- October 23, 2021 at 11:59 am #638890Noah098Member
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Evidence expected to be on file:
1. Copies of the offers received to purchase the retail outlets, confirming the amounts offered. These should have been used to recalculate the average used for the estimate of fair value.
ma’am how could the “Copies of the offers received to purchase the retail outlets” be included in the audit working papers? As in, isn’t it too confidential an information to be there in the working papers? moreover why should an ordinary audit team member allowed to fetch such confidential information? I understand as per the Code, there are confidential agreements, but acquisition prices is just too secretive stuff…October 23, 2021 at 12:11 pm #638896Kim SmithKeymaster
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Professional accountants are bound by the Code – there is nothing so confidential that it cannot be required as audit evidence. If offers have been evidence – the auditor should reasonably expect that information to be available – if not available as audit evidence, the audit opinion must be modified (assuming the matter to be material and that there is – presumably – not other source of evidence).
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