ACCA P7 Advanced Audit and Assurance

Free online study materials and support for ACCA P7 Paper


ACCA Paper P7 – Key to success

Paper P7 (INT) Changes for the December 2014 exams

Nature of the ACCA P7 paper

ACCA P7 Paper – Advanced Audit and Assurance – a step up from F8 Audit and Assurance is to analyse, evaluate and conclude on assurance engagements. Where F8 looks at audit procedures and a student is typically in the role of an audit junior or semi-senior, at this advanced level the student is assistant-in-charge, manager or partner.
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ACCA course notes

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Instant Poll


ACCA Exam Tips for Paper P7 June 2014 examinations

Q1 Respond to an email from a partner – possible subject matters include risk of material misstatement, corporate governance and the role of the auditor,
ethics

Q2 Practice management, recruitment, training, review

Q3 Discovery of evidence of insider dealing, offences against the Bribery Act and suggested auditor action

Q4 Assurance services, ethical and professional issues and the format of reports for non-audit assignments

Q5 A scenario question with 3 or 4 contentious matters with the requirement of “Comment on the matters above and explain the procedures you should expect
to have been followed”

As a “flyer”, discuss the merits of fixed periods for audit tenure. For the EU students, be aware that the EU parliament has, 3 weeks ago (in April),
approved mandatory audit rotation after 10 years (unusual exemptions may apply) together
with stating the date in the future when the company will start to invite tenders

One more: discuss the merits of the re-introduction of “prudence” into The Framework (it was replaced by “neutrality”)

Remember to take your calculator to the exam and pay great attention to any dates mentioned within the question. Materiality frequently is an issue
within the questions

You really should refresh your memory about accounting standards from P2 course notes or, if you cannot face P2 course notes, then at least look through F7
course notes

Please Note

Tips should not be relied on – they are only intelligent guesses.
Their only purpose is to give you suggestions for topics to concentrate on in your last few days of preparation. Do not exclude other topics from your overall preparation.