please explain difference between corresponding figures and comparitives?
camparatives r of two tupes correponding figure n comparatives financial sataement.
corresponding figures r prior year figure such as noncurrent asset figure of 2009 but r to be used with current year figures i-e 2010.
-corresponding figures should nt be identified seperately in audit report except for if
1-audit report of prior year was modified
2-auditor came to know this year that prior year financial statement should be modified
3-coresponding figures audited by other auditor
5-material mistake in coresponding figure.
on the otherhand comparative financial satament are proir year full financial statements.they r identified seperately because audit report refers to each year financial statement.
thankyou so much this was helpful.
good answer Maaz
thanks.i have been very unlucky getin 49 marks in my first attempt.plsz try to complete the paper in time.secondly dont forget to review the mark schemes before paper.for all latest paper.it wont take too much time but would be too helpful.eg how examiner has given 5 marks for money laundering answer.1marks for defination,1 marks for second definaton,1mark for eg,2 mark for linkin it with senerio.
But that’s what you should have been doing since you started with these exams!
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