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  1. #1
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    Default BPP P7 December 2008 ACCA Exam tips

    P7 December 2008 ACCA Exam tips by BPP (Advanced Audit and Assurance)
    [HIDE] After two broadly similar sittings of this paper, candidates can expect more of the same in
    December for Paper P7, and should remember the key context of this paper - that you are being asked to consider things from the perspective of a senior manager or partner in a professional firm. However, from December 2008 onwards, the examiner has stated that accounting and reporting issues from the P2 Corporate Reporting syllabus could now be examined, so it remains to be seen how significant this will be. Overall though, candidates sitting Paper P7 must still consider the following:




    Applying topics seen before in a more commercial context (planning & risk assessments, audit procedures, reporting, quality control and ethical issues for example) without forgetting the need for common sense in such cases
    The introduction of new topics such as group audits, quality control, forensic accounting and practice management
    The need to write clear concise reports that address the needs of the professional assurance provider and their clients in a practical way.

    The examiner has stated that there will be a very broad syllabus to pick from. Therefore, it is vital to reinforce the message that question spotting is a waste of time - a broad approach to covering the syllabus is required, with plenty of question practice under exam conditions. In addition to the points addressed above, the syllabus also includes the following topics that
    may be due an outing this sitting:
    Legal and regulatory issues affecting assurance providers, especially in the context of firms’ professional liability and the new UK Companies Act 2006
    Specific procedures for obtaining evidence and evaluating the quality of audit work carried out, in the context of topics such as fraud and error
    Current firm level issues like transnational audits, advertising and tendering
    The use of the various types of audit report available to practitioners
    The requirements of other forms of assurance engagement, such as Value for Money
    (VfM) studies or agreed upon procedures
    Engagements covering forensic accounting (see article below) or social & environmental auditing
    The correct treatment of accounting issues such as construction contracts, share based payments, revenue recognition or financial instruments.
    [/HIDE]

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    Useful Articles





    If you want to read around the subject or improve your understanding there are a number of
    good resources on the ACCA website:

    [HIDE-THANKS]Title: Examiners approach to paper P7
    Author: Lisa Weaver (the examiner)
    Date: 30 January 2007
    Reference:
    http://www.accaglobal.com/students/study_exams/qualifications/acca_choose/acca/professio
    nal/aaa/technical_articles/2881879

    Title: How to tackle audit and assurance case study questions (in two parts)
    Author: Lisa Weaver (the examiner)
    Date: 1 August 2007 (part one)
    14 September 2007 (part two)
    Reference:

    http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_aug07
    _weaver.pdf

    http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_oct07_weaver_part2.pdf
    Title: Continue to be ‘Rest Assured’
    Author: Lisa Weaver (the examiner)
    Date: 15 October 2007
    Reference:
    http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_oct07_
    weaver_rest_assured.pdf

    Title: Group audit issues
    Author: Lisa Weaver (the examiner)
    Date: 10 March 2008
    Reference:
    http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_mar08
    _weaver.pdf

    Title: Audit reports to those charged with governance
    Author: Lisa Weaver (the examiner)
    Date: 10 April 2008
    Reference:
    http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_apr08_
    weaver.pdf

    Title: Forensic auditing
    Author: Lisa Weaver (the examiner)
    Date: 11 September 2008
    Reference:
    http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_sep08
    _weaver.pdf
    [/HIDE-THANKS]

  3. #3
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    Quote Originally Posted by acca View Post
    P7 December 2008 ACCA Exam tips by BPP (Advanced Audit and Assurance)
    *** hidden content ***
    HAS ANYONE GOT ANY GOOD TIPS FOR P7

  4. #4
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    Post tips

    Has anyone any tips on P7 or where to find tips on P7? i have taken this paper twice and failed it on both occassion.

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    Quote Originally Posted by mikky_uk View Post
    Has anyone any tips on P7 or where to find tips on P7? i have taken this paper twice and failed it on both occassion.
    30 posts or VIP membership required for all to view tips mocks and notes.

    Come on mikky_uk! you can post good stuff share with all other members if you can not pay.

  6. #6
    mzy
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    Has Anyone Got Any Good Tips For P7

  7. #7
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    Thank you!
    All da best to those sitting for this paper

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