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Forums › ACCA Forums › ACCA AA Audit and Assurance Forums › AA – Difference between Adequate and Inadequate disclosure
Hi,
I’m currently doing Mar/Jun 21 on Practice Platform, what are the differences between Adequate and inadequate disclosure?
Thank you.
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Adequate disclosure means it meets all the requirements of the applicable financial reporting framework i.e. it “ticks all the boxes” of an IFRS checklist.
Inadequate means it doesn’t (!) – i.e. something required has been omitted.
Omission is a misstatement – so if this is material, the audit opinion would need to be modified.