** ACCA P7 December 2013 Exam Results and Genius Hunt Competition **

Passed with 50%.

61% third attempt finally an affiliate only managed to pass after accept that P7 has rules,standards to be learnt and applied and now I can bow out with grace….thanks to OT my partner in this journey and my favourite publishers Kaplan…..

You are right Millymwanchande 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 all the examiners reports from 2007. 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.
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 than in the text book 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!!!!

Wow am impressed Kasonde

Hi I am sitting in June any suggestions plz

read my two previous posts for suggestions

Hello
What is the best combination for the options papers please.

Planning to do p5 and p7.

Thanks.

Thanks for the information. Makes lot of sense. I will be taking my second attempt in June. Really appreciate it!!

narrow pass P7 50% after several attempts, but still one paper left P5 or P4

Finally got a 50? Nonetheless, I am an Affiliate. To those who did not make it, I say “try, try and try again”.

Hello,

I am doing P7 this June14, Can yoou please help me.

Please tell me how to study for this paper?

And if anayone has any notes which could help me…Kindly forward it to me on shab_835@hotmail.com.

Thanks

For P7,
Time management is crucial.
Must be well rounded on all topic, get the bigger picture of audit process, and practise, practise PYQs.

For P2,
Must covered all important accounting standards.
DO NOT over emphasize consolidation in Q1. there is more marks on accounting standards in Q1.

All the best guys!