ACCA | P7 - Advanced Audit and Assurance
- 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 the article on Going Concern from
February 2010
- A number of requirements asking for audit procedures and
required evidence in respect of specific financial reporting
issues
- A practice-based scenario looking at professional, ethical and
quality control issues
- A reporting scenario of some sort - probably testing either
emphasis of matter or other matter paragraphs
- Legal and regulatory issues affecting assurance providers,
especially in the context of firms’ professional liability and the
UK Companies Act 2006
- Specific procedures for obtaining evidence (such as analytical
procedures and other ISAs that have changed following the Clarity
Project) and evaluating the quality of audit work carried out, both
for components and groups
- The requirements of other forms of assurance engagement, such
as Value for Money (VfM) studies or agreed upon procedures
- The correct treatment of more complex accounting issues (such
as employee benefits and adoption of IFRS) than has been seen
before
- Specific ISAs may be examined in sufficient detail to warrant
learning the key elements for regurgitation in the exam, such as
comparatives (ISA 710) other information (ISA 720) or opening
balances (ISA 510)
- Discrete topics that we have not yet seen such as questions
using the context of internal audit or examples of other non-audit
engagements
- The need to understand current issues such as globalisation,
the impact of the recession on auditors, corporate governance, risk
management and auditor liability - especially relevant in the
context of the going concern article from February 2010
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