ACCA P7 Schedule of Key Changes 2014-15

7/24/2019 ACCA P7 Schedule of Key Changes 2014-15

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SCHEDULE OF KEY CHANGES

ACCA P7 Advanced Audit & Assurance

Co!"ete & Essentia" #e$t %une '()*(+ version

Suar, o- c.an/es -ro '(0 version

Genera" !oints1

New syllabus changes updated wherever relevant.

Updates to refect changes in ISAs and other standards.

Other changes made to respond to stakeholder eedback.

Illustrations updated to refect changes to syllabusISA!s .

"emoved any reerences to the e#aminer!s name.

S!eci2c !oints1

C.a!ter C.an/es ade$relims New syllabus included.

% "egulation in aglobal economy

No signi&cant changes.

Some streamlining to remove unnecessary

detail.

' (ode o ethics andconduct

)ore e#am ocus added to highlight whatstudents need to do to address this type o*uestion in the e#am.

(onficts with undamental principles added.

Inormed management e#planation added.

+#planation o public interest entities added.

(ircumstances in which disclosure ocon&dential inormation is permitted orre*uired updated.

+#pandable te#t, (ompulsory tendering

added to the emerging ethical issues section.

+#am style -U added or U/ syllabus only.

0 $roessional

appointments

1iagram o matters to consider beore

accepting included 2previously covered in thetendering chapter3.

4 5uality control +#am ocus added to the start o the chapter.1iagrams updatedamended to make themmore useulrelevant.

6 Advertising7publicity7 obtainingproessional workand ees

)aterial content has been streamlined toremove repetition. In particular ees section.

8 -endering 1iagram updated on reasons or changing


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auditor. +#pandable te#t removed as nowcovered in the diagram.

)aterial reorgani9ed to fow better.

(hapter summary diagram updated.

: )oney laundering Streamlined section headings to tie into thesyllabus ob;ectives more easily.

< $roessionalresponsibilities andliabilities

Some streamlining o content and

e#pandable te#t 2+-3 to remove unnecessary+- bo#es.

Addition o procedures to be perormed when

raud is suspected or discovered.

Added withdrawal rom the engagement iraud is committed by management.

Amended the section on e#pectations gap.

= $lanning7 materialityand assessing therisk o misstatement

Audit strategy diagram added to refectcurrent ISA re*uirements.

Streamlining to remove repetition.

Impact o ISA!s and I>"S!s now in +-.

Additional inormation to help plan the audit

added. -his is oten part o the risk *uestionre*uirement.

?oing concern +- moved to the completionchapter where going concern is covered inmore detail.

"emoved some unnecessary paragraphs on

materiality. Added in +- section on approach to use in

the e#am to the risk *uestions. 1eals withboth analytical procedures and narrativere*uirements.

Social and environmental issues moved to

the newly created chapter or this syllabusarea.

$ast e#am *uestion ates added as a -U."e*uires the use o analytical procedures toidentiy and e#plain audit risks.

-U Ivor &nancial inormation has beensummari9ed to make it more in line with thelevel o detail that would be provided in thee#am.

$resentation o the answer o -U 4 has been

changed to clearly show the business risksand audit risks in a table ormat.

%@ ?roup andtransnational audits

Acceptance as component auditor added in

line with syllabus ob;ectives.

)ore detail o ISA 8@@ re*uirements andaudit procedures on the consolidation

schedule added in ollowing A((A eedback.

%% +vidence Introductory section added to introduce e#am


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conte#t.

"emoved some o the section e#plaining the

importance o &nancial reporting standardsto the e#am as this has been covered in (h=. Some e#planation has been let in +-

+#am >ocus. )ore streamlining o the chapter to remove

unnecessary detail.

>urther e#planation o the dierence

between substantive procedures and tests ocontrols in +- with e#amples as this is anarea students still struggle with.

+- on written representations e#panded tostate which ISA!s re*uire writtenrepresentations to be obtained.

Added in section on reerence to the work o

e#perts in the audit report in response toA((A eedback.

ISA 8%@ update on using the IA to provide

direct assistance added into the te#t.

"elated party transactions sections

reorgani9ed to fow better.

-U% re*uirements reworded to be more inline with e#am wording.

%' (ompletion Addition o auditor actions when evaluating

misstatements.

+#ample added o evaluating the aggregate

eects o misstatements. +- on &nal analytical procedures added.

"eerence to ISA 68@ in the subse*uent

events section.

+- on going concern procedures split into

procedures to assess managementevaluation and procedures to perorm wherethere is doubt over going concern B inresponse to A((A eedback.

>oreseeable uture section moved into +-.

?oing concern recent developments B

e#aminable documents included. Audit reporting implications moved into a

table to make it easier to see the dierentoptions.

+- +#am approach to completion 2)atters C

evidence3 *uestions added.

%0 Auditors! reports (hange o order o chapter to help it fow

better.

Unmodi&ed report B unmodi&ed opinion B

modi&ed opinion to help students understand

that +O)O) paragraphs are used ormatters where the opinion is not modi&ed.


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Added section on actions to be taken i the

report is to be modi&ed in response to A((Aeedback.

+- on e#am approach added.

+#planation o Senior Statutory Auditor

added to U/ syllabus ocus section.

%4 "eports tomanagement

No change.

%6 Other services Added procedures re*uired or IS"+ '4%@ in

response to A((A eedback.

"emoved social and environmental reporting

to its own chapter

"emoved I- systems as no longer in thesyllabus

)ove risk assessment engagements to +-

Added e#am approach or due diligence*uestions

%8 $rospective &nancialinormation

No signi&cant changes.Answer to -U has been made more structuredso it is easier to ollow.

%: Social7environmental andintegrated reporting

(ontent moved rom chapter %6

(hapter links in more with the syllabus

ob;ectives

+#am standard -U added DShire Oil!

%< >orensic audits ' real lie raud e#amples included

New section headings to make the

chapter easier to ollow%= Outsourcing and

internal audit )ore detailed re*uirements o ISA 4@'

included in response to A((A eedback.

-U %a amended to say outsourcing o

internal audit rather than accountingservices to make it consistent.

'@ U/ syllabus only,auditing aspects oinsolvency

Included calculation o the prescribed partin the section o allocation o companyassets.

Advantages o administration over

li*uidation added in response to A((Aeedback.

"eal e#am *uestion added as a -U

'% IN- syllabus only,audit o perormanceinormation in thepublic sector

New syllabus area added.

'@ >inancial reportingrevision

Updated to include IAS 4%

I>"S ' e#ample added in response to A((A


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eedback

'% Additional practice*uestions

No signi&cant changes.

Documents

ACCA P7 Schedule of Key Changes 2014-15