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Atlanta & Co – Mar 2020 – Part a only

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Atlanta & Co – Mar 2020 – Part a only

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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    Posts
  • October 20, 2021 at 8:09 am #638573
    salman7
    Participant
    • Topics: 76
    • Replies: 36
    • ☆☆

    Dear tutor,

    Can we identify audit risks from the audit strategy response by Neegan Associates (Component auditor) i.e.,:
    1) Insufficient audit procedures on the payroll i.e., joiners and leavers not audited, analytical procedures not performed on the number of employees,
    2) Sale of building to group CEO which is a related party transaction which needs to be disclosed in FS etc.

    OR we should just consider the extent of reliance on the component auditor in audit risks part?

    Thanks and regards,

    October 20, 2021 at 3:00 pm #638597
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6787
    • ☆☆☆☆☆

    The requirement is:

    “(a) Using the information in ALL exhibits, evaluate the audit risks to be considered in planning the Group audit. (24 marks)”

    So in principal – yes – there may be audit risks in Exhibit 4 that will earn marks in (a). However, for the same reason that I explain here, you might not find all such points in the model answers https://opentuition.com/topic/pegasus-co-sep-dec-2020-part-a-only

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