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Sir,for PYQ Mar/June 2016 Q3 (b)(i) “cash transfer”
Extract from examiner answer:
“The amt which has been transferred represent 1.3% of total asset,which is material to the financial statements.The engagement,and particularly matters relating to cash transactions ,should now be considered as high risk and ….professional scepticism”Will it be still considered high-risk area if the amt involved is not material to the FS?due to the nature of the fraud(money laundering)
Thank you.
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