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audit risk and RoMM

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › audit risk and RoMM

  • This topic has 2 replies, 3 voices, and was last updated 12 years ago by MikeLittle.
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  • May 27, 2013 at 1:16 pm #127330
    catherine999
    Member
    • Topics: 7
    • Replies: 10
    • ☆

    I was so confused with what the examiner’s answer to ‘evaluate the risk of material misstatement’ and ‘evaluate the audit risk identified’. And my Qs were as follows:
    1.what is the difference between them.(BTW,I think the only difference between them is the detection risk. so in general, the answer to them are very similar.am I right?)
    2.how can I show the examiner that I understand what she really want.

    thx ~

    May 27, 2013 at 6:18 pm #127376
    tylerk
    Member
    • Topics: 3
    • Replies: 25
    • ☆

    I used to have the same problem.
    Here is what I learnt:
    – audit risk is the risk that the auditor messes up the audit
    – risk of material misstatement is a subset of audit risk.
    – it focuses on why the accounts might be wrong so its primarily Fin.reporting (and controls)
    – so you must mention the effects on assets, liabilities, profits etc in answer

    About the exam:
    I don’t think both will ever be in one question as the answer will be redundant.
    The largest part of audit risk that comes up in the exam is ROMM with very little control or detection risk.

    May 28, 2013 at 12:44 pm #127453
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23315
    • ☆☆☆☆☆

    Catherine – I answered this yesterday evening – did you post it in the general forum as well as in Ask the Tutor?

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