P7 Advanced Audit & Assurance

Students said: P7 was OK if you stuck to your timings, according to one student. Q1 seems to have been time pressured, with students admitting to throwing away a lot of time on the question. One PQ even claimed to being a bit ‘freaked’ by the question.

Students said the exam covered the following…

Q1: Audit risks, internal audit, joint ventures and intangibles.

Q2: Development costs, investment properties and defined contributions.

Q3: Due diligence tendering and warranties.

Q4: Quality control.

Q5: Ethics and the audit report

The examiner said: For this exam it is important for PQs to gauge the style of question requirement that regularly appears in this paper. You need to gain an appreciation of what it means to explain an answer point rather then just identify an answer point. Q1 followed the pattern of previous exams and was set at the planning stage of an audit/assurance cycle. You had the standard audit risk requirement. Q2 was a standard format asking candidates to comment on matters arising and evidence expected to be found in relation to three issues. Q3 centred on due diligence engagement and was set prior to tendering. Q4 focused on practice management and current issues. Q5 (the most popular question) centred on audit reporting and ethics with a corporate governance slant.

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