Over Conclusion

Question 1

Conclusion

Answer 1

Here are the smart notes:

Overall Conclusion

Requirement
Chartered accountants must form an overall conclusion about whether actions taken or intended will eliminate or reduce threats to an acceptable level.

Steps to Form Conclusion
To form the conclusion, chartered accountants shall:

1. Review Significant Judgments: Review significant judgments made and conclusions reached.
2. Apply Reasonable and Informed Third-Party Test: Use this test to assess whether actions effectively address threats.