New to P7

P2 knowledge is important in that P7 requires in-depth knowledge and understanding of accounting standards. However if you sat P2 a long time ago, it is likely that some standards will have since been updated or replaced so it would be in your best interests to look up the relevant standards for yourself if you don’t already know them.

You need knowledge of accounting standards as there will likely be questions requiring assessment of risks of material misstatement or audit risks, and the examiner will expect you to explain the appropriate accounting treatment and then apply this to the scenario given. Not doing so will only allow you to score minimal marks.