P7 Advanced Audit and Assurance
June 2010 Important Topics

Liz Weaver, the examiner, is now well into her style. Do not expect any changes in her examination approach. Remember that P7 is a required examination on the road to becoming a registered auditor
Expect the hurdle to be high and tough.

Going concern may be considered a cert, given her recent article. Best to review all articles from the last two years.

Exam Tips

Audit, business or financial statement risk
Group audits, joint ventures, goodwill, joint audit
E-commerce assurance
Due diligence or forensic audit
Ethics, practice management and other professional issues
Discontinued operations
Construction contracts
Intangible assets, fair values
Post employment benefits
Revenue recognition
Going concern (see SA article very much a current issue)

By Keith Rye