ACCA AA · Chapter 5 · Question 6 of 9
What is the main purpose of the engagement team discussion required by ISA 315 and ISA 240?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) To consider how and where the financial statements may be susceptible to material misstatement, including due to fraud
Explanation
The discussion among key team members, led by the engagement partner, shares knowledge and experience about the entity and considers how the financial statements could be misstated through error or fraud. It also helps team members understand the effect of their own work on other areas of the audit.
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