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i passed the 11 of the 14 acca papers chronologically without working a day in any accounting related job but as i read through a p7 book it seems you really need some professional experience to pass p7 along with studying the text book. so the question is how critical is accountancy related experience for passing p7 and can there be other steps be taken to circumvent total lack of experience and what are the steps and where might one find such materials
the stem of this thread says “auditing experience” whereas you actually talk about “accountancy related experience” within your post.
I think that what you will find within P7 is a requirement to be competently aware of IFRS / IAS.
A lot of auditing is common sense and application of experience gained in your capacity as an undergraduate of the University of Life.
There is classically a question in P7 which asks “What evidence would you expect to find on the audit file in respect of the above matters” A person with no auditing experience at all should be able to achieve a pass mark in that question simply by asking themselves “What other information would I need to know about this in order to arrive at the opinion that the matter has been correctly dealt with?”
ISAs put into words what is really common sense in the context. Yes, they use “fancy” words – less so following the Clarity Project but a mature mind and a sound ethical attitude, when added to a good understanding of IFRS, and lots of question / answer practice could well be enough
Sorry, one more thought. When I first became an accountancy tutor staring on 1 December many years ago, the course for the December exams had just finished at the tuition establishment. On that course was my previous audit manager trying to qualify as a chartered accountant.
He failed the auditing paper.
So, “How important is real life auditing experience for passing P7?” Ask him!
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