[rizanmhuq]

I got this same paper.

Q1 .
a) Audit Risks – Unlisted group, high end jewellery seller – Mid year acquisition – I got 4 Audit risks that i was Certain about – rest i had to nitpick (Materiality 3M – 19 Marks Audit Risks)
b) Inventory Valuation or Count(Existence) Procedures – either of these assertion was in focus for procedure – (Not 100% sure)
c) Reliance on component auditors/ Quality of their work – they made some wrong assumptions and treatments (Not 100% sure)
d)Ethics and Professional issues – Management asked for key Advice on finding suitable target acquisition firms for the parent – assuming management responsbility – self review

Q2
a)Matters to discuss & audit evidence
– Investment Property – matters and evidences – 1/3 of asset – owner used – IAS 16 incorrect classifed as IP – 7 marks
– Defined Contribution Plans – matters and evidences – Acturial gian/loss posted to Profit instead of OCI – incorrect IAS 19 treatment – 7 marks

b) Implications on Audit Report for the issues in a) if it was not corrected post communication to TCWG – Material but not pervasive – Modified report/ Qualified Except for

Q3
– a) ISQM 2 – Eligilbility of EQR before a EQCR – Not related to any exhibit – 8 marks – Only got 7 points
– b) Exhibit a – EQR Contradictions with ISQM2 – Striking part was that Partner was working on the engagement for 15 Years lol.
– c) Ethics and ISQM – Auditor Expert – Who was a cousin to a Director of a company

[Author]

Posts