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RISK

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › RISK

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • June 11, 2024 at 11:54 am #707135
    krrish2005
    Participant
    • Topics: 138
    • Replies: 229
    • ☆☆☆

    sir lack of employee with accounting skills is inherent risk or control risk?

    June 11, 2024 at 7:07 pm #707154
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8319
    • ☆☆☆☆☆

    Assuming they have some responsibility for financial accounting information, that would increase inherent risk – i.e. the risk of misstatements arising.

    June 11, 2024 at 7:58 pm #707163
    krrish2005
    Participant
    • Topics: 138
    • Replies: 229
    • ☆☆☆

    But if we think that the employee who lack the skills will not be able to prevent the material misstatement, this means it is control risk?

    June 12, 2024 at 8:16 am #707178
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8319
    • ☆☆☆☆☆

    Control risk is based on an assessment of control activities, only some of which depend on activities carried out by a number of individuals. It cannot depend on on one individual, otherwise there would be a lack of segregation of duties that would most like mean control risk is high anyway, and it can’t be any higher than 100%(!)

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