1

d Assurance

and December

to help with planning study and to provide detailed

d in tion session.

AND

apers

s eding o

nnence

. Thesr paper

h other such as links existing between the accounting an

inks between these are shoas dotted line arrows. This diagram indicates whe

knowledg previous

Overall aim of the syllabus

of the the

he paper.

ral mais and study

guide into discrete sections. Relational diagram of the main capabilities This diagram illustrates the flows and links between the main capabilities (sections) of the syllabus and should be used as an aid to planning teaching and learning in a structured way.

Syllabus rationale

the syllabus is main capabilities are linked.

The rationale also explains in further detail what the ination intends to assess and why.

This shows the breakdown of the main capabilities abus into subject areas. This is

the blueprint for the detailed study guide.

the syllabus This section briefly explains the structure of the

ssed.

at students, tuition hould use as the basis of

ials.

ely identifies what nation session.

tion and ivided into sections

n the ivided into subject

ub-capabilities included yllabus. Subject areas are broken

down into sub-headings which describe the detailed ssed in examinations.

ng verbs require students to

llectual level at eed to be demonstrated

(*see intellectual levels below).

arning Partner – Content (Platinum) which is BPP Learning Media. In addition there are ALP–c (Gold) who also publish text books for ACCA examinations. BPP and the Gold ALP-c base their study texts on the detailed contents of the study guides as published by ACCA. All approved study content providers will be subject to extensive quality assurance by ACCA, but the highest level of

Audit an(INT) (F8) June2011 This syllabus and study guide is designed

information on what could be assesseany examina THE STRUCTURE OF THE SYLLABUSSTUDY GUIDE Relational diagram of paper with other p This diagram shows direct and indirect linkbetween this paper and other papers prec r Study Guide following it. Some papers are directly underpi d by other papers such as Advanced PerformaManagement by Performance Management e providers and publishers slinks are shown as solid line arrows. Othe s their studies, instruction and materonly have indirect relationships with eac

d study guide which comprehensivauditing papers. The l wn could be assessed in any exami

re The study guide is a precise reflecyou are expected to have underpinning e breakdown of the syllabus. It is dand where it would be useful to reviewlearning before undertaking study.

This explains briefly the overall objectivepaper and indicates in the broadest sense capabilities to be developed within t

Main capabilities This paper’s aim is broken down into seve n capabilities which divide the syllabu

This is a narrative explaining how structured and how the

exam Detailed syllabus

(sections) of the syll

Approach to examining

examination and how it is asse

This is the main document th

Examinations will be based on the detail of the

based on the main capabilities identified isyllabus. These sections are dareas which relate to the sin the detailed s

outcomes that could be asseThese outcomes are described usiindicating what exams maydemonstrate, and the broad intewhich these may n

Reading List ACCA has one Approved Le

2

si only on over a a are

nt provider.

st tuden

ning their reading beyond e end

by searching for your paper within the following link

w.accaglobal.com/learningproviders/alpc/c

approval - Platinum - will benefit from an exclu ve examiner review of content. There will be e Platinum approved study content providerthree-year period, and BPP Learning Medi

ACCA’s inaugural Platinum study conte In addition ACCA examiners may also suggeother text books where appropriate, which scan refer to when wide

ts the

approved study texts. These are listed at th of this study guide. A learning content provider for study and/or revision material and/or extra reading can be found

. http://wwontent_provider_directory/search/

studen

ELS

roadena

values demonstrated by the student on their way

hin the detailed at one

owledge and comprehension

s relate to thege nal level

uide , or marked at

the end of each relevant line. This gives an indication of the intellectual depth at which an area could be assessed within the examination. However, while level 1 broadly equates with the Knowledge module, level 2 equates to the Skills module and level 3 to the Professional level, some lower level skills can continue to be assessed as the student progresses through each module and level. This reflects that at each stage of study there will be a

ll as deepen at occasionally

some higher level capabilities may be assessed at evels.

rescribe or learning hours

nd learning tly between people and

organisations. This also recognises the wide diversity of personal, professional and educational

tudents find

Each syllabus contains between 23 and 35 main

ings depending on the nature of n

RE

varies within and between modules and levels.

aminations contain 00% compulsory questions to encourage

candidates to study across the breadth of each

ssessed by equivalent puter based

s are all paper based ture of papers varies

te and Business four 25 mark questions in

Financial Management (F9). Individual questions ill attract between

all three-hour paper based examinations, all containing two sections. Section A is compulsory, but there will be some choice offered in Section B. For all three hour examination papers, ACCA has introduced 15 minutes reading and planning time. This additional time is allowed at the beginning of each three-hour examination to allow candidates to

Relevant articles will also be published in t

the subject and how these areas have been broke

accountant. INTELLECTUAL LEV The syllabus is designed to progressively b

kills and profession

and deepen the knowledge, s l The Fundamentals level ex

through the qualification. The specific capabilities witsyllabuses and study guides are assessed of three intellectual or cognitive levels: Level 1: KnLevel 2: Application and analysis Level 3: Synthesis and evaluation Very broadly, these intellectual level from ten questions in the Corporathree cognitive levels at which the Knowledmodule, the Skills module and the Professioare assessed. Each subject area in the detailed study gincluded in this document is given a 1, 23 superscript, denoting intellectual level,

requirement to broaden, as wecapabilities. It is also possible th

lower l

LEARNING HOURS The ACCA qualification does not p

number ofrecommend any particular for examinations because study apatterns and styles vary grea

circumstances in which ACCA sthemselves.

subject area head

down.

GUIDE TO EXAM STRUCTU The structure of examinations

1

syllabus. The Knowledge module is atwo-hour paper based and comexaminations. The Skills module examinationthree-hour papers. The struc

Law (F4) paper to

within all Skills module papers w10 and 30 marks. The Professional level papers are

3

g their nswer that a

quirements are prope

tes maquestion paper. They may not

il told

ction ase study question with all

to this wo fro

ers contains rks from two questions, each

rks. Section B will m three questions totallin

30-50 marks, with each question attracting

GUIDE TO EXAMINATION ASSESSMENT

anything any examinat n

s, cified.

surance

ated able

ly potentially be

tion sessions..

ion issued or lation passed on or before 30th September

e 1st of the

Please refer to the examinable documents for the paper (where relevant) for further information.

Regulation issued or legislation passed in accordance with the above dates may be examinable even if the effective date is in the future.

The term issued or passed relates to when regulation or legislation has been formally approved.

regulation or must be applied to an entity transactions

detailed guidance on he examinable

ill be examined. The study guide should therefore be read in conjunction with the examinable documents list.

read the questions and to begin planninanswers before they start writing in their abooks. This time should be used to ensure the information and exam re

ll

The term effective relates to whenlegislation

rly

y

and business practices. The study guide offers more the depth and level at which tdocuments w

read and understood. During reading and planning time candidaonly annotate their write anything in their answer booklets unt todo so by the invigilator. The Essentials module papers all have a Se A containing a major crequirements totalling 50 marks relatingcase. Section B gives students a choice of t mthree 25 mark questions. Section A of each of the Options pap 50-70 compulsory maattracting between 25 and 40 maoffer a choice of two fro g

between 15 and 25 marks. The pass mark for all ACCA Qualification examination papers is 50%.

ACCA reserves the right to examinecontained within the study guide at iosession. This includes knowledge, techniqueprinciples, theories, and concepts as spe

For the financial accounting, audit and aslaw and tax papers except where indicotherwise, ACCA will publish examin

,

documents once a year to indicate exactwhat regulations and legislation couldassessed within identified examina For paper based examinations regulatlegis

annually, will be assessed from Junfollowing year to May 31st of the year after.

4

Syllabus

assurance engagemenofessio

ework. MAIN CAPABILITIES On successful completion of this paper, candidates should be able to:

e and scope of ding the role of

its regulatory and ethical

l audit and ll

ent and its relationship

itor obtains an tity and its

nt, assesses the risk of material rising from fraud or

and plans an audit of

uate information systems ntify and

isks and their potential appropriate

ives of audit cation of the

n Auditing ngs and modify the audit plan

necessary G Explain how the conclusions from audit work are reflected in different types of audit report, explain the elements of each type of report.

RELATIONAL DIAGRAM OF MAIN CAPABILITIES

AIM To develop knowledge and process of carrying out the

understanding of the t

E Identify and describe the work and evidence

and its application in the context of the prregulatory fram

nal required to meet the object engagements and the appli International Standards o

A Explain the nature, purpos assurance engagements inclu the external audit and framework B Explain the nature of interna describe its role as part of overa performance managem with the external audit C Demonstrate how the aud understanding of the en environme misstatement (whether a other irregularities) financial statements D Describe and eval and internal controls to ide communicate control r consequences, making recommendations

F Evaluate findi as

AA (F8)

AAA (P7)

FR (F7) CL (F4)

PA (P1)

Review (F)

Reporting (G)

Planning and risk assessment (C)

Internal control (D) Audit evidence (E)

Internal audit (B) (A) Audit framework and regulat oni

5

RATIONALE

ntially starts with

, its

rofessionen leanterna

een internal then covers a

cial

udit e financial statement

en deals with reporting, includ g statutory audit reports, management reports, and

ork and regulation

surance

ts

ry environment and corporate

of Ethi

1. Internal audit and corporate governance

2. Differences between the external auditor andn

4. Outsourcing the internal audit function 5. Internal audit assignments C. Planning and risk assessment 1. Objective and general principles 2. Assessing the risks of material misstatement

3. Understanding the entity and its environment

y, fraud, laws and regulations

lytical procedures

an audit

t documentation

D. Internal control

1. Internal control systems

use of internal control systems by auditors

5. The evaluation of internal control components

6. Communication on internal control

e

auditors

ic items

4. Audit sampling and other means of testing

sted audit techniques

e work of others

fit organisations

1. Subsequent events

2. Going concern 3. Written representations 4. Audit finalisation and the final review G. Reporting 1. Audit reports

The Audit and Assurance syllabus is essedivided into seven areas. The syllabus the nature, purpose and scope of assuranceengagements, including the statutory auditregulatory environment, and introduces pethics relating to audit and assurance. It thinto internal audit, including the scope of iaudit as well as the differences betwaudit and external audit. The syllabus range of areas relating to an audit of finanstatements. These include planning and riskassessment, evaluating internal controls, aevidence, and a review of th

al 6. Planningds

7. Audil

s. 2. TheThe final section th in

internal audit reports. DETAILED SYLLABUS

A. Audit framew

1. The concept of audit and other as engagements 2. Statutory audi

3. The regulato governance 4. Professional ethics and ACCA’s Code

and Conduct cs

B. Internal audit

7 Not-for-pro

the internal audit functio 3. The scope of the internal audit function

4. Materialit 5. Ana

3. Transaction cycles

4. Tests of control

E. Audit evidenc

1. The use of assertions by

2. Audit procedures 3. The audit of specif

5. Computer-assi 6. Th

F. Review

6

2. Reports to management

3. Internal audit reports

ABUS

ee-hour paper-mpulsory

s. The bulk of the questions will be

computational elements will be set from time to

s. Question 1 will be a scenario-based question worth 30 marks. Question 2 will be a knowledge-based question worth 10 marks. Questions 3, 4 and 5 will be worth 20 marks each.

APPROACH TO EXAMINING THE SYLL The syllabus is assessed by a thrbased examination, consisting of five coquestion

discursive but some questions involving

time. The questions will cover all areas of the syllabu

7

y Guide LAT O

1. The concept of audit and other assur nc

gagemen .

ment ofengagements.[1]

bility, stewardship and agency.

of true and fair nce.

e) Explain reporting as a means of communication

Define and provide the objectives of an

five elements of an assurance engagement.[2]

n e provided[1]

2. Statutory audits

tatutory audits take place.[1]

ms for the

ng the

auditors.[1] d) State the objectives and principle activities of

statutory audit and assess its value (e.g. in assisting management to reduce risk and improve performance).[1]

e) Describe the limitations of statutory audits.[1]

The regulatory environment and corporate governance

Auditing (ISAs).[1]

Explain the relationship between International national

nce and

te governance.[2]

to communicate ernance.[2]

ns of international codes of

nce (such as OECD) that are

f) Describe good corporate governance to directors’

isk management and internal control) and the reporting

[1]

g) Analyse the structure and roles of audit eir benefits and

ternal control and risk management.

of management

gn and operation of

CA’s Code of Ethics

ndamental principles of ity, objectivity,

ompetence and due care, confidentiality and professional behaviour.[2]

b) Define and apply the conceptual framework,

including the threats to the fundamental principles of self-interest, self-review, advocacy, familiarity, and intimidation.[2]

c) Discuss the safeguards to offset the threats to

the fundamental principles.[2]

Stud A AUDIT FRAMEWORK AND REGU

I N a) Explain the development and status of

a e International Standards on

b) engagements

a) Identify and describe the objective a

principles of external audit ennd general

ts [2]

Standards on Auditing and standards.[1]

b) Explain the nature and developand other assurance

audit c) Discuss the objective, releva

importance of corpora

c) Discuss the concepts of accounta

[2]

d) Discuss the concepts

presentation and reasonable assura

[2]

e) Discuss the provisiocorporate governamost relevant to auditors.[2]

to different stakeholders.[1] f)

assurance engagement.[1] g) Explain the

h) Explain the level of assura c by

committees and discuss thlimitations.[2]

audit and other review engagements

. .

a) Describe the regulatory environment w

which sithin

i) Compare the responsibilitiesand auditors for the desisystems and controls.[2]

b) Discuss the reasons and mechanis

regulation of auditors.[2]

4. Professional ethics and ACand Conduct

a) Define and apply the fuc) Explain the statutory regulations governi

appointment, rights, removal and resignation of

3.

d) Discuss the need for auditorswith those charged with gov

requirements relating responsibilities (e.g. for r

responsibilities of auditors.

h) Explain the importance of in[1]

professional ethics of integrprofessional c

8

d with reg d endence, conflicts of interes

[1]

e) irem ethics, and other requirements in

relation to the acceptance of new audit

ito

agement.[2]

portance of engagement letters [1]

1. Internal audit and corporate governance

e need for internal audit.

ons of internal audit cod s

2. Differences between the external auditor

internal audit regarding audit planning and the

tio

ternal audit a dlimitations of the internal audit function

tages ot function.[1]

5. Internal audit assignments a) Discuss the nature and purpose of internal

audit assignments including value for money, IT, best value and financial.[2]

b) Discuss the nature and purpose of operational

internal audit assignments including procurement.[2]

C PLANNING AND RISK ASSESSMENT

iples

tives of the auditor.[2]

perform audits with an attitude of professional rcise professional

.

t an audit in accordance with ISAs.[1]

erial misstatement

a) Explain the components of audit risk.[1]

misstatement in ents.[2]

3. Understanding the entity and its environment

in an initial of the entity and its

ocedures for the

nd assessment of the risks of [2]

4. Materiality, fraud, laws and regulations

concepts of materiality and performance materiality.[2]

materiality levels from ation.[2]

nd misstatements

udit strategy and extent of audit work.[2]

d) Discuss the responsibilities of internal and

external auditors for the prevention and detection of fraud and error.[2]

e) Explain the auditor’s responsibility to consider

laws and regulations.[2)

) Describe the auditor’s responsibility to auditor indep

art

and confidentiality.

Discuss the preconditions, requprofessional

ents of a) Identify the overall objec b) Identify and describe the need to plan and

engagements.[2]

f) Discuss the process by which an audobtains an audit eng

r

g) Explain the imand state their contents.

B INTERNAL AUDIT

a) Discuss the factors to be taken into a

when assessing thccount

[2]

b) Explain the risks of material the financial statem

b) Discuss the elements of best practicestructure and operati

in the with e

a) Explain how auditors obta

understandingreference to appropriate internationalcorporate governance.[2]

of

and b) Describe risk assessment pridentification athe internal audit function

a) Compare and contrast the role of external and

material misstatement.

collection of audit evidence.[2]

3. The scope of the internal audit func

n

a) Discuss the scope of in n the .[2]

b) Explain and calculate

financial inform 4. Outsourcing the internal audit funct

ion c) Discuss the effect of fraud aon the a

a) Explain the advantages and disadvanoutsourcing the internal audi

f

1. Objective and general princ

scepticism, and to exejudgment [2]

c) Explain the need to conduc

2. Assessing the risks of mat

environment.[2]

a) Define and explain the

9

5. Analytical procedures

, and ping.[2]

b) Compute and interpret key ratios used i[2]

ing an

the ove

c) nd describe the relationship between the overall audit strategy and the audit plan.[2]

rim and

ts of working papers and

supporting documentation.[2]

nsure son of working papers.[1]

this capability: • revenue,

apital expenditure,

1. Internal control systems a) Explain why an auditor needs to obtain an

understanding of internal control relevant to the audit.[1]

b) Describe and explain the five components of an

internal control system of the control environment, the entity’s risk assessment

m, including the esses, relevant to financial

on, control activities relevant to the audit, and monitoring

c) Discuss the difference between tests of control dures. [2]

l systems by

lain how auditors record internal control

Explain how auditors identify deficiencies and t deficiencies in internal control

how those significant deficiencies rs’ reliance on those

a) Explain, analyse and provide examples of rnal control procedures and control

activities.[2]

f omputer system

4. Tests of control

control suitable [2]

n controls and

rnal control components

the limitations of internal control components in the context of fraud and error.[2]

b) Explain the need to modify the audit strategy

and audit plan following the results of tests of control.[1]

c) Identify and explain management’s risk

assessment process with reference to internal control components.[1]

a) Describe and explain the nature urpose

• payroll, • bank and cash.

process, the information systerelated business procreporting, and communicati

of, analytical procedures in plann

n analytical procedures.

6. Planning an audit

a) Identify and explain the need for plannaudit.[2]

b) Identify and describe the contents of audit strategy and audit plan.[2]

rall systems including the use of internal control questionnaires and internal control evaluation questionnaires. [2]

b)

Explain a

d) Explain the difference between inte

final audit.[1]

7. Audit documentation a) Explain the need for and the importan

audit documentation. [1] ce of

3. Transaction cycles

b) Describe the conten

c) e procedures to e Explain th afe custody controls.[2]

and retenti D INTERNAL CONTROL The following transaction cycles and account balances are relevant to

• purchases, • inventory, • revenue and c

of controls.[2]

and substantive proce 2. The use of internal contro

auditors a) Exp

significansystems and limit the extent of auditosystems.[2]

inte

b) Provide examples o c

a) Explain and tabulate tests of

for inclusion in audit working papers.

b) List examples of applicatiogeneral IT controls.[2]

5. The evaluation of inte a) Analyse

10

6. Communication on internal control

and recommendations to overcome those significant deficiencies are provided

ions by auditors

e

sses oions, account balances, and

presentation and disclosures.[1]

btainine.

b) Discuss the relevance and reliability of

f how tantive

hy smaller entities may have different control environments and describe the

ly to be available in [1]

ilities and in relation o

opening balances and comparative information.[2]

3. The audit of specific items For each of the account balances stated in this sub-capability:

• explain the purpose of substantive procedures in relation to assertions,

the substantive procedures used in auditing each balance.

onfirmation of accounts receivable lation to receivables

and prepayments, and

Inventory: i) inventory counting procedures in relation

us inventory

ventory counting ation of inventory held by

third parties, ation to inventory.

d

i) supplier statement reconciliations and direct confirmation of accounts payable,

to payables

tatement entries.

i) bank confirmation reports used in relation to bank and

ii) other evidence in relation to bank and

tatement entries.

sets and non-current

o non-current assets

ii) non-current liabilities and tatement entries.

Share capital, reserves and directors’ emoluments: [2] i) evidence in relation to share capital,

reserves and directors’ emoluments, and ii) the related income statement entries. 4. Audit sampling and other means of testing a) Define audit sampling and explain the need for

sampling.[1]

a) Discuss and provide examples of how

reporting of internal control significant deficiencies

the

to imanagement.[2]

E AUDIT EVIDENCE 1. The use of assert

a) Explain the assertions contained in thfinancial statements.[2]

sy

b) Explain the assertions in relation to clatransact

f iv) direct confirm

c) Explain the use of assertions in o

evidenc [2]

g audit c) Payables, accruals, provisions an

2. Audit procedures a) Discuss the quality and quantity of audit

evidence.[2]

audit d) Bank and cash: [2] evidence.[2]

c) Discuss and provide examples o

analytical procedures are used as subsprocedures.[2]

d) Discuss the problems associated with the audit

and review of accounting estimates.[2] e) Describe w

types of evidence likesmaller entities.

f) Explain the auditor’s responsib

describe procedures to be applied

t

• explain

a) Receivables: i) direct c

[2]

i) other evidence in re

iii) the related income statement entries.

b) [2]

to year-end and continuostems

ii) cut-off iii) auditor’s attendance at in

v) other evidence in rel

contingencies: [2]

ii) obtain evidence in relationand accruals, and

iii) the related income s

obtaining evidence incash

cash, and iii) the related income s

e) Tangible non-current as

liabilities: [2] i) evidence in relation t

and

iii) the related income s f)

11

es betweenstatistical and non-statistical sampling.[2]

of the basic principles of statistical sampling and other selective testin

cal sampling, her

testing is required.[2]

qu

b) Discuss and provide relevant examples of the a and audit software

ned

rs are ab

n

le to rely on the work of internal audit.

entities using service organisations.[2

d) Discuss why auditors rely on the work of

ference to the eports ]

7. Not-for-profit organisations a) Apply audit techniques to not-for-profit

organisations.[2] b) Explain how the audit of not-for-profit

organisations differs from the audit of for-profit organisations.[1]

F REVIEW

a) Explain the purpose of a subsequent events

scuss the procedures to be undertaken in quent events review.[2]

rn

gnificance of the f going concern.[2]

going concern reviews.[2]

responsibilities of

d) Discuss the procedures to be applied in rn reviews.[2]

disclosure requirements in relation to going concern issues.[2]

ng implications of the views.[2]

3. Written representations

procedure for sentations.[2]

nd reliability of written representations as audit evidence.[2]

s the circumstances where written ecessary and the matters ions are commonly

obtained. [2] 4. Audit finalisation and the final review a) Discuss the importance of the overall review of

evidence obtained.[2] b) Explain the significance of uncorrected

misstatements.[1]

b) Identify and discuss the differenc

c) Discuss and provide relevant example

applications of, the

1. Subsequent events

g procedures. [2]

d) Discuss the results of statisti

including consideration of whet additional 2. Going conce

5. Computer-assisted audit techni es a) Define and discuss the si

concept o a) Explain the use of computer-assisted

techniques in the context of an audit.

audit [1]

b) Explain the importance of and the need for

use of test dat for the i

c) Explain the respective auditors and management regarding going transaction cycles and balances mentio

sub-capability 3.[2] n

6. The work of others a) Discuss the extent to which audito

rely on the work of experts.[2] l te o

performing going conce

b) Discuss the extent to which exterare ab

al auditors [2]

f) Discuss the reporti

c) Discuss the audit considerations relat

]ing to

findings of going concern re

others.[2] e) Explain the extent to which re

work of others can be made in audit r

.[1

review.[1] b) Di

performing a subse

concern.[1]

e) Discuss the

a) Explain the purpose of and

obtaining written repre b) Discuss the quality a

c) Discus

representations are non which representat

12

c) effect of dealing with uncorrectmisstatements.[2]

G

onten

se the format and conten

modified audit reports.[2]

analyse internal control and system deficiencies and significant deficienc

effects, and make

dit reports

conten and other reports

dealing with the enhancement of performance.[1]

b) Explain the process for producing an interna

audit report.[1]

aminer suggested study texts

ent provider directory.

eading:

nly relevant for ore

AUDIT COMMITTEE GUIDANCE COMMITTEE GUIDEBOOK FOR AUDIT COMMITTEES IN

d Approved

can be found in the first few sections of this guide and on the following link. http://www.accaglobal.com/learningproviders/alpc/c

ed READING LIST Evaluate the This section only contains exreading which is in addition to the

G REPORTIN and/or revision materials and/or other reading listed within the learning cont

1. Audit reports Additional examiner suggested r

t of a) Describe and analyse the format and cunmodified audit reports.[2] Please note, the following text is o

students studying in Singapt of b) Describe and analy

2. Reports to management a) Identify and

SINGAPORE

ies Further details on reading lists anLearning Content and their potential

appropriate recommendations to management.[2]

3. Internal au ontent_provider_directory/search/

a) Describe and explain the format andinternal audit review reports

t of

l

13

SUMMARY OF CHANGES TO F8

ALE FOR CHANGES TO STUDY GUIDE

fication e needs of

g

, ACCA is ffective

from June 2011. With each syllabus is included a these changes as far as each

y guide is concern

NT) to provide h were listed in the

specifically referred

intrinsically always within the syllabus and are not

ot be examined

The main areas to be added or deleted from the syllabus from that date are shown in Table 1 below:

Table 1 – Additions to F8

Section and subject area Syllabus content

Changes have been made to F8 (Iclarification regarding items whicexaminable documents, but notto in the study guide. These were therefore

RATIONPAPER F8 ACCA periodically reviews its qualisyllabuses so that they fully meet thstakeholders such as employers, students,regulatory and advisory bodies and learninproviders. As a result of the latest reviewmaking changes to the ACCA Qualification e

additions as such. The deletions are areas which will nby the new examiner.

specific rationale for examination syllabus and stud ed.

A1f) Audit framework and regulation gagement Objectives of an assurance en

A1g) Audit framework and regulation Five elements of an assurance engagement

A4d) Auditor independence, conflicts of interest and confidentiality

C1a) Planning and risk assessment Overall objectives of the auditor

C1c) The need to conduct an audit in accordance with ISAs

C3b) Risk assessment procedures

C4e) Laws and regulations

D2a) Internal control l questionnaires and internal control Internal controevaluation questionnaires

E2b) Audit evidence ility of audit evidence Relevance and reliab

E2f) Opening balances and comparative information

E3c) Provisions and contingencies E3f) Share capital, reserves, and directors’ emoluments

F4c) Review Effect of uncorrected misstatements

14

oved from the syllabus are shown in Table 2 below:

to F8

The areas to be rem

Table 2 – Deletions

Section and subject area Syllabus content

A Audit framework and regulation 2d) Types of opinion provided in statutory audits

B Internal Audit 2b) Compare and contrast internal and external audit reports

B Types of audit report provided in internal audit

assignments 3b)

B 5b) Marking, treasury and human resources

management

C Planning and risk assessment 1b) Engagement risks affecting the audit

C 1d) Compare and contrast risk based, procedural and ork

other approaches to audit w

C 1e) Importance of risk analysis

C 1f) Information technology in risk analysis

D Internal control ) The importance of internal control to auditors 2a

D 5d) develop and document an audit plan

E Audit evidence 2a) Sources and merits of different types of evidence

E 5c) Use of computers in relation to the administration of the audit

Note: C7 The work of others has moved to E6