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Dec 2013- stow group

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Dec 2013- stow group

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Kim Smith.
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  • April 10, 2020 at 1:01 pm #567127
    iza1
    Participant
    • Topics: 115
    • Replies: 112
    • ☆☆☆

    Question refers to the disposal of Broadway which before current year. But it says there is a profit of 25 included. If it was prior year why profit is included this year ??

    Also can we point out wrong calculation of profit as an audit risk ?

    April 10, 2020 at 3:29 pm #567136
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    In the original Q the y/e for the group is 31 December 2013 and the disposal of Broadway was on 1 September 2013 – so the disposal is during the current year.

    And yes – as long as you can give a reason the profit may be miscalculated you can describe this as an audit risk – as in the model answer. So just to say it may be misstated would earn no marks – but to point out that the profit would be overstated if, for example, profit for the 8 months to the date of disposal has not been included in the carrying about would earn marks.

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