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Lack of time
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Hi, guys
Who can recall the MCQ? (1)C ; (2)B (3)A
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i think that (4) A
Q1. Ethical risks (10 marks)
Q2. What are the procedures to obtain SAAE & the procedures on BANK balance (10 marks)
Q3. Audit Report (10 marks)
Q4. Substantive procedures ( PPE worth 6 marks) & (Equity worth 4 marks)
Q5 A. Deficiencies in inventory system (identify,recommendation and TOC) 15 marks
Q5 B. Elements of assurance engagement (5 marks)
Q6 A. Define audit risk and its components (5 marks)
Q6 B. Audit risk and responses (12 marks)
Q6 C. factors that auditor should consider on the assignments given to service organization (3 marks)what deficiencies you guys identified?
mine were
1. counters from warehouse dept
2. inventory sheets contains quantities
3. separate sheets not sequentially numbered (assumed, as there were no indicator of being numbered)
4. areas once counted were then not flagged.
5. counters had given code to access the inventory system where higher value of FG were there.- Topics: 0
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in Q 4 it says Test of DETAILS..DETAILS are different from CONTROL.. test the details of what??. i think its not correct..thts what i think…analytical procedures are under TEST OF CONTROL
I had the same deficiencies other than the sequentially numbered sheets I think the other one I put was the 2 people in the team didn’t have different duties and only counted the inventory once
what procedure was to written on the audit report question in 1st issue (system hacked)
Yes, what audit procedure is required on the _completion_ stage of audit in the system hack case?
I put obtain written representation as there is no other source of evidence abailable but it was a guess so not sure …
For audit risks I also spoke about how 10% of it belonged to a third party whose stock was imbedded in the warehouse. So there was a risk that inventory could get confused- thus the auditor would be unable to search the area of a third party without permission from them.
That question wasn’t asking for audit risks it was asking for test of internal controls was it not?
heheh i also wrote the same procedure that Obtain written representation cosidering that the amount written on draft financial statements is correct nd complete.
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Mcqs were very tricky, however managed to complete all the questions.
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