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ACCA Approved

Study Text

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2016, March 2017 and June 2017

Valid for both paper and

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FreeboAoCCkAsA.pPPkROVED CONTENT PROFVIrDeEeRbooks.pk

As the first accredited publisher of ACCA materials, BPP Learning Media has set the benchmark for producing exceptional study materials for students and tutors alike.

Our Study Texts, Practice & Revision Kits and i-Passes (for exams on demand) are reviewed by the ACCA examining team and are written by our in-house authors with industry and teaching experience who understand what is required for exam success.

EXAM SUCCESS SITE To help maximise your chances of succeeding in your exams, we've put together a suite of exclusive ACCA resources. Our Exam Success site provides you with access to a free digital version of this publication, as well as extra resources designed to focus your efforts on exams and study methods.

Freebooks.pk Freebooks.pk To access the Exam Success site, please email learningmedia@ with the subject line "Access to Exam

Success site - eBook", including your order reference number and the name of the book you've bought (ie ACCA F5 Study Text) for your access code. Once you have received your code, please follow the instructions below:

To access the BPP ACCA Exam Success site for this material please go to:

ExamSuccessSite

n Create a user account if you don't already have one. Make sure you reply to the confirmation email.

Freebooks.pk n Log in using your registered username and password. Select the paper you wish to access.

n Enter the code you received when prompted. You will only have to do this once for each paper you are studying.

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PAPER F8 AUFDreITebAoNoDksA.pSSkURANCE

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BPP Learning Media is an ACCA Approved Content Provider. This means we work closely with ACCA to ensure this Study Text contains the information you need to pass your exam.

In this Study Text, which has been reviewed by the ACCA examination team, we:

Freebooks.pk Freebooks.pk Highlight the most important elements in the syllabus and the key skills you need

Signpost how each chapter links to the syllabus and the study guide Provide lots of exam focus points demonstrating what is expected of you in the exam Emphasise key points in regular fast forward summaries Test your knowledge in quick quizzes Examine your understanding in our practice question bank Reference all the important topics in our full index

BPP's Practice & Revision Kit also supports this paper.

FOR EXAMS IN SEPTEMBER 2016, DECEMBER 2016,

MARCH 2017 AND JUNE 2017

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First edition 2007

Freebooks.pk Ninth edition February 2016

ISBN 9781 4727 4425 8 (Previous ISBN 9781 4727 2677 3)

e-ISBN 9781 4727 4667 2 (Previous e-ISBN 9781 4727 2755 8)

British Library Cataloguing-in-Publication Data

A catalogue record for this book is available from the British Library

Published by

BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA

learningmedia

Printed in the United Kingdom by

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Unit 2 Wells Place Merstham RH1 3LG

Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd.

We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions. The suggested solutions in the practice answer bank have been prepared by BPP Learning Media Ltd, unless otherwise stated.

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reproduce extracts from the International Financial Reporting Standards including all International Accounting Standards, SIC and IFRIC Interpretations (the Standards). The Standards together with their accompanying documents are issued by:

The International Accounting Standards Board (IASB) 30 Cannon Street, London, EC4M 6XH, United Kingdom. Email: info@ Web:

Disclaimer: The IASB, the International Financial Reporting Standards (IFRS) Foundation, the authors and the publishers do not accept responsibility for any loss caused by acting or refraining from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise to the maximum extent permitted by law.

? BPP Learning Media Ltd 2016

ii

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Freebooks.pk A note about copyright

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Contents FIrnetroedubctoionoks.pk

Helping you to pass Studying F8 The exam paper Syllabus and study guide

Part A Audit framework and regulation

1 Audit and other assurance engagements 2 Statutory audit and regulation 3 Corporate governance 4 Professional ethics and quality control procedures 5 Internal audit

Freebooks.pk Part B Planning and risk assessment 6 Risk assessment 7 Audit planning and documentation 8 Introduction to audit evidence

Part C Internal control

9 Internal control 10 Tests of controls

Part D Audit evidence

11 Audit procedures and sampling 12 Non-current assets 13 Inventory 14 Receivables 15 Cash and bank 16 Liabilities, capital and directors' emoluments 17 Not-for-profit organisations

Freebooks.pk Part E Review and reporting 18 Audit review and finalisation 19 Reports

Practice question bank

Practice answer bank

Index

Review form

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v vii xi xii

3 19 37 53 91

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169 193

225 257 267 285 299 309 327

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485

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Helping you to pass

Freebooks.pk Freebooks.pk BPP Learning Media ? ACCA Approved Content Provider As an ACCA Approved Content Provider, BPP Learning Media gives you the opportunity to use study materials reviewed by the ACCA examination team. By incorporating the examination team's comments and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media Study Text provides excellent, ACCA-approved support for your studies.

The PER alert

Before you can qualify as an ACCA member, you have to not only pass all your exams but also fulfil a three year practical experience requirement (PER). To help you to recognise areas of the syllabus that you might be able to apply in the workplace to achieve different performance objectives, we have introduced the 'PER alert' feature. You will find this feature throughout the Study Text to remind you that what you are learning to pass your ACCA exams is equally useful to the fulfilment of the PER requirement.

Your achievement of the PER should now be recorded in your online My Experience record.

Freebooks.pk Freebooks.pk Tackling studying Studying can be a daunting prospect, particularly when you have lots of other commitments. The different features of the Study Text, the purposes of which are explained fully on the Chapter features page, will help you whilst studying and improve your chances of exam success.

Developing exam awareness

Our Study Texts are completely focused on helping you pass your exam.

Our advice on Studying F8 outlines the content of the paper, the necessary skills you are expected to be able to demonstrate and any brought forward knowledge you are expected to have.

Exam focus points are included within the chapters to highlight when and how specific topics were examined, or how they might be examined in the future.

Using the syllabus and study guide

Freebooks.pk Freebooks.pk You can find the syllabus and study guide on page xii-xxiv of this Study Text. Testing what you can do

Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can recall what you have learnt.

We include Questions ? lots of them ? both within chapters and in the Practice Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content.

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Freebooks.pk Introduction v

FCrehaepbteor ofekastu.rpesk Freebooks.pk Each chapter contains a number of helpful features to guide you through each topic.

Topic list

Topic list

Syllabus r ef er ence

What you will be studying in this chapter and the relevant

section numbers, together with ACCA syllabus references.

Introduction Study Guide Exam Guide

Knowledge brought forward from earlier studies

Freebooks.pk FAST FORWARD Examples Key terms

Exam focus points

Formula to learn

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Chapter Roundup

Quick Quiz

Practice Question Bank

vi

Freebooks.pk Introduction

Puts the chapter content in the context of the syllabus as a whole.

Links the chapter content with ACCA guidance.

Highlights how examinable the chapter content is likely to be and the ways in which it could be examined. What you are assumed to know from previous studies/exams.

Freebooks.pk Summarises the content of main chapter headings,

allowing you to preview and review each section easily. Demonstrate how to apply key knowledge and techniques. Definitions of important concepts that can often earn you easy marks in exams. When and how specific topics were examined, or how they may be examined in the future. Formulae that are not given in the exam but which have to be learnt. Gives you a useful indication of syllabus areas that closely relate to performance objectives in your Practical Experience Requirement (PER).

Freebooks.pk Gives you essential practice of techniques covered in the

chapter.

Real world examples of theories and techniques.

A full list of the Fast Forwards included in the chapter, providing an easy source of review.

A quick test of your knowledge of the main topics in the chapter.

Found at the back of the Study Text with more comprehensive chapter questions. Cross referenced for easy navigation.

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