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Dear professor:
If the number is specifically said, then I will lose mark if I write more, is it? or it will just look at the first five if the question asks me to do 5 procedures?Dear professor:
Thank you so much, could you help me some other questions:
1, For equity , inspection, observation and recalculation, they can all be in the tests of control and substantive procedures. However, are there any differences in interpreting these four in tests of control and substantive procedures? (e.g. is the interpretation of equity the same in test of control and substantive procedures?)
2. For section B, there are also many questions about substantive procedures of testing receivables or payables? How should I deal with them? Do I have to memorize the answers given? I am still not sure, can you give me an example?Thank you so much
AnnikaDear professor:
Thank you so much for your reply. However, I still have some questions:
1. If I can not figure out whether it is over or under-stated (but the correct answer provided should be a specific over/understated), is it ok to always use misstatement in all questions? Will I lose mark?
2. If the question is 3 mark for procedures (no mention how many should I write), I write 4 procedures, but the first one is false, will I get 3 mark?
3. If the question asks me to write 3 audit risks and is 3 marks, I write 4 audit risks, but the first on is false, will I get 3 mark?Thank you so much
AnnikaDear professor:
Thank you for your reply ,however, I am still confused. Could you tell me the differences between accrued expenses and provision? And is the provision must be a liability?Thank you so much
Dear professor:
Thank you so much for your reply. There are some other questions, could you help me?
1. What is the bank confirmation letter? Is it the auditor send the bank confirmation letter to the bank to obtain the bank’s balances in their FS with the bank’s clients (e.g. Pepsi, apple)
2. In the bank confirmation letter, there is a content called “authority to disclose”. What is the “authority” meaning here? (whose authority to whom and what is the content of the authority)
3. What are the differences between accruals, accrued expenses and accrued revenue? (can you give me a correct definition?)
4. What is the difference between provision and contingent liability?
5. For every essay type question, if it is running out of time, is it to write more points or to write more explanations for each point?
6. What is exactly the going concern risk? Can you give me an example?Thank you so much
Sorry for the bothering
AnnikaDear professor:
Thank you so much for your reply. However, I have other questions, could you help me?
1, Are shareholders in the board? Are the boards the top level of managers who prepare FS and deal with internal control?
2. What is the meaning of ” to implement policy on supply of non-audit services by external auditor? ” (what non-audit services and why it needs to be done by the external audit)
3 What are the differences between “those charged with governance” and managers who prepare FS? What are the differences between”those charged with governance” and Internal auditors?Thank you so much
Annika