Question 5a
Marking Guide

(a)

Critical appraisal of audit report
Generally up to 1½ mark for each relevant point of appraisal.
– Heading of ‘basis of paragraph’ (1 max)
– Vagueness of description of subsidiary
– Quantification of contingent consideration
– Identification of note in financial statements
– Vagueness in relation to correct accounting treatment
– Quantification of the effects on the financial statements
– Vague reference to ‘relevant accounting standard’ (1 max)
– Opinion paragraph heading (1 max)
– Reference to materiality
– Pervasiveness of the matter
– Appropriate opinion qualified or unmodified
– Use of emphasis of matter paragraph
Maximum marks 10

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