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I am a bit confused when planning answers for matters to consider vs risk of material misstatement. My answer plan to both seems to be the same.
– Materiality calculations
– Whether a particular FS item has been over/understated
– What should have been the proper accounting treatment
– Impact on the audit reportI’m not sure that they are necessarily mutually exclusive! When faced with a “matters to consider” question all of your 4 planned points would likely be relevant.
But presumably these are relevant exactly because the “problem” that has caused you to consider matters is one that could potentially represent a risk of material misstatement
Do you have any particular past exam question in mind that I could look at?
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