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Hi Mike
I just passed my P2 in March exam , and i am planning to take P7 exam upcoming September
In your opinion, do you think i have sufficient time to complete the whole course before attempt the exam?
Everyday minimum of 3-4 hours will be devoted to studies, and normally i would use around 6-7 hours to study
Hope you can give me valuable feedback
Thanks
Without a shadow of doubt – yes there’s time to prepare properly with that sort of time availability
Dear Mike,
I am going to attempt P7 with P3 and P4 in Sep, 2016 attempt. I will give 7-8 hours daily to studies and on weekends will try to give 10 hours.
Please tell me the steps how to do preparation of P7?
M planning as well to answer but want to know if the attached p7 notes are gud to use for the sep session?
Daisy, the notes are fine – there’s a new chapter covering the revisions to the audit report but otherwise the notes are perfectly relevant
Ayaz, P7 is not a topic where it is really appropriate to practice worked examples
I maintain that it’s a “thinky” paper and preparation is best done by endless reading – course notes, past exam questions and answers, IASPLUS for the up-to-date accounting standards (for both treatment and disclosure of accounting matters)
Towards mid-August start to practice planning answers to see whether you can plan an answer with enough points to gain 70% – 80% of the marks available
Let me know how you’re getting on
Mike- it seems like preparation steps of P7 are same as you recommend in P1-First do reading of course notes, then listen to lectures, then reading of Past papers. After all of this start planning answers.
But here in P7 I must have to revise IAS/IFRS from P2.
Mike, with P7 I have decided to go for P4, what do you think is it a good combination (P4 and P7)?
I have said that you need to revise accounting standards so, yes, your summary accurately reflects my recommendations
As for whether P4 is an ideal stable-mate for P2 I really hesitate to say
I know very little about P4, P5 and P6 so I am not really in any position where I could pass meaningful comment
Sorry!
Hi Mike,
Are the lectures and notes for P7 adequate enough to achieve a pass or do we need to use a study text as well?
Thanks.
I wouldn’t have thought a study text was necessary but I certainly would advise you to acquire a revision kit / exam kit
A long look through past exam questions and answers followed by …
… another long look
Appreciating the importance of the different verbs, appreciating the style of the answers, the use of headings, the importance of materiality calculations, the number of separate markable points that are made
Do NOT pay attention to the length of suggested solutions nor to the frequent quoting of ISA, IAS and IFRS numbers and titles (these score no marks at all)
OK?
Hello Mike
I have finished the whole course now i am preparing for the exam ..Can be said im in exam mode now
So i got question in my mind
Is the ISA auditing standards are important? As in memorising the title , and number, i remembered the content very well but i can’t memorise the title and ISA number, so is it ok not to write any of the titles and ISA number?
But of course all of the previous knowledge of accounting standards from P2 all remembered, titles and content
My thoughts for this paper:
I liked this paper very much! It makes me very excited on how i audit and check company transaction! Like criminal investigation ..Its a wonderland for me in this paper
Yes, your bad.
But I shall take the opportunity, once again, to point out that THERE IS NO NEED TO REMEMBER ISA, IAS, IFRS etc etc NUMBERS NOR TITLES
DO NOT WASTE YOUR TIME!!!!!
There are NO marks for remembering such useless facts
Thanks for giving a very useful info mike..It greatly enhance my studies in this paper now
You’re welcome – but keep posting whenever you come across a “real” issue 🙂
Hi Mike,
I will then get on with watching the lectures and studying through the notes. Meanwhile I will also buy a revision kit and do you suggest that I start the kit after completing the lectures and notes or simultaneously while doing that?
Thanks.
I would get through the notes and lectures – at least once and hopefully more than once (twice, three times, four times?- it’s a 2 hour exercise to read (just READ) through the course notes) – and then get stuck into the revision kit / exam kit
And post here when you hit a barrier
Hi Mike,
2 hours, really!! How come it takes me days to finish the notes then. I appeared for P3 in June and I was hardly able to finish the course notes even once and did not even get to watch the lectures due to lack of time.
Yes I started a bit late since I am also working as a trainee in an audit firm but still by that rate still I should have been able to finish the notes at least once. That I am confident enough about passing the exam is a separate issue but does this indicate a serious flaw in the way I prepare?
If yes I should be correcting it ASAP since this will help me in the future exams.
Thanks.
2 hours
Read them like you would read a book
Just read them. Don’t try to memorise them. Don’t try consciously to learn from them
Just read
There’s only 131 pages of bullet points (ignoring the practice questions and answers but including checking out the chapter example answers). That’s around 55 seconds per page and that is certainly doable!
If you miss off the answers to the chapter examples, that number falls to 121 pages and that’s as close to 1 minute per page as you could get
Possibly a bit longer first time through but after that first time, as you become more and more familiar with the content, you’ll go quicker and quicker
Try it
Hello is possible to pass the p7 in September cuz I want to start preparing for it now thanks
Hello Mike,
I want to clarify from you, do i need to know the names and numbers of the IAS and IFRS.
i want to find out what am i supposed to know in the IAS and IFRS. This is my fifth attempt, i got 43 in dec, 49 in june.
i want to know how to pass this exam
I have written this hundreds of times!
“I want to clarify from you, do i need to know the names and numbers of the IAS and IFRS.”
There are NO marks for knowing names and numbers of ISAs, IASs, IFRSs, EDs, DDs, nor ANYTHING else
Read this again, there are NO marks for knowing names and numbers of ISAs, IASs, IFRSs, EDs, DDs, nor ANYTHING else
None
None at all
Zilch
Nada
Zero
Nul pointes
Nothing at all for knowing names and numbers of ISAs, IASs, IFRSs, EDs, DDs, nor ANYTHING else
Is that clear enough
Oh, and by the way, there are no marks for knowing names and numbers of ISAs, IASs, IFRSs, EDs, DDs, nor ANYTHING else
OK?
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