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Advanced Audit and Assurance Paper P7 (Global) Course Notes ACP7CN07
www.acca-pakistan.com l www.acca-pakistan.com (i) BPP provides revision
courses, question days,
mock days and specific material to assist you in
this important phase of your studies.
P7 Advanced Audit and Assurance (Global) Study Programme Page Introduction to
the paper and the
course..........................................................................
.....................................
(ii) 1 International regulatory environments for audit and assurance
services.................................................... 1.1 2 Code of
ethics and
conduct.........................................................................
................................................
2.1 3 Professional
liability.......................................................................
..............................................................
3.1 4 Quality
control.........................................................................
....................................................................
4.1 5 Obtaining and accepting professional
appointments....................................................................
...............
5.1 End of Day 1 – refer to Course Companion forHome Study Progress test 1 6
Planning and risk
assessment......................................................................
...............................................
6.1 7
Evidence........................................................................
..............................................................................
7.1 8 Evaluation and
review..........................................................................
.......................................................
8.1 9 Evaluation & review (ii) matters relating to specific accounting
issues........................................................ 9.1 10 Evaluation
& review (iii) matters relating to specific accounting
issues..................................................... 10.1 11 Group audits
and transnational
audits..........................................................................
.............................
11.1 End of Day 2 – refer to Course Companion forHome Study Progress test 2
Course exam 1 12 Audit related services and other assurance
services........................................................................
........
12.1 13 Prospective financial information
(PFI)...........................................................................
...........................
13.1 14 Forensic
audits..........................................................................
................................................................14.1
15 Social and environmental
auditing........................................................................
.....................................
15.1 16 Internal audit and
outsourcing.....................................................................
..............................................
16.1 17
Reporting.......................................................................
...........................................
................................17.1 18Homestudy chapter – Current
issues..........................................................................
..............................
18.1 End of Day 3 – refer to Course Companion forHome Study Progress test 3
Course exam 2 19 Answers to Lecture
Examples........................................................................
...........................................
19.1 20 Question and Answer
bank............................................................................
...........................................
20.1 21 Appendix A: Pilot Paper
questions.......................................................................
.....................................
21.1 Don’t forget to plan your revision phase! • Revision of syllabus • Testing
of knowledge • Question practice • Exam technique practice www.acca-pakistan.com
INTRODUCTION (ii) Introduction to Paper P7 Advanced Audit and Assurance
(Global) Overall aim of the syllabus To develop knowledge and skills in
understanding and applying accounting standards and the theoretical framework in
the preparation of financial statements of entities, including groups and how to
analyse and interpret those financial statements. The syllabus The broad
syllabus headings are: A Regulatory environment B Professional and ethical
considerations C Practice management D Assignments E Reporting F Current issues
and development Main capabilities On successful completion of this paper,
candidates should be able to: • Recognise the legal and regulatory environment
and its impact on audit and assurance practice • Demonstrate the ability to work
effectively on an assurance or other service engagement within a professional
and ethical framework • Assess and recommend appropriate quality control
policies and procedures in practice management and recognising the auditor’s
position in relation to the acceptance and retention of professional
appointments • Identify and formulate the work required to meet the objectives
of audit and non-audit assignments and the application of the International
Standards on Auditing • Evaluate findings and the results of work performed and
drafting suitable reports on assignments • Understand the current issues and
developments relating to the provision of audit-related and assurance service
Links with other papers This diagram shows where direct (solid line arrows) and
indirect (dashed line arrows) links exist between this paper and other papers
that may precede or follow it. The advanced audit and assurance syllabus assumes
knowledge acquired in Paper F8 Audit and Assurance and develops and applies this
further in greater depth. CR (P2) AAA (P7) AA (F8) www.acca-pakistan.com
INTRODUCTION (iii) Assessment methods and format of the exam Examiner: Lisa
Weaver The examination is a three hour paper consisting of two sections. The
paper will have a global focus; no numerical questions will be set. Format of
the Exam Marks Section A Will consist of two compulsory questions which must be
attempted. These
questions will be based on case study type scenarios. They will cover topics
from across the syllabus,
50 – 70 Section B Will consist of three questions, of which two must be
answered. These
questions will tend to be more focused on specific topics, such as audit reports
and quality control for example.
30 - 50 100 www.acca-pakistan.com
P7 Full Course Notes
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