5 tips to ace the ACCA P7 exam

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The P7 Advanced Audit and Assurance paper in ACCA builds on the assumed knowledge of F8 Audit and Assurance and P2 Corporate Reporting, and is reflective of what is expected of an auditor in practice.

So to do well in this exam, students must have a sound understanding of the syllabus and up-to-date knowledge that’s in line with the current versions of both auditing and financial reporting standards. These can be tested in many different ways. So it’s important to spend dedicated time on question practice and on technical articles published on the ACCA website and past examiners’ reports to interpret requirements better and produce high quality answers.

Here are top 5 tips to improve the quality of your answers in the P7 exam and to prep for success:

Start early!

The syllabus and the question bank is deceptively huge for P7. Breaking the syllabus into parts by month is a great way to prep in a timely fashion.

Get yourself familiar with all auditing and accounting standards

Giving technical references in your answers is always a great way to boost the credibility of your answers and gain easy marks.

Practice past paper questions right after finishing a particular topic

This will help you break the syllabus in segments of planning, execution and reporting opinions. Each section has a different writing style and requires you to adjust the tone of answers accordingly. This also ensures that you focus on one thing at a time and helps reinforcement.

Answer in a 3 paragraph approach: what, why and the fix

Almost all analytics based questions in P7 demand 3 things. You must ensure that each paragraph addresses the concerns in this order: ‘What is the issue?’, ‘Why is it an issue?’ (mention the impact and future effects) and ‘How to fix it?’ (if the questions asks you for a solution.)

Answer all audit procedure questions in 2 parts

Part 1: ‘What is the procedure.’
This should state the procedure and the action required.

Part 2: ‘What audit evidence did I get out of this procedure?’
This should state the reasons or the outcomes of conducting that procedure.

Put these 5 tips into practice and you are certain to ace your P7 exam.

Interested to learn more about P7 programme or want to set a one on one consultation with our P7 expert, contact us at academyme ~3#$A~ ae &D06s& pwc &D06s& comrel="nofollow" or call +971 45157200

Find out more about our ACCA programme.

Interested to learn more about P7 programme or want to set a one on one consultation with our P7 expert, email us at mer_academyuae ~3#$A~ pwc &D06s& com