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Hi,
I had this one but I even did not take on consideration that it was interim audit however I should’ve I assume as substantive test is a bit different but I can’t remember was the question was about : audit risk and responses or substantive test
I don’t think I provide appropriate answers 🙁
ThxI am not sure but I think it was the one which for a) was to calculate the ratio
b) I cannot remember what was this point about- using information provided and ratios calculated… and I do not know what was the requirement
If someone remember please share it
Thx@alessiari said:
– can auditor accept lease of building from client at market price?– who were the two officers that could take the job ( I choose Lorenzo, and Bill) ?
I don’t think auditor can accept lease of building cos even though it’s at market price there’ll be no safeguard if things go south with them and this might impact the engagement relationship
I picked Lorenzo and the name after Lorenzo.
you are right the Audit Risks were very difficult this time they were hard to relate to financial statements. usually in past exam papers while practicing this type of risks did not came before
Rickleigh89 I also had no clue about this question. Can someone can help please ? Were there any particular things to use or just a general detecting the problems and propose solutions ?
section a was very confusing so I figured I’d attempt it last
The Audit risk question (MullCo) was THE most generic question you could ask for, didn’t pose any problems,
I had trouble identifying deficiencies on my first read of the IC question, so I decided to hop on substantive procedures, they were fairly straight forward about payroll, receivables, allowance for receivables going concern,
I did manage to identify the required deficiencies but I had to get really creative in designing tests of controls, I hoped I did it rightOverall the paper was straightforward except for section a, expecting a comfortable pass
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