PAPER P7, ADVANCED AUDIT AND ASSURANCE (INT)The changes to Paper P7 are introduced to the syllabus to reflect the latest business and educational developments affecting this paper. The main changes include the introduction of outcomes relating to public sector audit and the audit of social, environmental and integrated reporting. These are all summarized in Table 19 below.

Table 19: Summary of changes to Paper P7 (INT)

Section and subject area Syllabus content

New D4(b) added to include component auditor’s responsibilities in a group situation

(b) Explain the responsibilities of the component auditor before accepting appointment, and the procedures to be performed in a group situation

D3(e) Amended to add reference to integrated reporting

(e) Discuss the courses of action available to an auditor if an inconsistency or misstatement of fact exists in relation to other information such as contained in the integrated report

Heading E1 amended to include old E2 assurance services 1. Audit-related and assurance services

Old E2(c) Deleted

c) Recognise the ways in which different types of risk (eg strategic, operating, information) may be identified and analysed and assess how management should respond to risk

New E6 subject area added on public sector audit

6. The audit of performance information in public sector(a) Describe the audit of performance information and differentiate from performance auditing(b) Plan the audit of performance information, and describe examination procedures to be used in the audit of performance information(c) Discuss the existence, measurability and relevance of reported performance information(d) Discuss the form and content of a report on the audit of performance information(e) Discuss the content of an audit

Section and subject area Syllabus content

conclusion on an integrated report of performance against predetermined objectives

Old G2 deleted

2. Information technology(a) Describe recent trends in IT and their current and potential impact on auditors (eg the audit implications of ‘cyberincidents’ and other risks).(b) Explain how IT may be used to assist auditors and discuss the problems that may be encountered in automating the audit process

Heading of G3 amended to refer to integrated reporting

4. The audit of social, environmental and integrated reporting

G3(a) Amended to add reference to integrated reporting

(a) Plan an engagement to provide assurance on integrated reporting (performance measures and sustainability indicators)

G3(e) Amended to add reference to integrated reporting

P7 Syllabus changes:

The syllabus has been amended to include references to the audit of social, environmental and integrated reporting.

A new subject area has been added:The audit of performance information in public sector.