This was worth 4 marks and required candidates list four assertions relevant to the audit of tangible non-current assets and state one audit procedure which provides appropriate evidence for each assertion.

With 4 assertions to mention and 4 marks, the marking scheme was clearly 0.5 for each valid assertion and 0.5 for each procedure. The question may initially appear to have been time-pressured, but given 2 marks could be obtained from writing 4 words (that is 4 assertions), this was should not have been the case.

A majority of candidates provided 4 valid assertions, with an appropriate audit procedure. However, a significant number of incorrect points were made:

• Providing examples of audit procedures for current, rather than non-current assets. For example stating existence meant seeing inventory in the warehouse or valuation related to the lower of cost and net realisable value. These points were made in all paper variants indicating there may be some lack of paper F3 knowledge going into the F8 examination.
• Mentioning out-of-date assertions such as measurement
• Not linking the audit procedure with the assertion. The most common error here reversing audit procedures for completeness and existence.
• Defining the assertion rather than providing an audit procedure for that assertion.

In summary, the standard of answer was unsatisfactory.