P7 exam tips – December 2012 sitting

Opentuition

Q1 36 marks Respond to a partners email and prepare briefing notes for the partner’s meeting with the client concerning 4 or 5 matters where the proposed accounting treatment is questionable – many examples from past exams

Q2 34 marks Identify business risks facing a company from a scenario, discuss how business risk ties in with financial statement risk and / or audit risk – many examples from past exams

Q3 15 marks Comment of the matters outlined in the question and identify / explain the audit procedures you should expect to be carried out OR state the evidence you should expect to find on the audit file – many examples from past exams

Q4 15 marks Ethics question – make sure you have read Lisa’s Ethics article from Autumn Student Accountant

Q5 15 marks Comment on various matters and explain the impact on your audit report – many examples from past exams

Possible: 15 marks Planning an audit – read Lisa’s article from Autumn Student Accountant

You really should refresh your memory about accounting standards from P2 course notes or, if you cannot face P2 course notes, then at least look through F7 course notes

Kaplan Financial

Core areas likely to be examined in every paper:
• Engagement planning and risk assessment.
• Engagement procedures.
• Ethics and professional issues.
• Completion (matters to consider/evidence on file) and engagement reporting.
Plus:
• Planning.
• Subsequent Events (ISA 560).
• Review engagements.
• Obtaining work.
• Competition in the statutory audit market.
• Improving the audit report.
Please note: these are for the INT variant. The UK variant is likely to additionally include an aspect of Insolvency.

BPP

We expect that the P7 exam in December will mirror previous sittings, with two compulsory questions making up the majority of the marks on offer and a choice of two from three optional questions.
For this sitting, you can expect a planning scenario in the compulsory section which should draw on article content recently published by the P7 examiner, while we expect that optional questions will again test audit reports, ethical issues and practice-related matters. Candidates should also take heed of the examiner’s recent advice on exam technique for P7 when preparing for this exam.

First intuition

Business risks in a scenario.
Identifying ethical and other professional issues in a scenario.
Audit reports.
Group audits.
Money laundering.
Forensic audits.

LCA

Going Concern.
Planning & Groups.
Ethics with quality control & assurance reporting.
Audit reports – other information.
Profit forecast.

Becker

New audits, tendering.
Planning, materiality, sampling, analytical review.
Audit, business or financial statement risk.
Group audits, joint ventures, goodwill, joint audit.
Assurance services.
Ethics, practice management.
IFRS 1-13! And IAS 1 to 40.
Close down procedures, opening balances, comparatives.
Outsourcing, service providers, use of an expert.
CG, internal audit (ethics/outsourcing), audit committees.

best of luck with exam!
ansi