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ADDER GROUP part b) Jun 15 (A) kaplan kit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › ADDER GROUP part b) Jun 15 (A) kaplan kit

  • This topic has 1 reply, 2 voices, and was last updated 8 months ago by Kim Smith.
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  • October 6, 2021 at 4:51 pm #637147
    Noah098
    • Topics: 936
    • Replies: 352
    • ☆☆☆☆☆

    The court case and its potential legal consequences are not material, being well below the materiality threshold of $1.5 million. The matter is certainly not fundamental to users’ understanding of the financial statements. Due to the immaterial nature of the matter it need not be referred to in the auditor’s report at all.

    ma’am this is slightly silly; but I wanted to ask how does an auditor decide whether a matter is fundamental to users understating of FSs or not? is it dependent on criteria such as if it exceeds the materiality threshold or not?

    October 6, 2021 at 6:11 pm #637150
    Kim Smith
    Keymaster
    • Topics: 87
    • Replies: 6079
    • ☆☆☆☆☆

    Something fundamental must “at least” be material.

    You might find this post helpful https://opentuition.com/topic/paddington-co

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