• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

COMET PUBLISHING

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › COMET PUBLISHING

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • July 31, 2021 at 9:54 am #629912
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    Goods received notes (GRNs) are sent to the accounts department every two weeks.
    This could result in delays in suppliers being paid as the purchase invoices could not be agreed to a GRN and also recorded liabilities being understated.
    Additionally, any prompt payment discounts offered by suppliers may be missed due to delayed payments.

    Maam don’t you think the above is a business risk?

    July 31, 2021 at 10:35 am #629917
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    GRNs are only sent to the accounts department.
    Failing to send a copy to the ordering department could result in a significant level of unfulfilled orders leading to a loss of sales and stock?outs.

    again maam in the same question isnt this business risk?

    July 31, 2021 at 10:36 am #629918
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    maam how can kit be wrong at two places in the same answer? Is there some catch?

    July 31, 2021 at 10:46 am #629919
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6794
    • ☆☆☆☆☆

    Only the “additionally …” in the first point addresses business risk. The main point is that delay in matching purchase invoices to GRNs may result in cut-off error/incomplete recording of liabilities at the reporting date.

    I concur with you that the 2nd point is also business risk.

    In the real world the auditor would draw the client’s attention to such matters – i.e. “adding value” to the statutory audit. But this goes beyond ISAs and beyond the AA syllabus.

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • Iby2012 on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • Iby2012 on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • Iby2012 on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • baraka42 on PM Chapter 13 Questions Standard Costing and Basic Variance Analysis
  • baraka42 on PM Chapter 13 Questions Standard Costing and Basic Variance Analysis

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy