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Doubt

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Doubt

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by Ken Garrett.
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  • November 19, 2015 at 10:18 am #283887
    6shahir
    Member
    • Topics: 202
    • Replies: 296
    • ☆☆☆

    Whats a inherent risk according to you?

    Its a risk that a material misstatement could occur due to nature of the entity and transactions, before any any internal controls coming into place.
    is this sufficient to warrant one mark?

    November 19, 2015 at 5:26 pm #284004
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    The normal definition of inherent risk is: “the susceptibility of an assertion about a class of transaction, account balance, or disclosure to a misstatement that could be material, either individually or when aggregated with other misstatements, before consideration of any related controls.”

    See ww.accaglobal.com/uk/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/audit-risk0.html

    So, you definition is pretty close. I would think 1 mark is no problem.

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