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F8 Worse than death

Since the new syllabus was introduced in 2007, the F8 pass rate has hovered around 38%. This suggests it is one of the more difficult fundamental papers and it is more difficult, statistically, than any of the core professional papers.

For many candidates auditing will be unfamiliar to them professionally. Sadly, it also suffers from the problem that it is perhaps considered one of the less ‘glamorous’ topics on the syllabus. Marry this with the problem that many candidates consider it to be ‘easier’ than FR and tax because of its less technical nature and you have a recipe for inadequate preparation and exam disaster.
Preparing for F8
F8 incorporates a balance of knowledge and application-based requirements. This means that candidates who prepare simply by reading notes will only be prepared for half of the exam.
The exam includes a number of scenarios; a fairly lengthy one for question one and shorter ones for questions 3, 4 and 5. All require candidates to place themselves in the shoes of an auditor and consider the practical implications of the information provided. Candidates who try to reel off pages of rote-learned knowledge will score poorly on these questions. To prepare for this candidates must practise past exam questions.
Perhaps the most significant point for candidates is that the whole paper is compulsory. Candidates who try to selectively prepare for the exam tread a very dangerous path, particularly when the F8 examiner is new and we have no past scripts to scrutinise.
To gain a broad knowledge of the syllabus candidates should refer to the examiner’s approach article, which can now be found on the ACCA website. In it she describes seven key topic areas that students should prepare for. In brief these are:
1. The nature of assurance, regulation and ethics.
2. Internal audit.
3. Understanding entities and risk assessment.
4. Internal systems and controls.
5. Audit evidence.
6. Evaluation of audit work.
7. Reporting.

Key to success at F8
1. Start revision as early as possible. Most candidates have four months in between results being announced and the next session of exams. The earlier you start your preparation the better prepared you will be. Remember: the pass rate is 38%! This is a hard exam.
2. Do the right preparation. This means balancing revision of knowledge and question practice and covering the seven key areas noted above. This means being organised. Make sure that you aim to complete all your basic revision of knowledge at least four weeks before the exam. This will leave you plenty of time to practice questions in the run up to the exam.
3. Use your reading time wisely. In the exam you get 15 minutes reading time. This means that you have 41/2 minutes to read 30 mark questions, 11/2 minutes for 10-mark questions and three minutes for 20-mark questions. Use every minute that you have to read the question effectively so that you understand the key issues presented by the requirement.
4. Practise answering questions under time pressure. F8 is a difficult exam to manage because each question will be broken up into multiple tasks. You must stick to 1.8 minutes per mark. Make sure that you practise timed questions at home. In the last week of preparation every question you attempt should be under exam conditions.
5. Make sure you understand the question requirements. Make sure you fully understand the requirement and the marks available. This will ensure that you offer sufficient responses to obtain the marks and that they are relevant to the requirement.
F8 is a tough paper but the pass rates generally reflect the fact that candidates don’t really embrace the challenge head on. F8 requires preparation, as do all professional exams, but it requires the right preparation. F8 candidates need to sharpen their exam reading and application skills because this is no ‘learn and churn’ exam.
Those who take the time to practise questions will do well. The other 62% will struggle.

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