ACCA P7 Exam Tips September 2015 session given below are just intelligent guesses from exam point of view provided by famous tuition providers.
These exam tips must not be relied on totally. To increase chances of success in Exams you must prepare full breadth of syllabus and topics
ACCA P7 Exam Tips:
ACCA P7 Advance Audit and Assurance Paper Exam Tips for September 2015 Session are given below by famous tuition providers
This comprises two compulsory questions worth 35 marks and 25 marks respectively. Typically question 1 will test planning, risk assessment, evidence gathering and practice management issues using a scenario where audit client details are presented, often including financial statements extracts, which candidates need to consider as part of their answers.
However, the topics covered by question 2 will be more uncertain to predict – possibly a non-audit engagement such as prospective financial information (PFI) or due diligence, or a question testing specific parts of the syllabus, such as audit completion or consolidated groups. Whatever the subject, application is vital for success here.
Within one of the compulsory questions, there will be 4 professional marks available which reward candidates for the layout and presentation of their answers.
A choice of two from three written questions that are each worth 20 marks and typically test the following syllabus areas: audit evidence and financial reporting issues, practice management including ethics and quality control and reporting including completion and communication. Again, candidates will be expected to apply their knowledge to the scenario in order to score well.
At the beginning of the exam you are given 15 minutes ‘reading and planning’ time. During this time you can read and annotate the question paper and so this is a perfect chance to make notes next to the information in each scenario of things to include in your answer.
It is essential that you use the information in the scenario to make your answers relevant – due to the size of the scenario typically presented in question 1, we advise that you use this time to plan this question and aim to produce it once the three hours writing time starts.
During this time you should also pay attention to the verbs used in question requirements as these indicate the number of marks available. For example, the verb “explain” requires a sentence and will score one mark if properly explained, whereas the verb “list” simply requires you to present information with no further explanation: this will typically only score ½ mark per point listed.
The June 2015 exam tested content from the examiner’s technical articles on audit quality and professional scepticism so you should ensure you are familiar with any new articles (for example, for those sitting the INT variant of P7, the syllabus now includes examinable content on the audit of public sector performance information). Content can be found here: ACCA P7 Technical Articles
– Business risk and risk of material misstatement.
– Matters and Evidence for IAS 23, 24, 37, 38, IFRS 15.
– Ethics/Professional Issues including money laundering.
– Audit reports scenarios.
– New format audit reports.
– Due diligence and forecasts.
– Audit of group acquisition/disposal.
– ISA 250, 260, 550, 560, 610.
– New audits, tendering.
– Planning, materiality, sampling, analytical review.
– Audit, business or material misstatement risk.
– Group audits, goodwill, joint audit, joint ventures.
– Assurance services, PFI, KPI, due diligence, forensic audit, reviews, insolvency (UK and Ireland students only).
– Ethics, practice management and other professional issues.
– Any audit matter covering IFRS (IAS 1 to 40 and IFRS 1 to 15 – see P2 syllabus).
– Close down procedures, opening balances, comparatives, other information, going concern, subsequent events, representation letter, emphasis of matter, audit reports.
– Outsourcing, service providers, use of an expert.
– Corporate governance, internal audit (relating to ethics, outsourcing), audit committees.
– Current issues (e.g. quality control and professional scepticism) including integrated reporting.
– Business risks in a scenario.
– Identifying ethical and other professional issues in a scenario.
– Matters to be considered and audit evidence for a couple of core accounting issues.
– Audit reports.
– Money laundering.
Manchester Metropolitan University (MMU)