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Type of report for key customer with outstanding balance and debt being written off in 2015?
Good point Anas
But you couldn’t pick any other options both the options were substantives
Yiu need the count instructions to be able to know what’s going
ilona
4 elements are i think the same as those contents of Reports
Like
Addressee
Responsibilities of Auditor
Signature
Basis of Opinionactually there was another point which was like checking that staff checks goods for damage etc. that was the test of control
Yes, agree, this is what I put. Also emphasis of matter paragraph after opinion.
I think that was substantive procedure.
It was really hard to distinguish between them to be honest. Nevertheless not a big deal.
But this paper took me by a surprise doe.
Anas
Yes The Threshold for materiality is 5-10% For Profits before Tax So it was MaterialYeah it was material represented 7.4% of profit which is a benchmark for materiality
Yes Emphasis of Matter is not an Element,I think elements are those which all the Reports must have But Emphasis is Something Appeared when to modify Audit report or some Disclosure is there
did u all complete everything in the paper? i left 5 marks for wages. had no time since the paper was very lengthy
Yeah I Also Do About 95%.
But Not skiped any Question Unanswered Atleast Attempted all But
but not answered fully to last questionahh ok. does anyone remember that segregation of duties was one of the deficiencies in sales system?
@usamaniaz said:
OsamaWhat did you chose for the last MCQ regarding the going concern?
I think both were wrong
yes both were wrong
@rcc002 said:
Yeah i do
Because Brenda is doing all things HAHHAHAHAhaha true.. she is a robot!!
Definicies in the system that I remember picking out –
Sales ledger doing all tasks
Sales ledger manually changing prices
Change of courier company
Finance director setting credit limitsI picked out three others but can’t remeber off the top of my head.
Audit risks
Going concern because of the new competitor, reduced selling prices and increased levels of inventory
Payables understated because of reconciliations not being performed
I think I may have put inventory as being overstated and to attend inventory count.
yes and one audit risk was finance director leaving company, potential lawsuit chances provision plus increased inherent risk as more burden came after he left. plus one risk was of recover ability of recs
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