P7 Sep 18 preparetion

I don’t think there is much difference in how AAA (P7) should be studied as the syllabus content is substantially the same – albeit restructured.

The main difference will be in revising with new exam style and standard Qs – i.e. meeting the descriptions of Qs that will feature in Section A (50-mark case including professional marks) and Section B (2 x 25 mark Qs – NO choice) according to ACCA’s description of the approach to examining the syllabus (see page 11 of the syllabus and study guide) https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p7/studyguides/aaa-int-sg-sept18-jun19.pdf

You would probably get away with a 2017-18 text as long as you supplement your study with the additions to examinable docs:
Exposure Drafts (EDs):
IAASB Proposed International Standard on Auditing 540 (Revised) Auditing Accounting Estimates and Related Disclosures
IESBA Proposed Application Material Relating to Professional Skepticism and Professional Judgment
IESBA Proposed Revisions Pertaining to Safeguards on the Code—Phase 2
Other documents (IAASB):
Towards Enhanced Professional Skepticism (August 2017)
The New Auditor’s Report – Questions and Answers (November 2016)
Exploring the Increasing Use of Technology in the Audit with a Focus on Data Analytics (September 2016)
However, I would strongly recommend a 2018-19 revision question bank/kit.

Check out the approved content providers’ websites – I believe they published in March.

Hi,
This is what I felt about the exam
I got 66% in audit first time …my tips are you need to know your P2 knowledge as this will be tested. You are auditing the financial statements given in the exam I.e if they are in accordance to the ias and what the risks there are that they are not. With audit I found it’s best to be concise and to the point. For example: define: accordance to ias ppe , ppe should be recognised if the following criteria is met e.g probable eco benefit and cost of asset can reliably measured. Relate to the scenario, according to the senerio an item has been capitalised but doesn’t meet the criteria of probable eco benefit as it dependent on blah blah, therefore it can be argued that the ppe figure is overstated. There is a misstatement risk. Something like this this. Sorry I wrote this as an example from the top of my head.

I felt it is best not to use words it like it is wrong or incorrect but like there is a possibility that it’s overstated and understated. And when I wasn’t sure which standard it related to I was like it can be argued that this relates to this standard because xyz. I hope this makes sense. Definitely do the exam kit invest your time in this- it will give the technique structure that you need for the exam. Also the articles are useful to read although I cannot remember if that came up.

Hi
I have to sit P7 exam sept18. can you advise me that where can I get sample question& answer test.

Hi Kim2311,

Can you please share information about the difference between old and new exam scheme starting from Sep-18.

What i understood from above discussion, the difference is about number of questions and their marks only. Correct me if i am wrong.

Thanks and regards.

Hi Kim,

thanks so much. will we still be asked on audit risk/business risk in question one? also that means we will have to answer on audit reports?I used to always avoid those questions and didnt study them, I find them impossible and you can fail an exam by just giving the wrong audit opinion.

Hi
can anyone guide me where i can get my practice answers reviewed by someone. so that he can guide me to improve my answers.

Thanks for your information.