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Audit Procedures

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit Procedures

  • This topic has 3 replies, 2 voices, and was last updated 5 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • November 30, 2019 at 12:04 pm #554241
    auguechampion
    Participant
    • Topics: 9
    • Replies: 15
    • ☆

    1. Please is it appropriate to end an audit procedure without ending with the assertion it test, such as “to verify existence”, or it is compulsory.

    2. Please can one audit procedure be used to test two or more assertions?

    3. Can picking a sample of inventory from inventory count sheet and physically inspecting at the client premises help verify Valuation, apart from verifying existence?

    November 30, 2019 at 1:12 pm #554244
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    1. If you look at published answers you will see that they do not necessarily have to end with an assertion – and, of course, if the Q specifies the assertion it will not be necessary to state it since all answer points should be relevant to the stated assertion.

    2. Possibly – “accuracy” may match with “completeness”.

    3. Well yes in so far as valuation is Q x P so you have to verify the existence of the Q before confirming the cost. Also physical examination provides evidence of condition – “old”, “obsolete”, “damaged” etc – all such items should be separately noted during the count so they are appropriately valued at the lower of cost and NRV.

    December 1, 2019 at 11:30 am #554318
    auguechampion
    Participant
    • Topics: 9
    • Replies: 15
    • ☆

    Thank you Sir.

    December 1, 2019 at 11:44 am #554320
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    You’re welcome!

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