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Materiality

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Materiality

  • This topic has 3 replies, 2 voices, and was last updated 1 month ago by Kim Smith.
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  • December 1, 2022 at 4:43 pm #673057
    Sourav9271
    Participant
    • Topics: 166
    • Replies: 118
    • ☆☆☆

    In ques 1 there must be 1 materiality paragraph on suitable figure like revenue pbt total assets given by examiner.
    Now for Ronn should i be calculating materialty again or keep referencing bak to my materility paragraph.
    Also if a question is worth 21 marks then is 6 Audit risk 4 materiality calculation 2 trends enough?

    December 1, 2022 at 5:35 pm #673067
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6786
    • ☆☆☆☆☆

    See for example in the answer to Practice Exam Q1 Pale Co in the CBE Platform … the evaluation of risks starts with an overall assessment of materiality.

    Thereafter, the “consistent application of the chosen materiality” (which gets professional skills marks) is demonstrated like this:

    “A government grant of $20 million has been awarded to Pale Co, this is significantly above the materiality threshold which has been determined at $1.25million …”

    “The company’s timber plantation asset, prior to recognising any change in fair value, is highly material based on the threshold calculated of $1.25million …”

    YES it is enough!

    December 1, 2022 at 7:21 pm #673073
    Sourav9271
    Participant
    • Topics: 166
    • Replies: 118
    • ☆☆☆

    Ohkay sir…Perfect..

    December 2, 2022 at 7:57 am #673098
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6786
    • ☆☆☆☆☆

    You are very welcome!

    (By the way, I’m not a Sir, I’m a Ms or a Ma’am if you’re not comfortable with simply “Kim”.)

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