F

8 A

udit

an

d A

ssu

ran

ce

| E

rrat

a 1

AC

CA

F8

Rev

isio

n K

it –

Eig

hth

editi

on J

une

20

14

Err

ata

shee

t: N

ovem

ber

20

14

Que

stio

n P

age

A

nsw

er r

ef

Det

ails

of er

ror

and

chan

ges

to b

e m

ade

1

7

MC

Q a

nsw

er 2

8

The

ques

tion

asks

for

two

inde

pend

ence

thr

eats

whi

ch w

ould

aris

e sh

ould

an

audi

ting

firm

acc

ept

a no

n-as

sura

nce

enga

gem

ent.

Onl

y on

e in

depe

nden

ce t

hrea

t sh

ould

hav

e be

en r

equi

red.

27

1

30

M

CQ

ans

wer

24

The

corr

ect

answ

er t

o Q

uest

ion

27 (

MC

Q n

umbe

r 24, se

e pa

ge 2

1 fo

r th

e Q

uest

ion)

in t

he A

CC

A F

8 P

ract

ice

and

Rev

isio

n K

it sh

ould

be

B, no

t D

. Th

e na

rrat

ive

debr

ief r

elat

ing

to t

his

ques

tion

rem

ains

cor

rect

.

Moc

k Ex

am 3

Q

1

38

7

Th

e an

swer

to

part

(a)

, ba

sed

on t

he o

rigin

al A

CC

A o

ffici

al a

nsw

ers,

mak

es r

efer

ence

to

the

FRC

Eth

ical

Sta

ndar

ds in

di

scus

sing

the

nee

d to

rot

ate

enga

gem

ent

part

ners

on

the

audi

t of

list

ed e

ntiti

es e

very

five

yea

rs. AC

CA h

as s

ince

con

firm

ed

that

the

exa

min

able

doc

umen

t fo

r F8

is t

he A

CC

A C

ode

of E

thic

s an

d C

ondu

ct. C

onse

quen

tly, th

e of

ficia

l ans

wer

and

qu

estio

n in

the

Spe

cim

en P

aper

will

be

mod

ified

to

refle

ct t

he 7

yea

r ru

le a

s pe

r th

e IE

SBA/A

CC

A g

uida

nce.

H

owev

er, if

a st

uden

t w

ere

to s

tipul

ate

5 y

ears

bas

ed o

n ES

3 t

his

wou

ld n

ot b

e m

arke

d as

inco

rrec

t.