ACCA P7 Advanced Audit and Assurance

Nature of the ACCA P7 paper

ACCA P7 Paper – Advanced Audit and Assurance – a step up from F8 Audit and Assurance is to analyse, evaluate and conclude on assurance engagements. Where F8 looks at audit procedures and a student is typically in the role of an audit junior or semi-senior, at this advanced level the student is assistant-in-charge, manager or partner.

Structure of the ACCA P7 paper

The first 2 questions in the exam are compulsory and will be worth anywhere between 50% and 70%. The remaining 30% – 50% are divided between 2 from 3 other questions

Emphasis of the ACCA P7 exam

At this advanced professional level the ACCA is looking for the ability to analyse tricky / controversial situations and apply professional thinking to resolve the problem or advise the “correct” course of action.
Recently the examiner has adopted the style of asking question 1 in the form of a series of emails.
As with all the professional level exams, there are “professional marks” available for the quality, clarity and persuasiveness of an answer.
In the past the examiner has felt it necessary to comment on the apparent inability of students to apply even the most basic of double entry principles!
As well as the step up from assistant to partner and the change of emphasis from procedures to analysis, the syllabus from F8 is extended by the additional elements of the audit of group accounts and the procedures and problems associated with non-audit assignments