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take the revision kit, keep practicing till exam day. of course you need to cover the syllabus first.
thanks a lot! but is there any specifics you can talk about areas of interest anf how to generally approach the paper?
i would say you have to master audit risk and business risk question. these question comes very often, usually question 1 and try to know the accounting Standards (IFRS) from P2.
then try to attempt as many question as possible on each topic.Just wanted to give you a little bit of advice for P7. I passed this paper first time and found it in the main relatively easy. The thing to remember with this paper is risk , accounting standards and ethics. If you go into this paper with no understanding of risk, accounting standards or ethics you increase your chance of failing ( 70% of the paper in one way or another involves understanding risk and accounting treatment).
For example if there is an scenario in the exam which centers around ‘inventory’ … think has management valued inventory per IAS 2 lower of cost and net realisable value. Has management intentional increased inventory to mislead shareholders ? what evidence is available to account for managements valuation ( invoices , materials etc) ?
From a risk point of view think ‘ audit risk’…. There is a risk that inventory is materially misstated – ‘ impact’ inventory is overstated which may present an unfair view of the accounts ( materality dependent). ‘significance’ for the audit more work will be needed to recalculate inventory !!! … if management refuse then issue a qualified opinion if the rest of the accounts are fine
I hope this helps
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