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@cutebubble- so you attempted the same going concern question as I had, do you recall what part(a) of the same question required us to do including some description above it related to the IAS 1? I am just worried what i had written.
Regarding part c i agree it can go anywhere, same sort of question came in Sep 2022 related to a book gallery going for online offering and had going concern issue. Below are the examiner comments and it applies to part c case as well.
Tutorial note: Credit is awarded where candidates assess and justify that the impact on the financial statements is not pervasive. Credit is awarded for concluding, based on this justification, that a qualified audit opinion is appropriate, as the
issue of the inability to obtain sufficient, appropriate evidence is material but not pervasive.@nidz- this is the unfortunate bit about this paper, time management is the key and struggle for many of us. I would suggest more past papers practice in the exam time out conditions.
You are talking about part 3 of the fashion retail industry where they were not mentioning material uncertanity wording related to going concern? If yes, In my personal opinion ommission of wording was fundamental to the user of finnacial statements but issue was not pervasive as auditors already concluded that material uncertanity exists (willing to give clean opinion) so i ended up suggesting qualifying the opinion except for and explaining in the basis of qualification about the reason for qualifying as management not agreeing to use this term specifically in the disclsure which is fundamental to the understanding of the user of financial statements.
I sat for IRL variant. Could someone please remind me what was the description above Q2(a) relating to the going concern evaluation of fashion retail company (also if someone could repeat the question here).. it was something around IAS 1 presentation related to going concern….Just getting second thoughts if i read the description rightly.
I managed to complete the paper and attempted the questions in a reverse order so when it came to significant audit risks, i managed to identify all and commented on impact on the results but I feel that i didn’t beef up the commentary too much due to the time constraint….just started writing the conclusion and it timed out so couldn’t write about risk priortisation. Overall i think paper was comparatively easy considering the past papers.