ACCA F8 Short Notes by AccountanSea Sir Zeeshan Hasan

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(Last Updated On: May 12, 2018)

ACCA F8 Short Notes 2018

 

Dear students, you can download the ACCA F8 Short Notes by clicking the download link given below. These notes are created by the Sir Zeeshan Hasan. He also gave online tuition (AccountanSea) to the students, you can contact him via contact details given in the notes.

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We hope that these ACCA F8 Short Notes will help you in your studies. You can leave your query in the comments section or you can drop one email at admin@aglobalwall.com in this post I have shared one topic from his notes.

acca f8 short ntoes

What is Audit?

The audit is an independent examination of financial statements to express an opinion whether financial statements present the true and fair view in all material aspects.

There are two types of external audit:

  • Statutory audit
  • Non-statutory Audit

Statutory Audit:

  • It is mandatory by law.

Non Statutory Audit:

  • It is not mandatory by law. Companies According to UK law which has turnover More than Pound 4.9m is a mandate to conduct an audit.

Advantages of Non-Statutory Audit

  1. Sleeping partners will be more confident about company’s performance
  2. The accounts of the companies will be more acceptable to the taxation authorities.
  3. Employees will be more confident about their future/career.

Disadvantages

  • It may be too costly
  • Employees may get demotivated.
  • There might be collusion between auditors and management
  • Human error can be made.

Accountability

Is the quality or state of being accountable, that is being required or expected to justify
actions and decisions. It suggests an obligation or willingness to accept responsibility
for one’s action.

Stewardship

The duties and obligations of a person who manages another person property.

Agents

Are people employed or used to provide a particular service. In case of the company directors who manage the company and do contracts on behalf of The shareholders are agents of the company.

 

This was just a sample from his notes, he writes in a very simple language and easy to understand. I will share more about his notes. Appreciate it if you like. 

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