ACCA F8 Areas of concern for December 2007

Following are the Exam Tips by me that I personally think will appear in December 2007 sitting of Audit and Assurance. As the exam are getting closer, there always be a pressure, that's why I have compiled some of the topic that from my personal viewpoint,is highly examinable. Eventhough there are lots and few tips provided out there, I have my own approach,that is by make going through this check list of concern:

• Purchases, i personally think everybody will judge sales,well i bet that Alan will change his mind to state Purchase
• Subsequent event or Going concern..likely to be going concern..my strong feeling is on going concern bcos that going concern question last round, alan himself not satisfy with the performance of candidates,maybe he's gonna try it again
  
• Fixed asset,more concern on depreciation
• audit report on explaining reasoning behind each paragraph of matters
• as this is more exposure on ethics.i reckons that COde of ethics is VERY important..know how to explain all 5
• Payroll
• Internal audit role,responsibilities
• Audit software or Test data..likely audit software..learn the weakness of using it..because extensively in the past focus on advantanges..so please know the weakness..
• Audit of receivables..and relate to audit software
• Reliance on Internal audit
• Engagement letter..contents..

Use the tips as areas to have a good look at, but remember that no-one knows what’s in the exam except the examiner.

Revise everything …

Wishing you all the best for Dec 07

© 2007 Nik Farhan Disclaimer

WARNING: SPOTS ARE DANGEROUS FOR YOUR HEALTH, ACCORDING TO SURGEON GENERAL it is the cause of the failure of most ACCA students.