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Hello,
This is to ask you that in the first 50 marks questions where we are required to evaluate audit risks, how many risks shall we identify. Does the number of risks identified matter or if you have let’s say identified 6 to 7 risks in 26 marks question but have explained them well, you’d be rewarded the marks?
I am asking this as when I compared my answer with the past paper solution, I was able to only identify 6 risks in the allocated time of 50 minutes for a 24 marks risk part.
If you look at any recent marking scheme you will see maximum 3 marks per risk with additional marks available for materiality/ratio calculations, etc (capped).So 6-7 risks well dealt with could theoretically earn full marks (!)
Other posts you may find helpful:
https://opentuition.com/topic/aaap7-identifying-the-audit-risks-vs-evaluating-the-audit-risks/
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