ACCA 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.

Structure of the ACCA P7 paper

The first 2 questions in the exam are compulsory and will be worth anywhere between 50% and 70%. The remaining 30% – 50% are divided between 2 from 3 other questions

Emphasis of the ACCA P7 exam

At this advanced professional level the ACCA is looking for the ability to analyse tricky / controversial situations and apply professional thinking to resolve the problem or advise the “correct” course of action.

Recently the examiner has adopted the style of asking question 1 in the form of a series of emails.

As with all the professional level exams, there are “professional marks” available for the quality, clarity and persuasiveness of an answer.

In the past the examiner has felt it necessary to comment on the apparent inability of students to apply even the most basic of double entry principles!

As well as the step up from assistant to partner and the change of emphasis from procedures to analysis, the syllabus from F8 is extended by the additional elements of the audit of group accounts and the procedures and problems associated with non-audit assignments

How to pass ACCA P7 exam

Use the OpenTuition ACCA P7 lectures together with the P7 course notes. Try to read a study text to get a feel for the subject but don’t try to keep reading
when, in any session, you find that you have reached the boredom threshhold.

Do NOT fall into the trap of saying “I work as an auditor for a “big-4″ firm – I shouldn’t need to do much work in this area to pass this paper!” That would be a BIG mistake! Equally, do not fall into the trap of saying “I have no experience at all of auditing – how could I possibly pass when even big-4 students are failing?” That too would be a BIG mistake.

Practice as many past exam questions as you can and don’t get depressed when you find that your answers bear little similarity to the printed solutions

See also:

P7 Advanced Audit and Assurance Forums - post your questions to get help from other students

Ask the Tutor – P7 Exams

Paper P7 INT/UK/IRL Syllabus and Study Guide
Why choose Paper P7
P7 Past exam papers INT
P7 Past exam papers UK
P7 Examiners’ reports
Examinable documents INT & UK
P7 Examiner’s approach interview
P7 Examiner’s approach article
P7 Examiner’s analysis interview
P7 Examiners’ guidance
P7 Technical articles
P7 Pass rates
Clarity Auditing Standards Article

Comments

  1. Avatar of lina89 says

    #Try to read a study text to get a feel for the subject but don’t try to keep reading
    when, in any session, you find that you have reached the boredom threshhold…

    what does this statement mean i.e from the details under ”How to pass paper p7 exam” above?

    • Avatar of MikeLittle says

      @hafeezjaved, No matter what Karish has said above, each individual can have their own preferences – that’s why no-one on OT will ever recommend one tuition provider above another – it all comes down to personal choice. Whatever suits Karish may not suit you and whatever suits you will not necessarily suit anyone else.

      Thank G*d we’re all individuals! :-)

  2. Avatar of MikeLittle says

    Don’t pay too great attention to the printed ones! NOBODY’S answer will be even “very similar” to the printed solutions.

    Don’t forget that Lisa had in mind what she was looking for when she wrote the question and had the benefit of open books and no time pressure.

    In the exam, make sure that you write enough points for the marks available and that you are strict with yourself when it comes to time allocation – attempt 100 marks’ worth in the exam

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