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Dear Sir,
Can you please advise if full mark can be given to this answer:
1-audit risk
some warehouse are owned by Milla and some are rented from third parties. There is a risk of miss classification of rental received as revenue to the p& laudit response
Inspect documents and accounting entries for the rent received from third party to ensure correct classification in correct account.
And
2-audit risk
A new accounting general ledger has been introduced at the beginning of the year, with the old and new systems being run in parallel for a period of two months. There is a risk that not all balances or transaction has been bf to the new system leading to misstatement in the fs
audit response
For a sample of invoices entred in old system enquire if same has been properly bf in the new system to ensure all of them has been transferred to new account if error found increase the sample
Regards,
Avinash.I strongly recommend to you the article flagged in the sticky post at the top of this forum “How to score marks in AA – essential guidance”.
Please appreciate that I cannot provide a marking service.
I have not read them as I am unable to comment on them.
The published answers and marking scheme are provided as a guide. If you have suggested anything close to the suggested answer it will get the mark (it doesn’t have to be verbatim) if you have suggested anything that is not remotely close to any of the points in the published answer then you should consider whether it is a relevant point that answers the question set. The article provides specific examples and further guidance.
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