Completion, Review and Reporting
Subsequent events, going concern, misstatements, written representations, final review and auditor reporting.
How to study ACCA Strategic Professional
Build professional judgement around case evidence, complete EPSM early, practise ACCA's live CBE tools and focus your final Options work on the two exams you will actually enter.
Core concepts
Concept 1
Completion evaluates whether evidence supports the financial statements and whether unresolved matters affect reporting.
Exam cue: Classify the event or misstatement and quantify or explain materiality.
Concept 2
Going concern assessment considers management's evaluation, cash-flow evidence, uncertainty and disclosure.
Exam cue: Identify additional procedures and governance communication before choosing a report.
Concept 3
The audit opinion and additional report sections depend on materiality, pervasiveness and the nature of the matter.
Exam cue: Distinguish modified opinion, emphasis, key audit matter and material uncertainty sections.
Risk pitfalls and guardrails
Selecting a report modification before completing audit procedures.
Guardrail: Do not reproduce a model, calculation, tax rule, reporting treatment or audit phrase without checking version, date, evidence, professional skill and decision context.
Using an emphasis paragraph for a material misstatement.
Guardrail: Do not reproduce a model, calculation, tax rule, reporting treatment or audit phrase without checking version, date, evidence, professional skill and decision context.
Treating written representations as a substitute for stronger evidence.
Guardrail: Do not reproduce a model, calculation, tax rule, reporting treatment or audit phrase without checking version, date, evidence, professional skill and decision context.
Memory anchors
Completion
Review evidence, misstatements, events, going concern, disclosures and overall presentation.
Qualified
Use for material but not pervasive misstatement or evidence limitation.
Adverse
Use for material and pervasive misstatement.
Disclaimer
Use for inability to obtain evidence with possible material and pervasive effects.
Emphasis
Highlight a properly presented fundamental matter without modifying the opinion.
Checkpoint rule
Do the check-up only after you can summarize each concept in one sentence and identify one dangerous pitfall from memory.
Knowledge Check (after reading)
Short check-up to confirm understanding of this module.
Check-up Questions
A material adjusting event after year end confirms that a customer was insolvent at the reporting date. What should management do?
A factory burns down after year end in a fire unrelated to year-end conditions. The loss is material. What is generally required?
Answer all questions to submit.
Next step personalized recommendations
Continue learning
Move forward only after this module is stable.
What is Pass Harbor?
Completely free exam prep for 247 UK exams.
- Practice questions
- Flashcards
- Study guides
- Mock exams
- No registration
- No paywall
- Start instantly
“No more expensive exam prep. Quality study tools should be accessible to everyone.”