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Audit Risk and Auditor's Response

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit Risk and Auditor's Response

  • This topic has 4 replies, 2 voices, and was last updated 5 years ago by Kim Smith.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • November 28, 2019 at 6:42 pm #554065
    auguechampion
    Participant
    • Topics: 9
    • Replies: 15
    • ☆

    Multiple Audit Risk about one FS Item.
    Please when you identify two or more audit risk about a particular Financial Statements (FS) item, such as inventory, do you have to write all as one or you can split them and give the Auditor’s response for each?

    November 28, 2019 at 11:32 pm #554090
    auguechampion
    Participant
    • Topics: 9
    • Replies: 15
    • ☆

    That is, when you’re required to state some number of Audit risk (say 7 audit risk), is it appropriate to state 2 separate risks out of the 7 about one item, maybe inventory, or you have to put them together as 1.

    November 29, 2019 at 7:28 am #554101
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    If you look at a published marking scheme where this is the case (i.e. more than one risk) you will see that they are assessed separately. E.g. from M/J18 exam:

    Inventory valuation 2
    Inventory count after year-end date 2

    Please please please READ the article linked to the starred post at the top of this forum “How to score marks in AA – essential guidance” – attempting the two Qs covered by this article and then reading the article is the single most valuable thing you can do with your time before Monday’s exam – you will see this answers your Q too and it is full of useful tips how to succeed in this exam.

    November 29, 2019 at 3:24 pm #554156
    auguechampion
    Participant
    • Topics: 9
    • Replies: 15
    • ☆

    Thank you Sir.

    November 29, 2019 at 3:51 pm #554160
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    You’re welcome!

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Viewing 5 posts - 1 through 5 (of 5 total)
  • The topic ‘Audit Risk and Auditor's Response’ is closed to new replies.

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