EXAM TIPS for P7 (December 2014)

Kaplan:

Core areas (as per examiner’s approach article) likely to be examined in every paper:
– Engagement planning and risk assessment (Business risk & risk of material misstatement)
– Engagement procedures (or evidence)
– Ethics and professional issues
– Completion (matters to consider/evidence on file) and engagement reporting
– Current topics.

Subjects of recent articles:
– IAASB Developments
– Reporting on audited financial statements – significant changes proposed

Significant topics not examined for at least 18 months:
– Understanding the entity
– Related party transactions
– Relying on the work of others including experts
– Review of interim FS
– Tendering
– Joint audits
– Transnational audits
– Opening balances
– Subsequent events
– Internal audit
– Audit of social and environmental and integrated reporting

Bpp

We expect that the P7 exam in December will mirror previous sittings, with two compulsory questions making up the majority of the marks on offer and a choice of two from three optional questions.

You should be aware that for exams from December 2014 onwards, the P7 INT syllabus includes examinable content on the audit of public sector performance information which you should be prepared for.

For this sitting, you can again expect a planning scenario in the compulsory section which should test risk assessment, audit procedures and professional issues, while we expect that optional questions will also test audit reports, evidence, ethical and other practice-related matters.

Candidates should also take heed of other recently published article content from the P7 examining team on internal audit, ethics, accounting issues and forensics when preparing for this exam.

LSBF:

– Business risk and risk of material misstatement.
– Ethics and professional issues, including money laundering and advertising.
– Matters and evidence on various IAS/IFRS.
– Criticism of a given audit report.
– Discussion on benefits of proposed new audit report format.
– Quality control of audit.
– Prospective financial information.
– Social and environmental reporting KPIs and evidence.
– ISAs 210, 240, 510, 550, 560, 720.

First Institution

– Business risks in a scenario.
– Identifying ethical and other professional issues in a scenario.
– Matters to be considered and audit evidence for a couple of core accounting issues.
– Audit reports.
– Money laundering.
– Social and Environmental Reporting

Opentuition

– Internal Auditors
– Ethics
– Forensic Accounting
– Accounting Issues
– Integrated Reporting
– IAS 41 Agriculture (New Area)