- February 11, 2020 at 7:14 pm
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 companyFebruary 12, 2020 at 8:20 am
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.February 12, 2020 at 11:46 am
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.February 13, 2020 at 8:26 am
This Q concerns disclosure of the event which is “the fire” so looking for “additional disclosure” is a bit vague and that there could be further damage seems unnecessary supposition when the scenario has given estimates.
You must be logged in to reply to this topic.