Why choose the P7 paper?
To complete the ACCA Qualification exams you must complete three Essentials papers (P1, P2 and P3) and then complete two from four Options papers (P4, P5, P6 and P7). The Options papers cover in depth the specialist areas of professional accountancy, namely: financial management; performance management; tax; and audit and assurance.
P7 Advanced Audit and Assurance is designed to enable candidates to apply relevant knowledge and skills in evaluating and concluding on audit and assurance engagements.
If you have work experience in this area, or have ambitions to work in audit and assurance, then this exam could be a good choice for you.
You should also think about how comfortable you are with the fundamental areas of audit and assurance. There are materials in the section below which will help you reflect on the basic understanding of audit and assurance and make a decision as to whether P7 is right for you.
UK and Irish qualifications
Should you wish to practise as a registered auditor within the UK and/or Ireland (obtain the audit qualification/audit practising certificate), you must attempt the P2 UK/Irish and P7 UK/Irish papers from June 2011 onwards. This is not a retrospective ruling, so any International papers you have already passed will be unaffected by this ruling.
All UK and Irish professional accountancy bodies are governed by the requirements of the Statutory Audit Directive (SAD). In order to comply with the requirements of SAD– and to practise as an auditor – certain elements of UK/Irish legislation and regulation should be examined.
The revised Papers P2 (UK/IRL) and P7 (UK/IRL) fully meet regulatory and business environment requirements for those wishing to obtain the UK/Irish audit qualification and hence practise as a registered auditor in the UK/Ireland.
Helping you pass this paper
Getting to grips with the fundamental areas of audit and assurance will really help you succeed at P7.
The paper is mainly underpinned by F8 Audit and Assurance. You can see the relationship between P7 and F8 in the Essential underpinning knowledge for Options papers document.
ACCA has found that if you have a good knowledge of F8 then you are more likely to pass P7. New materials available from Kaplan, one of our Gold Approved Learning Partners – content, have been designed to help you understand the relevant fundamental knowledge underpinning the Options papers.
For more information on Kaplan’s Options papers products, visit the Kaplan website
Making the best options choices
The options papers are the final exam hurdle. Peter Redfern, ACCA qualifications manager, explains how choosing options papers which you are most comfortable with will, hopefully, improve your chances of success.
Download the Making the best options choices guide: