P7 Advanced Audit and Assurance (AAA)
THE SECRET TO EXAM SUCCESS
This exam requires putting enough effort into learning the basics and being able apply it to the specifics of the scenario. It is important to have good knowledge of financial reporting, and further you must be able to link this to the appropriate audit issues that arise in the question scenarios. Audit risk continues to be an area that candidates find difficult to understand and apply hence lots of practice is necessary.
To analyse, evaluate and conclude on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.
The Advanced Audit and Assurance syllabus is essentially divided into seven (7) 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.
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 recognize 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
- Lectures 15
- Quizzes 2
- Duration 15-25 hrs
- Skill level All levels
- Language English
- Students 25
- Certificate Yes
- Assessments Self
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I had a positive experience. The tutors are so helpful and I was with them for two papers covering the most difficult part of the modules in Advanced Audit and Assurance P7 and Advanced Performance Management P5.
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As full-time accountant I have no time to go to classroom ACCA courses which last till late evening (or whole weekends) and sometimes cover material I already know. Previously, I used LSBF video online lectures which are great but now I wanted to move faster still and cover only the material that I struggled with under a flexible schedule. I used Quantia several times to prepare for my F7 and F8 exams and do a revision for P4, P5 and P7. Very satisfied with the tutors, quality and my results.
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