11-29-2008, 05:58 PM
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#16
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Junior Member
Join Date: Jun 2008
Location: manchester
Studying:
F8
P1
Posts: 15
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Originally Posted by jazib
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Here are some tips on how to answer questions in F8 so as to get maximum points:
1)Ensure that when you write your answer, you always link to financial statement assertions if on internal controls, planning, internal audit, audit reports etc
2) If you are writing about weaknesses in a system, or ethical conflicts, ensure you explain why this is a weakness/conflict and the potential impact it could have on the financial statements.
3) If you are writing about tests to be conducted, explain
- Why you are conducting the test (eg audit assertion - for completeness, existence etc)
- Exactly how you would do it so that an audit junior would be able to pick up your answer and do the test without having to ask you anything (eg find the original purchase invoice and check that the quantities listed and goods order match the quantities listed and goods ordered on the purchase order form. )
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true dat! its very useful indeed 
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