F8_Jun2013Forecast

ZBCT International Financial Education ACCA F8 Audit and Assurance Content www.china-ife.com 1 010-62120859/62123959 F8 2013 JUNE EXAM FORECAST Prepare by Sunny Sun ACCA – ZBCT Corporate governance related topic – combined code 1. Limitation of internal audit function 2007 Dec Q3 (a) 8m – independent 2. Function and role of internal audit function 2008 June Q4 (b) 10m IFAC and ACCA code of ethic for professional accountant 1. Threatens and safeguard – case study – IFAC section 200, section 290-independent 2010 June Q4 (a) 5m -threaten 2.1 case study: 2006 June Q4 (b) 12m 2007 June Q1 (a) 8m Pilot paper Q3 (a) 10m 2008 Dec Q3 (a) 12m 2010 June Q4 (b) 10m 2011 June Q4 (a) 4m conflict of interest (c) 6m 2012 June Q3 (b) 12m 2. Procedure for accepting client appointment- IFAC section 210 2006 Dec Q1 20m – case study 2010 June Q4 (c) 5m – procedures- knowledge RISK ASSESSMENT (ISA 315); RESPONSE TO ASSESSED RISK (ISA330); AUDIT STRATEGY AND PLANNING (ISA 300); MATERIALITY (ISA 320) 1. Risk assessment ISA 315 2010 June Q1 (a) 10m – KOB 2011 June Q3 (b) 10m – KOB 2010 Dec Q3 (c) 15m – F.S ( ratio calculation ) 2011 Dec Q3 (b) 10m KOB 2012 Dec Q3 (b) 10m KOB 2. Audit plan ISA 300 2009 Dec Q1 (a) 6m – purpose and content of planning 2009 June Q1 (a) (b) 18m – B-star 2009 June Q3 (a) 10m – audit software 4. Interim and final audit ISA 330 2009 Dec Q4 (a) 4m ZBCT International Financial Education ACCA F8 Audit and Assurance Content www.china-ife.com 2 010-62120859/62123959 Audit evidence - ISA 500 1. Sufficient evidence 2008 June Q2 (a) 4m 2007 June Q2 (a) 4m 2. Appropriate evidence - reliable 2009 Dec Q2 (a) 4m 3. ISA 610 2011 Dec Q1 (e) 4m 2012 June Q1 (e) 4m 7. ISA 620 2005 Dec Q1 (b) 5m 2008 Dec Q2 (a) 3m Internal control over financial reporting Control risk assessment – weakness in control Test of control – manual control or computerized control 1. Purchase cycle 2006 Dec Q2 (b) 10m weakness in control 2009 Dec Q3 (b) 12m strengths in control PPE 2010 Dec Q1 (b) 14m weakness in control (management letter) 2010 Dec Q3 (a) 4m VFM audit (b) (i) 6m strengths (ii) 4m improvement 2. Cash system 4.1 Cash received by post 2010 June Q3 (b) 9m weakness in control, control, test of control 4.2 Cash sale 2009 June Q1 (b) (i) 4m weakness in control 4.3 Petty cash 2007 Dec Q3 (b) 12m “petty cash imprest system”- weakness in control Substantive procedure 1. Purchase Pilot paper Q1 (a) 12m 2007 Dec Q1 (a) 12m– computerized 3. PPE 2006 June Q2 20m 4. Inventory inventory valuation 2005 Dec Q1 (c) 5m 2007 Dec Q1 (d) 4m 2009 Dec Q1 (e) 10m 2010 June Q1 (d) (i) 3m ZBCT International Financial Education ACCA F8 Audit and Assurance Content www.china-ife.com 3 010-62120859/62123959 5. Cash at bank 2006 Dec Q3 (b) (i) (ii) 10m 2008 June Q3 (c) 3m 2010 June Q3 (c) 7m Final review 1. Subsequent event ISA 560 IAS 10 2005 Dec Q4 20m 2008 Dec Q5 20m 2011 Dec Q5 20m 2. Going concern ISA 570 IAS 1 2005 June Q1 (b) (ii) 6m 2007 June Q1 (b) (c) 12m 2007 Dec Q2 (b) 5m 2008 June Q5 (a) (b) (c) 16m 2010 June Q5 (a) (b) (c) 16m 2012 June Q5 (b) (c) (d) 17mr Not for profit organization 2006 Dec Q4 (a) (b) (c) 2008 Dec Q4 (b) (c) – risk assessment