5 tips to ace the ACCA F8 exam

The Audit and Assurance (F8 paper) in ACCA historically has some of the lowest pass rates globally (source: ACCA global website). This paper tests your technical grasp of audit principles, understanding of the assurance engagement process and its relevance to a professional regulatory framework. So it’s critical that you understand the basics of audit and have the technical and practical knowledge to pass this exam.

Here are 5 tips from our ACCA F8 training expert to help you ace it:

1. The 3 part approach

Before you start, split the syllabus in 3 parts: Planning, Execution and Opinion. Apply these throughout and you will be able to apply the principles in practice.

2. Breakdown section B questions into 4 categories

When answering the section B questions, always split the questions in 4 categories:
1. Internal controls
2. Risk assessment
3. Audit procedures
4. Ethics

Remember, the examiner will only test you on 3 questions, so it’s likely you that one of these categories will be left out.

3. 5 MCQs a day, keeps a re-sit away

With the F8 paper, you can’t cram all the MCQ’s towards the end of your study plan. This is why you need to do 5 MCQs per day over the course of the syllabus and eventually this will accumulate to around 300 MCQs over the span of your lecture. This will aid retention and the overall absorption of the ideas.

4. Short is sweet

While writing your answers, make sure you do NOT exceed your paragraph beyond 4 lines. Keep your answers are focused and concise. Long and wordy paragraphs will not help you score any points.

5. The EFG rule

Finally remember the EFG rule – 3 mistakes you should avoid while writing your answers:

•  E- Exclusion of key points

•  F- Stating facts from the questions

•  G- Generalizing your answers

Following these simple rules, and putting them in practice could well make the difference between a pass or fail.

Should you have more questions about the F8 paper, or want to setup a free consultation with an ACCA trainer, email us at mer_academyuae ~3#$A~ pwc &D06s& com