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Hello,
I keep practicing past exam questions and I don’t really know how to evaluate my answers… If a question, for example, requires to identify material misstatements and I do identify some of them, but they’re not included in the model answer – will I be given credit for that (assuming that my risks are plausible)? Or is the model answer a closed list of what is expected to be written on the exam?
Sometimes there is this information included that ‘Credit will be awarded for evaluation of other relevant risks of material misstatement’, but sometimes it is not.Thank you!
JustynaYou’re worrying unnecessarily!
Credit will (always) be awarded for evaluation of other relevant risks of material misstatement
Those suggested solutions are meant to be comprehensive so there shouldn’t be any in your answer that do not also feature within the printed solution
However, and you have hit the nail on the head here “(assuming that my risks are plausible)”, if points raised in your answer are plausible, you will gain credit
The printed solutions are not closed lists
What you DO need to be wary of is where you have misinterpreted a question requirement and headed off in the wrong direction. Your answer may (or may not!) include some words that are also within the printed solution but maybe a verb is incorrect
“Obtain a copy of the lease agreement and …” is a completely different answer to “A copy of the lease agreement should be on the audit file”
The first is an answer to a “What further procedures would you …” whereas the second is an answer to “What evidence should you expect to find …”
OK?
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