[itooshallpass]

Are IAS tested much in Audit? I didn’t see it in the blueprint but just came across a MCQ in roger that mentioned it.

“During the course of an audit being performed under International Standards on Auditing (ISAs), while performing a test on a sample, the auditor detected a misstatement that appears to be an anomaly. The auditor is trying to determine how to account for this misstatement in relation to the population from which the sample was drawn.”

A. Since the misstatement is considered an anomaly, the auditor will ignore the misstatement in evaluating the population.

B. The auditor is required to include the misstatement, along with other identified misstatements, and project the results to the population.

C. The auditor will perform additional procedures to verify that the misstatement is an anomaly and, upon doing so, will adjust for the misstatement without projecting it to the remainder of the population.

D. The auditor will make an inquiry of the client to verify that the misstatement is an anomaly and, upon doing so, will adjust for the misstatement without projecting it to the remainder of the population.

The correct answer is C, which seems pretty straightforward no matter what standards are at play…

[tncpa2018]

I didn’t see anything regarding IAS when I took the exam last month (Dec 3). Just study U.S. standards for issuer and non-issuer and you’ll be fine.

[Author]

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