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Pls tell what structure shall we follow for audit risk, What points could be included with audit risk. eg-
1) correct accounting treatment as per isa or ifrs
2) what is overstated/ understated.
3) what wrong accounting treatment management may have done.
pls add more to itIf you are wanting an “ideas list”, I don’t have one – but you could start making one yourself by looking at model answers/examiner’s reports. For example from D22 answers Q1(b):
– that the balance/transaction is material (otherwise that there can’t be material misstatement)
– where the risk is (e.g. in revenue recognition)
– how it arises (e.g. advance payments)
– what is the correct treatment (IAS/IFRS)
– under/overstatement
…..And please consider giving more descriptive title to your posts – you posted a different query “Audit risk” two days. More specific titles help students find more relevant posts using the search function https://opentuition.com/search-opentuition
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