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Hi,
I’m currently doing Mar/Jun 21 on Practice Platform, what are the differences between Adequate and inadequate disclosure?Thank you.
I recommend you use the tutor forum for technical questions (to be assured of a response) https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-audit-and-assurance-aa-exams
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.
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