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two questions about materiality and trend calculation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › two questions about materiality and trend calculation

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Ken Garrett.
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  • April 26, 2019 at 8:21 am #514190
    jihun lee
    Member
    • Topics: 117
    • Replies: 51
    • ☆☆

    Firs question. I notice that in the December 2018 marking scheme for risk of material misstatement, total maximum marks for materiality calculation is 4 marks for 1 mark individually. That means If i say for example, “the fee paid to the celebrity is (something) of profit and (something) of total asset and therefore it is material to financial statement. Does it mean that i get 2 marks ?

    Second question. Just to double confirm with the trend calculation, Is it referring to the increase or decrease between the figures shown in two period which are 20X9 and 20X8 ? Therefore anything relevant figures in the question that can support my answer in business risk or risk of material misstatement i get 0.5 marks ?

    April 26, 2019 at 11:47 am #514210
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    1 I think it is saying you get 1 mark per ROMM for a materiality calculation up to ROMMs. It would be too generous to give you 2 marks for the two materiality estimates for the same ROMM.

    2 Yes. if something rises/falls by 25% that trend would be interesting and indicative of a potential audit risk. If you found that something only changes 1%, then I don’t think you would get marks for concluding there was no evidence of risk. The question wants risks identified.

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