ACCA P7 – June 2014

(historical experience and crystal ball –> no guarantee :-)

Areas of focus
Money laundering
Fraud, forensic investigation
Advertising and publicity
Tendering
Report on pro forma info in prospectus
Completion activities (article - Completion)
Quality control (engagement and/or company level) – examined frequently
Groups – examined frequently
Discussion - audit failures, expectation gap

+areas always examinable:

planning and risk assessment (audit risk, risk of material misstatement, business risk) and analytic
review
acceptance
ethics
audit opinion (now maybe actions which may be taken by the auditor in the event that a modified
report is issued)
matters and evidence: more likely to be on certain IAS’s / IFRS’s – e.g. :
• IAS 19 – Employee benefits
• IAS 12 – Deferred tax balances
• IFRS 2 - Share-based payments
• IAS 33 – Earnings per share
• IFRS 8 – Reporting operating (segmental) informatik
• IAS 32, 39, IFRS 7, IFRS 9 – Financial instruments
• IAS 24 – Related parties
• IAS 11 – Construction contracts
• IAS 18 – Revenue recognition