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Advanced Audit and
Assurance
Paper P7 (Global)
Course Notes
ACP7CN07
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P7 Advanced Audit and Assurance
(Global)
Study Programme
Page
Introduction to the paper and the course............................................................................................................... (ii)
1
International regulatory environments for audit and assurance services .................................................... 1.1
2
Code of ethics and conduct ......................................................................................................................... 2.1
3
Professional liability ..................................................................................................................................... 3.1
4
Quality control ............................................................................................................................................. 4.1
5
Obtaining and accepting professional appointments................................................................................... 5.1
End of Day 1 – refer to Course Companion for
Home Study
Progress test 1
6
Planning and risk assessment..................................................................................................................... 6.1
7
Evidence...................................................................................................................................................... 7.1
8
Evaluation and review ................................................................................................................................. 8.1
9
Evaluation & review (ii) matters relating to specific accounting issues........................................................ 9.1
10
Evaluation & review (iii) matters relating to specific accounting issues ..................................................... 10.1
11
Group audits and transnational audits....................................................................................................... 11.1
End of Day 2 – refer to Course Companion for
Home Study
Progress test 2
Course exam 1
12 Audit related services and other assurance services ................................................................................ 12.1
13 Prospective financial information (PFI)...................................................................................................... 13.1
14 Forensic audits .......................................................................................................................................... 14.1
15 Social and environmental auditing............................................................................................................. 15.1
16 Internal audit and outsourcing ................................................................................................................... 16.1
17 Reporting .................................................................................................................................................. 17.1
18
Homestudy chapter – Current issues ........................................................................................................ 18.1
End of Day 3 – refer to Course Companion for Home Study
Progress test 3
Course exam 2
19
Answers to Lecture Examples ................................................................................................................... 19.1
20
Question and Answer bank ....................................................................................................................... 20.1
21
Appendix A: Pilot Paper questions ............................................................................................................ 21.1
Don’t forget to plan your revision phase!
•
Revision of syllabus
BPP provides revision courses, question days,
mock days and specific material to assist you in
this important phase of your studies.
•
Testing of knowledge
•
Question practice
•
Exam technique practice
(i)
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INTRODUCTION
Introduction to Paper P7 Advanced Audit and Assurance
(Global)
Overall aim of the syllabus
To develop knowledge and skills in understanding and applying accounting standards and the theoretical
framework in the preparation of financial statements of entities, including groups and how to analyse and
interpret those financial statements.
The syllabus
The broad syllabus headings are:
A
Regulatory environment
B
Professional and ethical considerations
C
Practice management
D
Assignments
E
Reporting
F
Current issues and development
Main capabilities
On successful completion of this paper, candidates should be able to:
•
Recognise 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
recognising 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 and non-audit assignments and
the application of the International Standards on Auditing
•
Evaluate findings and the results of work performed and drafting suitable reports on assignments
•
Understand the current issues and developments relating to the provision of audit-related and assurance
service
Links with other papers
CR (P2)
AAA (P7)
AA (F8)
This diagram shows where direct (solid line arrows) and indirect (dashed line arrows) links exist between this
paper and other papers that may precede or follow it.
The advanced audit and assurance syllabus assumes knowledge acquired in Paper F8 Audit and Assurance and
develops and applies this further in greater depth.
(ii)
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INTRODUCTION
Assessment methods and format of the exam
Examiner : Lisa Weaver
The examination is a three hour paper consisting of two sections. The paper will have a global focus; no
numerical questions will be set.
Format of the Exam
Marks
Section A
Will consist of two compulsory questions which must be attempted. These
questions will be based on case study type scenarios. They will cover topics
from across the syllabus,
50 – 70
Section B
Will consist of three questions, of which two must be answered. These
questions will tend to be more focused on specific topics, such as audit reports
and quality control for example.
30 - 50
100
(iii)
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