, 26, 37, 38, 40, 42, 46, 47, 48, 50, 51, 52, 54, 74, 105, ME1 Q2, ME2 Q1, ME3 Q1, ME3 Q2 Inventory 34, 36, 50, 69, 73, 82, 83, 86, 93, ME1 Q3, ME2 Q4, ME3 Q1 Materiality and misstatements 6, 22, 64, 88, 98 Negative assurance 28, 78, 100, 104 Non-current assets 42, 46, 50, 55, 61, 67, 68, 73, ME2 Q1, ME2 Q4 Not-for-profit organisations 26, 44, 76 Payables and accruals 52, 71, 74, 84, ME3 Q4 Provisions and contingencies 71, 73, 74, 92, ME1 Q1, ME2 Q4, ME3 Q4 Purchases systems 49, 52, 84, 86 Receivables and revenue 33, 48, 54, 59, 62, 85, 92, ME3 Q4 Removal from office 94 Sales systems 39, 41 Subsequent events 38, 94, 95, 96, 97, 106, ME1 Q5 Wages systems 43, 47, 51, 53, 72, 77, ME1 Q1 Written representations 87, 90, 91, 92, ME3 Q5 [...]...Helping you with your revision – the ONLY F8 Practice and Revision Kit to be reviewed by the examiner! BPP Learning Media – the sole Platinum Approved Learning Partner content As ACCA’s sole Platinum Approved Learning Partner – content, BPP Learning Media gives you the unique opportunity to use examiner-reviewed revision materials for the 2013 and June 2014 exams By... materials for the 2013 and June 2014 exams By incorporating the examiner’s comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision Tackling revision and the exam Using feedback obtained from ACCA examiners as part of their review: We look at the dos and don’ts of revising for, and taking, ACCA exams... section Comments Revision period 3 Internal audit Internal audit Internal audit and corporate governance Revision period 4 Planning and risk assessment Materiality Answer parts (b) and (c) of question 21, and part (c) of question 7 Planning your question practice xxv Done Passcards chapters Questions in this Kit 8 87 Do part (a) Obtaining evidence 8/11 65 Answer in full This is an excellent revision question... points that answers need to include In a bank at the end of this Kit we include the examiner's answers to the June and December 2012 papers Used in conjunction with our answers they provide an indication of all possible points that could be made, issues that could be covered and approaches to adopt Using your BPP Practice and Revision Kit Attempting mock exams There are three mock exams that provide... for each requirement and keep your answer relevant to the scenario Syllabus section Comments Revision period 7 Audit of noncurrent assets Assertions and audit work Controls and audit work Revision period 8 Audit of inventories Planning your question practice xxvii Done Passcards chapters Questions in this Kit External confirmations 14/15 59 Answer in full This question is a good one as it tests both... contains a scenario detailing the controls in place at a hospital Syllabus section Comments Revision period 9 Audit of receivables and bank Revision period 10 Audit of payables and other areas Payables, CAATs Payables and provisions xxviii Planning your question practice Done Passcards chapters Questions in this Kit Subsequent events 18/19 94 Answer in full This pilot paper question tests your ability... of outstanding audit issues Syllabus section Comments Revision period 11 Review Revision period 12 Reporting Engagement letters, audit evidence and audit reports Audit reports Audit and other reports Planning your question practice xxix Build your own exams Having revised your notes and the BPP Passcards, you can attempt the questions in the Kit as a series of practice exams You can organise the questions... companies xxii Revising F8 Planning your question practice We have already stressed that question practice should be right at the centre of your revision Whilst you will spend some time looking at your notes and Paper F8 Passcards, you should spend the majority of your revision time practising questions We recommend two ways in which you can practise questions Use BPP Learning Media's question plan to work... interim audit and the benefits of an audit committee to both internal auditors and external auditors Syllabus section Comments Revision period 1 Audit framework and regulation Internal audit and corporate governance Do part (d) which covers negative assurance in a review engagement Revision period 2 Professional ethics 4 55 Answer in full It is important to remember that whilst independence is a key ethical... recommend that you attempt them under exam conditions Mock exam 1 is the December 2011 paper, Mock exam 2 is the June 2012 paper and Mock exam 3 is the December 2012 paper Using your BPP Practice and Revision Kit xi Revising F8 Topics to revise Any part of the syllabus could be tested in the F8 exam because all of the questions are compulsory, therefore it is essential that you learn the entire syllabus . ME3 Q5 x Using your BPP Practice and Revision Kit Helping you with your revision – the ONLY F8 Practice and Revision Kit to be reviewed by the examiner!. the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision. Tackling revision and the exam Using feedback