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in york co question part bii about the legal dispute, i thought of the following point while drafting my answer ‘ the reversal is this is a material transaction for which there is no documentary evidence available which means that auditor will be unable to gather sufficient appropriate evidence which will lead to audit opinion being modified. ‘
could you please tell me if this point is right or not. thanks in advance !
If you read the answer it is clear that there is credit for comment on lack of evidence – but it would be premature to comment on reporting implication when there is still “further action” to be taken as prompted by the requirement.
PLEASE use the ask the tutor forum if you want a tutor response.
Hello Mr. Smith. Is it important to quote the relevant standards (ISA, IAS and IFRS) when answering questions in AAA?
Also, is it how it is done in practice? Thanks Sir.Short answer NO – please see these two related posts:
https://opentuition.com/topic/citing-isa-in-the-exam
https://opentuition.com/topic/isa-14PLEASE remember to use the Ask the tutor forum for a tutor response.
In practice, audit manuals will reference ISAs as the authority for a firm’s procedures – just as an IFRS disclosure checklist will reference relevant IFRSs as the authority for required disclosures.
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