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Study Zone

Are you working hard enough? P7 examiner doesn’t think so!

ACCA P7 March sitters have come under fire for being unprepared for the exam and simply not putting in enough effort into learning many of the basics. This assessment of the March sitting comes from the P7 examiner who is not a happy woman.

June 2016

With a 30% pass rate this time around, the examiner said that the overall performance of sitters is poor. She said many candidates were “not properly prepared for this wide-ranging exam and were unable to adequately apply their knowledge to answer the questions set”. The examiner felt too many students focus on the minutiae of a point and produce a list of everything they knew about a topic. This is irrespective of whether it is relevant or not. Another worry is the clear lack of both auditing and financial reporting knowledge, which isn’t helpful if you are sitting an advanced audit and assurance paper!
Another concern for the examiner was the candidate’s inability to differentiate between business risk and audit risk in Question 1. There was also confusion between outsourcing and the use of an audit expert. So, do you know your Type 1 or Type 2 reports as detailed in ISA 402 ‘Audit Considerations Relating to an Entity Using a Service Organisation’?

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