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Position

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

  • This topic has 4 replies, 2 voices, and was last updated 5 years ago by Kim Smith.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • February 20, 2020 at 8:21 am #562480
    toushiga
    Participant
    • Topics: 424
    • Replies: 172
    • ☆☆☆☆

    Hello Sir, I would like ask the position of KAM,EoM and Material Uncertainty related to Going Concern(MUGC) in the audit report.

    Is it have two possible choices?Is it both correct?

    1.EoM ,MUGC ,KAM(as EoM need to be position immediately after the basis of opinion paragraph)

    2.MUGC,KAM ,EOM (as EoM have the choice to put before or after the KAM)

    Thank you.

    February 20, 2020 at 8:49 am #562482
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8312
    • ☆☆☆☆☆

    The order is MURGC, KAM, EoM or MURGC, EoM, KAM
    i.e. EoM before or after KAM depending on auditor’s judgment of relative significance (as you say).

    The auditor’s report examples in the appendix to ISA 570 Going Concern show that MURGC (if one) is presented before KAM.

    April 11, 2020 at 12:55 pm #567198
    toushiga
    Participant
    • Topics: 424
    • Replies: 172
    • ☆☆☆☆

    If other information is materially misstated, the opinion is not modified
    The other information is placed immediately after the basis of opinion but before KAM,so the order will become(I) MURGC, OI, KAM/Eom, Eom /Kam (ii) OI ,MURGC,KAM/Eom ?

    Thank you.

    April 11, 2020 at 12:58 pm #567199
    toushiga
    Participant
    • Topics: 424
    • Replies: 172
    • ☆☆☆☆

    and if the other information is not material misstated,it is placed after the KAM section,and if Eom also placed after the KAM, which one will be placed first?OI or Eom?

    Thank you.

    April 11, 2020 at 3:17 pm #567207
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8312
    • ☆☆☆☆☆

    See page 105 of the notes for the general running order – I have explained the interaction when there is EoM and KAM – I don’t think you need to conceive situations in which an auditor’s report my include everything that might possibly feature in an auditor’s report. It would be RARE for an auditor’s report to report inconsistency in other information – but if it did I think this would come after reporting all the matters that relate to the financial statements and the audit thereof and for reference to other information which is not in the financial statements and not audited to come later.

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