P7- Advanced Audit and

Assurance
Introduction
Main Focus of the P7 exam
The main focus is on the application of technical auditing knowledge to
practical situations.

Are there any key areas that are likely to feature in

the exam regularly?
The examiner has identified five (5) key areas:
1.) Planning and risk assessment- this area is likely to be examined at
every sitting and is likely to appear in at least one of the compulsory
questions.
2.) Gathering Evidence-this is another topic that is likely to appear in
the compulsory section of the exam at every sitting the examiner has
emphasised how important your financial knowledge will be in this type
of question.
3.) Reporting- this is also likely to be a feature at every sitting but could
be in either section of the paper it is another area where sound
knowledge of financial reporting will be vital.
4.) Ethical and professional issues- the ethical status of auditors is
under the spot light in todays business climate so the examiner thinks
that it is important to test this area regularly. Questions will not just
cover independence but also areas such as conflicts of interest and
confidentiality and other professional issues such as fraud and error
and professional liability.
5.) Current Issues- there is likely to be at least one requirement per
exam dealing with a topic from this area. Current issue topics will not
be tested in isolation but in the context of a client scenario.

What do students find difficult about Advanced Audit and

Assurance?
The main difficulty encountered is that it is always easy to write something
in a paper of this nature answering the question actually asked however, is a
difficult task for many students. Students also find the application of
knowledge difficult. At this level few marks are available for the regurgitation
of lists from the learning material, its important to take the technical
knowledge and apply it to the facts in the question; this means there isnt
only one correct answer.
So to help someone pass the exam, whats the best advice you
would give?
The key to passing this exam is to write less and think more. The student
who takes time to interpret the requirements thinks about the points they
wish to make and writes in a direct and clear fashion will be rewarded with a
pass. Many students believe that they will be awarded marks if they write a
lot this is simply not the case. Marks are only awarded for points that are
relevant to the question.