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Hello Sir, I have some queries for this ACCA technical article,
https://www.accaglobal.com/in/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/auditing-disclosures.html1.” Linked to the point above, it can be very difficult to apply materiality to disclosures, especially those of a quantitative nature.”
-Is it a typo as its should be qualitative nature rather than quantitative?
2.”Focus auditors on additional matters relating to disclosures that may be discussed with those charged with governance, in particular at the planning stage of the audit.”
-Can I have some example for the additional matters relating to disclosure that discuss with TCWG rather than to management?
3.”Integrating the separate category for assertions relating to presentation and disclosure into the categories for account balances and transactions to promote their more consistent and effective use.”
-Is it the presentation assertion has already included the disclosure requirement/element ?What does this sentence mean?
Thank you, Sir.
1. That looks like a typo to me.
2. TCWG and management may be one and the same – it just means discuss at the highest level available.
3. Means consider presentation separately for “transactions/events” and “balances” – see page 70 of the notes – and not as all together (as if no distinction between them).3. But its stated to integrating not separating, does it mean that presentation and disclosure considers to be one assertion?
They are separated between “transactions/events” and “balances”.
BEFORE last revision of ISA 315 (and still in some places in the handbook) it refers to “classes of transaction, account balances and/or disclosures” i.e. it looks as though there are assertions about 3 different areas. But now in the explanatory material to ISA 315 it has two groupings for assertions:
(a) Assertions about classes of transactions and related disclosure
(b) Assertions about account balances and related disclosures
So yes – this is integration.
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