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  1. #1
    Join Date
    Apr 2008

    Default Examiners Insight to P7

    At the ACCA teacher’s conference, Lisa Weaver made some comments about student’s performance in her paper, as well as providing some tips to help students.

    Common problems seen on students’ scripts included:

    Not answering the specific question requirement

    Spending too much time on Section B questions, especially if these were attempted first in the exam
    Seeming unable to reach an opinion or express a clear conclusion

    Not spending enough time thinking about the scenario, leading to answers that lack focus and are irrelevant
    There were however some strong points in students’ scripts:


    Students have improved in answering risk assessment questions (Q1)

    Students have a good knowledge of financial reporting issues

    Lisa gave the following tips for candidates attempting her paper:


    Students must practice exam style questions early in their studies. This Paper is all about application of knowledge, which can only be developed throughquestion practice.
    Current issues will be regularly examined and students are expected to use on-line resources and read articles that appear in student accountant to build up knowledge of current issues in the auditing profession.

    Lisa hinted that current issues could include going concern and management bias, global audit issues, auditor’s liability, the IAASB Clarity Project, and risk assessment and governance developments.

    Students should remember that there are key syllabus areas which are likely to appear in every exam – planning, ethics, gathering evidence, reporting, and current issues and developments. These could be tested in the context of an audit or a non-audit engagement.
    ACCAHelp Advices all P7 Students to


    Carefully read and understand the recent articles by Lisa Weaver in student accountant – the April edition contains an article entitled ‘Massaging the figures’, which discusses fraudulent financial reporting and earnings management.

    Practice plenty of past questions to build up exam technique and get used to the style of Lisa Weaver’s questions. It is important to use an up to date revision kit.

    P7 can be difficult if you don’t work in an audit practice. If you are in this situation, you may want to team up with a study buddy who has some audit experience – your buddy would be able to help you to understand the issues that auditors are exposed to in practice.
    Last edited by acca; 05-13-2009 at 11:39 AM.

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