- This topic has 3 replies, 3 voices, and was last updated 8 years ago by
.
Viewing 4 posts - 1 through 4 (of 4 total)
- Posts
Hi sir,
How to identify “material but not pervasive” and “material and pervasive”.Pervasive means the error or omission is so big that the FS are really a waste of paper. It’s a matter of judgement by the audit partner and there are no hard and fast rules.
Auditors are relative reluctant to produce and adverse opinion or to disclaim an opiniion. It is more useful if they can give and ‘except..for’ qualification because that way members get some use from the FS.
Pervasive means error has an overall impact on FS where as material error hit only the specific portion of FS…
Viewing 4 posts - 1 through 4 (of 4 total)
- You must be logged in to reply to this topic.