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Hi Mike,
A couple of things:
Firstly, I’d just like to say Opentuition has helped me a lot so far (8 papers done, 2 more to go – hopefully) and you make the auditing lectures entertaining (which is surely a hard thing to do).
Secondly, what additional information would I need to study, in conjunction with the P7 lectures, if I am preparing for the UK version of this exam?
Thanks and kind regards,
Kenneth
Kenneth, thank you for those kind words – it’s always good to hear that you’re appreciated!
I assume that you are already aware of the need to know as much as you can remember about accounting standards – be they IFRS or FAS – for the P7 exam
The only real difference between P7 International and P7 UK is the little bits of difference within those accounting standards.
The earlier auditing exam F8 UK variant has now been fully merged with International variant, the same as the earlier accounting exam F7 UK merged with F7 International
It can only be a matter of time before P7 and P2 variants go the same way.
However, for 2016, there remains the difference. Importantly, whichever variant that you choose can be critical to your future! If it is your ambition to carry a practising certificate to operate as a registered auditor in the UK, you need to have passed P2 and P7 UK variants
Technically, there’s little difference – just re-revise your knowledge of FAS
Thanks for this response. Since we only have access to P7 int lectures on here, will the tutors state the difference when teaching? So that we do not get confused? Thank you
Hi Miriam
There really is very little point in following through your suggestion
The only differences that I am aware of relate to the differences between UK GAAP and IFRS and, given that those differences are steadily being eliminated and the UK, despite Brexit, is finally bringing itself into line with the majority, the exercise that you suggest would seem to be of little value
But I do appreciate your constructive input and trust that you can understand the sense of my response
Hi Mike. Thanks for your response. My comment wasn’t a suggestion as such. More of an enquiry. I’m getting really confused as to what variant I should take. I did the p2 int but since I’ll most likely be practicing in the Uk I’ve decided on the Uk variant. But I’m self studying so don’t want to get confused along the line between uk and int variant when using opentuirion free lectures. Thank you in advance for your response
Again, coming back to the UK’s reluctant but inevitable acceptance of the international wisdom, together with the content of my response to your earlier post with the thread heading ACCA P7 UK, I doubt that you will be wildly astray if you were to study the international notes
A further point! And this could be important!
If you wish to obtain a practising certificate for UK audit work in the future, then the current rules require you to have passed P2 UK VERSION
Here’s an extract, again!
“Do I need to pass any specific exams to be eligible for a practising certificate and audit qualification?
Yes, you must pass the UK or Irish variants of papers F4 (Corporate and Business Law), F6 (Taxation), P2 (Corporate Reporting) and P7 (Advanced Audit and Assurance). If you were awarded exemptions from papers F4 and/or F6 on the basis of a degree/qualification which did not have sufficient coverage of UK or Irish tax and law you will need to pass the UK or Irish variants in order to be eligible for a practising certificate and audit qualification.”
And here’s the link – the question is the penultimate question on the page:
https://www.accaglobal.com/us/en/member/sectors/smp/practising-info/faqs.html
Oh that’s great info thank you. I passed the p2 international so looks like I might as well also do p7 international as I do not qualify anyway. Besides I’m not currently in practice. I’m in management accounts. But I wanted to keep my options open incase I decide to change fields in the future.
Surely I can still obtain a practicing certificate without audit if I continue as normal. I.e with international variants.
Thanks so much.
You can but, as you say, you can’t audit
The only other way round (short of leaving it and wondering whether ACCA may at some time in the future and change the rules) is to resit the Law F4 (you’ll need English variant) Tax F6 and P2 UK
I assume that that’s a non-starter!
haha yes that’s not feasable for me right now.
Thanks so much for your responses.
Dear Sir,
Can one still audit in the UK if I set P2 INT and sit P7 UK or do they both have to be UK variants?
Thanks
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