P7 Advanced Audit & Assurance (Int)
Sharing some tips to handle this paper:

1. The examiner Ms Lisa has emphasized the practicality of the paper in the context of actual practice in audit firm. Hence, students must take the audit manager / partner perspectives when analysing P7 questions.

2.It is good to re-look and be familiar with all the ISA, IAS and IFRS. Get a copy of standards and look at the requirement of each standards.

3. Apply the accounting standards that you have learnt in P2. Commonly, you need to apply, how to recognise, how to measure and how to disclose.

4. Be familiar with the audit work ie.the phases of audit from planning until finalization.

5. Common questions in P7 are:
-Matters to consider.
-Ethical and professional consideration
-Principal audit risk
-Principal audit procedures
-Business risk and Financial Statement Risk.
-Overall audit strategy
-Nature, timing and extent of audit procedures.
-Audit opinion and report.

6. Common application of IAS are: 2,12, 16, 18, 24, 37 & 38.
7. Common application of ISA are: 220, 315, 330, 420, 520, 560, 570, 580, 600,700.
8. New IFRS to be tested in near future are: IFRS10, 11, 12, 13.

ALL the best next Monday June 11.

Khor Seng Cheong
P7 Lecturer at TAR College Penang
fb: accap7@khorsengcheong.tarpenang

Yes.

The Standard: [IFRS 10:1]
o requires a parent entity (an entity that controls one or more other entities) to present consolidated financial statements
o defines the principle of control, and establishes control as the basis for consolidation
o set out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee
o sets out the accounting requirements for the preparation of consolidated financial statements.