P7 Last minute revision

PRESENTED BY ALAN LEWI N

Areas included in presentation
Syllabus overview
P7 Paper format
Review of December 2013 paper
Recent articles
Question spots June 2014
Last minute tips

Overview of syllabus
A Legal and regulatory environment
B Professional and ethical considerations
C Practice management
D Audit of historical financial information
E Other assurance assignments
F Reporting
G Current issues and developments
P7 Paper format
Section A
60 Marks - compulsory
Section B
Three questions with 20 marks each.
Attempt 2 from 3
Knowledge v Application
Up to 15% for knowledge
85% for application
Section A style questions
Normally 2 questions with large scenarios
60 marks
Needs careful planning
Any syllabus area
Will include practice management and audit
procedures
Section B style questions
Still large scenarios
20 marks
Need to apply knowledge to the scenario
Review of December 2013 paper
Question 1
Planning a group audit
Audit procedures on disposal
Use of internal audit
Question 2
Due diligence work including planning, information
needed and type of report
Review of December 2013 paper
Question 3
Audit evidence around provisions
Disclosure of information (in public interest?)
Question 4
Ethical and professional issues in three short
scenarios
Question 5
Audit work on going concern and cash flow
forecasts
P7 Recent articles
Accounting issues
Need for IAS knowledge and how to audit various
balances in P7 questions
Forensic accounting
Useful summary of the practicalities of this area
Auditing financial statements
Summary of proposed changes to ISAs
Question spots June 2014
Audit planning (perhaps with new team members) and audit of
specific SFP items
Review of audit work
Issues with fraud / money laundering
Ethics with forensic accounting / other assurance work
Reporting possibly commentary on badly worded audit report
P7 - Last minute tips
Practice recent exam questions
Remember to present answers clearly
In exam
Think like and auditor
BUT use your common sense