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hello Mike
hope you are well
i have seen many questions mentioning “new audit client” for an editor.
1) is this an audit risk itself right because new client requires auditor to understand the business so it increases the detection risk hence the audit risk? we can mention this in exam as an audit risk right?
2) in f8 we had to learn specific substantive procedures for each the assertions such as completeness, occurrence etc.
do we need to learn the same level of details for the procedures in p7 or is it ok as long as our suggested procedure made some common sense and relative to the scenario?
please advise
thanks
1) Yes
2) Yes
P7 moves you away from the World of junior auditor and places you firmly in a position of relative responsibility – a partner, a manager, certainly nothing lower than the senior in charge
You’re looking to discover problems, analyse them, arrive at and express recommendations
This is a much more analytical paper than those happy days of F8
There’s a whole lot of common sense involved too
And examination technique 🙂
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