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Material and pervasive

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Material and pervasive

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Kim Smith.
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  • February 9, 2020 at 8:25 am #561129
    wyyy
    Member
    • Topics: 24
    • Replies: 22
    • ☆

    Hi,
    How much is defined as pervasive?
    I found in somewhere stated that:

    If the % of misstated item is 60% or more of total asset/revenue/profit, then it is pervasive

    It is pervasive if aggregate misstatement is 60% or more

    It is pervasive if a misstatement converts the profit to loss

    It is pervasive if management unable to obtain management representation letter

    Are these matters correct to define as pervasive?
    Thank you.

    February 9, 2020 at 9:26 am #561131
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8312
    • ☆☆☆☆☆

    If you use search function on the key words of your query you’ll find very similar Qs answered, for example:
    https://opentuition.com/topic/adverse-opinions/
    Pervasive is not a “degree” of material. Re your management rep example – it would depend what management rep you are referring to. If it’s the required rep concerning mgt’s responsibilities for the financial statements clearly this lack of evidence is pervasive hence disclaimer of opinion. (And why this situation is very very rare in the real world.)

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