Paper P7 Tips for Students (1st Attempt and Repeaters) Paper P7 (Advance Audit) is relatively an easy paper but some students find it extremely difficult and have to undergo many attempts. This is may be because there approach towards this paper is somewhat ambiguous and they are unable to understand this despite several attempts. There are simple steps to follow in order to pass this paper. 1. Use of BPP Study Text and one shall read it atleast twice. 2. Use of Kaplan as Exam Kit which shall be practiced alteast twice. Before one starts studying for Paper P7, ACCA Reloaded highly recommends to revise IASs/ IFRSs from Paper P2 Corporate Reporting, as these standards are highly important to EARN A PASS in this paper. Answers in P7 needs to narrate the IFRSs aswell for example, if an organization has to talk on provision and apply audit procedures one shall 1st Define Provision as per IAS 37 i.e. Provision is due to past event which is obligation at present, is of uncertain amount and timing and then link it to Audit Procedures like review Board Minutes, lawyers confirmation etc. If one still faces difficulty, shall revise Paper F8 Study text (BPP). USE OF AUDIT JARGONS is very important for this paper. Students who fail securing 48 or 49 marks are due to inappropriate use or no use of such Jargons. When talking about audit evidence, one shall use SUFFICIENT APPROPRIATE AUDIT EVIDENCE. Reference to ISAs shall be made at times. There are certainly some difficult areas being tested at each attempt and there certainly is an easy portion in every attempt. This is almost in every ACCA Paper. In Paper P7, as far as I think Question on Independence gives you the opportunity to score the maximum and many students due to this question pass the paper with flying marks. So, can I say those who fail their paper on 48 or 49, did not reasonably attempt Question on Independence aswell?? Other questions i.e. Business, Financial or Audit Risks, Audit Report, Going Concern, etc are highly important and shall be conceptually answered with reference to ISAs.
Posted on: Fri, 13 Sep 2013 20:46:39 +0000