ACCA Exam tips for Paper P3Q1: Pestel, 5 forces, Ansoff.Activity based costingQ2: 6Is of e-businessQ3: Project initiation document: scope, cost, time quality considerations.Q4: Outsourcing pros and cons including marginal costing

ACCA Exam tips for Paper P74 SA technical articles Internal auditors Ethics Forensic accounting Accounting issuesAlso: Integrated reporting (new to syllabus) IAS 41 Agriculture (new to syllabus)Open tuition

q1 reply to an email from a partner about a new audit assignment /assurance engagement planning exercise maybe where there was a suspicionof fraud last year and a change in managementq2 an ethical problem with conflict of interest implicationsq3 roles and contrast of internal / external auditors, the need for andjustification of an internal audit functionq4 criticise an audit reportMake sure to read Lisas article from October 2011 student Accountant about Completing the auditpossible question comment on the matters and identify the evidence youwould expect to find in the review process of an audit file

BPPThere are a number of areas that candidates can expect to see in their exam, such as:A risk-based planning scenario in the compulsory sectionQuestions based on articles published in Student Accountant (although not necessarily from the last six months)A number of requirements asking for audit procedures and required evidence in respect of specific financial reporting issues and ISAsA practice-based scenario looking at professional, ethical and quality control issuesA reporting scenario of some sort probably testing candidates knowledge of either the various modifications to the standard audit report or other forms of communication available to the external auditor.We would also recommend that candidates read the examiners report from the June 2011 exam (in the context of the June 2011 exam paper) and keep the following additional issues in mind as part of their revision:Dont forget key brought-forward knowledge from Paper F8 which candidates have traditionally struggled with at P7(audit risk, audit procedures and audit reports).Candidates should also not forget about practice-related issues (such as the terms of audit engagements, sampling and documentation) where topics such as quality control procedures, ACCA firm practising requirements and the ethical implications of one firm providing both internal and external audit services could be discussed.The correct accounting treatment of complex issues, such as IAS 19 Employee benefits or a newcomer for 2011 IAS 21 The effects of changes in foreign exchange rates or even the associated issues of disclosure (such as IFRS 8 Operating segments or IAS 33Kaplan tipsEngagement planning and risk assessmentEthics and professional issuesEngagement reporting (ISAs 700, 705, 706 in particular)Unmodified audit reports (ISA 700)ISA 540 Audit of Accounting EstimatesAuditing in a Computer Based EnvironmentFirst IntuitionBusiness risk in a scenarioIdentifying ethical and other professional issues in a scenarioAudit reportsGroup auditsMoney launderingForensic auditsIcountAudit opinionEvidenceTransnational auditsBusiness and financial statement riskEthicsQuality controlATCHistory shows that the well prepared candidate stands by far the highest probability of passing examinations.Exam TipBE WELL PREPARED.Being well prepared means, at the very least:* Working through all of the sessions within your study system (on the basis that a good study system covers the whole syllabus and not just a best guess 70%).* Working through all past examination questions and completing allmonitoring/progress tests and mock examinations under full examination conditions.* Reading all of the examiners and other subject articles they do not write for fun.Note that examiners no longer write articles for the forthcoming examination so articles that are at least six months old could be very relevant.* Being fully aware of current issues (e.g. review the PQ magazine, ACCA and IFAC websites for many current issues)* Having an awareness of key real world issues (e.g. review the IFAC, ACCA, FRC websites)* Careful study of the examiners reports on past examinations. These contain excellent tips of what students should NOT be doing.* Ignoring Exam Tips that are just a list of somebodys favourite topics.* Regularly visitinghttp://www.accaglobal.com/studentsAt the 2011 ACCA Teachers Conference ALL examiners, whilst understanding the desperation of students for examination tips, clearly stated that such tips were a danger to a students ability to pass and MUST be ignored. Giving such tips should be outlawed.So, blindly following exam tips is a danger to your health, wealth and sanity.Liz WeaverLiz Weaver, the examiner, is now well into her style. Do not expect any changes in her examination approach BUT be aware that question requirements may now be phrased in a different way to what you have experienced in past examinations. This does not mean that the answer will be different, but does give you broader scope for how you answer. If you have no idea what I am talking about READ LIZS ARTICLES ON THE CHANGES and review the June 2011 examination.Remember that P7 is a required examination on the road to becoming a registered auditor so expect the hurdle to be high and tough.Read all of her past examiners reports and articles as well as the articles of her predecessor, Kim Smith (you may need to go to the 3.1 archive on the P7 web pages).Students continually make the same mistakes, so it is very clear that the majority do not read these reports and article make sure you are in the minority and PASS!AREAS TO CONCENTRATE ON: New audits, tendering Planning, materiality, sampling, analytical review Audit, business or financial statement risk Group audits, joint ventures, goodwill, joint audit Assurance services, PFI, KPI, due diligence, forensic audit, reviews, insolvency (UK and Ireland students only) Ethics, practice management and other professional issues Any audit matter covering IFRS (IAS 1 to 41 and IFRS 1 to 9 see P2 syllabus) Close down procedures, opening balances, comparatives, other information, going concern, subsequent events, representation letter, emphasis of matter, audit reports Outsourcing, service providers, use of an expert Corporate governance, internal audit (relating to ethics, outsourcing), audit committees Current issuesOr, in other words, the whole syllabus.Exam TechniqueAt this high level there is no excuse for not having read the examiners articles covering examination technique nor past examiners reports. It is critical that you fully understand how the examiner thinks and what she expects to see in your answers.Understand the requirements of the question before reading through the detail of any scenario. Having done so PLAN your answer before writing it. Does your plan cover all of the requirements? Are you answering the question set? Have you used the scenario?Are you demonstrating the higher level skills expected, e.g. critical analysis and appropriate extrapolation?As with any examination, question practice under examination conditions is critical. Ensure you do at least the last two papers under examination conditions and a further two papers planning each question. If your plan ties in with the suggested solution, you are thinking in the right direction.Lastly, download the examiners September 2009 SA article on examination technique, as well as all her articles over the last two years (and relevant articles from the 3.1 archive).You may also find the two recent articles on how to tackle exams and passing the professional level papers useful. Fail to read them at your peril.EXP Outsourcing of the accounting function and its impact on the audit Going concern issue and its impact on the financial statements Ethical issues tendering and lowballingto get business Forensic audit A group audit question