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Hi Mike
I just want to confirm that UK paper students dont have to learn the new audit report?
Thanks
Bad news :-((((
It looks to me like it’s in the examinable documents
Try this link …
Hi Mike
Iv seen the link but i have read the article on KAM and it states this
(Candidates attempting P7 (UK) or (IRL) adapted papers do not have the new and revised IAASB standards as examinable documents from September 2016, however the FRC Invitation to Comment on the standards is examinable as a current issue)
really confusing!
Given that the IAS is now approved and in the International syllabus, I cannot imagine why the examiner would not ask a question in this area, even though it may only be examinable as a current issue
What’s the loss if you spend a bit of your time familiarising yourself with the revised audit reports?
Cool, will take that advice on board. Last few questions.
Are you a ACCA maker? (doesnt really matter)
if so, could you tell me how the marking scheme works in q1 uk papers. lets says q1a is business risks 1b is procedures 1c is ethics. How would i go about splitting the marks or is it like 1 mark per point. eg. write 5 business risks 8 procedures and 18 ethical matters. (highly unlikely)
If you get what im saying
thanks
“Are you a ACCA maker? (doesnt really matter)”
Was in the past >15 years ago
“or is it like 1 mark per point”
Yes, most certainly – 1 mark per point
If it’s an “identify and explain” type question, that’ll be something like 1/2 mark per point identified and 1 1/2 for each point explained
OK?
Thought this might help us UK Paper Students
The detail of the changes outlined below in relation to Key Audit Matters are relevant to P7 (INT) candidates from the September 2016 exams onwards.
P7 UK and Ireland candidates should note that the UK’s Financial Reporting Council (FRC) did not adopt the new ISA requirements into UK standards until June 2016, therefore ISA 701 (UK and Ireland) will not become a UK and Irish examinable documents until September 2017. However, candidates should be aware that the FRC Invitation to Comment on the IAASB Exposure Draft Reporting on Audited Financial Statements: Proposed new and Revised International Standards on Auditing, which includes the original proposals of the ISA 701 requirements, is examinable as a current issue in the exam year commencing September 2016.
Further, candidates sitting the UK exam are expected to understand the Extended Reporting requirements that are expected in the UK and these are discussed below.
Hi Mike,
I check te IAASB exposure draft out. I was just wondering how would we go about learning it as its quite long. Do we have to read all of it :D(will be fun). Link Below
I have to agree with you – it is rather over-whelming 🙁
I suggest a quick browse through to get a reasonable idea of what is proposed
The current issue question is avoidable in the exam but I would not suggest that you gamble on being able to answer the other two option questions
A brief browse should be enough
Hi Mike
Iv been reading through the above ED and it has a few questions regarding each topic. An example is below. Is this the type of question that may appear in the exam.
“Do users of the audited financial statements believe that the introduction of a new section in the auditor’s report describing the matters the auditor determined to be of most significance in the audit will enhance the usefulness of the auditor’s report? If not, why?”
Something like that … except for those last 3 words – they rather give away the answer to the first part of the question!
More likely last 3 words would be “Justify your answer”
Also, the first word would probably be better as “It has been suggested that …”
Making the full question “It has been suggested that users of the audited financial statements believe that the introduction of a new section in the auditor’s report describing the matters the auditor determined to be of most significance in the audit will enhance the usefulness of the auditor’s report? Comment on the above suggestion and justify your answer”
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