When we know there is an error of material misstate of a particular assertion, such as cut off in revenue, we should design a procedure to best estimate the error. Since it is a known error of material misstatement, we are not to test that no error.
The procedure is specific to find out the error and extrapolate to the whole population.
Per FRS 109, para 5.1.1, financial assets such as equity instruments shall be initially measured at fair value. And subsequently measured...
In Singapore FRS 36, paragraph 96 ”The annual impairment test for a cash-generating unit to which goodwill has been allocated may be...
When there was a judgement made in prior year without concrete evidence of support. The audit should have qualified it. When in...
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