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audit evidence and audit procedures (fair value)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › audit evidence and audit procedures (fair value)

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • May 8, 2019 at 5:25 am #515275
    foeldh123
    Participant
    • Topics: 168
    • Replies: 76
    • ☆☆☆

    when the question have not adjusted the shares at fair value for the financial instrument (June 2015, question 1, part (c) (i) )and when we write audit evidence, will i get the same marks whether i write number 1 or 2 ?

    number 1: result of discussion with the management that the financial instrument will be adjusted to recognize the shares at fair value

    number 2: result of discussion with the management that adjustment has been made in the financial instrument to recognize the shares at fair value

    i’m afraid whether there is a strict rule that audit evidence is only carried out at the finalization stage therefore marks are only awarded for writing number 2 (so no marks on number 1)

    May 8, 2019 at 7:29 am #515281
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8308
    • ☆☆☆☆☆

    1 is better because the Q says that they are currently included in the financial statements at cost. Generally I don’t think the marker will be so strict as either point conveys discussion with management as a source of audit evidence and that the shares should be recognised at fair value.

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