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How to prepare for the ACCA AAA (P7) exam

Richard Clarke

From the examiner and I

Use this as your guiding light throughout your AAA (P7) course, whether you take it using our online classroom or at your local college.

Ok here goes...

Textbook knowledge is NOT the answer

Simple regurgitation of textbook knowledge is never sufficient. 

You must show how that knowledge applies to the requirement and the scenario

Watch closely how I approach the past paper questions in the online classroom

AA (F8) knowledge is important

This means a good knowledge of substantive procedures, audit risks and audit reports is vital.

Don't worry though in the online classroom we take you through it all with no assumed knowledge

Know how to plan an audit

Understand the risks of this particular audit and explain why they are an issue and make recommendations as to how to overcome them

Make sure you support your answer, use numbers to show they are material risks

Have an answer 'CHECKLIST'

  1. What ISAs are relevant? (no need to know numbers and names)

  2. Do I need to consider accounting treatment?

  3. What are the key issues/risks?

  4. What is my recommendation / advice and have I supported this choice?

Ok that's all from me (and the examiner) for today

Hope all is going well - and you're enjoying the online classroom

Best wishes

Richard

"Im now an affiliate and its all thanks to you guys!! Thank you so much - P7 was my nemesis and you somehow got me through - I'm recommending you to all my colleagues - thanks again" John McDermot ACCA P7 student