F8 EXAMINER'S REPORT - September

The examiner was pleased that most candidates attempted all the MCQ questions. Candidates preparing for December have been advised to work through the pilot paper, past exam papers and the two sample question’s in the September report itself.

The six written questions in September’s section B tested:

• Audit framework and regulation.

• Planning and risk assessment.

• Internal control.

• Audit evidence.

• Review and reporting.

The examiner pointed out that audit risk questions may require a calculation of relevant ratios so that the auditor can identify the key areas of risk in the financial statements. If this is required, as it was in September, then candidates should only provide one ratio per area of the financial statements (so either ‘inventory days’ or ‘inventory turnover’), and not include calculations of movements year-on-year (revenue has increased by x%). Oh, and you must bring a calculator!

When it comes to review and reporting candidates seem poor at understanding the stages/types of final review procedures. Sitters need to be able to distinguish between completion procedures (going concern, subsequent events reviews) and overall review of financial statement procedures (a review of compliance with accounting standards and legislation).

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