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material uncertainty

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › material uncertainty

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • June 19, 2021 at 2:27 pm #625821
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    “Material uncertainty exists and is adequately disclosed by management.”

    sir just wanted to confirm this, in the above case we will be preparing the Financial statements on break-up basis right?

    OR

    material uncertainty can relate to other things too, apart from conventional threat to going concern assumption? and so in the above case we will prepare FSs on a normal going concern basis

    June 19, 2021 at 5:54 pm #625858
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6794
    • ☆☆☆☆☆

    I think auditor’s reports and audit opinions are well explained in the notes – so do please have a careful read of the chapters.

    I think there is some misunderstanding on both your suggestions:

    Uncertainty is uncertainty – break-up basis means “this is [de facto] not a going concern”.
    The matter on which the auditor reports “MURGC” is material uncertainty related to going concern.

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