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Significant components

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Significant components

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.
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  • Author
    Posts
  • March 3, 2018 at 4:00 pm #439929
    Anonymous
    Inactive
    • Topics: 1
    • Replies: 0
    • ☆

    Hey,

    Can you please help whether we have to use the same percentages (revenue/assets/PBIT) as for materiality to decide whether a sub. is significant component of the group?

    Thanks a lot!

    March 3, 2018 at 6:53 pm #439951
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23333
    • ☆☆☆☆☆

    This is from a July 2011 issue from ACCA published in Accounting and Business magazine

    https://www.accaglobal.com/in/en/member/discover/cpd-articles/audit-assurance/group-audits.html

    “The group audit team should also determine component materiality for those components where component auditors will perform an audit or a review for the purposes of the group audit. Component materiality is set at a lower level than group materiality and can be set at different levels for different components”

    I cannot see anywhere any reference to percentages but that’s only to be expected … they are, after all, only to be used as a guide

    Here’s a link to an article from last month – I believe that it was in Student Accountant – that is probably worth a read

    https://www.accaglobal.com/an/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/group-auditing.html

    OK?

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