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Q4 Eagle Group in Kaplan exam kit – audit procedures in goodwill

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Q4 Eagle Group in Kaplan exam kit – audit procedures in goodwill

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • May 20, 2021 at 6:26 pm #621235
    manishatai
    Member
    • Topics: 35
    • Replies: 21
    • ☆☆

    Hello, could you tell me if these audit procedures are any good and if so how many marks I would obtain? (FYI the question is for 6 marks but I’m not sure on a few so I have included more than 6).

    ? Agree the purchase price of the subsidiary ($80M) to the cash book and bank statements to verifiy that the amounts were paid
    ? Recalculate managements calculation of goodwill, to ensure it has been correctly calculated
    ? Enquire with management, the likelihood of the contigent consideration being paid
    ? Obtain a copy of the purchase documentation, to review any T&C’s relating to the consideration which may mean it does not need to be paid, and therefore not recognised in the FS
    ? Obtain evidence of Lynx Co’s share price at the acquisition date, to confirm the FV measurement of NCI is accurate and reasonable
    ? Obtain a copy of the due dilligence report, of Lynx Co for the uplift in PPE – ask for evidence of the uplift in PPE
    ? Recalculate the PV calculation of the contigent consideration, to confirm it has been correctly discounted. and also the discount factor used is appropiate

    May 21, 2021 at 6:50 am #621272
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6783
    • ☆☆☆☆☆

    I am sorry but as I have answered on other students’ posts I cannot provide a marking service.

    For exam technique and marking guidance please refer to the resources that I have sticky posted (i.e “star” items) at the top of this forum https://opentuition.com/forum/acca-forums/aaa-advanced-audit-and-assurance-forums

    I suggest the “must read”, “the most productive 1 hour …” and “read the mind”.

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