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Hello Sir
For the f8 exam if a question asks fir audit procedures the thought process woukd be based on the assertions. However i notice at p7 level the answers are different e.g. in Dec 2014 q 3a i , which deals with audit of investment property, one of the answers mention whether the property was purchased for cash while another states details for purchasing the land.
What in your opinion is the thought process for answering these type of questions?
“one of the answers mention whether the property was purchased for cash while another states details for purchasing the land”
Is there a difference here?
Maybe the expression “details for purchasing the land” covers a wider area than the specific “whether the property was purchased for cash” but surely both are looking to confirm the details of the acquisition and are thus both aiming to confirm one or more of the assertions (valuation, existence, ownership)
Can you agree?
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