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This video consist of 9 separate videos covering part B of ACCA’s F8 – Auditing and Assurance:
1. The acceptance stage: “Obtaining, accepting and continuing audit engagements.”
2. Engagement letter: “Obtaining, accepting and continuing audit engagements.”
3. Audit risk: “Assessing audit risks.”
4. Identifying Audit risk: “Assessing audit risks.”
5. “Laws and regulations”
6. “Fraud”
7. “Planning process”
8. "Audit documentation"
9. “Quality Control”


Watch full playlist here: ACCA F8 2022 - 2033 syllabus here: https://www.accaglobal.com/in/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/syllabus-study-guide.html#
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After completion of this video students will be able to:

In video one: - The acceptance stage: https://youtu.be/zy_Hqn9PP-Q

a) “Discuss the requirements of professional ethics and ISAs in relation to the acceptance / continuance of audit engagements.”
b) “Explain the preconditions for an audit.”
c) “Explain the process by which an auditor obtains an audit engagement.”

Video two: - Engagement letter: https://youtu.be/XUZdvNbRglM
d) “Discuss the importance of engagement letters and their contents.”

Video three: - Quality Control: https://youtu.be/HLPUMtO3g1M

e) “Explain the overall objectives and importance of quality control procedures in conducting an audit.”
f) “Explain the quality control procedures that should be in place over engagement performance, monitoring quality and compliance with ethical requirements.”

Video Four: - Audit risks
a) “Explain the components of audit risk.”
b) “Describe the audit risks in the financial statements and explain the auditor’s response to each risk.”
c) “Define and explain the concepts of materiality and performance materiality.”
d) “Explain and calculate materiality levels from financial information”

Video five: - Identifying Audit risk: understanding the entity and its environment
a) “Explain how auditors obtain an initial understanding of the entity and its environment”
b) “Describe and explain the nature, and purpose of, analytical procedures in planning”
c) “Compute and interpret key ratios used in analytical procedures”
Part B: 5. Fraud, laws and regulations

Video Six: Fraud
a) Discuss the effect of fraud and misstatements on the audit strategy and extent of audit work.
b) Discuss the responsibilities of internal and external auditors for the prevention and detection of fraud and error.
c) Explain the auditor’s responsibility to consider laws and regulations

Video Seven: Laws and Regulations | https://youtu.be/ES1kTom79Ck
a) Discuss the effect of fraud and misstatements on the audit strategy and extent of audit work.
b) Discuss the responsibilities of internal and external auditors for the prevention and detection of fraud and error.
c) Explain the auditor’s responsibility to consider laws and regulations

Part B: 6. Audit planning and documentation

Video 8 planning process: https://youtu.be/Ss2zQEflgSk
a) “Identify and explain the need for and importance of planning an audit”
b) “Identify and describe the contents of the overall audit strategy and audit plan.”
c) “Explain and describe the relationship between the overall audit strategy and the audit plan.”
d) “Explain the difference between an interim and final audit.”
e) “Describe the purpose of an interim audit, and the procedures likely to be adopted at this stage in the audit.”
f) “Describe the impact of the work performed during the interim audit on the final audit.”

Video 9 Audit documentation: https://youtu.be/ri-xvtt8MYQ
g) “Explain the need for, and the importance of, audit documentation.”
h) “Describe the form and contents of working papers and supporting documentation.”
i) “Explain the procedures to ensure safe custody and retention of working papers.”
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Chapters:

00:00 - The acceptance stage
07:34 - Engagement letter
12:22 - Audit risk
20:37 - assessing audit risk
30:44 - Laws and regulations of an external auditor
40:51 - Fraud management
45:36 - Planning process of an external auditor
58:38 - Audit documentation


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