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Hi mike,
In F8 you encouraged students to use tables in answers to save time by getting straight to the point.
Would you offer the same advice for answers in p7, or are paragraphs the way to go considering the professional marks available?
Thanks mike
It isn’t me that answers questions of the F8 forum!
By “tables” do you mean answering in columnar form?
If so then, YES, use columnar form if it’s appropriate.
For a question like “identify and explain” then columns would be fine
If it’s a question that asks “respond to the partner’s email” then, NO, columnar would not be appropriate (probably)
Generally speaking I imagine that paragraphs are the way to go.
Short
Suitably grouped and sub-headed
One point per paragraph
One paragraph per point
Proper sentences
DNA
Legible
Professional
Affiliate next February!
Thanks Mike, sorry for mistaken identity!
Can you tell me what dna is you refer to?
Thanks
You mean HHTI
?
The point about “do not abbreviate” is that P7 particularly is a professional examination in communication skills.
If you were to write to all your family (parents, grand parents, aunts, uncles, siblings, cousins, nephews, nieces and all your friends too) and announce that “You are all invited to a special evening at Robert’s house where we shall all enjoy a deep and meaningful presentation on the role of IFRS 15” how many would have the slightest idea what “IFRS” means
Dear Tutor,
I am battling to strike a balance between providing adequate detail and managing time in the exam.
If I were to give an example, where you are requested to assess audit risk or risk of material misstatements and the subject is around R & D, am I expected to list all the recognition criteria for development expenditure or can I just say “there is a risk that the expenditure does not meet the recognition criteria according to the applicable accounting standard”?
Secondly, some questions ask for audit risk and others ask for risk of material misstatement only. Where risk of misstatement is required, does it mean I should ignore detection risk if it is there? Does it mean that where they are asking for audit risk there will always be a detection risk?
Thanks
You say:
“there is a risk that the expenditure does not meet the recognition criteria according to the applicable accounting standard”
but you could continue that thought with “and, in particular, ….” and identify one or two (as appropriate) criteria that appear to be in greatest doubt or in greatest danger of wrong assessment
Of course, the length of your answer is totally dependent upon the number of marks available for that part of the question
Re your second question, you seem to be tying yourself in knots!
If a question asks for risk of material misstatement, why are you talking about detection risk? (“Where risk of misstatement is required, does it mean I should ignore detection risk if it is there”)
You ask: “Does it mean that where they are asking for audit risk there will always be a detection risk?” – do you know, I’ve never thought about that! Yes, it probably does mean that
Not sure if any of that has helped but I hope that it has!
Hi Mike,
I have a Q regard the ISA’s. When referring to these in the exam do you need to quote the exact wording? For example ISA 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment. If using this in the exam can you state ISA 315 Gaining an understanding of client in brief? Or do you need to know the exact wording.
Thanks
Mike
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