How does the ACCA Past Paper F8 Help New Candidates?
The ACCA Past Paper F8 (Audit and Assurance) is developed to enhance the knowledge and understanding of the future accountants about the method of carrying out the assurance engagement and how to apply it in the framework of the professional regulatory context. This paper is purposely continuing to be more sensible for the application and also to ensure that the examiners who are taking this exam to have wide understanding on the fundamentals of the audit subjects.
The examiner should attain a balanced technical knowledge and realistic application of the knowledge to successfully complete the paper. The F8 syllabus comprises the knowledge found in the Paper F3 (Financial Accounting) that makes the examiner prepared for the Paper P1 (Professional Accountant) and P7 (Advanced Audit and Assurance).
The examiner must expect questions in the exam that are set up practically for application. So, meaning, the candidates must have real auditing experiences so they can be successful in the exams. And the basic principles are also very relevant to the issues discussed here. It can be very difficult for the candidates to practice the knowledge needed for applying the questions by managing and it has been proven from the ACCA Past Paper F8 and as time goes by, the examiners are finding ways to aid their difficulties that had been met. The ways on how the candidates pass the exam are; understanding the technical materials, reading past examiners report and related articles and practice of answering questions, these are all very effective in improving your skills effectively.
The format of this exam is just the same as the continuing style of the past five exam sessions. The five compulsory questions are different equivalent marks. In the section 1, it has question number one which allots the 30 marks and question number 2 for 10 marks. The section B comprises three questions, each for 20 marks. It may be predominantly computational, but it still needs written answers about the interpretation for the calculation for some fundamental ratios in the framework of the audit review and planning.
The question number 1 is a case study format and will always depend on the situations and will be brought down into types of sub-questions that will investigate a number of audit steps. The examiners must be good in analyzing the scenarios to determine the proper answer or point to answer the questions. There are only 15 minutes reading time to be given to the candidates and it is recommended to use the time while thinking the vital things. The two most important things are the technical knowledge and scenario specific and particular points. If the examiner has this both requirements, it will be greater chances for him to pass.
According to the ACCA Past Paper F8, it is better that the candidates will make the most out of their time in analyzing the needs in the detail and determine whether the questions asked need the standard knowledge and application for the scenario.
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