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ROMM at assertion level - Coggle Diagram
ROMM at assertion level
Assess
If there are no factors that decrease the ROMM, don't force it.
Conclude (ROMM high/medium/ low)
State positive and negative
Things to look out for
Connect the risk with the ASSERTIONS!!!
Huge differences between prior year vs CY amounts
Performance materiality vs CA of an asset/ liability/ income/ expense
Also check the correlation between different accounts
Trade receivables vs Revenue vs Bank
Revenue vs allowance for bad debts
Don't audit the standard
Approach
a. Initial measurement
b. Subsequent measurement
Then tackle accounting
c. Disclosure
Check the Assertions 1st
Existence (initial recognition)