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A quick check of the syllabus for June 2016 compared with that for September 2016 shows the following:
ISA 260 Those charged with governance, has been revised
ISA 570 Going concern, has been revised
ISA 700 Opinions, has been revised
ISA 705 Modifications in audit reports, has been revised
ISA 706 Emphasis of matters, has been revised
ISA 720 Auditors responsibilities for other information, has been revisedAnd that’s it
Those last four are covered by the revised chapter in the course notes
I seem to remember thinking that the existing course notes covered the other two adequately
OK?
Hi Mike,
I have a question, as i am preparing for P7 for Sep 2016 exam but suddenly a new thing came in front of me while I was going through CURRENT ISSUES due to which I’m extremely depressed now. Can u please guide me on that??
It is about “THE NEW AUDITOR’S REPORT”. So my main concern is, due to the arrival of this new structure, our old past exam paper questions based on AUDIT REPORTS become invalid?? Now how are we gonna practice questions on this new auditor’s report? As this is my last paper and my 1st attempt.. I’m really worried, I need ur advice. Waiting for your responseDon’t worry, don’t get tense. There is a good chance that a question will appear in September (otherwise it will be December) when a question is asked based on the new audit report format and content
There’s a chapter in the Opentuition course notes and there’s also a good article in Technical Articles on the P7 pages on this site
Read those and then come back to me with any questions that you may have (there are a couple of instances where I have written “Emphasis of Matter” and that should be different (going concern matter that should be a KAM is one example)
OK?
ok sure i will take a look at that, thanks for your response.
But will you please clarify that are those PAST exam questions up to JUNE 2016 related to auditor’s report are now irrelevant for sep2016 and onwards?
Secondly, im reading that artcile right now, wil come with further questions later on..
much thanksI doubt very much that previous year answers will be updated for the new standard
I’m already looking forward to your next post!
I have finished reading that artcile. was not too difficult BUT.. still need to practice exam questions on it coz it may be difficult to score well merely by looking at 2-3 examples of KAM in that article..
So, i may have to arrange a new exam kit for Reporting section, i have finished that section already but that KAM thing is not going to be so easy WITHOUT practice as P7 is ALL ABOUT PRACTICE.still not Too much satisfied due to a lack of “updated exam questions on NEW audit report”.. Can you guide me on that, any link to updated exam kit? otherwise, i may have to look for it in the market inevitably but i dont think so there would be an UPDATED KAM area with regard to that coz there is not much time left now in sep attempt.. a lot of stuff going on in this new AReport, i should have attempted it in june2016 with P4 but was not free for some reasons.. Anyways, ur suggestions will be much appreciated!!
apologies for any mistakes..
‘… a lack of “updated exam questions on NEW audit report”.. Can you guide me on that …’
That’s all there is – at least, that’s all there is that I am aware of. Because it’s new, the examiner is not likely to ask deep and meaningful matters about which there will need to be long deliberations.
It’s far more likely that there will be two or three matters that require reporting either as KAM or as Emphasis or possibly also as Other matters
I suggest another 2 or 3 read-throughs of that article – maybe even once each week before the exam – just to make sure that you are totally familiar with the new ideas
An after-thought – you could try this link:
https://www.ifac.org/system/files/publications/files/Proposed%20ISA%20705%20(Revised)-final.pdf
and this one:
https://www.iaasb.org/system/files/publications/files/ISA-706-Revised_0.pdf
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