The ACCA P7 Paper deals with the same materials that were covered in the F8: Audit and Assurance Paper, but the discussion will be on a higher level. In F8, the study materials were developed in a manner that teaches students to handle situations from the point of view of junior and semi-senior auditors. In P7, students will learn these techniques as applied by managers.
This exam is not compulsory, so students are advised to ensure that they are comfortable enough with F8 topics before choosing to study for the P7 examinations.
Objectives of the ACCA P7 Syllabus.
The ACCA P7 Module is under the Professional (P) Level Options module, which means that taking this exam is not mandatory unless the student is comfortable with the topic. The P7 module is a step-up from the F8: Audit and Assurance module. The aim of this paper is to ensure that students will be able to exercise their skills and knowledge when dealing with audit and assurance engagements. The topics that will be covered in P7 are more or less the same as those discussed in F8 but with more focus on how situations can be handled from the perspective of a manager. By the end of this module, students are expected to be more confident in making professional judgments and financial decisions for their future business.
Some topics that will be discussed in P7 are: Regulatory environment, practice management, ethical considerations, and current issues on audit and assurance.
ACCA P7 Past Papers.
ACCA's official website has past P7 papers from December 2007 up to December 2012. Their website has also been updated to include the international version's questions for the June 2013 examination. In addition, they also give access to P7 past papers from different countries, namely Hong Kong, Ireland, Malaysia, and Singapore.
The P7 Examination
The P7 examination is divided into two parts, Part A and Part B. Part A is worth 50-70 marks with two case study questions. Each question could be worth 35 marks each and detailed information will be given for both questions to be answered comprehensively. The questions may include current issues and developments. Part B, on the other hand, is worth 30-50 marks and examinees are required to answer two out of three questions. These questions are also case studies but they are much shorter than the questions in Part A.
Answering the P7 Exam.
For this examination, ACCA is looking for answers that display analytical and logical thinking in providing solutions for tricky and controversial scenarios. They want to see how examinees will handle situations if they were in the managerial position, and how they will apply the concepts and theories they learned in class to solve the issues surrounding the situation.
Passing Rates for ACCA P7 Module.
The average passing rate for the P7 examination since December 2007 is 34.82%. To be a part of this small percentage of passers, students must dedicate a lot of their time studying for the P7 exams. Many study materials are available in ACCA-affiliated websites, so it is best if they take advantage of these readily available ACCA reviewers.
Reviewing for the ACCA P7 Examinations.
It is up to the student if s/he is going to take the P7 exam. Before deciding to take the P7 exam, s/he must be comfortable dealing with the F8 and P7 topics. The official website of ACCA provides P7 past papers, study guides, technical articles, and examinable documents. Those who wish to find other materials may visit OpenTuition's website as they provide course notes, online lectures, and exam tips and techniques as well.
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