Every gentleman is a man, but not every man is a gentleman. Every lady is a woman, but not every woman is a lady.
By now I have either upset all students, regardless of gender, or hopefully I have rather got you all interested enough to read on.
The real message I want to get across is that “Being a good accountant doesn’t necessarily mean you will be a good auditor, but perhaps you cannot be a good auditor unless you are a good accountant!”
Apologies to those of you who have already heard this because I taught you for ACCA F8, but the message is even more important for ACCA P7 the Advanced Audit and Assurance paper.
“Clearly, the auditor must fully understand the relevant financial reporting standards to be able to reach an opinion as to whether they have been complied with. This is why the Paper P7 exam will test, on a regular basis, the matters which an auditor must consider with regard to a variety of financial reporting issues.”
Hopefully you will recognise the above quotation, coming as it does from an article written by Lisa Weaver, the P7 examiner, which appeared in the November 2008 Student Accountant.