Understand that practice is important. But what is the correct way of answering the questions?
putting your self in the shoes of the auditor and solving more questions.
Me too would like to know the answer to the question you asked.
Well P7 is a paper you have to be in shoes of a Senior Manager or Audit Engagement Partner sometimes .
I completed P7 (UK) in 2014 June Season. At that time i wasn't an auditor.
But this is the approach I tookover
First you have to have get thorough knowledge about IASs & ISAs . Its better to use a passcard or even short note of all the standards with your hand
second you need to understand complete practical process of how a audit is done or otherwise you need to understand how to develop procedures based on the given senarios.inorder to have this skill you need to read many Questions and answers of past papers.
basically you need to keep F8 study text and P2 study text with you when you study P7. If you are not good at fundamentals then you will struggle.
So you can see in one side yo need to be good at standards on the other side you need to practice questions.
Further you need to be very good at ethics & Audit Planning skills
Read the Articles and examiners Reports as many as possible.After attempting the question read the answer from Kit.
I have been getting marks between 46-47 and seems to be something wrong with my answering technique. Will anyone be able to guide on how depth the answers should be and the expected answers from the examiner?