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Hi Mike, would the below headings be correct for the identify part of Q1 CE Group June 2012?
Identify and explain the implications of the acquisition of Canary Co for the audit planning of the individual and consolidated financial statements of the CS Group?
Cost
Time and deadlines
Resources
Fee
Consolidation
Goodwill/impairment
Accounting rules
Date of acquisitionI would of course elaborate on all the above but I just want to make sure I am interpreting the questions correctly.
Thanks 🙂
That seems to be OK – is there no indication in the printed solution that could give you some guidance?
It does give some clarity not a lot of the point above are mentioned for example costs and resources.
My concern is that my points are leaning more towards prior acceptance of an audit whilst it says in the scenario that “our firm has been appointed auditors of……”. Will these still be sufficient.
“… whilst it says in the scenario that “our firm has been appointed auditors of ……”
Wouldn’t it have been a good idea to tell me that first!
Yes, all your points about whether to accept the assignment are totally irrelevant
These 4 you could work into an answer:
Consolidation
Goodwill/impairment
Accounting rules
Date of acquisitionBut you’ll need a lot more than those I’m guessing
How many marks was it? – So far you’ve got possibly 4
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