1. Profile photo of questforknowledge says

    Good day Mike, for the past few days i have been struggling to post my problem on the ask the P7 tutor but i haven’t been able to. it’s like there is a problem posting there . I have this questions to ask
    I am not an auditor and i have never seen an audit report. please i have this issue with audit reports. I was listening to lectures from LSBF and the lecturer said the only time when the Basis of Opinion is changed is when there is a limitation of scope. If there is a disagrement it is stated in the audit opinion paragraph.But when i was going through the Dec 2014 exam question 5 solution, on the impact of the audit report, it is mentioned that the basis of opinion will change due to material mistatatements. i am confused here.
    I also have another issue with audit evidence expected in audit working papers and audit proceedures to be performed to gather evidence. my proplem is with the way the sentences are phrased. when going through past exam questions i didnt find and big difference can you help me with this

  2. avatar says

    I am one fo those employed in the auditing departments of a multinational, with probably the best audit methodologies in the world, but I have failed this subject. Not once, not twice but three times. I think P7 required anlaytical skills compounded with a very good understandigs of IFRSs and to a lesser extent ISAs. P5 on the other hand requires a good background of business analysis, management accounting and financial mgt. I would like to believe you know either your strngths or weakness.

    • Profile photo of MikeLittle says

      @nuan, Hi Nuan. Sorry, no advice! It’s got to be a matter of personal preference and your ability to be incisive, perceptive, persuasive ……

      …..or how much of your F5 can you remember.

      Why not look at some past exam papers and see the sort of questions which are asked in past exams. Maybe that will help you to make up your mind :-)

      • Profile photo of MikeLittle says

        @zebedia, Nuan, one’s ability at auditing is almost certainly irrelevant in one’s chances of success at P7! Ask the 68% who failed in the June 2012 exam, probably more than half of whom are employed by the big 4 firms as auditors!

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