Paper P7: Advanced Audit and Assurance - Study text 2016

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S
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PAPER฀P7฀

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ADVANCED฀AUDIT฀AND฀
ASSURANCE฀
(INTERNATIONAL)฀
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First edition 2007
Eighth edition April 2015

ISBN 9781 4727 2685 8
(Previous ISBN 9781 4727 1091 8)
e-text ISBN 9781 4727 2763 3

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ii


Contents
Page

Introduction
Helping you to pass .......................................................................................................................................................... v
Studying P7 .................................................................................................................................................................... vii
The exam paper ............................................................................................................................................................. xiii

Syllabus and study guide............................................................................................................................................... xvi

Part A Regulatory environment
1

International regulatory environments for audit and assurance services .................................................................. 3

Part B Professional and ethical considerations
2
3

Code of ethics and conduct ................................................................................................................................... 35
Professional liability.............................................................................................................................................. 69

Part C Practice management
4
5

Quality control....................................................................................................................................................... 99
Obtaining and accepting professional appointments ........................................................................................... 113

Part D Audit of historical financial information
6
7
8
9
10
11

Planning and risk assessment ............................................................................................................................. 137

Evidence.............................................................................................................................................................. 185
Evaluation and review (I) ..................................................................................................................................... 221
Evaluation and review (II) – matters relating to specific accounting issues.......................................................... 255
Evaluation and review (III) – matters relating to specific accounting issues......................................................... 281
Group audits and transnational audits ................................................................................................................. 321

Part E Other assignments
12
13
14
15
16

Audit-related services and other assurance services............................................................................................ 355
Prospective financial information (PFI)................................................................................................................ 385
Forensic audits.................................................................................................................................................... 399
Social, environmental and public sector auditing ................................................................................................ 411
Internal audit and outsourcing............................................................................................................................. 441

Part F Reporting
17

Reporting............................................................................................................................................................. 459

Part G Current issues and developments
18

Current issues ..................................................................................................................................................... 485

List of articles by the examining team ....................................................................... 501

Practice question and answer bank ........................................................................... 505
Index......................................................................................................................... 587
Review form

Contents

iii


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iv


Helping you to pass
BPP Learning Media – Approved Content Provider
As ACCA's Approved Content Provider, BPP Learning Media gives you the opportunity to use study
materials reviewed by the ACCA examination team. By incorporating the examination team's comments
and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media Study
Text provides excellent, ACCA-approved support for your studies.

The PER alert
Before you can qualify as an ACCA member, you not only have to pass all your exams but also fulfil a three
year practical experience requirement (PER). To help you to recognise areas of the syllabus that you
might be able to apply in the workplace to achieve different performance objectives, we have introduced
the 'PER alert' feature. You will find this feature throughout the Study Text to remind you that what you
are learning to pass your ACCA exams is equally useful to the fulfilment of the PER requirement.
Your achievement of the PER should now be recorded in your online My Experience record.

Tackling studying
Studying can be a daunting prospect, particularly when you have lots of other commitments. The different
features of the Text, the purposes of which are explained fully on the Chapter features page, will help you
while studying and improve your chances of exam success.

Developing exam awareness
Our Study Texts are completely focused on helping you pass your exam.
Our advice on Studying P7 outlines the content of the paper, the necessary skills you are expected to be
able to demonstrate and any brought forward knowledge you are expected to have.
Exam focus points are included within the chapters to highlight when and how specific topics have been
examined, or how they might be examined in the future.

Using the Syllabus and Study Guide
You can find the Syllabus and Study Guide on page xvii to xxviii of this Study Text.

Testing what you can do
Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can
recall what you have learnt.
We include Questions – lots of them – both within chapters and in the Practice Question Bank, as well as
Quick Quizzes at the end of each chapter to test your knowledge of the chapter content.

Introduction

v


Chapter features
Each chapter contains a number of helpful features to guide you through each topic.
Topic list
Topic list

Syllabus reference

Tells you what you will be studying in this chapter
and the relevant section numbers, together with

ACCA syllabus references.

Introduction

Puts the chapter content in the context of the
syllabus as a whole.

Study guide

Links the chapter content with ACCA guidance.

Exam guide

Highlights how examinable the chapter content is
likely to be and the ways in which it could be
examined.

Knowledge brought forward from earlier studies

What you are assumed to know from previous
studies/exams.

FAST FORWARD

Summarises the content of main chapter headings,
allowing you to preview and review each section
easily.

Examples

Demonstrate how to apply key knowledge and
techniques.

Key terms

Definitions of important concepts that can often
earn you easy marks in exams.

Exam focus points

Tell you when and how specific topics have been
examined, or how they may be examined in the
future.

Formula to learn

Formulae that are not given in the exam but which
have to be learnt.
This is a new feature that gives you a useful
indication of syllabus areas that closely relate to
performance objectives in your Practical
Experience Requirement (PER).

vi

Introduction

Question

Essential practice of techniques covered in the

chapter.

Case Study

Real world examples of theories and techniques.

Chapter Roundup

A full list of the Fast Forwards included in the
chapter, providing an easy source of review.

Quick Quiz

A quick test of your knowledge of the main topics
in the chapter.

Practice Question Bank

Found at the back of the Study Text with more
comprehensive chapter questions. Cross
referenced for easy navigation.


Studying P7
As the name suggests, this paper examines advanced audit and assurance topics. Paper P7 is one of the
professional level Options papers and as such candidates must consider carefully whether they have the
required competencies.

The P7 examination team
The examination team expects you to demonstrate a highly professional approach to all questions – not

just presenting information in a professional manner, but also integrating knowledge and understanding
of topics from across the syllabus. The examination team is also very keen for students to demonstrate
evidence of wider reading and to demonstrate an understanding of current issues as they affect audit and
assurance. At the absolute minimum you should read Student Accountant. The examination team often
examines topics that it has written about in Student Accountant.

Syllabus update
The P7 syllabus has been updated for the September 2015 sitting onwards. The full syllabus and Study
Guide can be found in this Study Text on pages xvii to xxviii.

1 What P7 is about
The aim of the syllabus is to analyse, evaluate and conclude on the assurance engagement and other audit
and assurance issues in the context of best practice and current developments.
The paper builds on the topics covered in Paper F8 Audit and Assurance but as an advanced paper it tests
much more than just your knowledge of ISAs and your ability to list standard audit procedures. You must
be able to apply your knowledge to more complex audit and assurance scenarios, identifying and
formulating the work required to meet the objectives of audit and non-audit assignments and to evaluate
the findings and results of work performed. Accounting knowledge examined in Paper P2 Corporate
Reporting is also assumed. Therefore, candidates studying for P7 should refer to the Accounting
Standards listed under P2.
The syllabus is divided into seven main sections:
(a)

Regulatory environment
This section introduces the legal and regulatory environment including corporate governance
issues. It also examines the topics of money laundering and the consideration of laws and
regulations.

(b)

Professional and ethical considerations
The details of the various ethical codes should be familiar to you from your earlier studies,
however the importance of this topic should not be underestimated. The examination team has
indicated that ethical and professional issues are likely to feature in every sitting. This section also
covers fraud and professional liability, both of which are topical issues.

(c)

Practice management
This part of the syllabus covers quality control, tendering and professional appointments. It also
covers advertising, publicity, obtaining professional work and fees.

(d)

Audit of historical financial information
This is the largest section of the syllabus looking in detail at the procedures involved in a range of
audit and assurance assignments. The examination team has indicated that evidence gathering is a
key part of the syllabus and is likely to feature at each sitting. Requirements are likely to focus on
specific assertions, balances or transactions.

(e)

Other assignments
This section also covers a range of audit-related and assurance services. The examination team
has stressed the need for candidates to be able to tackle these types of scenario.

Introduction

vii

(f)

Reporting
The detail of audit reports should be familiar to you from your earlier studies. At this level you will
be expected to apply this knowledge to more complex scenarios. The examination team has also
stressed the importance of the relationship between financial reporting and auditing. This will be
particularly important when forming an appropriate audit opinion. This section of the syllabus also
includes reports to management and other reports.

(g)

Current issues and developments
Current issues and developments includes a wide range of topics including the IAASB clarity
project, professional, ethical and corporate governance, information technology, going concern,
transnational audits and social and environmental auditing. The examination team has indicated
that this is likely to be examined at each sitting, and that candidates are expected to have read
around the issues for themselves. You will need to be able to discuss current issues topics in the
context of a client scenario.

2 Skills you have to demonstrate
2.1 Knowledge and application
Even with exams you've previously taken, you'll remember that passing didn't only mean reproducing
knowledge. You also had to apply what you knew. At Professional level, the balance is tilted much more
towards application. You will need a sound basis of technical knowledge. The exams will detect whether
you have the necessary knowledge. However, you won't pass if you just spend your time acquiring
knowledge. Developing application skills is vital.

2.2 Application skills


A thorough understanding of the relevant audit, assurance and financial reporting regulations that
fall within the syllabus



The ability to apply knowledge to specific client scenarios



The ability to have an independent opinion, backed by reasoned argument



An appreciation of commercial factors which influence practice management



An appreciation of fast-moving developments in audit and assurance practices

The P7 examination team made very similar comments in a number of recent examiner's reports which is
so important that we will quote it here. These pitfalls tend not to change from year to year:
'Similar factors as detailed in previous examiner's reports continue to contribute to the unsatisfactory
pass rate:






Failing to answer the specific question requirements
Not applying knowledge to question scenarios
Not explaining or developing points in enough detail
Lack of knowledge on certain syllabus areas
Illegible handwriting'

'As seen in previous sittings, what makes the difference between a pass and a fail script is usually
the level of application skills which have been demonstrated. Candidates who answer the
specific question requirement, and tailor their answers to the scenarios provided are likely to do
well.'
(Examiner's Report, June 2011)

viii

Introduction


3 How to pass
3.1 Study the whole syllabus
Study the entire syllabus. Although Section B of the paper contains an optional element, the two questions
in Section A are compulsory and could cover a range of topics from across the syllabus. Question spotting
at this level is unwise and not recommended.

3.2 Focus on themes, not lists
There are quite a number of lists in the Texts. This is inevitable because corporate governance guidance
quoted as best practice is often in list form. Lists are also sometimes the clearest way of presenting
information. However, the examination team has stressed that passing the exam is not a matter of learning
and reproducing lists. Good answers will have to focus on the details in the scenario and bring out the
underlying themes that relate to the scenario. The points in them will have more depth than a series of
single-line bullet points.

3.3 Read around
Read the financial press and relevant websites for real life examples – the examination team is specifically
looking for evidence of wider reading.
Read Student Accountant (the ACCA's student magazine) regularly – it often contains technical articles
written either by or on the recommendation of the examination team which can be invaluable for future
exams.

3.4 Lots of question practice
You can develop application skills by attempting questions in the Exam Question Bank and later on in the
BPP Learning Media Practice & Revision Kit.

4 Answering questions
Practise as many questions as you can under timed conditions – this is the best way of developing good
exam technique. Make use of the Question Bank at the back of this Text. BPP's Practice & Revision Kit
contains numerous exam-standard questions (many of them taken from past exam papers) as well as
three mock exams for you to try.
Section A questions will be the case study type of question – make sure you relate your answers to the
scenario rather than being generic. Answers that are simply regurgitated from Texts are unlikely to score
highly.
Present your answers in a professional manner – there are between four and six professional marks
available for setting answers out properly and for coherent, well structured arguments and
recommendations. You should be aiming to achieve all of these marks.
Consider the question requirement carefully so that you answer the actual question set.
Answer plans will help you to focus on the requirements of the question and enable you to manage your
time effectively.
Answer the question that you are most comfortable with first – it will help to settle you down if you feel
you have answered the first question well.

Introduction

ix


4.1 Analysing question requirements
It's particularly important to consider the question requirements carefully to make sure you understand
exactly what the question is asking, and whether each question part has to be answered in the context of
the scenario or is more general. You also need to be sure that you understand all the tasks that the
question is asking you to perform.
Remember that every word will be important. If for example you are asked to:
'Explain the importance of identifying all risks that Company X is facing', then you would explain that:




Taking risks is bound up with strategic decision making
Some risks may have serious consequences
Identifying all risks means they can be prioritised and managed efficiently and effectively

You would not identify all the risks that Company X would be facing.

4.2 Understanding the question verbs
Verbs that are likely to be frequently used in this exam are listed below, together with their intellectual
levels and guidance on their meaning.
Intellectual level
1

Define

Give the meaning of

1

Explain

Make clear

1

Identify

Recognise or select

1

Describe

Give the key features

2

Distinguish

2
2

Compare and
contrast
Contrast

2

Analyse

3

Assess

3

Examine

Define two different terms, viewpoints or concepts on the
basis of the differences between them
Explain the similarities and differences between two
different terms, viewpoints or concepts
Explain the differences between two different terms,
viewpoints or concepts
Give reasons for the current situation or what has
happened
Determine the strengths/weaknesses/importance/
significance/ability to contribute
Critically review in detail

3

Discuss

Examine by using arguments for and against

3

Explore

Examine or discuss in a wide-ranging manner

3

Criticise

3

Evaluate/critically
evaluate

3

Construct the case

3

Recommend

Present the weaknesses of / problems with the actions
taken or viewpoint expressed, supported by evidence
Determine the value of in the light of the arguments for
and against (critically evaluate means weighting the
answer towards criticisms / arguments against)
Present the arguments in favour or against, supported by
evidence

Advise the appropriate actions to pursue in terms the
recipient will understand

A lower level verb such as define will require a more descriptive answer. A higher level verb such as
evaluate will require a more applied, critical answer. The examination team has stressed that higherlevel requirements and verbs will be most significant in this paper, for example critically evaluating a
statement and arguing for or against a given idea or position. The examination team is looking to set
questions that provide evidence of student understanding.

x

Introduction


Certain verbs have given students particular problems.
(a)

Identify and explain
Although these verbs are both Level 1, the examination team sees them as requiring different
things. You have to go into more depth if you are asked to explain than if you are asked to identify.
An explanation means giving more detail about the problem or factor identified, normally meaning
that you have to indicate why it's significant. If you were asked to:

(b)

(i)

Identify the main problem with the same person acting as chief executive and chairman
– you would briefly say excessive power is exercised by one person.

(ii)

Explain the main problem with the same person acting as chief executive and chairman
– you would say excessive power is exercised by one person and then go on to say it would
mean that the same person was running the board and the company. As the board is meant
to monitor the chief executive, it can't do this effectively if the chief executive is running the
board. Also, you may be asked to explain or describe something complex, abstract or
philosophical in nature.

Evaluate
Evaluate is a verb that the examination team uses frequently. Its meaning may be different from the
way that you have seen it used in other exams. The examination team expects to see arguments for
and against, or pros and cons for what you are asked to evaluate.
Thus for example if a question asked you to:
'Evaluate the contribution made by non-executive directors to good corporate governance in
companies'
You would not only have to write about the factors that help non-executive directors make a
worthwhile contribution (independent viewpoint, experience of other industries). You would also
have to discuss the factors that limit or undermine the contribution non-executive directors make
(lack of time, putting pressure on board unity).
If the examination team asks you to critically evaluate, you will have to consider both viewpoints.
However you will concentrate on the view that you are asked to critically evaluate, as the mark
scheme will be weighted towards that view.

4.3 Content of answers
Well-judged, clear recommendations grounded in the scenario will always score well, as markers for this
paper have a wide remit to reward good answers. You need to be selective. As we've said, lists of points
memorised from Texts and reproduced without any thought won't score well.

Important!

The examination team identified lack of application skills as a serious weakness in many student answers.
What constitutes good application will vary question by question but is likely to include:




Only including technical knowledge that is relevant to the scenario. For example, although the
SPAMSOAP mnemonic can be a useful memory aid, you shouldn't quote it in full just because the
question requirements contain the word 'control'
Only including scenario details that support the points you are making, for example quoting from
the scenario to explain why you're making a particular recommendation
Tackling the problems highlighted in the scenario and the question requirements



Explaining why the factors you're discussing are significant



Taking a top-down strategic approach – remember that at Professional level you're meant to be
adopting the viewpoint of a partner or finance director. Excessive detail about operations is not
important



Introduction

xi

5 Gaining professional marks
As P7 is a Professional level paper, four professional level marks will be awarded in a Section A question.
These are marks allocated not for the content of an answer, but for the degree of professionalism with
which certain parts of the answer are presented.
The examination team has stated that some marks may be available for presenting your answer in the
form of a letter, presentation, memo, report, briefing notes, management reporting, narrative or press
statement. You may also be able to obtain marks for the layout, logical flow and presentation of your
answer. You should also make sure that you provide the points required by the question.

Important!

Whatever the form of communication requested, you will not gain professional marks if you fail to follow
the basics of good communication. Keep an eye on your spelling and grammar. Also think carefully, am I
saying things that are appropriate in a business communication?

6 Brought forward knowledge
The P7 syllabus assumes knowledge brought forward from F8 Audit and Assurance. It also assumes
knowledge from Paper F7 Financial Reporting and Paper P2 Corporate Reporting. It is very important to be
comfortable with your financial reporting studies because such aspects are likely to come up in scenariobased questions in Sections A and B of this paper.
The P7 examination team has written a number of articles relevant to the P7 exam and it is highly
recommended that you read them. A list of these articles can be found after Chapter 18 of this Study Text.

xii

Introduction


The exam paper
Format of the paper
Number of

marks
Section A:

Section B:

Two compulsory questions:
Question one
Question two
Choice of two from three questions (20 marks each)

35
25
40
100

Time allowed: 3 hours

Guidance
Section A will consist of two compulsory 'case study' style questions. These will include detailed
information including, for example, extracts from financial statements and audit working papers. The
questions will include a range of requirements covering different syllabus areas.
Section B questions will tend to be more focused towards specific topic areas, such as ethical issues and
auditor's reports. Short scenarios will be provided as a basis for these questions.

Introduction

xiii


Analysis of past papers

The table below provides details of when each element of the syllabus has been examined and the question number and
section in which each element appeared. Further details can be found in the Exam Focus Points in the relevant chapters.
Covered
in Ch

D
14

J
14

D
13

J
13

D
12

J
12

D
11

J
11

D

10

J
10

D
09

J
09

D
08

Regulatory
environment
1

International
regulatory
frameworks for
audit and
assurance
services

1

Money laundering

1

Laws and
regulations

2(d)

2(b)

3(a)

2(c)

3(b)

4(b)

Professional and
ethical
considerations
1(d),
4(b)

4

1(c) 4

1(b),
2(a)

1(a),

3(b)

1(b),
3(b), 4

2(b)

3(a)

2(a),
4(b)

3(b), 4

2

Codes of ethics for
professional
accountants

3

Fraud and error

4(a)

2(d)

3

Professional
liability

4(a)

5(b)

4(b)

4

4

5(a)

Practice
Management
4

Quality control

5

Advertising,
publicity,
obtaining
professional work
and fees

5

Tendering

5

Professional
appointments

5(a)

3(b)

2(a)

5(a)

1(b)

2(b)

1(b)

4(a)

4(a)

3(a)

5(c)

4(b)

2(b),
2(c)
3(a)

4(a)

2(a),
2(c)

Assignments
6,7,8, The audit of
1(a)–(c), 1, 3, 4
9,10 historical financial 2, 3(a),
information
5(b)
including:

1(a),
1(a),
1, 3, 5 1(a), 3, 1, 2,
4(b), 3(a)-(b), 2(b), 2(a)-(b),
5(b), (c) 5(a) 3(a)-(b), 3(a)-(c),
5(a) 5(a)-(b)

1, 2,
3(b)

1(a),

1,
1(a), 1, 3(b),
5(a) 2(a)-(b), 1(b),
2(c),
1(c),
5
3(a)-(c)
3(a),
3(b)

5(b)

2(d)

(i) Planning,
materiality
and assessing
the risk of
misstatement
(ii) Evidence
(iii) Evaluation
and review
11

xiv

Group audits

Introduction

1(b)

5(a)

1(a)

1(a),
1(b),
3, 5


Covered
in Ch

D
14

J
14

D
13

J
13

D
12

J

12

D
11

J
11

D
10

J
10

D
09

J
09

D
08

Other
assignments
12

Audit-related
services

12

Assurance
services

13

Prospective
financial
information

14

Forensic audits

15

Social and
environmental
auditing

15

Public sector audit
of performance
information

16

Internal audit and

outsourcing

2

4

3(b)
2(a),
2(b)

2(a)

2(a)

2(b)

3(c)

3(b)

3(b)

2(a)

3

4(a)-(b)

2(c)

2(b)

2

2(a),
2(b)

4(a)

1(c)

2(b), (b)

Reports
17

Auditor's reports

17

Reports to
management

17

Other reports

5

5(b)

5

5

5(b)

5(a)-(b)

5(a)

5(a)

5(a)

5(b)

5(b)
3(b)

Current issues
and
developments
1,2,3

Professional,
ethical and
corporate
governance

11

Transnational
audits

15

Social and
environmental
auditing

18

Other current
issues

4(c)

4(b)

4

2(d)

5(a)

4(a)

3(a)

4(a)

5(a)

Introduction

xv


Syllabus and Study Guide

© ACCA 2015-2016 All rights reserved.

xvi

Introduction


© ACCA 2015-2016 All rights reserved.

Introduction

xvii


© ACCA 2015-2016 All rights reserved.

xviii

Introduction

© ACCA 2015-2016 All rights reserved.

Introduction

xix


© ACCA 2015-2016 All rights reserved.

xx

Introduction


© ACCA 2015-2016 All rights reserved.

Introduction

xxi


© ACCA 2015-2016 All rights reserved.

xxii

Introduction

© ACCA 2015-2016 All rights reserved.

Introduction

xxiii