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Hello Kim, hope u are well.
there are some risk and response question in the kit giving two risks as a one risk for instance look at the extract below.
Hurling Co upgraded their website during the year at a cost of $1.1m. The costs incurred should be correctly allocated between revenue and capital expenditure.
As the website has been upgraded, there is a possibility that the new processes and systems may not record data reliably and accurately. This may lead to a risk over completeness and accuracy of data in the underlying accounting records.so my question is is it OK if i only give one of the above risk and it’s response.
Thanks in advance.
Model answers are more comprehensive – you are not expected to make every point. You need only try to find the required number of risks.
Another question sir.
How does reviewing post yearend sales returns help identify cut off errors?
https://opentuition.com/topic/audit-procedures-for-receivables/
Same principles as I have explained here about credit notes. Sorry I can’t write a more specific answer just at the moment.
very clear Kim. I’ve also got there some additional points.
Thank u very much.
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