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Materiality based on revenue is in the range of 0.5% to 1%
Yh I noticed that note in the account after I finished writing that the asset held for sale was correct but the audit risk was that the result of it was included in revenue and so it should be deducted from operating profit so that materiality should be calculated on the adjusted profit before tax. This means my materiality calculation was incorrect too. I am so disappointed in myself for not noticing that note first. When I noticed it was too late.
Hi, what did you write about the asset held for sale in the audit risk question please?