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Doubts

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Doubts

  • This topic has 10 replies, 3 voices, and was last updated 7 years ago by 6shahir.
Viewing 11 posts - 1 through 11 (of 11 total)
  • Author
    Posts
  • December 3, 2015 at 3:42 pm #287299
    6shahir
    Member
    • Topics: 202
    • Replies: 296
    • ☆☆☆

    Q1) What do u mean by perform a proof in total?

    Q2) Do we get marks for stating the assertions?

    December 3, 2015 at 4:11 pm #287313
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10199
    • ☆☆☆☆☆

    Proof in total.

    Let’s say you were auditing ticket revenue for a cinema. You should be able to get evidence about the number of tickets sold. You will also know seat prices. Therefore:

    Total revenue = Tickets sold x seat prices.

    It won’t be spot on because some seats might be at a different price to others, but you would expect it to be close to the revenue reported.

    Assertions.

    Obviously, it depends on the question (usually no need for detail on assertions when talking about audit opinions). Where it’s really important is when you are describing an audit procedure as you should say which assertion you are collecting evidence for. So in the example above on cinema revenue, the proof in total will give evidence about teh accuracy and the completeness of the revenue figure.

    December 4, 2015 at 5:37 am #287400
    6shahir
    Member
    • Topics: 202
    • Replies: 296
    • ☆☆☆

    thnks that was nice! 🙂

    December 4, 2015 at 4:08 pm #287587
    6shahir
    Member
    • Topics: 202
    • Replies: 296
    • ☆☆☆

    What do u mean by correspondence from legal advisers?

    December 4, 2015 at 5:13 pm #287602
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10199
    • ☆☆☆☆☆

    Letters and emails to and from the client’s lawyers.

    December 5, 2015 at 9:57 am #287777
    sisini
    Member
    • Topics: 0
    • Replies: 3
    • ☆

    What do you mean by review engagements?

    December 5, 2015 at 10:10 am #287785
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10199
    • ☆☆☆☆☆

    A review engagement is where the FS are reviewed but the work falls short of an audit. It is sometimes asked for by companies that are exempt for audits to give members and directors some assurance that the FS etc are OK. The opinion at the end of the engagement will be a limited (negative) opinion ie that nothing was found leading to a conclusion that the FS have not been prepared properly. Review engagements are cheaper than statutory audits where a positive opinion is required.

    December 5, 2015 at 11:04 am #287799
    6shahir
    Member
    • Topics: 202
    • Replies: 296
    • ☆☆☆

    For example- re-perform the arithmetic of bank reconciliation for each bank account held, its one of the procedures of bank……
    My question is do u get one mark for this, 6 m equals six points?

    can we write in point forms????

    December 5, 2015 at 11:51 am #287811
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10199
    • ☆☆☆☆☆

    Usually the question instruction is identify and describe, or idendify and explain. The commonest marking allocation published is 1/2 mark for identification and 1 for description eg why you are doing it. If you just day ‘Do a bank reconciliation’ withoug explaining why, then that’s probably only 1/2.

    December 5, 2015 at 7:18 pm #287975
    6shahir
    Member
    • Topics: 202
    • Replies: 296
    • ☆☆☆

    thnk u

    December 6, 2015 at 6:57 pm #288290
    6shahir
    Member
    • Topics: 202
    • Replies: 296
    • ☆☆☆

    Is there something called payable listing like inventory listing, even for receivables???
    listing means just casting up ryt?

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