ACCA F8 - Audit And Assurance Revision Kit 2016

One of a suite of products supporting Paper F8 Auditand Assurance, for use independently or as part ofa package, this Kit is targeted at ACCA’s exams inSeptember 2016, December 2016, March 2017 andJune 2017 and contains: Banks of questions on every syllabus area Answers with detailed guidance on approachingquestions Three mock exams with full answers and guidancePractice & Revision KitPaper F8Audit and AssuranceThis Kit provides material specifically for the practiceand revision stage of your studies for Paper F8 Auditand Assurance that has been comprehensivelyreviewed by the ACCA examining team. Thisunique review ensures that the questions, solutionsand guidance provide the best and most effectiveresource for practising and revising for the exam.Audit and AssuranceBPP Learning Media is dedicated to supporting aspiring business professionalswith top-quality learning material as they study for demanding professionalexams, often whilst working full time. BPP Learning Media’s commitmentto student success is shown by our record of quality, innovation and marketleadership in paper-based and e-learning materials. BPP Learning Media’s studymaterials are written by professionally qualified specialists who know frompersonal experience the importance of top-quality materials for exam success.ACCA F8ACCA approved content providerACCA APPROVEDCONTENT PROVIDERACCA ApprovedPractice & Revision KitBPP House142-144 Uxbridge RoadLondon W12 8AAUnited KingdomT 0845 075 1100 (UK)T 44 (0)20 8740 2211 (Overseas)E Learningmedia@bpp.combpp.com/learningmediaFebruary 2016 18.00ACF8RK16 (HO).indd 1-3For exams in September 2016, December2016, March 2017 and June 2017Contact usPaper F8Audit and AssuranceValid for bothpaper andcomputer basedexamsFor exams in September 2016, December2016, March 2017 and June 201722/02/2016 10:00

ACCA APPROVED CONTENT PROVIDERAs the first accredited publisher of ACCA materials, BPP Learning Media has set the benchmark forproducing exceptional study materials for students and tutors alike.Our Study Texts, Practice & Revision Kits and i-Passes (for exams on demand) are reviewed by the ACCAexamining team and are written by our in-house authors with industry and teaching experience whounderstand what is required for exam success.EXAM SUCCESS SITETo help maximise your chances of succeeding in your exams, we’ve put together a suite of exclusive ACCAresources. Our Exam Success site provides you with access to a free digital version of this publication, aswell as extra resources designed to focus your efforts on exams and study methods.To access the Exam Success site, please email learningmedia@bpp.com with the subject line “Access to ExamSuccess site - eBook”, including your order reference number and the name of the book you’ve bought (ieACCA F5 Study Text) for your access code. Once you have received your code, please follow the instructionsbelow:To access the BPP ACCA Exam Success site for this materialplease go to:www.bpp.com/ExamSuccessSiten Create a user account if you don’t already have one.Make sure you reply to the confirmation email.n Log in using your registered username and password.Select the paper you wish to access.n Enter the code you received when prompted. You will onlyhave to do this once for each paper you are studying.

PAPER F8AUDIT AND ASSURANCEBPP Learning Media is an ACCA Approved Content Provider for the ACCA qualification.This means we work closely with ACCA to ensure our products fully prepare you foryour ACCA exams.In this Practice & Revision Kit, which has been reviewed by the ACCA examinationteam, we: Discuss the best strategies for revising and taking your ACCA exams Ensure you are well prepared for your exam Provide you with lots of great guidance on tackling questions Provide you with three mock exams Provide ACCA exam answers as well as our own for selected questionsOur Passcard product also supports this paper.FOR EXAMS IN SEPTEMBER 2016, DECEMBER 2016,MARCH 2017 AND JUNE 2017PRACTICE&REVISIONKIT

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About this Practice & Revision KitACCA will start to transition F5–F9 to computer based examination (CBE), beginning with a pilot in limited marketsin September 2016. Students will initially have the choice of CBE or paper exams and as a result, changes will bemade to BPP’s learning materials to ensure that we fully support students through this transition.This Practice & Revision Kit is valid for exams from the September 2016 sitting through to the June 2017 sittingand in this Practice & Revision Kit you will find questions in both multiple choice question (MCQ) and objectivetesting question (OTQ) format. OTQs include a wider variety of questions types including MCQ as well as numberentry, multiple response and drag and drop. More information on these question types will be available on the ACCAwebsite.OTQs will only appear in computer based exams but these questions will still provide valuable practice for allstudents whichever version of the exam is taken. These are clearly marked on the contents page as CBE style OTcases.In addition please note that the specimen paper based exam paper has been included as Mock Exam 3 in thisPractice & Revision Kit. The questions in Sections A are MCQ only whereas in the computer based exam thesesections will contain OTQs.More information on the exam formats and can be found on page xivAt the time of going to print, ACCA had not yet announced the proposed duration of the computer-based exam andso all timings given throughout this Practice & Revision Kit are based on the paper-based exam which is 3 hoursand 15 minutes long. Time management is a key skill for success in this exam and so we recommend you use theseindicative timings when attempting questions.ACCA are recommending that all students consult the ACCA website on a regular basis for updates on the launch ofthe new CBEs.iii

ContentsPageFinding questionsQuestion index .vTopic index.viiHelping you with your revision.viiiRevising F8Topics to revise .ixQuestion practice.ixPassing the F8 exam .xExam information . xivUseful websites . xvQuestions and answersQuestions .3Answers.63Exam practiceMock exam 1 Questions.185 Plan of attack .197 Answers .198Mock exam 2 (CBE style) Questions.215 Plan of attack .225 Answers .226Mock exam 3 (Specimen Exam) Questions.243 Plan of attack .255 Answers .256Review formiv