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Reports in dec 11

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Reports in dec 11

  • This topic has 9 replies, 4 voices, and was last updated 13 years ago by cuteleo110.
Viewing 10 posts - 1 through 10 (of 10 total)
  • Author
    Posts
  • June 1, 2012 at 4:33 pm #53024
    sidrashahab
    Member
    • Topics: 7
    • Replies: 21
    • ☆

    Lisa wrote in examiner report of dec11 that breach of any IAS ( which results in misstatement which is not MATERIAL ) would not qualify audit report.
    I don’t understand .
    In ques 2 of dec 11- inventory was not written down = amount was not material = unqualified report, provision was not provided = immaterial amount = not qualified in isolation., BUT no disclosures for IAS 24 = amount was immaterial in isolation = REPORT WAS QUALIFIED due to breach of IAS 24.
    Please make me understand………..

    June 4, 2012 at 5:11 pm #99014
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23322
    • ☆☆☆☆☆

    Where an amount is not material neither in isolation nor in aggregate, then no qualification

    But there is the matter of qualitative marteriality – where something needs to be / is required to be disclosed and either there is no disclosure or such disclosure is inadequate or inappropriate, then that WOULD merit a qualification of the audit opinion

    June 4, 2012 at 8:41 pm #99015
    sidrashahab
    Member
    • Topics: 7
    • Replies: 21
    • ☆

    Thanks mike . Qualitative materiality is a new concept for me

    June 4, 2012 at 9:27 pm #99016
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23322
    • ☆☆☆☆☆

    Welcome – but it’s a bit worrying that qualitative materiality is a “new concept”!

    June 5, 2012 at 4:27 am #99017
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 6
    • ☆

    Hi, I have another question bout auditor report appraisal. Who will do the appraisal of auditor report? AIU or audit committee? Before or after auditor report issued? What would they do to apPraise? Reperform audit Procedures etc? Cz I dun have clue bout this, thanks! 😉

    June 5, 2012 at 10:11 am #99018
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23322
    • ☆☆☆☆☆

    Give me the original context of the expression “audit report appraisal”

    It COULD relate to a review ( hot or cold ), but I suppose it Could relate to a review carried out by an audit committee. Give me the context and I’ll answer more definitively

    June 5, 2012 at 12:53 pm #99019
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 6
    • ☆

    I see, but I dun have a context actually cz I came across ‘summary to changes in ACCA 2012 study guide’ that ‘F1(a)Reporting (Appraisal of auditor’s report)’.
    So I was thinking if these could be related?
    (I’m using text for year 2011 thus Im quite nervous on the change of syllabus that’s not on my version of text) thanks a bunch! 😉

    June 5, 2012 at 3:44 pm #99020
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23322
    • ☆☆☆☆☆

    Ah! Now I understand! What Lisa could ask you to do is appraise critically a draft audit report, identify the non-acceptable bits, point out where it could be improved. That sort of appraisal. It’s nothing to do with hot / cold reviews.

    June 5, 2012 at 3:53 pm #99021
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 6
    • ☆

    I see thanks a lot 😉

    June 5, 2012 at 7:09 pm #99022
    cuteleo110
    Participant
    • Topics: 7
    • Replies: 385
    • ☆☆☆

    Great Mike!!

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