ACCA P7 Advanced Audit and Assurance aims to analyse, evaluate and conclude on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.

ACCA P7 Advanced Audit and Assurance aims to analyse, evaluate and conclude on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.

MAIN CAPABILITIES

On successful completion of this paper candidates should be able to:

  • Recognize 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 recognise 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 assignments and apply the International Standards on Auditing
  • Identify and formulate the work required to meet the objectives of non-audit assignments
  • Evaluate findings and the results of work performed and draft suitable reports on assignments
  • Understand the current issues and developments relating to the provision of audit related and assurance services

RATIONALE

The Advanced Audit and Assurance syllabus is essentially divided into seven areas.

The syllabus starts with the legal and regulatory environment including money laundering, and professional and ethical considerations, including the Code of Ethics and professional liability. This then leads into procedures in practice management, including quality control and the acceptance and retention of professional engagements.

The syllabus then covers the audit of financial statements, including planning, evidence and review. It then covers other assignments including prospective financial information, and other assurance assignments, as well as the reporting of these assignments.

The final section covers current issues and developments relating to the provision of audit related and assurance services.

APPROACH TO EXAMINING THE SYLLABUS

The examination is a three hour 15 minutes paper constructed in two sections. Questions in both sections will be largely discursive. However, candidates will be expected, for example, to be able to assess materiality and calculate relevant ratios where appropriate.

Section A questions will be based on ‘case study’ type questions. That is not to say that they will be particularly long, rather that they will provide a setting within a range of topics, issues and requirements can be addressed. Different types of question will be encountered in Section B and will tend to be more focused on specific topics, for example ‘auditor’s reports’, ‘quality control’ and topics of ISAs which are not examinable in Paper F8, Audit and Assurance. (This does not preclude these topics from appearing in Section A). Current issues will be examined across a number of questions.

Section A: 2 compulsory questions

Question 1 35 marks

Question 2 25 marks

Section B: Choice of 2 from 3 40 marks questions- 20 marks each

Total: 100 marks

Course Curriculum

ACCA P7 SECTION A: Regulatory Environment
ACCA P7 A1: International regulatory frameworks for audit and assurance services
ACCA P7 A1: International regulatory frameworks for audit and assurance services Details 00:00:00
Quiz ACCA P7 A1: International regulatory frameworks for audit and assurance services 00:00:00
ACCA P7 A2: Money laundering
ACCA P7 A2: Money laundering Details 00:00:00
Quiz ACCA P7 A2: Money laundering 00:00:00
ACCA P7 A3: Laws and regulations
ACCA P7 A3: Laws and regulations Details 00:00:00
Quiz ACCA P7 A3: Laws and regulations 00:00:00
ACCA P7 SECTION B: Professional and Ethical Considerations
ACCA P7 B1: Code of Ethics for Professional Accountants
ACCA P7 B1: Code of Ethics for Professional Accountants Details 00:00:00
Quiz ACCA P7 B1: Code of Ethics for Professional Accountants 00:00:00
ACCA P7 B2: Fraud and error
ACCA P7 B2: Fraud and error Details 00:00:00
Quiz ACCA P7 B2: Fraud and error 00:00:00
ACCA P7 B3: Professional liability
ACCA P7 B3: Professional liability Details 00:00:00
Quiz ACCA P7 B3: Professional liability 00:00:00
ACCA P7 SECTION C: Practice Management
ACCA P7 C1: Quality control
ACCA P7 C1: Quality control Details 00:00:00
Quiz ACCA P7 C1: Quality control 00:00:00
ACCA P7 C2: Advertising, publicity, obtaining professional work and fees
ACCA P7 C2: Advertising, publicity, obtaining professional work and fees Details 00:00:00
Quiz ACCA P7 C2: Advertising, publicity, obtaining professional work and fees 00:00:00
ACCA P7 C3: Tendering
ACCA P7 C3: Tendering Details 00:00:00
Quiz ACCA P7 C3: Tendering 00:00:00
ACCA P7 C4: Professional appointments
ACCA P7 C4: Professional appointments Details 00:00:00
Quiz ACCA P7 C4: Professional appointments 00:00:00
ACCA P7 SECTION D: Audit of historical financial information
ACCA P7 D1: Planning, materiality and assessing the risk of misstatement
ACCA P7 D1: Planning, materiality and assessing the risk of misstatement Details 00:00:00
Quiz ACCA P7 D1: Planning, materiality and assessing the risk of misstatement 00:00:00
ACCA P7 D2: Evidence
ACCA P7 D2: Evidence Details 00:00:00
Quiz ACCA P7 D2: Evidence 00:00:00
ACCA P7 D3: Evaluation and review
ACCA P7 D3: Evaluation and review Details 00:00:00
Quiz ACCA P7 D3: Evaluation and review 00:00:00
ACCA P7 D4: Group audits
ACCA P7 D4: Group audits Details 00:00:00
Quiz ACCA P7 D4: Group audits 00:00:00
ACCA P7 SECTION E: Other assignments
ACCA P7 E1: Audit-related and assurance services
ACCA P7 E1: Audit-related and assurance services Details 00:00:00
Quiz ACCA P7 E1: Audit-related and assurance services 00:00:00
ACCA P7 E2: Prospective financial information
ACCA P7 E2: Prospective financial information Details 00:00:00
Quiz ACCA P7 E2: Prospective financial information 00:00:00
ACCA P7 E3: Forensic audits
ACCA P7 E3: Forensic audits Details 00:00:00
Quiz ACCA P7 E3: Forensic audits 00:00:00
ACCA P7 E4: Internal audit
ACCA P7 E4: Internal audit Details 00:00:00
Quiz ACCA P7 E4: Internal audit 00:00:00
ACCA P7 E5: Outsourcing
ACCA P7 E5: Outsourcing Details 00:00:00
Quiz ACCA P7 E5: Outsourcing 00:00:00
ACCA P7 E6: The audit of performance information (pre-determined objectives) in public sector
ACCA P7 E6: The audit of performance information (pre-determined objectives) in public sector Details 00:00:00
Quiz ACCA P7 E6: The audit of performance information (pre-determined objectives) in public sector 00:00:00
ACCA P7 SECTION F: Reporting
ACCA P7 F1: Auditor’s reports
ACCA P7 F1: Auditor’s reports Details 00:00:00
Quiz ACCA P7 F1: Auditor’s reports 00:00:00
ACCA P7 F2: Reports to those charged with governance and management
ACCA P7 F2: Reports to those charged with governance and management Details 00:00:00
Quiz ACCA P7 F2: Reports to those charged with governance and management 00:00:00
ACCA P7 F3: Other reports
ACCA P7 F3: Other reports Details 00:00:00
Quiz ACCA P7 F3: Other reports 00:00:00
ACCA P7 SECTION G: Current Issues and Developments
ACCA P7 G1: Professional and ethical developments
ACCA P7 G1: Professional and ethical developments Details 00:00:00
Quiz ACCA P7 G1: Professional and ethical developments 00:00:00
ACCA P7 G2: Transnational audits
ACCA P7 G2: Transnational audits Details 00:00:00
Quiz ACCA P7 G2: Transnational audits 00:00:00
ACCA P7 G3: The audit of social, environmental and integrated reporting
ACCA P7 G3: The audit of social, environmental and integrated reporting Details 00:00:00
ACCA P7 G3: The audit of social, environmental and integrated reporting 00:00:00
Quiz ACCA P7 G3: The audit of social, environmental and integrated reporting 00:00:00
ACCA P7 G4: Other current issues
ACCA P7 G4: Other current issues Details 00:00:00
Quiz ACCA P7 G4: Other current issues 00:00:00

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