P7 Advanced Audit and Assurance
June 2011 ACCA Exam Tips by Kaplan

Core areas (as per examiner’s approach article) likely to be examined in every paper:
 Engagement planning and risk assessment
 Engagement procedures (i.e. evidence)
 Ethics and professional issues
 Engagement reporting (ISA’s 700, 705, 706 in particular)

Subjects of recent articles yet to be examined:
 Preconditions for an audit; current issues – provision of non-audit services to audit clients;
and client/engagement acceptance & continuance procedures (March 11 article).
 Auditing in a Computer Based Environment
 Discontinued operations
 ISA 540 Audit of Accounting Estimates
Significant topics not examined for at least 18 months:
 Risk management
 Money laundering
 Auditing financial instruments (new IFRS 9)
 Due diligence
 Forensic audit
 Using the work of an expert (ISA 620 – maybe ISA 610 as well?)
 Auditing related parties (ISA 550);
 Laws & regulations (ISA 250)
 UK variant is also very likely to include an aspect of Insolvency.

Use the above ACCA EXAM Tips as important areas to cover but remember that no one knows what can come in your P7 June 2011 ACCA Exam, apart from Lisa Weaver (P7 examiner for June 2011). Your safest bet is to achieve good syllabus coverage in your revision, as your examiner aims to do in this sitting of P7 Advanced Audit and Assurance Exam.