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1)What questions can the examiner ask in Audit documentation?
2)Should we draw up a a working paper or is he more likely to ask the contents in a working paper? there is no video in the lectures regarding this?
3) According to you what is the definition of audit documentation?
1 Eg contents of current audit file and permenent audit file; purpose of the documentatoin; how to record the accouting system.
2 Very unlikely thhat you would have to draw up a working paper. Working papers are extensively covered in Chapter 24 of the lectures and the notes.
3 I don’t have a definition and I don’t think one is needed. Just know what it consists of and is for.
Haven’t u predicted whats gonna come for dec f8 paper? and thnks for the reply above
Predictions/tips were always a big gamble. Now we do not know what was in the September exams so prediction have become even more pointless.
If the question is
“Explain the importance of audit planning” – 5marks
And my answer is:
1.It helps the auditor to devote appropriate attention to important areas of the audit.
2.It helps the auditor to identify and resolve potential problems on a timely basis.
3.It helps the auditor to properly organise and manage the audit engagement so that it is performed in an effective and efficient manner.
4.It assists in the selection of engagement team members with appropriate levels of capabilities and competence to respond to anticipated risks and the proper assignment of work to them.
5.It facilitates the direction and supervision of engagement team members and the review of their work.Can I get full marks of 5marks..Or do I need further explain more for each point?
5 marks = 12 minutes writing. Your points are correct but don’t really explain: they list. So, give an example for each such as:
It helps the auditor to devote appropriate attention to important areas of the audit. For example, some clients will have large receivables and others, operating on a cash basis, might have none.
and so on.
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