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What is the Meaning of “Susceptebility”

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › What is the Meaning of “Susceptebility”

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • June 1, 2021 at 9:58 pm #622704
    anassada999
    Member
    • Topics: 15
    • Replies: 11
    • ☆

    I would want to know the meaning of “susceptibility” in relation to audit

    I got this from the definition of inherent controls that is

    Inherent risk is the “susceptibility” of an assertion about a class of transaction account balance and disclosure to misstatement which could material either individually or when aggregated before consideration of related controls

    June 2, 2021 at 7:18 am #622719
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    It doesn’t have a special meaning in audit – it is just “normal English” meaning.

    See here https://www.merriam-webster.com/dictionary/susceptibility

    Synonyms for susceptible include “exposed” and “vulnerable” – so in audit we might say for example that cash is more susceptible to fraud than non-current assets (because cash is liquid and portable) or that share capital is not susceptible to misstatement (because it’s generally fixed and doesn’t change from year to year and also for many well-established businesses it’s not even material in relation to other balances).

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