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Audit risk

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Audit risk

  • This topic has 2 replies, 2 voices, and was last updated 3 months ago by Kim Smith.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • March 8, 2023 at 12:11 pm #680488
    Frooti
    Participant
    • Topics: 92
    • Replies: 83
    • ☆☆

    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 it

    March 8, 2023 at 3:14 pm #680504
    Kim Smith
    Keymaster
    • Topics: 105
    • Replies: 7107
    • ☆☆☆☆☆

    If 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
    …..

    March 8, 2023 at 3:17 pm #680505
    Kim Smith
    Keymaster
    • Topics: 105
    • Replies: 7107
    • ☆☆☆☆☆

    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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