F8 Chapter 24 Questions

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1. zmmyint says

   April 26, 2015 at 2:27 pm

   please explain Question No.6

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   • Ken Garrett says

     April 26, 2015 at 7:05 pm

     Companies are not required to have an internal audit department, but thye are supposed to review the need for one each year.

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2. Ken Garrett says

   April 17, 2015 at 7:56 am

   You have to think why the auditors need an expert as ideally the auditors would do the work themselves. It is principally because they do not have the expertise or theoretical background. So they can make no comment on methodology used or appropriate theoretical approach. They can enquire into the accuracy of source data, assumptions and consistency with other evidence and these are what are mentioned in the appropriate ISA.

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3. Sherls says

   April 17, 2015 at 3:57 am

   I really guessed for question 3, couldn’t fully understand what this question meant or was asking for.

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