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Sir can you plz help me with the way of answering an Audit Risk Question. In exam past paper answers, First risk is Identified, then relating standard, then effect on financial statement in term of overstatement and understatement?
Also is it important to mention standard with every risk identified? What if you don’t remember the standard?
It’s not important to mention ANY standard at all!
The reason that standards are mentioned in exam answers is so that students can look up the actual wording in the standard as they are reading through the answer and because it gives the author of the answer the opportunity to demonstrate how knowledgeable they appear to be!
Do not concern yourself about standard names nor numbers – they score NO marks
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