ACCA/CAT

Question Two

This 10-mark question covered the areas of assurance and materiality.

Part （a）for 5 marks required an explanation of the elements of an assurance engagement. A large number of candidates did not attempt this question，and where it was attempted it was inadequately answered. Most candidates who provided an answer clearly did not know what the elements of an assurance engagement were and therefore proceeded to write down anything they knew about assurance. The usual answers focused on positive and negative assurance or on the different types of assurance engagements. Only a small minority of candidates actually understood the requirement and provided valid answers.

It was fairly apparent from the answers provided that many candidates had simply not studied the area of assurance and hence were unable to score any marks at all.

Part （b）for 5 marks required candidates to define materiality and determine how the level is assessed. Generally candidates performed well on defining materiality and were able to provide a couple of points in relation to the assessment of materiality. Most candidates correctly identified benchmarks that can be used to calculate materiality and many also commented on the need for professional judgement.

Unfortunately，some candidates failed to identify a sufficient number of points，as a definition of materiality along with an assessment of benchmarks such as 1% of revenue would only have scored two marks in total. In order to pass this part of the question further points were required. In addition only a small minority of candidates commented on performance materiality which is a new topic from the revised ISA 320 Materiality in Planning and Performing an Audit.

（责任编辑：中大编辑）

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