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hi everyone,
i am starting to study for p7, but i am slightly confused on what areas to focus on and how to go about studying for this paper. which are the key chapters on which i should focus?
do i need to learn by heart, the various things given in the chapter like corporate governance provisions and the likes?with very little time left for the exam, can i afford to leave some chapters or may be focus more on the others?
Please advise me on this. any advice or guidance would be very much appreciated.
The last 2 sittings have tested Business Risk is Q1, so Audit Risk or even detailed like Risk of Material Misstatement could come up in Q1.
This is just my guess.
Practice as many Q1s as you can.
Make sure you know the P2 stuff inside out, look at the P7 ACCA syllabus and there is a list there of the P2 stuff you need to know. Make sure you know how to account for those items fully. It is not unusual in P7 for Q2 to be based fully on these items as was the case in both the March and September 16 exams. Q1 will most definitely feature P2 items.
Sorry my mistake, the last sitting in Sep 16 tested Audit Risks and NOT Business Risks. But I would try both Audit Risk and Business Risk questions.
Thank you so much! Could you suggest me where I can find the list of key standards from p2?
@london80 said:
Make sure you know the P2 stuff inside out, look at the P7 ACCA syllabus and there is a list there of the P2 stuff you need to know. Make sure you know how to account for those items fully. It is not unusual in P7 for Q2 to be based fully on these items as was the case in both the March and September 16 exams. Q1 will most definitely feature P2 items.Thank you for the guidance.
@kairong said:
Use your practical experience, if you’re working in audit. If you don’t have relevant work experience, then practice a lot from the P+R kits to have a feeling what kind of answers does the marker expect. This exam is 20% theory, while the rest is about providing reasonable practical examples applied to the scenarios. The latter one is the reason why people fail this exam. Don’t use unrealistic or too high-level examples/procedures when you’re asked to provide such answers, as these won’t attract marks.From the main topics’ side, either audit risk or business risk would be in Q1, so make sure you have a solid knowledge on this area. Also, revise the IAS/IFRS examined in P2, as these will be tested in details (however, not from a reporting point of view, but from an audit point of view).
Prepare a list on the main differences between the different non-assurance/other assurance services provided by auditors (due diligence, forensic, agreed upon services, etc.), and make sure you can apply the main points to the scenarios given.These are the standards examinable from the ACCA website;
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