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Hello
I would like to ask about audit of group accounts, it seems like it is due an ask, I went through the past papers to see how this has been covered so far
The areas that came up were are:
Subsidiary acquisition, contingent consideration,
audit procedures on goodwill, subsidiary in foreign country and FX issues, subsidiary disposal, associate and the group accountsI was wondering if you see anything else related to group accounts that could potentially be examined in P7, or area that would require some complex audit procedures that have not been examined so far ?
Thank you
This is a dangerous route that you have started down!
However, if you insist on continuing down this path, what about:
fair value adjustments
intra-group trading
manipulation of results
unrealised profits
window dressing results to keep lenders happyJust a few ideas, but I wouldn’t recommend that you place any great reliance on this
Thank you
I have no intention of leaving out the areas that have been covered, I will learn these well for exam 🙂
But examiners always add some extras to what thay examined before and I am trying to think of what it could be this time
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