5
　　AUDIT RISK
　　NOVEMBER 2011
　　concern and then give this answer over and over again. In Question 3b of the
　　June 2011 exam, there was only a maximum of one mark available for the
　　description of going concern risk.
　　Each scenario will have a variety of audit risks and candidates should, as part
　　of their planning, aim to identify as many as possible. They should then decide
　　which of the identified risks they will explain/describe in their answer. If the
　　question asks for five risks, candidates should aim to identify six or seven
　　points during their initial reading of the question. Candidates should then
　　review their list and pick the five risks and responses that they feel they can
　　expand on the most when writing up their answer.
　　Conclusion
　　Audit risk is, and will continue to be, an important element of the Paper F8
　　syllabus. Candidates must understand the syllabus outcomes, understand what
　　the question requirements involve and practise risk questions prior to the
　　exam.
　　Pami Bahl is the examiner for Paper F8