ACCA P7 is the last ACCA examination paper. It can be chosen from the four ACCA Options level papers and is devoted to Advanced Audit and Assurance. As well as the ACCA P2 Corporate Reporting, this ACCA P7 Advanced Audit and Assurance offers the opportunity to practice as an auditor or an advisor in a UK or Ireland-based company. For these purpose it is necessary to pass the ACCA P7 UK/Irish paper starting with June 2011.
Speaking about P7 ACCA notes, we can say that they also underwent some changes on 2011 to keep up with the time and employers’ requirements. For example, this year ACCA P7 syllabus was reduced and some issues of practice management, assignments and corporate reporting were deleted from the course. On the other hand, the topic of external and internal audit interrelations was added. In general, following skills and modules will be examined at the ACCA P7 exam:
- A – legislation and local regulations in the process of auditing and assurance;
- B – professional and ethical aspects of working in the spheres of audition and assurance;
- C – the policy of quality control and practice managerial aspects of professional appointments;
- D – International Standards of Auditing and their implementation in the course of work;
- E – meeting the requirements of non-audit assignments;
- F – evaluation of the work results and drawing final audit reports on the corporate performance;
- G – recent developments and introductions in the spheres of auditing and assurance.
ACCA P7 tips can concern thorough preparation to the exam and detailed reading of all additional materials provided on the P7 ACCA notes. These can be found in the examiners’ guidance articles, Approved Learning Partner content and just ACCA P7 blogs and commentaries on the process of passing the exam.
ACCA P7 Advanced Audit and Assurance is the last ACCA paper. After the passing of any two ACCA Options Module papers you receive your ACCA diploma and find your great way in the world of international accounting!