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How to Pass ACCA F8?

How to Pass ACCA F8?

Paper F8 can be passed by a candidate who understands the underlying theory of auditing and can apply that theory to relatively basic audit situations – knowledge itself is not sufficient to pass this exam. My advice, therefore, is to study the basics of auditing, read relevant technical articles and then practice applying their audit knowledge to scenarios by doing lots of past year exam questions.

A key reason why students fail is lack of exam question practice and lack of understanding when answering questions on audit procedures. For example, where a question asks for audit procedures to be listed and explained, a typical answer is “check the ledger” - providing no indication of which ledger will be “checked” or what the ledger is being checked for. It is important to be precise. Students will become accustomed to generating appropriate audit procedures by carrying out lots of question practice. They cannot simply learn a list of procedures. Remember, answers must be tailored to the scenario given.

Therefore, students should avoid the following poor examination techniques:
1) Answering questions in a random sequence (for example. 1a, 3b, 2c)
2) Spending far too much time on the first two or three questions, leaving too little or no time for the last two 20 marks case study questions
3) Not writing in the required style (for example providing the answer in one long paragraph rather than splitting the answer up into individual points)
4) Focusing on theory only with no attempt at all to use the scenario

Instead, students should focus the following good examination techniques (“PAC”):

Presentation
It helps the markers when a script is well presented, with appropriate use being made of paragraphs, sentences and table formats where needed. Also, students should always begin each new question on a fresh page, as instructed.

Application
Students must apply their knowledge and understanding to the case or scenario provided. Students should not answer a scenario question without reference to the information contained in the scenario. Be positive: put yourself into the scenario and express your answers or opinion using evidence from the scenario to support your thoughts and ideas.

Completion
Students, who pass, have attempted all questions! Certain sections may not be answered well, but a few marks are generally obtained from a valid attempt; No marks can be awarded if the question is not attempted at all. Therefore students must watch their timing when answering questions and keep to the time allowed for each question.

All the best to your coming March 2016 examination!

CK Fung, ACCA F8 Subject Specialist Lecturer @FTMSGlobal Academy

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