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Kim,
I’ve just completed the specimen paper and I’m struggling to understand how there can be no appreciation for forex as a potential audit risk.
I can accept the sub has been part of the group for a while but surely there would still be a risk that IAS21 is not followed on consolidation. The solution gives a mark or two for the absence of goodwill but not for foreign exchange on consolidation.
Where do we draw the line here on risks and more for that matter on speculation, it’s seems to be pot luck as to whether the marks available for what appear to be valid points made?
Feeling frustrated!!
I’ve got this one now, I missed the all important 5 words “and in the same currency” from the 4 pages of material I had to read.
Oh dear!
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