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Please does the “3 marks per point count for both audit and business risks or only aduit”?
Also, risk of material misstatement, is that mainly audit risk or analytical calculations on the scenario.
See in my post here – the one on February 27 – where I explain making for the evaluation of the risks of material misstatement (including marks for materiality and analytical procedures)
In short – evaluation of RoMM is max 3 each – materiality and results of analytical procedures are on top of that at 1/2 mark each calculation/trend but capped – say at 3 and 4 marks respectiviely.
Some RoMM will merit only 2 marks max because there is less to evaluate – e.g. disclosure risks.
Business risks you should work to only 2 marks max each – see https://www.accaglobal.com/hk/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/exam-tech2.html
ma’am can you clear the marking scheme for materiality calculation, I thought there was 0.5marks for using any one becnhcamark and calculating the figure, and another 0.5 for stating if its material or not =1 mark for materiality statement.
But from your above post am scared, am wrong. Do you mean we have to use 2 benchmarks+materiality conclusion=1 mark for materiality statement?
Just remind yourself by looking at the latest published answers what the examiner wants
I am on a bus