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    Default P7 Exam Tips by BPP for December 2009

    P7 Exam Tips by BPP
    December 2009


    [SHOWTOGROUPS="15"]These are effectively the most examinable topics for P7 Advanced Audit and Assurance i.e. the areas that you must be fully comfortable with before the December 2009 exams.



    • A risk-based and/or planning scenario in the compulsory section
    • Questions based on articles published in Student Accountant in the past six months - such as recent articles on the Clarity Project and Computer Assisted Audit Techniques (CAATs)
    • A number of requirements asking for audit procedures and required evidence in respect of specific financial reporting issues (CAATs could also feature here)
    • A practice-based scenario looking at professional, ethical and quality control issues
    • A reporting scenario of some sort
    • Legal and regulatory issues affecting assurance providers, especially in the context of firms’ professional liability, money laundering and the UK Companies Act 2006 (even the IAASB Clarity Project)
    • The requirements of other forms of assurance engagement, such as Prospective Financial Information (PFI), Value for Money (VfM) studies or agreed upon procedures
    • The correct treatment of more complex accounting issues (such as employee benefits or first time adoption of IFRS) than has been seen before As in June 2009 with ISA 315, specific ISAs may be examined in sufficient detail to warrant learning the key elements for regurgitation in the exam
    • Discrete topics that we have not yet seen such as subsequent events as part of evaluation and review, questions using the ontext of internal audit or advertising for certain engagements
    • The need to understand current issues such as globalisation, the impact of the recession on auditors, corporate governance, risk management and auditor liability.



    Please note that these tips are based on our experience as a leading ACCA tuition provider. You should ensure you have a complete and solid knowledge of the entire syllabus in addition to the tips above.Question practice is key to success so try to attempt as many questions as you can in the run up to the exams.
    [/SHOWTOGROUPS]
    Last edited by acca; 11-07-2009 at 03:14 PM.


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