Morning Jo,

at the higher levels you would be surprised how interesting audit studies are.

In the exam you will be presented with a scenario, usually 2 to 3 pages including basic (thats ACCA basic!) financial information and you need to write a report based on the issues of perhaps them using incorrect financial reporting standards or incorrectly applying the right one's, window dressing, misstatements, misinformation, over optimistic forecasts and projections, etc. One that comes up a lot is where one is doing a due dilligence on the purchase of a business ensuring that what someone believes that they are buying is what they are actually buying... Basically loads of things that your long career developing professional scepticism in corporate has been perfect training for.

I think that its the one paper that really brings everything together as you will not pass it unless you know all of the standards (Accounting, Audit, Ethics and even some tax regulation) plus a great deal of common sense and business acumen. i.e. you need to be able to look at the question and quickly think "I know what you're up to ya wee miscreant!".

There's a reason that advanced audit is that last paper in that it really enforces your knowledge base by bringing absolutely everything together in one paper... Plus you only have three hours to write a lot on four questions each of which in the real world would take more than three hours each. Time is what beats more people than lack of knowledge with that paper (P7) but thats also its strength in that to get past the final hurdle you need to be able to explain from memory absolutely anything and you don't have the time to waffle (no, we are not putting a timer on the length of time I am allowed for each post on here!).

I think that at that level ACCA beats ACA in one respect in that as mentioned above ACCA people must know everything from memory where ACA people are allowed to take their books into the exam hall with them. However, one still has to know where to look in the book and theirs are just as time pressured so its only a minor advantage ACCA there.

Trust me, you would love audit exams even if like me you wouldn't go near audit with a barge pole (Litigious nightmare or ethical dilema's).

You are completely right about tax. The general public truly believe that all accountants are tax experts and that they can ask any question which we will know the answer to immediately. As such everyone who wants to work as an accountant needs to have a good understanding of the tax system. Thats not saying that one needs to know it all but there is a core knowledge expectation that one needs to be able to wield with confidence and I think that can only come from seriously complex higher end studies.... Which still don't prepare you 100% for questions in the real world but the main thing is that you develop a sense that something is wrong long before you realise why it is and you learn the best places to look for the answers.

No matter who one eventually practices under, the professional body whose exams you pass is what makes you the accountant / bookkeeper you eventually become.

Have I sold you on coming over to the dark side yet Jo?...... We have cookies..... Maybe I should have led with that