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Hi, i will be sitting P7 in June and live in UK. I will be using the open tuition notes which are the international version.
Should i do the international P7 exam or will the notes be ok for the UK exam?
Is there much difference?In the sense that auditing is very much a common-sense subject, there’s very little difference
From a technical point of view the UK variant is influenced by FRS whereas the Global variant is based on IFRS.
The UK has not yet fully adopted IFRS so there are some differences that remain
In addition I don’t believe that the revised audit report standards have yet been fully adopted by the UK but they are nevertheless examinable as a current issue
However, there’s a major consideration for you to bear in mind and that has nothing to do with the slight differences in the applicability of IAS / IFRS / ISA
If you have any ambition at all of practicing as a registered auditor in the UK, you need to have successfully passed the UK P7 auditing variant (and UK P2, English F4 and UK F6)
So, where do you see your future? If it’s in the UK, then it’s UK P7 for you.
If it’s definitely not in the UK, then it’s either UK P7 for you – your choice
But if there’s a ‘maybe’ about your future, UK would be the safer option
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