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this is more related to the technique of answering the question rather than the answer it self:
suppose u r given 2 liner scenario about a company and the question is as follows (10 marks):
Explain the audit procedures that should be carried out on the receivables
balance at Delphic, explaining the reason for each procedure.1. how many procedures shd the answer have?
2. how important is it that procedures pertain to different assertions? for example, we know that Receivables key assertions are existence and valuation. what if, in the heat of the moment in the exam, you can only remember the procedures related to existence. how wd the examiner mark such a question?thanks in advance
The commonest marking scheme seems to be 1.5 marks per point: 0.5 for identification and 1 for explanation.
The examiner has said that each procedure should be justified in terms of why you are doing it ie which assertion it is helping to verify.
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