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in this question part 3ii, could the following audit procedure be acceptable?
event 1- – Review post year end cash receipt to assess the amount of, if any, received from the insurance company
No – as the audit report is “due to be signed shortly” you can’t wait that long. The insurance company has only just started its investigation.
Noted, i had another doubt in the audit procedure i had thought of while attempting this question could you please inform me if it is reasonable or not, it relates to event 1.
audit procedure: review minutes of board meeting to determine whether any further damages have occurred due to the fire to assess whether any additional disclosure are required.
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