How to pass the Audit and Assurance paper? It is a question that has no easy answer. The ACCA F8 exam or Audit and Assurance AA is considered the toughest paper to appear in Applied Skill. The mandatory Audit and Assurance is frowned upon by prospective ACCA’s out of fear, disappointment, previous students’ account, and more. However, accounts of people and the ratio of pass students should not deter you because there are several accounts of students passing it in their first attempt. Despite, demanding nature of it can be cleared with ease through the correct approach of materials and ample practice.
Introduction to Audit and Assurance AA
The Audit and Assurance AA carries knowledge from Accounting in Business AB studied during the Foundation Level along with a parallel paper Financial Reporting FR. The students appearing AA paper require a sound knowledge of the aforementioned paper for smooth comprehension of the subject matter. The paper syllabus aims to impart the knowledge of five key elements required from the students in real-world scenarios. The first element of the paper imparts knowledge relating to assurance engagements statuary audit, legal framework, governance, and framework related to audit and assurance. The subsequent element introduces planning the audit and performing a risk assessment.
Latter elements involve knowledge related to audit evidence, audit control, internal audit, internal controls, and financial statements review. The final portion seeks to teach final review of the report along with the need of including form and portions of the independent auditor’s report.
The ACCA F8 exam is a full hundred marks examination comprising of two sections. Section A of the paper is 30 marks objective section with a total of three 10 marks case. Each case consists of five 2 marks questions under its belt. The second section or Section B of the examination comprises two 20 marks questions and one 30 mark question.
How to pass Audit and Assurance paper
Audit and Assurance ACCA book consists of the tips, knowledge, and framework to approach the questions. However, students must be careful the books they subscribe to come from ACCA Approved Content Providers – as such providers rigorously follow the ACCA syllabus, Acca college in Nepal and their books receive regular updates. Further, subscribing to a book does not guarantee success in the examination, as an ample amount of practice and right method is required to excelling on the paper. Make sure you take the following advice for tackling F8 paper
- Join a Gold Standard ACCA Approved Learning Partner like SEED Financial Academy for expert guidance and valuable exam techniques to approach Audit and Assurance paper. Teachers with experience can help grasp the techniques and contents easily than figuring it out individually.
- Revisiting and grasping important financial reporting and audit concepts studied in FR and AB paper is essential to understanding the AA course material. Students need a sound understanding of previous materials to tackle this paper.
- Revision of the questions time and again can help approach the questions easily on Acca exam day.