I did F8 in December 08, this time last year and ended up with a 90%
My background was that I had in the past working in audit, so to some extent I was in the same position as you.
I think the key to this paper is question practice, as it is very much abut application. Whilst there are some knowledge parts (eg: define audit risk) there are lots of pracical based questions (eg: using the scenario suggested weakness, implications and recommendations of the system)
I dont think application questions can be learnt so to speak., it really is about question practice. Also think about structuring you answers well, for example use a table if appropriate (eg: weakness, implication, recommendation) as this clearly shows the marker you have addressed all parts of the question and will also be easy for them to give you marks as they are easy to identify.
Hope this helps
