Forum Replies Created
- Posts
I finally passed on second sitting. I look back on this and I can give a few pointers on how I went about it. This worked for me. My advice –
1. Pick up your F7 Financial Reporting Text and make sure you understand it comprehensively. Actually take time to work through the examples. It will make you so much stronger. P2 is just an extra because it looks at group consolidations which you can honestly still pass without. If you can confidently answer F7 questions (the examinable standards) then I think you are half way there because the accounting treatments become easy and that’s where the magic really is.
2. The other thing is to understand the difference between procedure and evidence. This part is another core area. Procedure is a verb. So your response should be along the lines of analysing, reviewing, recalculating, inspecting, observing. Whereas evidence is around the document to be assessed e.g bank statement, title deeds, land certificates, etc. They are linked but make sure if a question asks you for one then ensure you are using the right approach.
3. Also read on ethics and practice management too i.e. quality control and engagement acceptance.
4. Lastly, read on your audit report and group audit.
5. If you find time to read on other assurance services then you are set.I wish you all the best. When you eventually pass you will forget the hard work. The joy will be worth it. All the best guys.
I passed on second sitting. My advice – pick up your F7 Financial Reporting Text and make sure you boss it. I mean really own it. P2 is just an extra cos it looks at consolidations which you can honestly still pass without. If you can confidently answer F7 questions (those examinable) then I think you are half way there cos the accounting treatments become easy and that’s where the magic really is.
The other thing is to understand the difference between procedure and evidence. Procedure is a verb. So your response should be along the lines of analysing, reviewing, recalculating, inspecting, observing. Whereas evidence is around the document to be assessed e.g bank statement, title deeds, land certificates, etc. They are linked but make sure if a question asks you for one then ensure you are using the right approach.
Also read on ethics and practice management too i.e. quality control and engagement acceptance.
Lastly, read on your audit report and group audit.
If you find time to read on other assurance services then you are set.I wish you all the best. When you eventually pass you will forget the hard work. The joy will be worth it. All the best guys.
Ahhh this is annoying! Dying of suspense. Still haven’t received the email. What’s going on??
Oh that’s rank! Hope you make it over the finish line this time!
I have completely ditched my text. Relying on open tuition video lectures, notes and revision kit. No sense using the text as it gets too carried-away and isn’t much help this close to the exams.
oh no. That’s not great!! What’s the question day?? And what technique do you know of for the audit papers??