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Material but not pervasive

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Material but not pervasive

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Ken Garrett.
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  • December 3, 2017 at 8:54 am #419903
    iyamu
    Participant
    • Topics: 286
    • Replies: 171
    • ☆☆☆

    Sir , how can one identify which is Material but not pervasive and material and pervasive ?

    December 3, 2017 at 2:32 pm #419947
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    No hard and fast rule and a matter of judgement:

    > very large errors, or missing audit evidence, that render the FS useless
    > a large error affecting lots of parts of the FS

    If the problem is pervasive the auditors will either issue an adverse opinion of a disclaimer of opinion. These are not very useful to shareholders because they really can’t rely on much in the FS. Auditors prefer to qualify their opinion if possible so that the problem is isolated (‘except for…’) and other figures have some value.

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