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Hello,
A lot of the questions are either asking ROMM or matter to consider in the past paper. Are they basically the same thing? If they are different, can someone please explain what should I be writing for each of them?
Many thanks,
AROMM : what can go wrong in FS as in under or overstatement of asset , liabilities and disclosures due to ineffective controls or controls.
However
In matters to be considered you will have an accouting treatment done by mgmt ! You just have to write about the account standard involved , its treatement and how it should be applied!
So its actually Identiifying ROMM and MTBC is more like correcting misstatement 🙂
Risk of material misstatement is the risk that the financial statements are ….. materially misstated (sorry, but that’s what it is!) So you need to identify the areas where that risk is most likely.
Matters to be considered include ethical, legal, professional, logistical ….the door is open for you to apply your healthy degree of professional skepticism to a range of consideration.
Have you not read ANY of the suggested solutions to this type of frequently, regularly recurring question? Did you not yourself arrive at a summary / an understanding of what each of the two requirements was asking?
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