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Please read the February 2008 article written by Brine Pine “A risk based approach to auditing financial statements”.
i would prefer if you concentrated on business risk and risk of material mis-statement. (IR+CR+DR) is more of topic to be examined in F8…
Revaluation is a change in estimate, not policy. Therefore its effect is prospective only.
Best approach is seeking from revaluation experts and then seeing whether the assumptions made by these experts is appropriate or not.
Hope I could be of little help…nicedude000, the new provision according to my understanding if 15% as you quite rightly pointed out. But the second clause is that “objectivity threat will arise when the firm receives 15% of its revenue from one client in consecutive two years.” I hope that answers your question.