P7: Advanced audit and assurance
Ms. Patricia Smith.* Top down approach to planning audits
* Practical business risk/financial statement risk analysis
* Group audits other auditors/joint audits
* Tendering/advertising/fees
* Audit responsibilities for 'Other Information'
* Lack of competition in audit industry and auditor liability issues
* Assurance work on due diligence assignment
* Audit evidence
* Practice management
* Professional conduct and ethical issues
btw, something that i think might suitable for candidates..
BEFORE THE EXAM Make sure that you have completed some previous exam papers as part of your final revision under strict time conditions. Also remember to have the answers (or mark scheme) on hand, it's no use thinking that you have the right answers. Even the most able students will make silly errors when working under time pressure. You need to make sure that you concentrate enough to keep the silly errors at a minimum and also ensure that there are no gaping holes in your knowledge skills.
Take a good look at the past year papers, they are unlikely to provide sufficient clues for you to be able to "predict" possible questions for your exam ( mostly on
F7,P2, F6, P6 where Standards keep on changing). However, they will help you to appreciate how examiners phrase the questions and help you appreciate the spread of knowledge you require. The questions sometimes contain clues which will help you solve them - remember the sort of clues which crop up and look out for these in your main exam. It's no good only revising part of what you have learned in your subject. If you want to achieve a good grade (or only PASS), make sure that you can have a good attempt at all questions (even if you can't answer the generally trickier later parts of the questions, the earlier parts should be straightforward marks in the bag).
"THE TIME IS 10:00 O'CLOCK, YOU MAY NOW OPEN YOUR PAPERS"
If you've practised some past papers under timed conditions, then this hearing this should be a challenge - rather than a death sentence!
You have been given 15 minutes to ANALYSE through the first to end page - make sure that you use these wisely and know exactly what is expected of you. AND START MAKING ANSWER PLAN (UNLESS CASE STUDY..READ IT!!)
e.g. Some examination papers will say things like: "Unless otherwise indicated candidates should answer to 2 decimal places". Remember this as you will lose a mark by giving an answer as 2.34567834899 rather than rounding it to 2.35. If no indication on rounding is given, ensure that you round your answers to the same degree of accuracy as other numbers which are provided in the question.
Also, make sure that you know how many questions you have to attempt and how long you've got to answer them.
When you open the paper, do you ignore what's in it and steadily go from question 1 to 2 to 3 turning the pages as you go? Or do you find a question which you know very well and do that first to build your confidence. It's entirely up to you. I've found that the best thing to do is to very quickly scan through all the questions - you'll see the ones you know well giving you confidence, but this will give you an overall view of the whole exam paper and will help in managing your time. Then wade your way through the questions in sequence leaving out any that you don't like the look of until later.
DURING THE EXAM
Always check your work. Sometimes you can end up with silly errors and not realise it unless you check that your calculations are correct and that the answer is realistic. Computation questions are notorious for containing calculation errors as there are normally quite a few numbers involved which need punching into your calculator. It's very easy to miss pressing a key on your calculator which can result in silly answers like saying that the distance from the Earth to the Sun is 14 Km or quoting an average age as 230!
Always read each question thoroughly. Don't just think "I know what this is all about" and trample through the question in your hob nailed boots - as you're very likely to come unstuck or make silly mistakes.
If you do a bit of maths before you start the exam it will be a great help, even though not all questions will have the same number of marks, it is a good idea to work out approximately how long you have to answer each question. E.g a 3 hour exam with ? (Depend on which paper you are attempt)questions allows about ? minutes per question - so the last thing you want to do is linger for ages on a tricky question when there are others you could be answering and getting lots of marks for.
Always write down your method of obtaining answers - put down all thoughts you think are relevant. Correct answers do not always attract full marks - On a question worth 6 marks, even if your final answer is wrong it's still possible to get 5 out of 6 marks for showing your method!
When calculating with minus numbers always show your working e.g. 2 - (-7) = 2 + 7 etc. Even experienced mathematicians make mistakes by missing minuses - make sure you don't..mostly on Cash Flow questions where sometimes you will have a negative to deduct perhaps from investing, financing cash flow.
If you can't see how to do any part of a question, miss it out, but leave a gap in your answer book in case you can finish it later. If you are still stuck and time is getting short, then try guessing - you may get lucky.
-George Bullock
Thanks Ya ...
Apr 25 2008, 06:36 PM
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felt like kena cheated , although i also will choose ACCA at last ... but should let me know other courses mah... 
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