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ACCA P7 Advanced Audit And Assurance Question Papers

ACCA P7 Advanced Audit And Assurance Question Papers

ACCA P7 Advanced Audit And Assurance Question Papers :  There are many question papers available here for ACCA P7 Advanced Audit And Assurance Exam.

ACCA P7 Advanced Audit And Assurance Question Papers  

This syllabus and study guide is designed to help with planning study and to provide detailed information on what could be assessed in any examination session.

ACCA P7 Advanced Audit And Assurance Question Papers

DETAILED SYLLABUS

A Governance and responsibility

1. The scope of governance

2. Agency relationships and theories

3. The board of directors

4. Board committees

5. Directors’ remuneration

6. Different approaches to corporate governance

7. Corporate governance and corporate social responsibility

8. Governance: reporting and disclosure

9. Public sector governance

B Internal control and review

1. Management control systems in corporate governance

2. Internal control, audit and compliance in corporate governance

3. Internal control and reporting

4. Management information in audit and internal control

C Identifying and assessing risk

1. Risk and the risk management process

2. Categories of risk

3. Identification, assessment and measurement of risk

D Controlling risk

1. Targeting and monitoring risk

2. Methods of controlling and reducing risk

3. Risk avoidance, retention and modelling

E Professional values, ethics and social responsibility

1. Ethical theories

2. Different approaches to ethics and social responsibility

3. Professions and the public interest

4. Professional practice and codes of ethics

5. Conflicts of interest and the consequences of unethical behaviour

6. Ethical characteristics of professionalism

7. Social and environmental issues in the conduct of business and of ethical behaviour

DOWNLOAD – ACCA P7 Governance Risk and Ethics (P1) SYLLABUS,STUDY GUIDE

ACCA P7 Advanced Audit And Assurance Question Papers

APPROACH TO EXAMINING THE SYLLABUS

The syllabus is assessed by a three-hour examination available in both computer-based and paper-based formats.

-For paper-based exams there is an extra 15 minutes to reflect the manual effort required.

The examination paper will be structured in two sections. Section A will be based on a case study style question comprising a compulsory 50 mark question, with requirements based on several parts with all parts relating to the same case information. The case study will usually assess a range of subject areas across the syllabus and will require the candidate to demonstrate high level capabilities to evaluate, relate and apply the information in the case study to several of the requirements.

Section B comprises three questions of 25 marks each, of which candidates must answer two. These questions will be more likely to assess a range of discrete subject areas from the main syllabus section headings, but may require application, evaluation and the synthesis of information contained within short scenarios in which some requirements may need to be contextualised.

ACCA P7 Advanced Audit And Assurance Question Papers

THE STRUCTURE OF THE SYLLABUS AND STUDY GUIDE

Relational diagram of paper with other papers

This diagram shows direct and indirect links between this paper and other papers preceding or following it. Some papers are directly underpinned by other papers such as Advanced Performance Management by Performance Management. These links are shown as solid line arrows. Other papers only have indirect relationships with each other such as links existing between the accounting and auditing papers. The links between these are shown as dotted line arrows. This diagram indicates where you are expected to have underpinning knowledge and where it would be useful to review previous learning before undertaking study.

Overall aim of the syllabus

This explains briefly the overall objective of the paper and indicates in the broadest sense the capabilities to be developed within the paper.

Main capabilities

This paper’s aim is broken down into several main capabilities which divide the syllabus and study guide into discrete sections. Relational diagram of the main capabilities This diagram illustrates the flows and links between the main capabilities (sections) of the syllabus and should be used as an aid to planning teaching and learning in a structured way.

Syllabus rationale

This is a narrative explaining how the syllabus is structured and how the main capabilities are linked. The rationale also explains in further detail what the examination intends to assess and why.

Detailed syllabus

This shows the breakdown of the main capabilities (sections) of the syllabus into subject areas. This is the blueprint for the detailed study guide.

Approach to examining the syllabus

This section briefly explains the structure of the examination and how it is assessed. Study Guide This is the main document that students, learning and content providers should use as the basis of their studies, instruction and materials. Examinations will be based on the detail of the study guide which comprehensively identifies what could be assessed in any examination session. The study guide is a precise reflection and breakdown of the syllabus. It is divided into sections based on the main capabilities identified in the syllabus. These sections are divided into subject areas which relate to the sub-capabilities included in the detailed syllabus. Subject areas are broken down into sub-headings which describe the detailed outcomes that could be assessed in examinations. These outcomes are described using verbs indicating what exams may require students to demonstrate, and the broad intellectual level at which these may need to be demonstrated.

ACCA P7 Advanced Audit And Assurance Question Papers

The Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA or FCCA). From June 2016, ACCA recorded that it has 188,000 members and 480,000 students in 178 countries. ACCA’s headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of 100 offices and centres and more than 7,100 Approved Employers worldwide, who provide employee development.

The term ‘Chartered’ in ACCA qualification refers to the Royal Charter granted in 1974.

Chartered Certified Accountant is a legally protected term. Individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, carrying liability insurance and submitting to inspections.

The Association of Authorised Public Accountants (AAPA), one of the British professional bodies for public accountants, has been a subsidiary of ACCA since 1996.

ACCA works in the public interest, assuring that its members are appropriately regulated. It promotes principles-based regulation. ACCA actively seeks to enhance the value of accounting in society through international research. It takes progressive stances on global issues to ensure accountancy as a profession continues to grow in reputation and influence.

ACCA P7 Advanced Audit And Assurance Question Papers

ACCA P7 Advanced Audit and assurance study guide

A GOVERNANCE AND RESPONSIBILITY

1. The scope of governance

a) Define and explain the meaning of corporate governance.

b) Explain, and analyse the issues raised by the development of the joint stock company as the dominant form of business organisation and the separation of ownership and control over business activity.

c) Analyse the purposes and objectives of corporate governance in the public and private sectors.

d) Explain, and apply in context of corporate governance, the key underpinning concepts of:

i) fairness

ii) openness/transparency

iii) innovation

iv) scepticism

iii) independence

iv) probity/honesty

v) responsibility

vi) accountability

vii) reputation

viii)judgment

ix) integrity

e) Explain and assess the major areas of organisational life affected by issues in corporate governance.

i) duties of directors and functions of the board (including setting a responsible ‘tone’ from the top and being accountable for the performance and impacts of the organisation)

ii) the composition and balance of the board (and board committees)

iii) relevance and reliabilityof corporate reporting and external auditing

iv) directors’ remuneration and rewards

v) responsibility of the board for risk management systems and internal control

vi) the rights and responsibilities of shareholders, including institutional investors

vii) corporate social responsibility and business ethics.

f) Compare, and distinguish between public, private and non-governmental organisations (NGO) sectors with regard to the issues raised by, and scope of, governance.

g) Explain and evaluate the roles, interests and claims of, the internal parties involved in corporate governance.

i) Directors

ii) Company secretaries

iii) Sub-board management

iv) Employee representatives (e.g. trade unions)

h) Explain and evaluate the roles, interests and claims of, the external parties involved in corporate governance.

i) Shareholders (including shareholders’ rights and responsibilities)

ii) Auditors

iii) Regulators

iv) Government

v) Stock exchanges

vi) Small investors (and minority rights)

vii) Institutional investors (see also next point)

i) Analyse and discuss the role and influence of institutional investors in corporate governance systems and structures, for example the roles and influences of pension funds, insurance companies and mutual funds.

ACCA P7 Advanced Audit And Assurance Question Papers

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ACCA P7 Advanced Audit And Assurance Question Papers

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