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Hi, I will be sitting for my first attempt in P7 in this coming June.
1) Is it advisable to skip Q1 and attempt the other questions first? I have a habit of writing any risk I can think of (both hypothetical & specific to the info in scenario) so I end up spending too much time on Q1, leaving little time to attempt the rest of the paper.
2) The Code states that if a firm provides a recruitment service to an audit client, a self-interest, familiarity or intimidation threat may be created. Is my understanding in relation to these threats correct?
i) Self-interest : If the recruited person also pays the firm a commission, the firm may
recruit individuals who pays high commission without properly asessing
their competency.
ii) Familiarity : The member of the firm may recruit individuals whom he is close to
without properly assessing their competency.3) I have just passed my P2 paper in March 2018. Is it too risky if I attempt P7 without revising the accounting standards? I can still recall most of the standards but only the basics of it.
I’ve seen what others have commented on the paper in the previous sittings and I heard that this is a very tough paper so I hope I can make it through the first attempt… fingers crossed
Hello I’m attempting P7 as well, and P2. I wouldn’t skip question 1 since there are 4 professional marks which are easy to get as long as you present your answers well. Try to plan your risks before writing them. and allocate marks to them too so you know how many marks you could potentially score. But I think if you can answer Q2,3,4 faster than you would on Q1 then you should go ahead (not worth it to spend 2 hours on a 35 mark question). Especially when you have only 5-6 days left to master your exam technique.
For question 2 I would be thinking both SI and management responsibility. You dont have to know the accounting standards in detail. But just be sure that you know how to explain the basic requirements. And dont overelaborate them. Good luck to us both!
Was P2 hard for you?
Hi! Thanks for your advice..
As for P2, I got 58 for that sitting. Frankly speaking, I expected myself to do better because I have revised each standard thoroughly.. The problem for me was time management. I was too busy perfecting my consolidation I ended up spending almost 2 hours on it. I had to skip the ethics question which was 9 marks and part a) and b) of Q2 worth up to 15 marks..
Here’s my advice for you, set a strict time limit for the consol question. Im not sure which statement will be tested next but my sitting was CSOFP. Revise these standards thoroughly : IFRS15, IFRS16, IFRS2, IFRS13, IFRS9. The examiner has a preference to test on these areas (all of these were tested in my sitting).
I wish you all the best in P2! And good luck too in P7!!
Wow thanks for the tips! Those are really good marks for an unfinished paper, congrats 🙂 Revising each standard in detail is what I’ve been doing too but I guess I need to put in more effort into those standards that you mentioned now. I’m most afraid of section B. Thanks again and good luck for P7 too!
Hi, i was advised by my tutor to start with the question that give me highest confidence. it always fine not to start with question 1 but have to make sure you have enough time to go back to question 1, and do remember don’t overwrite the answer as time is crucial for the paper.
pertaining to your 2nd question, please let me share what i have learned. The Code states that the audit firm shall not provide the following recruiting services with respect to a director or senior management in accounting or finance as it will create self-interest and familiarity threat.
– Searching for or seeking out candidates for such position;
– Undertaking reference checks of prospective candidates for such positions.But the audit firm is able to provide services such as reviewing the professional qualifications of a number of applicants and providing advice on their suitability for the post.
And most importantly, the firm shall not assume management responsibilities, including acting as a negotiator on the audit client’s behalf and the hiring decision should be left to the audit client.
Hope it helps.
Good luck!
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