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June 2011 Q2

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › June 2011 Q2

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Kim Smith.
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  • Author
    Posts
  • August 30, 2020 at 7:19 am #582691
    toushiga
    Participant
    • Topics: 424
    • Replies: 172
    • ☆☆☆☆

    Butler Co

    1. Q2(a)(ii)Recommended audit procedures:
    4th point, does it need to have the consent of the Parent/Subsidiary(Butler Co) Co mgt first?
    “Obtain and review the financial statements of Rubery Co, to consider if it has sufficient resources to provide the amount of loan requested.”

    Q2(b)
    “In extremely rare cases, there may be multiple uncertainties that are significant to the financial statements as a whole. In this case the auditor may consider it appropriate to issue a disclaimer of opinion instead of adding an Emphasis of Matter paragraph to the audit report. A disclaimer is issued in these rare cases due to the number of uncertainties leaving the auditor
    unable to form an opinion as to the truth and fairness of the financial statements.”

    2. Does it still valid?

    August 30, 2020 at 9:18 am #582699
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8309
    • ☆☆☆☆☆

    1. Audited financial statements have to be filed (in the UK at least) so are a matter of public record.
    2. NO this has been superseded by MURGC

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