ACCA P7 Advanced Audit and Assurance

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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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ACCA Articles

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ACCA Exam Tips for Paper P7 June 2015 examinations

Usual question 1 – an email from a partner asking for your response and concerning a forthcoming audit where the partner has had a preliminary meeting that has revealed a number of accounting and auditing issues.  Those issues could very likely involve various risks and the categorization of those risks.  In addition, there could well be ethical matters to be brought in as well as professional considerations

As question 2, coming out of left field, I like the idea of the need for, and identification of, appropriate procedures instituted by companies for the protection of their employees from the threats caused by bribery

Questions 3, 4 and 5 could be based on any or all of recent articles from Student Accountant.  These include:

  •   Professional Scepticism
  •   Using the Work of Internal Auditors (last exam was reliance on an expert)
  •   Staying on the right side of Ethics
  •   Answering questions involving Accounting Issues

Also, again a flyer, auditing the financial statements of a farm bringing in IAS 41 Agriculture matters

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.