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Explain or Discuss the matters to consider – what exactly does the examiner means by “Matter”
1. Is it the risks to the financial statement or business risk?
The word Matter is a bit vague – can you clear this up with me please
thank you
This expression is consistently used where the examiner is asking you to respond to a situation that you have come across during the course of the audit.
Typically there will be three areas in an exam question where the client entity has accounted for a transaction / situation (probably) in a manner that is contentious or questionable
It ties in quite closely with P2 type questions but in P7 there is obviously a slant towards the auditing on these contentious treatments
I suppose that you could include within an answer such points as ethics, professionalism, accounting treatment, integrity of client personnel, legal implications, going concern, effect of audit report, risk management …
It’s open-ended – discuss / explain those thoughts that come into your head were you to appoint yourself as the audit manager / audit partner for this client
Does that make it any better … or worse?
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