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ACCA COURSE NOTES June 2014 Examinations Paper F8 Audit and Assurance (INTERNATIONAL) Please spread the word about OpenTuition, so that all ACCA students can benefit. ONLY with your support can the site exist and continue to provide free study materials! OpenTuition Course Notes can be downloaded FREE from Copyright belongs to - please do not support piracy by downloading from other websites. Visit for the latest updates, watch free video lectures and get free tutor support on the forums To fully benefit from these notes please watch the free ACCA Lectures on the OpenTuition website Free ACCA resources by Paper (free course notes / lectures / revision lectures / tests / …show more content…

Without the frame of reference provided by suitable criteria, any conclusion is open to individual interpretation and misunderstanding. Examples: • Financial Statements: IFRS • Internal Control: an internal control framework. • Compliance: the applicable law, regulation or contract. They must be available to intended users 9 For latest course notes, free audio & video lectures, support and forums please visit Click Suitable to edit criteria Master title style Suitable criteria exhibit the following characteristics: • Relevance: contribute to conclusions that assist decision-making by the intended users. • Completeness: include all relevant factors that could affect the conclusions. • Reliability: allow reasonably consistent evaluation of the subject matter. • Neutrality: so that conclusions that are free from bias. • Understandability: to allow conclusions that are clear, comprehensive, and not subject to significantly different interpretations. 10 Click to edit Master title style Evidence • Professional scepticism • Sufficient, appropriate evidence Sufficiency = quantity of evidence. Appropriateness = quality of evidence (relevance and its reliability) 11 Click to editreport Assurance Master title style A written report containing a conclusion. Positive form (reasonable assurance engagement): “In our opinion internal control is effective, in all material

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