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Hello Mike,
I have P4, P7 and P2(if I fail June’s attempt of P2 – it wasn’t good) left for me to do. I plan on applying for audit experience in the next few weeks.
Initially, I planned to take P4 in September, and P7 in December, so that I would have approximately 6 months audit experience (to help better put P7 in context) before attempting P7.
Now, assuming I fail P2, should i take P2 in September with P4, or is that too much? (because I’ve heard they’re both technically demanding papers).
I could take P2 and P7 in September, but that would mean I wouldn’t get as much experience in audit before attempting P7 as I would have if I attempt P7 in December.
Alternatively, I could take P4 in September as planned, and leave P2 and P7 for December.
I would really like to finish these three papers this year, so I don’t want to take them one at a time and extend them all the way to march. I am comfortable with the most of P2, however I did not revise cash flows well enough and so I am not confident of a pass this June. So if I attempt P2 and P7 in September, the concepts of P2 will be in my head, but I wont have gotten as much experience in audit (for P7).
But I digress, the main question I’m trying to ask is do you recommend I leave P7 till December so that I get some audit experience first?
Sorry if I rambled on a little there, I thought I’d give you some backstory 🙂
Thanks in advance.
No worries about rambling aimlessly – you’re ideal material for taking a job as a lecturer!
The difference between 3 and 6 months auditing is so negligible that I wouldn’t even throw that into the mix!
And the amount of audit experience that you are going to get from either 3 months or 6 months (or a year, or 2 years) is not going to have even the slightest impact on your chances of success
P7 is a common sense paper, full of ethics, audit reports, an ability to response to an email, the ability to prepare reports and the audit of P2 accounting standards (principally correctness of accounting and disclosure treatment of accounting matters)
Put “audit experience” totally out of your mind! There are thousands that have passed in the past without a shred of audit experience and there are also thousands that have failed in the past even with YEARS of audit experience (I was a trainee, I qualified, I started lecturing and my own audit manager from when I was a trainee had just taken his final papers finishing in the week before I joined the training company in Manchester. He failed his auditing paper)
Do both P2 (if necessary) and P7 in September whilst accounting standards are relatively fresh in your mind
Thanks so much for putting things into perspective.
Looking forward to passing P7 with flying colors this September, and P2 if need be!
Thanks again.
Mike i also need your advise on planning about paper. i have just one paper remaining. thats P3.. i just hate ittttttttttttt…..(Sorry)…. i attempt p3 with p2 in june 15. p2 pass p3 fail.than attempt it in december 15 with p6.. i passed my p6 in 1st attempt but failed p3 again. i was too tensed and irritated due to p3 so i move towards p7, attempt p7 in june (hoping for a pass) now its a long time i leave p3. please help me mike what should i do. how can i pass.
Guddo – I know very little about P3 🙁
I advise you post your question on the P3 Ask ACCA Tutor page and Ken will get back to you
Sorry not to be of more help
i know p3 is not your subject and you deal with p7 queries but i don’t know why i easily understand your thoughts and advise. thats why i am asking u. i know you have knowledge of all subjects.
its ok Mike 🙁 i don’t think that after you i can found another tutor like you. really miss your advises during p3.
You credit me with too much knowledge (or is that debit?)
My advice to all similar questions is always to:
practice past exam questions
read examiner’s reports
read technical articles
watch Ken’s video lectures on this site
follow the lectures with the course notes in front of you
whenever you see, read or hear something that you don’t fully understand, post your question to Ken
there are 4 sets of P3 flashcards with 25 questions in each set. Go through those 4 sets on a DAILY basis until you are SO familiar with the concepts that you could write your own set of flashcards
LIVE P3 – don’t cancel all of your non-study activities but reduce them down to just, say, 4 hours (a half day) per week or 1 day per week if you insist
See how it goes
thank You MIKE…. i will be in touch with you during P3… sometimes… please don’t mind… God bless you.
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