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Hello Mike,
Am doing P7 this December, and am freaking out! I passed my F8, exam first sitting but i was unsure even after the exam whether i had passed, felt like i had little knowledge. i did P2 last sitting and passed but am extremely nervous about P7, you said in the first lecture that this paper requires one to think as an audit partner,am not working in audit firm or accountancy, how am i to pass this paper? what do i need to replicate skills of someone working in audit environment?
Kindly advise on how to proceed, i need all help.
thank you
Aj.Hi
Have you not been worried about all your previous exams? Some people are like that (without being sexist, it’s a typical woman characteristic. Women worry about the 4 marks lost when they have scored 96%. Men worry about the wasted effort when they score 54%) When I said that you have to think like an audit partner, all I meant was that you have to demonstrate a deeper appreciation of the problems and the appropriate solutions to those problems. It’s a step up from F8 where you had to think as a “junior” and (for example) identify the audit procedures that should be taken to assess the appropriateness of the client’s asset valuation. In P7, you need to apply pretty much ALL your IFRS knowledge in identifying why the client’s proposed treatment is (typically) wrong, and then suggest what IS the appropriate treatment. And then, if the client isn’t prepared to listen to your advice, what would be the effect on the audit report. Another absolutely typical question in P7 is “State the matters you should consider and explain the audit procedures you should expect to have been followed …” or “State the matters you should consider and identify the audit evidence you should expect to find on the audit file ….”
Why not check out the past exams and see that your fears are (hopefully) groundless. And stop worrying about the 4 marks you lost! Just be happy with the 50 marks you’re going to score!
No need to worry. When I did P7 I was not even working as an auditor, much less working in an accounting function. I manages to pass comfortably enough first time. So if I could do it, you can do it too,
So, there you go – if the Alkemist can pass P7, then anyone can!
:-)))))) :-))))))
@ Mikelittle thanks, will follow your advice and @alkemist, thanks for that pep talk.
Hi Mike,
What IFRS/IAS should be focussed for having better chances of clearing p7
All of them! IAS / IFRS are a substantial / major / material part of the P7 paper. They are not asked about in the same way as at P2 where the examiner wants you to analyse situations involving appropriate accounting treatments. But the P7 examiner asks you questions like “State the matters to be considered and explain the evidence you should expect to find on the audit file”
“State the matters to be considered” is looking for the application of your appreciation of the accounting requirements under IAS / IFRS ( amongst other considerations)
So i would have to know the exact treatment and comment on wrong recording of IAS/IFRS’s. There aren’t any popular standards which are favoirtie of the examiner?
What topics are likely to be very likely to be examinable like to give us a wild guess?
Really appreciate your advice …
There’s absolutely no way that you’re going to tie me down like that! There’s no substitute for refreshing your appreciation of the IAS / IFRS
Hello, i need to know which accounting standards i need to focus on, as i cleared my p2 almost 3 years ago… with this long break i almost forgot all IASs n IFRSs..
Also going through ACCA rulebook’s section c (code of ethics n conduct) will help me or it will do nothing but time wastage. Already going through kaplan text. Waiting fr yrreply. Thanxhi i have failed twice p7 with 48 marks at both sitting. how can i improve my scores and get a pass. thanks
Hi Sadafabdul
Ok, I’ve ignored the first part of your post!
Now the second part! Ignore Ethics at your peril! There is almost certainly (as certain as I can be without being 100%) an element of ethics within the P7 exam. One of the fundamental principles / requirements / expectations by the public of a professional accountant – and remember, you’re just one exam away from being such a professional accountant! – is that they are above suspicion! You’ve done (presumably) the P1 Governance, risk and ETHICS. You’ve completed the ETHICS MODULE.
Do you never wonder why there exists the Ethics Guide? Why there are 5 fundamental principles to which all accountants and accountancy students are required to adhere?
Accountants shall conduct themselves with courtesy and consideration towards all those with whom they come into professional contact and shall uphold the good name of themselves, the profession and ACCA in particular.
Your P7 examiner is an ethical person, the markers are, your qualified bosses / seniors are, the opentuition tutors are. Part of the examination process is designed to ensure that, when you qualify, the concept of being ethical is SO ingrained into your psyche that acting ethically comes as second nature – it’s the natural way for accountants to conduct themselves.
Oh yes, ethics WILL BE in the P7 exam (probably)
Hi Anjali
The simple answer is “Write 2 more relevant, markable sentences”
Seriously – that’s what you need to do! Are you planning your answers before writing them out in professional style? Have you read the exam technique articles on this site for ACCA exams generally, P7 in particular as well as two excellent articles from Student Accountant written about 18 months ago by two of the P3 marking team?
Do you attempt every part of the 4 questions you select? Do you stick rigidly to your time allocation, not just the allocated time per question but also the time allocation for every part of every question? Do you?
As Gromit says in his lectures “Fail to plan? Plan to fail!”
Another of his favourites is “The only time “success” comes before “work” is in the dictionary
Do you spend not just the 15 minutes “reading and planning” time but also another 50 minutes in the exam simply PLANNING what you are going to write? Or do you (more likely) launch straight into an answer because you have recognised some words within the question and write at great length whilst probably not realising that your answer has started off on a tangent and progressed inexorably down that tangent?
If you feel that you are in fact complying with all of this guidance, then I come back to my original point ……write 2 more sentences and give the marker 2 more opportunities to give you those 2 marginal additional marks
And good luck in December
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