Material misstatement

This topic has 9 replies, 5 voices, and was last updated 12 years ago by MikeLittle.

Viewing 10 posts - 1 through 10 (of 10 total)

Author
Posts
June 1, 2012 at 11:46 am #53018
sidrashahab
Member
- Topics: 7
- Replies: 21
Is it possible that in ques. 1 or 2, examiners gives us consolidated financial statement to identify and evaluate business or risk of material misstatement.
June 1, 2012 at 12:38 pm #98989
MikeLittle
Keymaster
- Topics: 27
- Replies: 23200
yes, why not?
June 1, 2012 at 2:01 pm #98990
sidrashahab
Member
- Topics: 7
- Replies: 21
Ok but there is no such ques in kits. Anyway I’ll see in p2 books the consolidated statements.
Hope it never comes
June 1, 2012 at 6:43 pm #98991
cuteleo110
Participant
- Topics: 7
- Replies: 385
I think in P7 you will not be required to calculate like in P2..
What important in P7 is you must have knowledge of accounting treatments according ISAs.. just describing the treatment as per relevant standard is sufficient 🙂
June 1, 2012 at 7:10 pm #98992
sidrashahab
Member
- Topics: 7
- Replies: 21
Yes I guess u r right. Identifying what went wrong and it’s implication and giving the right treatment would earn marks .IA
June 1, 2012 at 7:21 pm #98993
cuteleo110
Participant
- Topics: 7
- Replies: 385
Good Luck Sidra 🙂
June 10, 2012 at 11:46 am #98994
andreas61
Participant
- Topics: 2
- Replies: 8
Please can you clarify? Risk of Material misstatement is only financial statement risk only, or audit risk (Financial statement risk plus Detection risk)…..
Urgent….
June 10, 2012 at 12:21 pm #98995
bilgic
Member
- Topics: 8
- Replies: 16
no detection risk under risk of material misstatement.
June 10, 2012 at 12:24 pm #98996
andreas61
Participant
- Topics: 2
- Replies: 8
Thank you !!
June 10, 2012 at 6:52 pm #98997
MikeLittle
Keymaster
- Topics: 27
- Replies: 23200
Risk of material misstatement is inherent risk x control risk
Author
Posts

Viewing 10 posts - 1 through 10 (of 10 total)

You must be logged in to reply to this topic.

20% off ACCA & CIMA Books