Free online study materials and support for ACCA P7 Paper
Essential ACCA P7 Exam links
Why choose Paper P7
P7 Past exam papers INT
P7 Past exam papers UK
P7 Examiners’ reports
Examinable documents INT & UK
P7 Examiners’ guidance
P7 Examiner’s approach article
P7 Examiner’s approach interview
P7 Examiner’s analysis interview
P7 Technical articles
P7 Pass rates
Clarity Auditing Standards Article
ACCA Paper P7 – Key to success
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.
Free ACCA P7 course notes
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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,
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
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.