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I am actually very confused about Q2, the first part was of 15 parks containing three issues, pensions ,inventory, 5.5m payment to customer. The second part audit opinion based on pensions and payment part. And the third one was threats. If i am not wrong. Can anyone tell. What u all did in this question.? M actually confused.
ROMM were analytical trend analysis, first year of consolidation, biased management, provision, legal case, going concern disclosure. What u did?
Yes in Q2 scenerio 3 was for qualified opinion. Secondly i want to ask what u did for the second part of Q2 which was inventory. I did that the suggestion provided by the auditor is correct cuz the inventory is measured at lower off cost or NRV. The company should recognise the scrap value amount which was obtained after the year end.
But issue one was pensions and the amount was 1.6m and it was not material , so how the opinion was modified due to scenerio 1? The amiunt of 5.5 m was material. Isnt it?
Yes i did, that the correct treatment has been identified by the auditor, and that 5.5m should be recognised in this current year according to matching concept. I dont know if its right or wrong. What u did?
Does someone had that Q1 business risk, ROMM, goodwill paper? Any one rememer exact requirements of Q2 which were pensions, accruals and revenue rebate, and how did you answer that?
amnatanveer7@gmail.com wrote:Hi, do you remember the xact question of part 1 of Q2? wasn’t it what the audit committee think
whether the review could be undertaken by your firm? do u remember the exact question?I hope u did it right. because this is the exactly way by which i attempted.