ACCA考试F8阶段模拟测试
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Fundamentals Level – Skills Module, Paper F8
1 (a) Audit strategy document
Section of document Purpose Example from B-Star
Understanding the entity’s environment Provides details of the industry area that Size of the theme park sector and
the company is in along with specific expected growth over the next few years.
information about the activities and
strategies of the individual client.
Understand the accounting and internal Details of accounting policies of the Accounting policy for sales – sales are
control systems client and previous assessments of stated net of sales taxes.
internal control systems indicating the
Reliance on control systems in B-Star
expected extent of reliance on those
may be limited due to lack of
systems.
documentation of controls.
Risk and materiality The assessment of risk for the client and Materiality for sales to be 5% of turnover.
the risk of fraud and error and the
B-Star receives cash sales – audit work
identification of significant audit areas.
required to determine the completeness
The materiality level for audit planning of sales.
purposes.
Timing and extent of audit procedures Details of the focus on audit work on Audit software could be used to provide
specific areas. Detail on the extent of use analytical procedures on the sales of
of audit software and possible reliance B-Star
on internal audit.
Co-ordination, supervision and review of Details the extent of involvement of B-Star has only one location – audit staff
audit work experts, client locations and staffing will be required to work there for X
requirements for the audit. weeks.
(b) (i) Risk affecting completeness
– The computer system does not record sales accurately and/or information is lost or transferred incorrectly from the
ticket office computer to the accounts department computer.
– Cash sales are not recorded in the cash book; cash is stolen by the accounts clerks.
– Tickets are issued but no payment is received – that is the sale is not recorded.
– Cash is removed by the ticket office personnel, by the security guards or by the account clerks.
– The account clerks miscount the amount of cash received from a ticket office.
(ii) Use of tests of controls and substantive procedures
Tests of controls
Tests of control are designed to ensure that documented controls are operating effectively. If controls over the
completeness of income were expected to operate correctly, then the auditor would test those controls.
In B-Star, while controls could be in operation, e.g. the account clerks agreeing physical cash to computer summaries,
there is no indication that the control is documented; that is the computer summary is not signed to show the
comparison has taken place. The auditor could use the test of inquiry – asking the clerks whether the control has been
used, and observation – actually watching the clerks carry out the controls. As noted above though, lack of
documentation of the control does mean relying on tests of control for the assertion completeness of income has limited
value.
Substantive procedures
Substantive procedures include analytical procedures and other procedures.
Analytical procedures include the analysis of significant ratios and trends and subsequent investigation of any trends or
relationships that appear to be abnormal. These procedures can be used effectively in B-Star as an approximation of
income that can be obtained from sources other than the cash receipt records.
Other procedures, or tests of detail, are normally used to verify statement of financial position assertions and include
obtaining audit evidence relevant to specific assertions. However, they could be used in B-Star to trace individual
transactions through the sales/cash systems to ensure all ticket sales have been recorded (completeness assertion). The
use of other procedures will be time consuming.
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