ACCA P7 Exam Tips June 2016 by BPP
We expect that the P7 exam in June will reflect previous sittings, with two compulsory questions making up the majority of the marks on offer and a choice of two from three optional questions. Remember, the compulsory questions will be fixed at 35 marks and 25 marks for Q1 & 2 respectively, with up to 4 professional marks available in one of these questions for professional layout of your answer, while the optional questions will score 20 marks each.
You should be aware that for exams from December 2014 onwards, the P7 INT syllabus includes examinable content on the audit of public sector performance information which you should be prepared for – watch out for technical article content right up to the date of the exam as the examining team may decide to supplement the study guide with additional information!
For this sitting, you can again expect a planning scenario in the compulsory section which should test risk assessment, audit procedures and professional issues, possibly in the context of a consolidated group, while we expect that optional questions will also test audit reports, audit evidence, ethical and other practice-related matters. Remember that this paper is called “Advanced Audit and Assurance” so you should make sure you are familiar with all the non-audit engagements on the syllabus too!
Candidates should also take heed of other recently published article content from the P7 examining team on audit quality and professional skepticism when preparing for this exam – each of these topics feeds into so many parts of the syllabus so you should consider how each one could be applied to what you have already learned.