- This topic has 14 replies, 13 voices, and was last updated 10 years ago by
.
- Posts
Is it necessory to quote the name and the number of ISA in the exam and if i will not mention this will i loose marks or not.
you dont need to qoute ISA, it’s important you have (thorough) knowledge of ISA and the application of each relevant IAS’s and IFRS. The article from the examiner made it point blank that naming and numbering wont score nothing in the exam.
best wishes!
- Topics: 0
- Replies: 6
- ☆
I disagree with this. Your ability to quote relevant ISAs will score you marks. Cehck marking schemes
- Topics: 0
- Replies: 3
- ☆
every standards quoted worth half a mark. try to grab it. however, memorising the name and numbers without proper explaination of guidance and requirement of each standards are meaningless. try to do as much questions, then u’ll be able to remember and make good application to the case
- Topics: 0
- Replies: 3
- ☆
the ISAs can be categorised into 6 groups.
200 series: respective responsibilities
300 series: audit planning
400 series: internal audit
500 series: audit evidence
600 series: using work of other expert
700 series: audit conclusion & audit reporthope this may help u. best wishes! 🙂
I agree with Hajamuslim and Eriap. in aggregate remebering ISAs and their name (together with adequate explanation of the ISAs) will have material impact on passing or falling on the exam…so try to grasp as much as possible. I just tried to remember them this week and at least i have grasped much of them and still struggling to remember the IASs.
good luck!!!
- Topics: 0
- Replies: 4
- ☆
I disagree with remembering ISA or IFRS numbers. What you need is a thorough understanding of the ISAs, relevant IFRS and IAS and how you can relate them with each other.
For example:
Linking a question on planning ( as appropriate) to ISA on planning, assessing risks of material misstatement, materiality and how to handle assessed risks.Can also be linked with reporting risks especially to do with internal control with those charged with governance.
There are about 5 ISAs here and knowing how to treat them and interrelate matters more than learning numbers.
I for one only know IFRS 5 and ISA 37 numbers but i can talk more about what the ISAs say and link relevant IAS to them where applicable especially in matters and evidence questions
- Topics: 0
- Replies: 2
- ☆
Dear All, I have only out of date IAS, IFRS and ISA. Any one has softcopy or link that I can get it. Please help me to get it. Thanks
olukemif,
I shared your view in this regards, the Examier made it clear “Mostmarks will be for demonstrating an
understanding of a financial reporting issue, and its
relevance to the audit also that Marks will be available on the marking scheme for reference to relevant financial reporting standards.Simply quoting or naming standard will only attract (if any at all) but resticted marks.
cheers!
Hey, bear me, a favor by commenting on my following career plan. I’m in Pakistan and would be pursuing the ACCA and the associated BSc degree from OBU. After clearing all the papers, as an ACCA affiliate I would apply for a Masters Program on the basis of my BSc in UK or European country. After the Masters I could avail the opportunity of getting a post graduation work permit and could settle abroad. Feasible or long shot?
Well, for my part, I did P7 without having any accounting or auditing background. I didn’t know the ISAs, save for ISA 240 and I was not very familiar with teh IASs/IFRSs. I came out reasonably well from that exam, bearing in mind I did not try to quote any specific ISA by number and the fact that I spent most of my time that sitting studying for P2, of which I knew nothing.
You don’t lose any marks for not identifying the name and number of an accounting or auditing standard – all marks are awarded for how you apply that standard to the scenario given rather than knowing the name & number of it. The examiner has stated that if you know the name & number of the standard, then drop it in as it will help lend credibility to your overall argument, but it is not a specific requirement.
Perhaps more importantly, the examiner has also advised that if you don’t know the name and number of a standard, then don’t guess because if you get it wrong it weakens your overall argument.
Could anyone recommend any should know/ the important isas that you should definitively know for p7?
- You must be logged in to reply to this topic.