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the audit of specific items

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › the audit of specific items

  • This topic has 2 replies, 2 voices, and was last updated 12 years ago by shonamushayi.
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  • November 12, 2012 at 9:53 am #55211
    shonamushayi
    Member
    • Topics: 5
    • Replies: 25
    • ☆

    there is the audit of specific items on the syllabus,,am completely lost on the sub heading of shareholders,reserves and directors emoluments ,please help me are they asking for substantive procedures ?? if yes please give me examples ,any information concerning what this subheading is all about will be appreciated

    November 12, 2012 at 11:11 am #107083
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10591
    • ☆☆☆☆☆

    Questions are rare on these areas. Substantive procedures:

    Directors’ emoluments: eg compare all to contracts and AGM approvals. Reperform bonus calculations; trace some cash book payments to wage records.

    Reserves: check to last years balances and verify all movements to supporting documents.

    Shareholdings: trace some changes to transfer docs. If new shares issued recalculate receipts and trace to cash book, share capital account and share premium account (if there is one).

    November 12, 2012 at 4:39 pm #107084
    shonamushayi
    Member
    • Topics: 5
    • Replies: 25
    • ☆

    well answered thank you very much
    God bless you

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