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Hi,
Is it sufficient to reference an IAS as below in a) or will I lose marks for not referencing it as it b) ?
A) Review the financial statements disclosures relating to inventory and WIP to ensure they comply with the relevant IAS
or
B) Review the financial statements disclosures relating to inventory and WIP to ensure they comply with IAS 2 Inventories
Thanks,
EmmetI don’t believe you will need the IAS Number.I believe this will gain you no additional marks.However,you will need to know the basic details such as,in the standard you refer to what constitutes net realizable value.Also be specific about the audit procedures you need to follow to establish whether the financial statements represent a true and fair view of companies performance and position.
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