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ACCA APPROVED CONTENT PROVIDER ACCA Approved Practice & Revision Kit Free access to our Exam Paper P7 Success site Advanced Audit and Assurance Look inside (International) Practice & Revision Kit for examsup to June 2015ThiNganHang.com ThiNganHang.com
P R A C T I C PAPER P7 E ADVANCED AUDIT AND & ASSURANCE (INTERNATIONAL) R E V BPP Learning Media is an ACCA Approved Learning Partner – content for the ACCA I qualification. This means we work closely with the ACCA to ensure our products fully prepare you for your ACCA exams. S In this Practice and Revision Kit, which has been reviewed by the ACCA examination I team, we: Discuss the best strategies for revising and taking your ACCA exams O Ensure you are well prepared for your exam N ThiNganHang.comProvide you with lots of great guidance on tackling questions Provide you with three mock exams Provide ACCA exam answers as well as our own for selected questions K Our Passcard and i-pass products also support this paper. I T FOR EXAMS UP TO JUNE 2015 ThiNganHang.com
First edition 2007 Eighth edition June 2014 ISBN 9781 4727 1113 7 (previous ISBN 9781 4453 6658 6) e-ISBN 9781 4727 1177 9 British Library Cataloguing-in-Publication Data All rights reserved. No part of this publication may be A catalogue record for this book reproduced, stored in a retrieval system or transmitted, in is available from the British Library any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd. Published by BPP Learning Media Ltd We are grateful to the Association of Chartered Certified BPP House, Aldine Place Accountants for permission to reproduce past London W12 8AA examination questions. The suggested solutions in the practice answer bank have been prepared by BPP www.bpp.com/learningmedia Learning Media Ltd, except where otherwise stated. Printed in the United Kingdom by RICOH UK Limited Unit 2ThiNganHang.com Wells Place Merstham RH1 3LG © BPP Learning Media Ltd 2014 Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable, sustainable sources. ii ThiNganHang.com
Contents Page Finding questions Question index .................................................................................................................................................................. v Topic index .................................................................................................................................................................... viii Helping you with your revision..................................................................................................................... ix Revising P7 Topics to revise................................................................................................................................................................. x Question practice .............................................................................................................................................................. x Passing the P7 exam........................................................................................................................................................ xi Exam information ........................................................................................................................................................... xvi Examinable documents ................................................................................................................................................. xvii Useful websites ............................................................................................................................................................. xxi Analysis of past papers ................................................................................................................................................ xxii Questions and answers Questions..........................................................................................................................................................................3 Answers ..........................................................................................................................................................................81 Exam practice Mock exam 1 Questions ............................................................................................................................................................345 Plan of attack .......................................................................................................................................................353 Answers...............................................................................................................................................................354 Mock exam 2 Questions ............................................................................................................................................................373 Plan of attack .......................................................................................................................................................381 Answers...............................................................................................................................................................382 Mock exam 3 (December 2013) Questions ............................................................................................................................................................405 Plan of attack .......................................................................................................................................................413 Answers...............................................................................................................................................................414 ACCA examiner's answers June 2013............................................................................................................................................................439 Review formDecember 2013 ...................................................................................................................................................455ThiNganHang.com iii ThiNganHang.com
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Question index The headings in this checklist/index indicate the main topics of questions, but questions are expected to cover several different topics. Questions set under the old syllabus paper Audit and Assurance Services (AAS) are included because their style and content are very similar to that of the current P7 exam. The questions have been amended to reflect the current exam format. Time Page number allocation Marks Mins Question Answer Parts A and B: Regulatory environment and professional and ethical considerations 1 Lark (6/12) 15 27 3 81 2 Plant (12/12) 16 29 3 84 3 Becker (12/08) 20 36 4 87 4 Peaches (12/09) 16 29 5 91 5 Retriever (6/13) 25 45 5 93 6 Smith & Co (6/08) 17 31 6 99 7 Carter (6/10) 20 36 7 102 8 Dedza (Pilot paper) 20 36 7 105 9 Clifden (6/09) 17 31 8 108 Part C: Practice management 10 Hawk Associates (AAS 6/04) 15 27 9 111 11 Grape (12/09) 36 65 9 114 12 Ingot & Co (Pilot paper) 20 36 10 121 13 Nate & Co (12/07) 20 36 11 123 14 Wexford (6/11) 18 32 12 126 15 Spaniel & Bulldog (6/13) 20 36 12 129 16 Raven (6/12) 15 27 13 132 17 Dragon Group (6/09) 34 61 13 135 Part D and E: Audit of historical financial information and other assignments 18 Pulp (6/08)19 Aspersion (AAS 12/01)20 Mac (6/10) (amended)ThiNganHang.com172026 313647 161617 140143147 21 Distant 15 27 18 151 22 Juliet (6/10) 20 36 19 153 23 Apricot (12/09) 16 29 19 156 24 Poppy (12/08) 20 36 21 158 25 Magpie (6/12) 37 67 21 161 26 Beech (12/11) 18 32 23 167 27 Setter (6/13) 20 36 24 170 28 Lamont (AAS 6/07) 20 36 25 174 Finding questions v ThiNganHang.com
Time Page number allocation Marks Mins Question Answer 29 Papaya (12/09) 36 65 25 176 30 Bill (6/11) (amended) 39 70 26 181 31 Mulligan (12/07) 20 36 28 187 32 Parker (6/13) 35 63 29 190 33 Lapwing (6/12) 33 59 31 196 34 Azure Airline (AAS 12/04) 35 63 33 201 35 Island (12/07) (amended) 32 58 34 206 36 Meadow (AAS 12/02) (amended) 29 52 36 211 37 Butler (6/11) (amended) 32 58 38 215 38 Grohl (12/12) 40 72 40 220 39 Champers (6/09) (amended) 36 65 42 226 40 Grissom (6/10) (amended) 38 68 44 231 41 Jacob (6/11) 18 32 45 236 42 Cusiter (AAS 6/07) 29 52 46 239 43 Oak (12/11) (amended) 41 74 48 242 44 Geno Vesa Farm (AAS 6/05) 26 47 50 248 45 Cedar (12/11) 18 32 51 252 46 Willow (12/11) (amended) 27 49 52 254 47 Jovi (12/12) 28 50 53 258 48 Kobain (12/12) 16 29 56 262 49 Cuckoo Group 34 61 57 264 50 Bluebell (12/08) (amended) 36 65 58 267 51 Robster (6/09) (amended) 17 31 60 273 52 Efex Engineering (Pilot paper) (amended) 34 61 60 276 53 Bateleur Zoo Gardens 34 61 62 279 54 Sci-Tech (12/07) (amended) 34 61 63 284 55 Rosie (6/08) (amended) 36 65 65 289 56 Medix (6/08) (amended) 36 65 67 294 Part F: Reporting 57 Yew (12/11) 18 32 69 300 58 Snipe (6/12)ThiNganHang.com15 27 70 302 59 Nassau Group (6/11) 18 32 70 304 60 Cinnabar Group (AAS 6/02) 15 27 71 307 61 Poodle (6/13) 20 36 72 310 62 Dexter (12/08) 20 36 73 313 63 Johnston and Tiltman (AAS 6/06) (amended) 15 27 73 317 64 Lychee (12/09) 16 29 74 319 65 Grimes (6/10) 20 36 74 322 66 Pluto (6/09) 17 31 75 325 67 Cleeves (AAS 12/06) 15 27 75 328 68 Blod (6/08) 17 31 76 330 vi Finding questions ThiNganHang.com
Time Page number allocation Marks Mins Question Answer 69 Axis & Co (Pilot paper) 15 27 77 333 70 Dylan (12/12) 16 29 77 334 71 Bertie & Co (12/07) 20 36 78 337 Mock exam 1 Mock exam 2 Mock exam 3 (December 2013 paper) ThiNganHang.com Finding questions vii ThiNganHang.com
Topic index Listed below are the key Paper P7 syllabus topics and the numbers of the questions in this Kit covering those topics. If you need to concentrate your practice and revision on certain topics or if you want to attempt all available questions that refer to a particular subject, you may find this index useful. Syllabus topic Question numbers A REGULATORY ENVIRONMENT 1 International regulatory frameworks for audit and assurance services 20(d) 2 Money laundering 1(a), 8, 11(c), 13(a) 3 Laws and regulations 39, 56(b), 67(a) B PROFESSIONAL AND ETHICAL CONSIDERATIONS 1 Code of Ethics for Professional Accountants 1(b), 3-9, 13, 14(a), 15(a), 16, 22(b), 25(b), 56(a), 68(b), 70(a) 2 Fraud and error 15(b)–(c), 20(d), 66(a) 3 Professional liability 15(d), 42(d), 66(b), 68(c) C PRACTICE MANAGEMENT 1 Quality control 2, 11, 12, 18(c), 35(c), 43(b), 66(c) 2 Advertising, publicity, obtaining professional work and fees 4, 10 3 Tendering 9(b), 17(b) 4 Professional appointments 7, 14(a), 17(a), 21(b), 33(a), 56(a), 70(a) D AUDIT OF HISTORICAL FINANCIAL INFORMATION 1(i) Planning, materiality and assessing the risk of material misstatement 14(b), 22(b), 25(a), 29-30, 32(a)–(b), 35–40, 43(a), 44, 47-51, 52(c)–(d), 53(a), 54, 56(b)–(d) 1(ii) Evidence 18(a), 24, 47(c) 1(iii) Evaluation and review 11(a), 18(b), 19, 26-28, 33(b), 36(b), 37(b), 38(b)–(c), 39(c), 40(c), 44(b), 46, 47(d), 52(c)–(d), 54(b)–(c), 55(b), 58(a), 61(a), 62(a), 63(a), 64(a) 2 Group audits 25(a), 40, 49-50, 55(c), 59(b), 67(b) E OTHER ASSIGNMENTS 1 Audit-related services 41, 55(a) 2 Assurance services 31(a)-(b), 34, 71(b)–(c) 3 Prospective financial information 21, 23, 33(a), 37(a), 42(a)–(c) 4 Forensic audits 20(c), 31(c), 45(a)–(b), 52(a)–(b) 5 Internal audit 20(a)–(b) 6 Outsourcing 20(a)–(b), 54(a) F1 ThiNganHang.comAuditor's reportsREPORTING 37(b), 57, 58(b), 59–60, 61(b),62(b)–(c), 63(b), 64(b), 65(a), 66(b), 67(b), 68(c), 69, 70(b), 71(a) 2 Reports to those charged with governance and management 68(a) 3 Other reports 68(a) G CURRENT ISSUES AND DEVELOPMENTS 1 Professional and ethical 22(a), 45(c) 2 IFAC developments 4 3 Transnational audits 17(c) 4 Social and environmental auditing 32(c), 33(b), 50(c) 5 Other current issues 22(a), 24(a) viii Finding questions ThiNganHang.com
Helping you with your revision BPP Learning Media – Approved Learning Partner – content As ACCA’s Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use exam team reviewed revision materials. By incorporating the examiner’s comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision. Tackling revision and the exam Using feedback obtained from the ACCA exam team review: We look at the dos and don’ts of revising for, and taking, ACCA exams We focus on Paper P7; we discuss revising the syllabus, what to do (and what not to do) in the exam, how to approach different types of question and ways of obtaining easy marks Selecting questions We provide signposts to help you plan your revision. A full question index A topic index listing all the questions that cover key topics, so that you can locate the questions that provide practice on these topics, and see the different ways in which they might be examined Making the most of question practice At BPP we realise that you need more than just questions and model answers to get the most from your question practice. Our Top tips provide essential advice on tackling questions, presenting answers and the key points that answers need to include. We show you how you can pick up Easy marks on some questions, as we know that picking up all readily available marks often can make the difference between passing and failing. We include marking guides to show you what the examiner rewards. We include examiner’s comments to show you where students struggled or performed well in the actual exam. We refer to the 2014 BPP Study Text (for exams up to June 2015) for detailed coverage of the topics covered in questions. ThiNganHang.compapers. Used in conjunction with our answers they provide an indication of all possible points that could bemade, issues that could be covered and approaches to adopt.In a bank at the end of this Kit we include the official ACCA answersNote that the official ACCA answers for theto the June and December 2013 2013 exams have not been updated for technical changes coming into effect for exams up to June 2015. However, the BPP model answers for these questions have been updated. Attempting mock exams There are three mock exams that provide practice at coping with the pressures of the exam day. We strongly recommend that you attempt them under exam conditions. Mock exams 1 and 2 reflect the question styles and syllabus coverage of the exam; Mock exam 3 is the December 2013 paper. Helping you with your revision ix ThiNganHang.com
Revising P7 Topics to revise Paper P7 is a challenging higher level paper consisting of two compulsory case-study style questions in Section A (worth a total of 60 marks) and two out of three short scenario questions in Section B (worth a total of 40 marks). The P7 examiner, has stated that planning and risk assessment are key areas which are likely to form part of a compulsory question. Evidence is also likely to feature in Section A. Reporting could come up in either a compulsory or optional question (although it has tended to be optional), similarly ethical and professional issues. Current issues could come up anywhere on the paper so it is important that students do not ignore this area and make sure they keep up to date by reading Student Accountant and reviewing the accountancy and financial press. It has been a feature of P7 in recent years for questions to mix together several different syllabus areas. One consequence of this is to make it more difficult for candidates to avoid areas of the syllabus that they do not like. One of the general features of Professional level papers is the availability of professional marks. These will generally be awarded in Section A and comprise four marks. They will be awarded for the degree of professionalism with which answers are presented. For example, if you are asked to set out your answer as a letter or a report, marks will be awarded for presentation – using the correct heading at the start, and including an appropriate introduction and conclusion. Other professional marks could be awarded for the form of your answer such as the structure or logical flow of arguments. You should assume that if a question asks for a certain format, that there will be some professional marks available. To summarise, although this paper does contain an optional element, we strongly advise that you do not selectively revise certain topics – any topic from the syllabus could be examined anywhere on the paper. Selective revision will limit the number of questions you can answer and hence reduce your chances of passing. Question practice You should use the Passcards and any brief notes you have to revise the syllabus, but you mustn't spend all your revision time passively reading. Question practice is vital; doing as many questions as you can in full will help develop your ability to analyse scenarios and produce relevant discussion and recommendations. Make sure you leave enough time in your revision schedule to practise Section A questions, as these questions are compulsory in the exam. The scenarios and requirements of Section A questions are more complex and will integrate several parts of the syllabus, so practice is essential. Also ensure that you attempt all three mock exams under exam conditions. ThiNganHang.com x Revising P7 ThiNganHang.com
Passing the P7 exam Displaying the right qualities and avoiding weaknesses (a) Reading time You have 15 minutes of reading time – make sure you use it wisely. Given that Section A will consist of two compulsory questions, worth 60 marks in total, you could spend the time analysing and planning these questions and doing them first, and then choose and tackle the optional questions from Section B. (b) The following are examples of things to avoid – and note our comments about action to take in each case. Failure to complete the paper This problem can be avoided by ensuring that you have a very disciplined exam technique and that you set times in which to answer questions and, when that time is over, you move on to the next question. Lots of practice at answering questions in timed conditions will help you to discipline yourself in this way. Remember, it is easier to get marks at the outset of answering a question (when all the marks are still available) than to get the last few remaining marks for a question (when you have made all the easy points and are struggling with the most difficult aspects of the question). Not reading the question We recommend that you read each question more than once. Try to force yourself to read slowly as well. Although the exam is time-limited, reading the question properly is a good investment. Lack of comprehension and These are higher level skills which you have to learn at this level and the best analytical skills way to enhance them is to practise as many questions as you can. In addition, once you have completed your own answer, you should always work through the suggested answer referring back to the question so that you can see the links that have been made. Lack of lower level assumed You should endeavour not to commence your P7 studies until you have knowledge completed your F8 studies. It is not possible to pass P7 unless you have a very firm understanding of basic auditing theory. The same goes for paper P2; it is important that you retain your knowledge of corporate reporting from paper P2, and that you are up to date with the latest standards and developments. Lack of awareness of current You should ensure that you keep up to date with current issues in the auditing issues and business world, by reading examiner articles as a minimum, but preferably by keeping an eye on the accountancy press throughout your studies. Failure to respond in a The answer to this problem is to practice lots of questions, read other people's practical/commercial way answers to questions in this Kit and on the ACCA website and to try and think about how you would respond in practice if it were one of your clients. Lack of relevant practical You may not be able to do anything about this if you are not employed in a experienceThiNganHang.comrelevant field. However, if you can, do. For example, if you can discuss withyour managers the necessity of getting relevant experience and they are able tomeet that need, try and obtain as much relevant experience as you can. If not,the best you can do is follow the advice for the previous point, which should stand you in good stead. Inability to reach a You must get into the habit of drawing conclusions where the requirement is to conclusion/make a decision do so. Again, practise questions where this is required, and, when reading questions note whether you are required to draw a conclusion or make a decision. Poor exam technique/time This point links to the first point made above. There is a great deal of guidance allocation concerning exam technique in this kit. Read it and put it into practice. Revising P7 xi ThiNganHang.com
Using the reading time We recommend that you spend the first part of the 15 minutes reading time choosing the Section B questions you will do, on the basis of your knowledge of the syllabus areas being tested and whether you can fulfil all the question requirements. Remember that Section B questions can cover different parts of the syllabus, and you should be happy with all the areas that the questions you choose cover. We suggest that you should note on the paper any ideas that come to you about these questions. However don't spend all the reading time going through and analysing the Section B question requirements in detail; leave that until the three hours' writing time. Instead you should be looking to spend as much of the reading time as possible looking at the Section A scenario, as this will be longer and more complex than the Section B scenarios and cover more of the syllabus. You should highlight and annotate the key points of the scenario on the question paper. Choosing which questions to answer first Spending most of your reading time on the compulsory Section A questions will mean that you can get underway with planning and writing your answer to the Section A questions as soon as the three hours start. It will give you more actual writing time during the one and a half hours you should allocate to it and it's writing time that you'll need. Comments from examiners of other syllabuses that have similar exam formats suggest that students appear less time-pressured if they do the big compulsory questions first. During the second half of the exam, you can put Section A aside and concentrate on the two Section B questions you've chosen. However our recommendations are not inflexible. If you really think the Section A questions looks a lot harder than the Section B questions you've chosen, then do those first, but DON'T run over time on them. You must leave yourself plenty of time to tackle the Section A questions. When you come back to it, having had initial thoughts during the reading time, you should be able to generate more ideas and find the question is not as bad as it looks. Remember also that small overruns of time during the first half of the exam can add up to your being very short of time towards the end. Tackling questions Scenario questions You'll improve your chances by following a step-by-step approach to Section A scenarios along the following lines. Step 1 Read the background Usually the first couple of paragraphs will give some background on the company and what it is aiming to achieve. By reading this carefully you will be better equipped to relate your answers to the Step 2ThiNganHang.comRead the requirementsThere is no point reading the detailed information in the question until you know what it is going tocompany as much as possible. be used for. Don't panic if some of the requirements look challenging – identify the elements you are able to do and look for links between requirements, as well as possible indications of the syllabus areas the question is covering. Step 3 Identify the action verbs These convey the level of skill you need to exhibit and also the structure your answer should have. A lower level verb such as define will require a more descriptive answer; a higher level verb such as xii Revising P7 ThiNganHang.com
evaluate will require a more applied, critical answer. It should be stressed that higher level requirements and verbs are likely to be most significant in this paper. Action verbs that are likely to be frequently used in this exam are listed below, together with their intellectual levels and guidance on their meaning. Intellectual level 1 Define Give the meaning of 1 Explain Make clear 1 Identify Recognise or select 1 Describe Give the key features 2 Distinguish Define two different terms, viewpoints or concepts on the basis of the differences between them 2 Compare and Explain the similarities and differences between contrast two different terms, viewpoints or concepts 2 Contrast Explain the differences between two different terms, viewpoints or concepts 2 Analyse Give reasons for the current situation or what has happened 3 Assess Determine the strengths/weaknesses/ importance/significance/ability to contribute 3 Examine Critically review in detail 3 Discuss Examine by using arguments for and against 3 Explore Examine or discuss in a wide-ranging manner 3 Criticise Present the weaknesses of/problems with the actions taken or viewpoint expressed, supported by evidence 3 Evaluate/critically Determine the value of in the light of the evaluate arguments for and against (critically evaluate means weighting the answer towards criticisms/arguments against) 3 Construct the case Present the arguments in favour or against, supported by evidence 3 Recommend Advise the appropriate actions to pursue in terms the recipient will understand Step 4ThiNganHang.comIdentify what each part of the question requiresAlso make sure you identify all the action verbs; some question parts may have more than one. Think about what frameworks or theories you could choose if the question doesn't specify which one to use. When planning, you will need to make sure that you aren't reproducing the same material in more than one part of the question. Also you're likely to come across part questions with two requirements that may be at different levels; a part question may for example ask you to explain X and discuss Y. You must ensure that you fulfill both requirements and that your discussion of Y shows greater depth than your explanation of X (for example by identifying problems with Y or putting the case for and against Y). Revising P7 xiii ThiNganHang.com
Step 5 Check the mark allocation to each part This shows you the depth anticipated and helps allocate time. Step 6 Read the whole scenario through, highlighting key data Put points under headings related to requirements (eg by noting in the margin to what part of the question the scenario detail relates). Step 7 Consider the consequences of the points you've identified Remember that you will often have to provide recommendations based on the information you've been given. Consider that you may have to criticise the code, framework or model that you've been told to use. You may also have to bring in wider issues or viewpoints, for example the views of different stakeholders. Step 8 Write a brief plan You may be able to do this on the question paper as often there will be at least one blank page in the question booklet. However any plan you make should be reproduced in the answer booklet when writing time begins. Make sure you identify all the requirements of the question in your plan – each requirement may have sub-requirements that must also be addressed. If there are professional marks available, highlight in your plan where these may be gained (such as preparing a report). Step 9 Write the answer Make every effort to present your answer clearly. The pilot paper and exam papers so far indicate that the examiner will be looking for you to make a number of clear points. The best way to demonstrate what you're doing is to put points into separate paragraphs with clear headers. Discussion questions Remember that depth of discussion will be important. Discussions will often consist of paragraphs containing 2-3 sentences. Each paragraph should: Make a point Explain the point (you must demonstrate why the point is important) Illustrate the point (with material or analysis from the scenario, perhaps an example from real-life) In this exam a number of requirement verbs will expect you to express a viewpoint or opinion, for example construct an argument, criticise, evaluate. When expressing an opinion, you need to provide: ThiNganHang.comWhat the question wants. For instance, if you are asked to criticise something, don't spend time discussing its advantages. In addition if a scenario provides a lot of information about a situation, and you are (say) asked to assess that situation in the light of good practice, your assessment is unlikely to be favourable. Evidence from theory or the scenario – again we stress that the majority of marks in most questions will be given for applying your knowledge to the scenario. xiv Revising P7 ThiNganHang.com
Gaining the easy marks Knowledge of the core topics that we list under topics to revise should present you with some easy marks. The pilot paper suggests that there will be some marks available on certain part questions for definitions, explanations or descriptions that don't have to be related to the scenario. However don't assume that you can ignore all the scenarios and still pass! As P7 is a Professional level paper, 4 professional level marks will be awarded. Some of these should be easy to obtain. The examiner has stated that some marks may be available for presenting your answer in the form of a letter, presentation, memo, report or briefing notes. You may also be able to obtain marks for the style and layout of your answer. Reports should always have an appropriate title. They should be formally written, with an introductory paragraph setting out the aims of the report. You should use short paragraphs and appropriate headings, with a summary of findings as a conclusion. Memoranda and Briefing notes should have the following information at the beginning: Subject; name of recipient; name of author; date The language can be less formal than a report but the content should still have an introduction and conclusion, and be divided into small paragraphs with appropriate headings. Letters should be addressed appropriately to the correct person and be dated. They should have a short introductory paragraph, a conclusion and should be in a formally writing style. Letters beginning with 'Dear Sir/Madam' should end with 'Yours faithfully'. ThiNganHang.com Revising P7 xv ThiNganHang.com
Exam information The exam paper The exam is a three-hour paper consisting of two sections. Section A will consist of two compulsory 'case study' style questions. These will include detailed information including, for example, extracts from financial statements and audit working papers. The questions will include a range of requirements covering different syllabus areas. Section B questions will tend to be more focused towards specific topic areas, such as ethical issues and auditor's reports. Short scenarios will be provided as a basis for these questions. Number of marks Section A: Two compulsory questions: Question one 35 Question two 25 Section B: Choice of two from three questions (20 marks each) 40 100 Question format The format of questions in P7 is different between section A and section B. Section A questions will feature scenarios, with simple requirements such as 'Respond to the email', or 'Draft the briefing notes as requested'. You will have to work out for yourself what you need to include in your answer, using the breakdown of the mark allocation which will be included within the scenario. Section B questions will feature requirements akin to those in your previous ACCA exams. Students should be aware that future P7 papers will feature a fixed question format for Question One. The question will be for 35 marks and will feature instructions in the form of an email included within the question scenario itself. Four professional marks will be available in each paper. ThiNganHang.com xvi Revising P7 ThiNganHang.com
Examinable documents A full list of examinable documents was not available at the time the BPP Study Text for this paper went to print. Therefore the list of examinable documents for Paper P7 is printed in full below. The accounting knowledge that is assumed for Paper P7 is the same as that examined in Paper P2. Therefore, candidates studying for Paper P7 should refer to the Accounting Standards listed under Paper P2. Note. P7 will only expect knowledge of accounting standards and financial reporting standards from Paper P2. Knowledge of exposure drafts and discussion papers will not be expected. Title F8 P7 International Standards on Auditing (ISAs) Glossary of Terms International Framework for Assurance Assignments Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with ISAs ISA 210 Agreeing the Terms of Audit Engagements ISA 220 Quality Control for an Audit of Financial Statements ISA 230 Audit Documentation ISA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements ISA 260 Communication with Those Charged with Governance ISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management ISA 300 Planning an Audit of Financial Statements ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment ISA 320 Materiality in Planning and Performing an Audit ISA 330 The Auditor's Responses to Assessed Risks ISA 402 Audit Considerations Relating to an Entity Using a Service Organisation ISA 450 Evaluation of Misstatements Identified During the Audit ISA 500ThiNganHang.comAudit Evidence ISA 501 Audit Evidence – Specific Considerations for Selected Items ISA 505 External Confirmations ISA 510 Initial Audit Engagements – Opening Balances ISA 520 Analytical Procedures ISA 530 Audit Sampling ISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures ISA 550 Related Parties ISA 560 Subsequent Events Revising P7 xvii ThiNganHang.com
Title F8 P7 International Standards on Auditing (ISAs) ISA 570 Going Concern ISA 580 Written Representations ISA 600 Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) ISA 610 Using the Work of Internal Auditors ISA 620 Using the Work of an Auditor's Expert ISA 700 Forming an Opinion and Reporting on Financial Statements ISA 705 Modifications to the Opinion in the Independent Auditor's Report ISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report ISA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements ISA 720 The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements International Standards on Assurance Engagements (ISAEs) ISAE 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information ISAE 3400 The Examination of Prospective Financial Information ISAE 3402 Assurance Reports on Controls at a Service Organisation ISAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus International Auditing Practice Notes (IAPNs) IAPN 1000 Special considerations in auditing financial instruments International Standards on Quality Control (ISQCs) ISQC 1 Quality Controls for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements International Standards on Related Services (ISRSs) ISRS 4400 Engagements to Perform Agreed-Upon Procedures Regarding Financial Information ISRS 4410 Compilation Engagements ISRE 2400ISRE 2410ThiNganHang.comEngagements to Review Financial StatementsReview of Interim Financial Information Performed by the IndependentInternational Standards on Review Engagements (ISREs) Auditor of the Entity xviii Revising P7 ThiNganHang.com
Title F8 P7 Exposure Drafts (EDs) Proposed ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements Proposed ISA 701, Communicating Key Audit Matters in the Independent Auditor's Report ISA 720 (Revised) The Auditor's Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor's Report Thereon Proposed ISA 260 (Revised), Communication with Those Charged with Governance Proposed ISA 570 (Revised), Going Concern Proposed ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor's Report Proposed ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report Proposed Conforming Amendments to ISA 210, ISA 230, ISA 540 and ISA 710 IESBA Responding to a Suspected Illegal Act ISAE 3000 (Revised) Assurance Engagements other than Audits or Reviews of Historical Financial Information Other Documents ACCA's 'Code of Ethics and Conduct' IESBA's 'Code of Ethics for Professional Accountants' (Revised May 2013) ACCA's Technical Factsheet 145 – Anti Money-Laundering Guidance for the Accountancy Sector The UK Corporate Governance Code as an example of a code of best practice (Revised September 2012) The UK Corporate Governance Code as an example of a code of best practice in relation to audit committees IAASB Practice Alert Challenges in Auditing Fair Value Accounting Estimates in the Current Market Environment (October 2008) IAASB Practice Alert Audit Considerations in Respect of Going Concern in the Current Economic Environment (January 2009) ThiNganHang.comIAASB Applying ISAs Proportionately with the Size and Complexity of anEntity (August 2009)IAASB XBRL : The Emerging Landscape (January 2010) IAASB Auditor Considerations Regarding Significant Unusual or Highly Complex Transactions (September 2010) IAASB Questions and Answers Professional Skepticism in an Audit of Financial Statements (February 2012) Revising P7 xix ThiNganHang.com
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