Is it possible that in ques. 1 or 2, examiners gives us consolidated financial statement to identify and evaluate business or risk of material misstatement.
yes, why not?
Ok but there is no such ques in kits. Anyway I’ll see in p2 books the consolidated statements.
Hope it never comes
I think in P7 you will not be required to calculate like in P2..
What important in P7 is you must have knowledge of accounting treatments according ISAs.. just describing the treatment as per relevant standard is sufficient
Yes I guess u r right. Identifying what went wrong and it’s implication and giving the right treatment would earn marks .IA
Good Luck Sidra
Please can you clarify? Risk of Material misstatement is only financial statement risk only, or audit risk (Financial statement risk plus Detection risk)…..
no detection risk under risk of material misstatement.
Thank you !!
Risk of material misstatement is inherent risk x control risk
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