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P7 students still ill-prepared

25 July 2016

Too many P7 sitters are just not properly prepared for the exam, says the examiner in the latest examiner’s report. Overall the June exam performance was ‘disappointing’, and the examiner felt that too many candidates want to focus on the minutiae of a point, which means they often miss the wider implications of the issue at hand. There was also a clear lack of both auditing and financial reporting knowledge.

Specific areas which meant a student failed, included:

Writing out or simply restating facts from the question with little or no development.
Not answering the question set.
Quoting accounting standards without applying them.
Using vague phases like ‘perform analytical procedures’, ‘check the relevant documentation’, ‘in accordance with the relevant standard’ which do not earn marks unless the point is developed.
Obvious lack of accounting knowledge – an error cannot simultaneously overstate assets and understate profits, for example.

All the June examiner reports are now available on the ACCA website.

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