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Dear tutor
I have noticed in the exam requirements, sometimes it states audit risks and sometimes risk of material mistatement,
are these two much different? I treated the same….I assume we should include, material, the standard statement, risk and impact on SFS in our answer.Many thanks
I cannot always answer Qs immediately – so you might want to check the notes for answers to your questions – I aim to address all such fundamental issues in the notes. See page 57:
“Typically, you will be required to evaluate at least one of the following types of risks for a given
assignment:
? Business risks
? Audit risks
? Risks of material misstatement (‘ROMM’).
It is essential that you can distinguish between these terms.”And so the notes go on to explain the differences.
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