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Unveiling the Advanced Audit and Assurance Paper P7: An Examiner's Guide

Explore the structure, content, and pitfalls of ACCA's P7 Advanced Audit and Assurance paper. Learn key areas, tips, and strategies from the examiners to succeed and understand the regulatory environment, ethical considerations, and more.

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Unveiling the Advanced Audit and Assurance Paper P7: An Examiner's Guide

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  1. EXAMINER’S APPROACH: P7, Advanced Audit and Assurance

  2. WHERE THE PAPER FITS?

  3. Professional Level (7 papers in total) Essentials (3 papers) Options (2 from 4 papers) P4 Advanced Financial Management (AFM) P5 Advanced Performance Management (APM) P6 Advanced Taxation (ATX) P7 Advanced Audit and Assurance (AAA) Fundamentals 9 papers in total

  4. LINKS TO OTHER PARTS OF THE QUALIFICATION?

  5. F8 P2 PER

  6. OVERALL CONCEPT?

  7. P7 CONTENT?

  8. ARegulatory Environment BProfessional and Ethical Considerations CPractice Management DAudit of historical financial information E Other assignments F Reporting GCurrent Issues and Developments

  9. EXAM STRUCTURE?

  10. 3 hours +15 mins Discursive

  11. Professional Level – P7 Section A Section B Two questions Two from three questions Case studies Shorter scenarios Across syllabus (Several parts)

  12. EXAM FEATURES?

  13. Style? Ethics? Professional marks? Rule of And? Cognitive level?

  14. EXAM TIPS

  15. Key areas Key strategy

  16. Tip 1 - Question practice! Tip 2 - Think about the requirement! Tip 3 - Read examiner’s articles!

  17. EXAM PITFALLS

  18. Pitfall 1 - Lack of application of knowledge Pitfall 2 - Answers too brief for marks available Pitfall 3 - Not answering specific question requirements

  19. Exam Review Board Examiners’ reports

  20. TO CONCLUDE

  21. Read! Think! Answer!

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