- This topic has 3 replies, 3 voices, and was last updated 3 years ago by
Kim Smith.
Kim Smith.-
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jihun lee
- Topics: 117
- Replies: 51
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1. if we pay certain sum of money to the athlete , let’s say 1 million for 2 years, then where do we recognize it in the balance sheet ? it’s abit confusing for this part
2. In Dec 2013, QUestion name, Stow Group, part (a) (i), at the last part it says comment on their materiality to the group financial statements.
This is just asking us to calculate materiality when we explain about the audit risk right ( and use that materiality calculation to support my audit risk explanation) right ?
3. for quoting accounting standard or audit standard, since there’s risk of writing incorrect number, may i state ” in accordance with the accounting standard of impairment” ?
4. for audit procedures or audit evidence, is it okay to right number forms? like 1. 2. 3.
Ken Garrett
- Topics: 10
- Replies: 10051
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1 – What athlete? I have no idea what you are talking about.
2 – You need to identify all potential risks then decide if they are sufficiently material to worry about.
3 – Yes, no need to quote numbers – but you must know what the standard dictates.
4 – Yes. (I assume you mean separate numbered paragraphs for each procedure/piece of evidence.)
jihun lee
- Topics: 117
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3. sorry but what you mean by dictate ? you mean like what is the standard about ?
In addition, no need to quote the numbers then when i reference it, do i have to give a full name or just a word would suffice it like instead of “in accordance with accounting standard of impairment of assets”, just like “in accordance with imapirment”
Because, i’m afraid if i have to give a full reference of the name since i do not provide the the number.
Kim Smith
- Topics: 93
- Replies: 6412
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1. See answer here https://opentuition.com/topic/dec-2018-2/
2. The examiner was highlighting the need to consider materiality from the group audit perspective
3. The same principle applies to IFRS/IASs as to ISAs – see here https://opentuition.com/topic/isa-11/ If you don’t know what number is you might as well not bother with stating “in accordance with accounting standard of xxx” – this is just padding. Just state what is the correct treatment.
4. Numbering points is not necessary.
Ken Garrett
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