general confusing questions

“should i mention the standards names” there are NO marks for naming standards, nor quoting the standard number

“beside AEIOU are there any nemonics that might help me answer questions quickly in a sufficient way?” – off the top of my head I can’t remember any other mnemonics but you can always make up your own

“should i memorize the ISA’s names, or just know the guiding rules?” – I repeat, there are NO marks for standards’ names nor numbers

“what a summerized professional IFRS/IAS website can i visit?” – you can visit them all – there are no restrictions so far as I am aware.

Or do you mean “Which website would you recommend?”

In that case I’ve always found the IASPLUS website (Deloittes) very helpful

“i noticed the answers to evidence and audit procedures questions the same thing, is that true or u think they differ!” – they differ HUGELY! Evidence relates to matters on the audit file. procedures relates to the actions taken in gathering that evidence. And, be warned! If you confuse the two different expressions, you’re in danger of losing marks.

When asked for “What evidence would you expect to find” it’s no good saying “Telephone those receivables that haven’t responded ” Instead you would say “There should be evidence on file that those receivables that didn’t respond have been recorded as having been followed up by telephone”

“and finally: what do u think the best method to study P7 in these final days prior to exam, do u think there some things i need to learn by heart”

P7, like F8 and P1 before it, is a common sense exam. I don’t believe that sitting at home trying to memorise anything at all for P7 is the right way to go. In these last days, read through a revision kit / exam kit and pay great attention to things like the difference between evidence questions and procedures questions

Read the examiner’s reports for past exams and see where students traditionally go wrong. A quick browse through P2 accounting standards would help paying attention to treatments and disclosures – IASPLUS is useful here

And practice PLANNING answers within the time allocation for the planning element of answering questions (number of marks / 2 = number of minutes planning time)

and again finally (!) “is analatical procedures performed wether the audit approach is tests of controls or substantive testing! or only with substantive testing? and are they always preliminary at planning stage or some are at later stages!”

Analytical procedures are done at (1) planning stage, (2) throughout the course of the audit, and (3) at the review stage and are applied to both tests of control and substantive tests

OK?

“dont u think things like: contents of PFI reports- forensic auditing- liability disclaimer-quality control procedures- due delegence- transnational audit- things to verify before reling on work of others- contents of tender document….etc needs to be learned by heart to save time in the exam!”

Simply …….. No!

Apply common sense! Just by knowing that lot exists tells me that you’re pretty much on top of it

How about omitting a subsidiary from the consolidation?

“i understood that we already know there’s a matter (misstatement) and when asked for evidence we’r actually asked to bring it out of our audit file. did i get it well now?”

A question will ask you about 3 or 4 matters that have come to your attention and you’re reviewing the completed audit file to help you to reach an opinion on truth and fairness of the view shown by the financial statements

In order to help you reach that opinion there should be sufficient appropriate audit evidence collected by the audit team and properly filed and cross-referenced with any “unusual” points or contentious matters brought to your attention

What evidence would you expect to find on the audit file to help you reach an opinion about these contentious matters?

Is that what you meant by your question? If that’s what you meant then, yes, your understanding is correct

Yes – the whole picture of the financial statements is turned on its head

(Clearly, it’s material because by definition it must represent an amount greater than 100% of the net profit)

“about evidence again, i found for example in the KIT this:” recalculate borrowing costs, depreciation, and agree to financial statement figures” to me this looks like a procedure too, recalculation is an action isn’t it!”

I agree with you. To turn it into evidence you would need to write something like:

“There should be evidence on file of the recalculation of borrowing costs and depreciation to confirm the client’s accuracy in their calculations”

“2- when given FS and asked for performing analtical procedures, should i highlight notes matters only or add some ratios on profitability, liquidity, gearing..i don’t want to be offpoint and time wasting”

I can’t answer this. Your approach is determined by the precise wording in the question. What I WILL say, however, is that when you’re planning what to write and you’re looking for 10 markable points, there’s no sense in stopping after just 3 matters that came into your head! You may as well write down some ratios, just to build up the potential number of mark-earners in your answer

that’s not wasting time – it maximisation of minimum knowledge and giving the marker opportunities to scrape an extra half mark or two in your favour

“3-similarly to evidence/procedre confusion, is audit/business risk, for example in KIT i found: “emphasis on 1 brand name” as audit risk inherent, to me this looks likea business risk!”

Your example could be tied in to both business risk and audit risk. Business because the entity is over-exposed by being reliant on an individual brand

Audit because, by being dependent on a single brand, any misstatement in value of estimated life is likely (almost by definition) to be a material matter

OK?

tuta ….. it’s Mike, not mark

I seem to remember writing a chapter for the P7 course notes on the topic of performance evaluation

Please look up the P7 free course notes and check towards the end of those notes

i think you’ll find something there for you

“is IFRS 16 tested now!” – no IFRS 16 is not in the June 2016 syllabus

“if it is would u please give me an example, i got so confused” – yes, I can see that you are confused. It isn’t in the syllabus, so why ask “If it is ….”

“is IFRS 15 on the syllabus for june 2016”

IFRS 15 IS IN THE SYLLABUS for June 2016 for both (F7) P2 and P7

Check out the course notes for F7 together with the chapter on calculating construction profits (chapter 13?)

” do u mean by :” practice PLANNING answers within the time allocation for the planning element of answering questions (number of marks / 2 = number of minutes planning time)”

That’s exactly what I mean

You have in total 15 minutes official reading and planning time

You should in addition plan specifically for those 100 marks so another 50 minutes planning

A total of 65 minutes

But, given the number of students who say “I didn’t have time to finish the paper” let’s just leave planning as 50 minutes and that will include the 15 minutes at the start of the exam

That way you have a LITTLE bit of leeway to overrun, but not more than by 2 minutes!

“i meant by my question: when im answering say 40 marks question planning time would be 20 min , during which am i suppose to have read whole scenario and highlighted main key answer areas, OR i would just plan what would be the context of the answer before reading the scenario!”

“when im answering say 40 marks question planning time would be 20 min , during which am i suppose to have read whole scenario and highlighted main key answer areas,”

The short answer is Yes, that’s what should be happening – but even more than that

Within that time period you should be doing more tan highlighting – you should be writing in your answer booklet, under the heading “Plan”, the salient points that you’re going to include within each sub-requirement of the question

And, of course, you’re NOT going to cross out the plan when you start in to the answer proper. Just rule it off and start your answer

“i only check answers , main points from marking scheme, am i in a safe place”

you’re in a safer place than if you had done nothing at all!

Yes, that’s going ok so long as you are appreciating the points being made and why / how those points are targeted at the question requirement

“should i always assume 1 mark a point”

Safer to assume just 1 mark per point – I find it difficult to believe that markers take the time to allocate 1/2 a mark here and 3/4 of a mark there

My own experience of marking was “tick, tick, tick, tick, that’s 4 marks”

OK?