P7 - ACCA Exams December 2009 from BPP

• A risk-based and/or planning scenario in the compulsory section
• Questions based on articles published in Student Accountant in the past six months - such as recent articles on the Clarity Project and Computer Assisted Audit Techniques (CAATs)
• A number of requirements asking for audit procedures and required evidence in respect of specific financial reporting issues (CAATs could also feature here)
• A practice-based scenario looking at professional, ethical and quality control issues
• A reporting scenario of some sort
• Legal and regulatory issues affecting assurance providers, especially in the context of firms’ professional liability, money laundering and the UK Companies Act 2006 (even the IAASB Clarity Project)
• The requirements of other forms of assurance engagement, such as Prospective Financial Information (PFI), Value for Money (VfM) studies or agreed upon procedures
• The correct treatment of more complex accounting issues (such as employee benefits or first time adoption of IFRS) than has been seen before
• As in June 2009 with ISA 315, specific ISAs may be examined in sufficient detail to warrant learning the key elements for regurgitation in the exam
• Discrete topics that we have not yet seen such as subsequent events as part of evaluation and review, questions using the context of internal audit or advertising for certain engagements
• The need to understand current issues such as globalisation, the impact of the recession on auditors, corporate governance, risk management and auditor liability.