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hello tutor
need your help
while solving this question I am bit confused about this question and finding it hard to write and how to write for audit strategy
I have checked the answer of dec13 and its lengthy and not getting how to write it?
other then risks, the audit strategy has few more points to include like KOB, risk assesment, scope and timing.
so for 4 marks shall I write for two points ?
and Do I have to link it with the question ?
Well it says “…for each area provide an example relevant to the audit.” so it is absolutely necessary for you to link your answer to the situation in the question.
Think of longish scenarios are you friend as they give you ammunition ( the hard questions are the short ones – such as “What is life?”.
So look at what you are told and think about implications for the audit. Usually every paragraph will have something you can use so:
1 Factory expenditure. New capital expenditure will have to be verified and the split between capital and revenue examined.
2 Big inventory count problem with 15 warehouses.
3 New IT system – were balances transferred correctly? Did staff use the new system correctly?
4 Valuation of receivables?
5 Treatment of development expenditure. Capitalise or write-off?
6 Inventory valuation and reversal of sales.
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