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BREARLEY & CO part b)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › BREARLEY & CO part b)

  • This topic has 1 reply, 2 voices, and was last updated 8 months ago by Kim Smith.
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  • October 22, 2021 at 4:17 pm #638806
    Noah098
    • Topics: 936
    • Replies: 352
    • ☆☆☆☆☆

    Customer liquidation

    1st para: The amount owed by the customer of $287,253 is material to the loss before tax at 13.1% and to assets at 2%. The ‘except for’ qualification on the grounds of material misstatement is therefore appropriate. However, the details of the material misstatement should not be included in the KAM section at all but should be given in the basis for qualified opinion paragraph.

    2nd para: This should also be clearly cross referenced within the opinion paragraph itself.

    ma’am this is really silly, but I wanted to still confirm this: in simple words 2nd paragraph is trying to state that opinion paragraph should cross Refrence to the material misstatement included in the basis for qualified paragraph?

    October 22, 2021 at 4:52 pm #638813
    Kim Smith
    Keymaster
    • Topics: 87
    • Replies: 6089
    • ☆☆☆☆☆

    It means the opinion paragraph should reference the basis of opinion paragraph for the description of why the audit opinion is what it is.

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