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Audit Procedures

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

  • This topic has 3 replies, 2 voices, and was last updated 4 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • October 23, 2020 at 12:34 pm #592927
    rez92
    Member
    • Topics: 13
    • Replies: 18
    • ☆

    Audit procedures for valuation of JLC Brand (brand was puchased)

    – Obtain purchase documentation and agree the cost of the brand ( is writing this much sufficient or do we need to write more, like “for accuracy” in the end)?

    – Perform independent impairment reviews and compare with management’s impairment review results ( same question, is this sufficient for exam answers to gain 1 marks, or should I write “for accuracy or reasonableness” in the end?)

    October 23, 2020 at 6:19 pm #592966
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8357
    • ☆☆☆☆☆

    For a whole mark you need a bit more – so yes, for what purpose – see published answers for examples. But what is “purchase documentation”? If you mean invoice – then say invoice.

    October 23, 2020 at 8:22 pm #592974
    rez92
    Member
    • Topics: 13
    • Replies: 18
    • ☆

    The second on is from published answers, mostly they do not write in full. Just state “Agree amount paid to cash book and bank statement”. Is this fine?

    October 23, 2020 at 8:37 pm #592979
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8357
    • ☆☆☆☆☆

    Please refer to the relevant article https://www.accaglobal.com/ie/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/exam-tech4.html – I suggest that what you suggest is worth only 1/2 mark

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