ACCA P7 - Advanced Audit and assurance

Introduction

Studying for the P7 exam

The content of this Knowledge Bank is not designed to be a substitute for a structured system of study towards the exams but rather should help complement your chosen study system.

In particular,

we do not guarantee full syllabus coverage,
the knowledge bank focusses on knowledge, concepts and ideas but has very few worked examples or graded exercises for you to practice,
there are no past exam questions here to attempt
examiner's articles are not repeated here.

We highly recommend that you complete a structured course of study and obtain text books and exam kits to improve your chances of exam success.

Using the Kaplan Financial Knowledge Bank

The main benefits of the way the content is presented and accessed via the Knowledge Bank are as follows:

a quick answer to a quick question - if you have a P7 query then you should be able to access a trusted answer quickly and efficiently using either the search function, the top navigation bars or /and the side navigation.
integrated knowledge - examiners often criticise students for not appreciating how different topics fit together. By following the structured links and navigation bars in the content, you can explore related concepts to integrate your knowledge.
assumed knowledge - you can revise assumed knowledge from F8 by searching for the relevant topics and reading around the subjects

The ACCA P7 syllabus

It would be fair to state at this point that the auditing content within the knowledge bank is pitched more at the F8 level rather than P7, so should be viewed more as a useful recap of the lower level paper and other supporting concepts. A good page to start on if you are unclear where to begin would be the overview Audit and Assurance page and then explore further using the menu on the RHS.

Other useful starting points for exploration are linked to syllabus areas below.

The content here is relevant for both UK and INT variants.

The syllabus for P7 is split into 7 main areas:

A Regulatory Environment

Start with the Scope and Regulation of Audit and Assurance page and then look at the Regulation of Audit and Assurance page.

B Professional and Ethical Considerations

Start with the page on Ethics , making sure you explore the sub-pages linked to it.

C Practice Management

Content on these topics may be added at some stage in the future. Visit this page again for updates.

D Audit of historical financial information

The knowledge bank has a significant amount of content relating to audit evidence. This can be accessed by starting with the Audit Evidence page.

E Other assignments

The page on Internal Audit and the many pages linked to it are the most useful here.

F Reporting

Audit reports and associated details can be explored from the page on Audit Reports.

G Current Issues and Developments