I WILL TRY TO FIND ACCA EXAM TIPS DECEMBER 2009 FROM KAPLAN!
Paper P7 (PQ Magazine)
Prospective financial information linked to applications for debt funding.
Audit procedures looking at impairment of financial instruments and fair value.
Ethical scenarios/professional issues.
Auditor liability and good practice management.
Issues associated with the control weaknesses and collection of evidence for a not-for-profit organisation.
Audit challenges of determining going concern status and the impact on audit opinions.
The clarity prject.
ISA 700 engagement reporting.
ISA 540 accounting estimates.
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Tips for ACCA P7 December 2009 (OpenTuition)
All question numbers are from the BPP Revision Kit, December 2009 edition
Question 1
Audit risks ( 32 and 55 )
Question 2
Financial statement risks ( Bataleur Zoo Gardens Mock exam 2, Q1 )
Question 3
Assurance services engagement ( 31 )
Question 4
Comment on the matters you should consider and State the audit evidence you should expect to find ( Any of Qs 18 - 30 )
Question 5
Ethics ( 11 )
Question 6
Management letter, corporate governance etc ( 68 )
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Paper P7 (BPP)
A risk-based and/or planning scenario in the compulsory section
Questions based on articles published in Student Accountant in the past six months - such as recent articles on the Clarity Project and Computer Assisted Audit Techniques (CAATs)
A number of requirements asking for audit procedures and required evidence in respect of specific financial reporting issues (CAATs could also feature here)
A practice-based scenario looking at professional, ethical and quality control issues
A reporting scenario of some sort
Legal and regulatory issues affecting assurance providers, especially in the context of firms’ professional liability, money laundering and the UK Companies Act 2006 (even the IAASB Clarity Project)
The requirements of other forms of assurance engagement, such as Prospective Financial Information (PFI), Value for Money (VfM) studies or agreed upon procedures
The correct treatment of more complex accounting issues (such as employee benefits or first time adoption of IFRS) than has been seen before
As in June 2009 with ISA 315, specific ISAs may be examined in sufficient detail to warrant learning the key elements for regurgitation in the exam
Discrete topics that we have not yet seen such as subsequent events as part of evaluation and review, questions using the context of internal audit or advertising for certain engagements
The need to understand current issues such as globalisation, the impact of the recession on auditors, corporate governance, risk management and auditor liability.
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Source:-
PQ Magazine
OpenTuition
BPP
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