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Harlem co.- audit response

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Harlem co.- audit response

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • August 5, 2021 at 9:03 am #630454
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    It is 1 July 20X5. You are an audit supervisor of Brooklyn & Co and are planning the audit of Harlem Co for the year ending 30 September 20X5.

    maam the question begins with this line. I am confused with respect to the relevance of this line, is there any specific reason why they tell us that “today is 1 july 20X5”? Are they trying to tell us that this is an interim audit? And so are we expected to write different response/procedure than usual yr end audit?

    August 5, 2021 at 10:53 am #630467
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6802
    • ☆☆☆☆☆

    It’s to tell you that you are planning before the y/e – rather than after.

    If it was after the y/e you couldn’t plan a y/e inventory count or an external confirmation of receivables because it would be too late!

    Audit planning is an ongoing process that will start during the year – that doesn’t mean it’s “an interim audit” because you’re only planning – not doing any “fieldwork”. If before the y/e there is still time to plan to perform ToCs in the 3 months before the y/e – etc.

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