Week 2

Question 1

what’s in an audit memo

Answer 1

1. risk: of FS as a whole
2. approach: substantive / combined
3. materiality
4. procedures

Question 2

passive investment initial measurement

Answer 2

measured at fair value

Question 3

passive investment subsequent measurement

Answer 3

1. fair value through profit or loss
2. amortized cost
3. fair value through other comprehensive income