respected sir,
Q:sir if independent valuer is needed in course of audit eg jewellery valuer would its fee be included in audit fee or paid separately by the company and who would choose that valuer?
Q:sir you said identify potential problems for planning audit you should look at last year audit file for issues before, but sir if it is our first audit to client would we ask the previous auditor to give us audit file? and what if we are the first auditors than anyltical anylsis?
Q:doinf test of control in september than what would be be doing in previous 9 months?
Q: sir performance materiality
Ask the Tutor ACCA AA
planning
8y ago#1Q1 Separate
Q2 No right to see other auditors' files, hence increased audit risk for the first audit.
Q3 Probably at other clients doing other work.
Q4 Performance materiality ie materiality during the performance of an audit is set lowernthan audit materiality in case several sma?l errors add up to a large error. This is explained in our notes and lectures.
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