Loading...

P7 - [2021] - Advanced Audit and Assurance (AAA) - STUDY TEXT and EXAM KIT - KAP LAN

Students have covered this subject several times throughout the ACCA, but it is distinguished by its higher-level perspective.

ACCA P7 (AAA) Advanced Audit and Assurance encourage students to consider broader issues. It's a larger-scale piece of paper.

2021 | P7 (AAA) - Advanced  Audit and Assurance | KAP LAN - STUDY TEXT and EXAM KIT

Syllabus

The ACCA P7 (AAA) Advanced Audit and Assurance syllabus follows a logical pattern. It's divided into seven sections, from A to G, with a journey running through them all.

The first section of the report examines the Regulatory Environment, which includes some of the most important audit requirements and standards. The ethical codes; some of the quality control standards; and how you should accept and continue appointments are all things to consider.
It's establishing the regulatory framework on the assumption that if you follow the rules, you'll do a good job and reach the correct audit opinion.
The ACCA P7 (AAA) Advanced Audit and Assurance syllabus follows a logical path; it's a journey.
Then you consider how to plan an audit, which entails identifying key risk areas. It's a risk-oriented strategy. Where, for example, is there a risk of financial accounting fraud?
Depending on people's strategic goals, you can work out high-risk areas. It's almost like a nod to human nature, recognizing areas where a company might overstate or understate for strategic reasons.
When there is a lot of competition, for example, a company may overstate profits. Alternatively, if a company is planning to expand, it may be at risk of overstating its assets to support that expansion.
It's all about examining how decisions were made across the board in the company you're auditing. Taking a look at the assumptions that the client has made based on his or her professional judgment.

Is ACCA P7 (AAA) Advanced Audit and Assurance all from the perspective of an external auditor?

A large portion of the syllabus is, but the syllabus then goes on to discuss other audit services. Internal auditing, social and environmental auditing, forensic auditing, prospective financial auditing, group auditing, and assurance are just a few.
Students will not graduate from ACCA P7 (AAA) Advanced Audit and Assurance as experts in corporate social responsibility auditing, but they will have learned enough. The point is to understand which skills you'll need for which jobs, as well as when you'll need to escalate outside the team and hire more people.
To pass the ACCA P7 (AAA) Advanced Audit and Assurance exam, you must first determine which skills you already possess and which you will need to acquire from outside the team. You aren't expected to be an expert on everything.
There's also a commercial consideration here. Adding specialist skills to the audit team comes at a cost, but failing to do so could be an ethical risk...
These are the things that you must always consider as a senior auditor. To pass the ACCA P7 (AAA) Advanced Audit and Assurance exam, you must demonstrate both a business mindset and hands-on auditing skills.

What’s the actual ACCA P7 (AAA) Advanced Audit and Assurance paper like?

The exam as a whole is very narrative. You'll need to calculate a few basic ratios, but the narrative is the most important skill you'll need to pass ACCA P7 (AAA) Advanced Audit and Assurance. That is why many students find ACCA P7 (AAA) Advanced Audit and Assurance difficult – they aren't used to writing long-form essays.
Because they aren't used to writing a long narrative, ACCA P7 (AAA) Advanced Audit and Assurance students frequently struggle.
Section A and Section B are the two sections of the paper. There are two compulsory questions in Section A, one worth 35 marks and the other worth 25 marks. Section B allows students to choose two out of three questions, each worth 20 marks.
There are also four professional marks on the paper, which indicate how professional your paper is. Your writing style, the way you structure your responses, your spelling, grammar, and so on. Because the questions are scenario-based, you'll need to go beyond regurgitating information to pass ACCA P7 (AAA) Advanced Audit and Assurance!

How can students answer ACCA P7 (AAA) Advanced Audit and Assurance scenario questions well?

Decode is a word I like to use. To figure out how to best apply your knowledge, you must decode the scenario. If you have a good understanding of the syllabus, you should be able to figure out why you were given the information you were given and prioritize the most important parts.

What are the most common ACCA P7 (AAA) Advanced Audit and Assurance mistakes made by students?

Time management is a major issue in this paper, as it is in most of the ACCA Professional Papers. Because ACCA P7 (AAA) Advanced Audit and Assurance is so narrative, most students aren't used to writing long-form essays. In addition, many students are taking the exam in a foreign language.
As a result, many students struggle to communicate concisely, which causes everything to take longer and causes them to run out of time.

And how can students improve their writing ability?

Do more practice with written questions! People tend to practice a lot on numerical papers because it feels easier and more manageable. Then there are the large writing-based papers like the ACCA P7 (AAA) Advanced Audit and Assurance, which no one enjoys practicing because it takes so long.
However, the more you practice, the more likely you are to pass the ACCA P7 (AAA) Advanced Audit and Assurance exam – it's as simple as that!
Consider how you structure your responses. The importance of being clear and concise cannot be overstated! Every response should be planned ahead of time so that you know exactly what you're going to say. A good rule of thumb is to plan for a third of the exam and write for the other two-thirds – planning makes a huge difference.
Calculate how many points you'll need to get the maximum number of points, and make sure each one follows the PER method (Point, Example, Relate). If you want 10 points, for example, I recommend that students deliver 10 short, sharp points of three or four lines each.
Make sure you follow the Point, Explain, Relate format to pass Advanced Audit and Assurance.
Also, keep an eye on your layout. Make your responses as simple to read as possible. It's the little things, like leaving a space between each point, that makes a difference. The professional marks should be simple to learn and can be crucial in securing a passing grade.

What other mistakes do you see students make?

One of the most common blunders students make is to mix up common sense understanding and long-term knowledge. A lot of the ACCA P7 (AAA) Advanced Audit and Assurance appears to be common sense, especially since students have already studied Audit and Assurance.
I've seen a lot of students assume they know the material, only to find out during the exam that they don't have the depth of knowledge they thought they did. Students frequently put in minimal effort at first because they believe they don't need to, especially if they did well on F8.
It's always a bad idea, and it's a shame. These are professional exams; if you think they'll be simple, you're mistaken!
My best advice for passing ACCA P7 (AAA) Advanced Audit and Assurance is to get started as soon as possible. Take the ACCA P7 (AAA) Advanced Audit and Assurance exam seriously, as it is a professional exam, and don't undervalue it.
My best advice for passing ACCA P7 (AAA) Advanced Audit and Assurance is to get started as soon as possible. Many students take the ACCA P7 (AAA) Advanced Audit and Assurance exam while studying for a technical paper. They end up putting all of their efforts into the technical paper and skipping ACCA P7 (AAA) Advanced Audit and Assurance. As a professional exam, treat the ACCA P7 (AAA) Advanced Audit and Assurance with the respect it deserves.

Are there any other common mistakes ACCA P7 (AAA) Advanced Audit and Assurance students should avoid?

Another common blunder made by students is failing to use the scenario. Students will frequently recognize a section of the syllabus in the question and use it as an opportunity to regurgitate everything they know.
You should carefully read the question and apply your knowledge only when necessary. You won't get the grades you need if you regurgitate the entire syllabus, and it will take so long that you'll run out of time.

What do prizewinning ACCA P7 (AAA) Advanced Audit and Assurance scripts look like?

You'd be surprised to learn that award-winning scripts don't always appear to be anything special. They aren't always the most interesting scripts, but they know how to get the job done. It's almost sterile. Answers will be brief, well-written, and constantly refer back to the scenario.
If link is expired, Click here to Message us.

Post a Comment

0 Comments