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Scores till now 48, 42, 48. Should I stick with P7 or should i move onto P5/P6?? This is the last paper remaining (for the past 3 semesters)………..I am just sick, tired and depressed of seeing these marginal fails……..
i am in the same situation but i ve cleared p5 in my first attempt and through opentuition only.but it was my fourth attempt 48 46 48 n 37.i am debating to change to p6 or p4, not sure.or would be great if someone could suggest learning techniques thanks
No don’t give up….you are so close!
It took me 5 attempts and in the 2 months before the exam all I did was practice question, after question and it really paid off this time.
Your results show you have the knowledge so I suspect it’s question answer application
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My man, in the same boat. But if at first you do not succeed, try, try and try again.
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I have this same problem. I actually started this program roughly 2 yrs ago and can’t seem to progress from the foundation. Still have to write F2 again after 3 attempts and it’s really depressing me. Have scored 42,48,46. Just don’t know what else to do.
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i just passed p7 this attempt which was my 3rd as well……………. The different approach i used was that before the exam i gave 2 mock exams in a exam situation scenario which was very helpful to mee and now i am passed due to this…………i think u should use this technique to pass this exam………….best of luck
I am seriously considering switching to P5 for June 2014 exams…. I see Anjali18 was able to clear it in the first attempt with jus opentuition. So i may have better luck with P5 than with P7.
But this would mean starting costing from scratch……….. as I dont remember much of F5.Also, pure theory papers may not be my cup of tea…….
thank you all for your suggestion.its really helpful.i think they are right lets use exam techniques and try again this june.as they said we are not far but need answer application.
If you still decide to go with audit, take lsbf online lectures, I did it for f8 and it was amazing experience, the teacher was great, and did you attempt atleast 70% of exam kit questions?
Hi as I posted in the results thread this exam is 80% technique and 20% knowledge.
I had 2 goes at this paper previously. 44% and 39%. Both times I was sure I was a marginal pass but definitely a pass, was shocked to fail.
This time around I did not open a book and read any theory. Simply practiced questions using the tool kit answer lay out bpp encourage you to use. I also ignored the idea of writing as much and took a lot more time to think what was I saying and why was I saying it. Naturally in exam pressure you still start writing to fast and get rambling at times but I kept saying myself to write less but say more. I also bullet pointed both question 4 and 5 as was tight with time but knew bullet points may be frowned upon but they still have to mark them and I can knock out way more points using this approach.
Good luck in future.
Actually i had done save for 3-4,…..all the ques in the kit all three times……..Also, i had attempted mock around 5mocks under exam conditions this attempt…..
The thing i understand is that i jus am not able to get enough points when under pressure………..for example Q2 part for 16 marks i think………..which would mean 16points or at least 10 points……..But i wuz able to cum up with jus 7 points of which jus 5 were good ones…….. If i see one more marginal fail, i might go insane……
I am thinking since P5 has sum numbers…. so may b able to score better……….
or mayb not…..i am jus disappointed …..coz i thought all that hard work would pay off this time…….. also, i jus cant go through the same text and kit AGAIN!!!
If you wanna do numbers then why not p6? It has highest pass rates amongst optional papers but it’s like a never ending road almost 1200 pages in kaplan text
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I got this on 3rd attempt with 55 after 46 dec 12 and 44 in june 13. What I did different this time is speed. Timing myself on everything. I didnt read the book again. I only did questions over and over and revised by this. I also did the mock exam that was marked by my college. I still didnt get all the paper done and only had 15 mins to read and answer last 20 mark question but I wasnt even getting to attempt the last 20 mark question in the two times I failed so improved time mgt enough to pass.
First 42 (got tuition)
Second 52 (Self study)… LOL!!But I am not good in Audit and I will surely recommend some good tuition + Technical Articles + One mock under time pressure + Before going to exam only read Past paper Questions with Answers.
As above comment said… Do speed up writing, if you manage to attempt whole paper.. You are definite pass.Study Text – used BPP
I passed all my exams first time except this one. I passed it with 51% on my second attempt so I don’t think im in a great position to offer advice. Im really no better than someone with 45%. I think u should contact someone on here that scored 60 or 70%. They obviously understand it better.
Fail again and its the last paper. Does anyone know a good lecturer
here in London on P7 please or a college where they drill for P7. Feeling frustrated.I passed on my 3rd attempt. I had to leave no stone unturned.
Exam technique:
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is a very big issue for this exam. Read the technical articles on this in SA and on OT and master them.
– (1.5 minutes per mark not 1.8 the difference is for reading the Q this will ensure you finish)
– circle the verbs in question so that you answer all parts e.g. list and explain means a subheading and an explanation. If you miss the subheading you are losing marks
– leave spaces so that you points clear
Answers:
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There are rules regarding answers and standards to be learnt. For each paper I practiced, I also read the related examiner’s report. In fact, I read all the examiners reports from 2007, scrutinized how marks are allocated for each Q type. This is how I extracted the rules and the patterns emerged
example. An Ethics question will be about one of these things (gifts,actuarial service, internal audit, long association,auditor rotation,contingency fees,share ownership,joint venture with client, referral fee,valuation service, family member, recruitment service, outstanding fees,PEP, client document custodian, dangerous findings (toxins),competing clients and recruitment services by auditor.
Your answer should have 3 parts
– What is the issue (one of the above)
– why is it an issue ( a threat) you sentence should state it is a threat to (PICCO or SSAFIM because….
– How can it be resolved ( safeguards)
And if you know what the code of ethics says about it you can add that.
Learn Nnemonics PICCO + SSAFIM + Money laundering
Make an Excel spreadsheet. List each issue and 3 columns to answer the related 3 question and you are ready to answer any question on ethics.
Don’t overwhelm yourself for there is so much to read and you cannot read it all. Also don’t fear the long questions that span over 3 pages like CF statement + PL statement.If you practice these questions , what you need to extract is not that complex.
If the question is about MATTERS TO CONSIDER answer should have 3 parts
-materiality,
-A/c std (impact on FS)
-audit report implication
Similar steps apply to question on (business risk, audit risk, procedures, evidence) Remember that you are the most senior auditor verifying what junior auditors bring to your office. You do not trust them so you have to verify their work. Also remember that you do not trust that your client has followed the a/c standard. so for each P2 std I made an excel spread sheet with 3 columns ( Action, Document,Reason for checking Document) differentiate between a procedure and evidence.(well explained in technical articles)
Finally, read the technical articles which are more exam specific content wise than text books and also topics on exam technique from SA. Seems there’s no shortcut but it will all come to pass. So for now, burrow you head in those books. Good luck!!!! One more thing, avoid fear mongers. You will be in a bad state of mind. Personally I find that too much time in forums leads to panic mode.- Topics: 0
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Wonder1 – I would suggest Gail Ramiz from Kaplan. I failed this time with 45%. But I know where I was weak at. I failed to write much on procedures and matters. I think its all about writing and know whatever is in your mind but with good presentation.
Good luck! and I am sure we can crack in June 2014.
Cheers
Good advice from Kasonde12. Verbs are crucial. IFRS is essential. Exam technique is critical. Practice fastens it all together. Endless hours of practice, practice, practice
Hi Jackson, if, as you say, you have gone through the revision kit 3 or 4 times, then maybe as you suggest the P7 is not for you. A switch to P5 may be the answer – what have you got to lose given that you sound heartily sick of marginal fails at P7 (and who wouldn’t be?) At least a switch would present you with some interest where P7 has now just become a burden.
Yes, go for it. It could re-awaken your motivation!
For those who want to give up P7 and switch to P5, please think again. The pass rates for P5 has been horrible. It is not n easier option. Just my 2 cents worth.
Hi Kasonde12, thanks for the post, I found it very helpful. If it’s not too much trouble could you send me on the excel file you created re the standards- think that was the biggest reason I failed in Dec 🙁
thanks in advance, & thanks again for the advice!!
Dtyc7700 makes a fair point – but remember, none of these exams is easier than any other. The point is surely that some people have a natural leaning towards, for example, auditing whereas others would lean more towards P4 or P5.
And if P7 isn’t working for you, then why not try a different option. Personally, I found auditing exams were straight forward but I totally detested taxation. Each to their own, whatever floats your boat, horses for courses and all those other cliches
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