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2b(ii).
Regarding Audit procedure for Forensic audit, can I suggest to
– obtain correspondence between co. and insurer to verify if amount is paid
– calculate amount of loss by unit cost and qty of theft
– obtain newspaper to verify date of theft is 1 June 13.I find my answer different from examiner and don’t know if the above could be fine?
Read requirements very carefully: “(ii) Recommend the procedures to be performed in determining the AMOUNT of the claim.”
Thus you should rule out last point as irrelevant.
Your first point isn’t possible – the point of a forensic audit is to determine the amount TO BE claimed. If the amount could be so easily determined that the insurers had settled the claim, it wouldn’t require forensic investigation.Your 2nd point is ultimately what the accountant needs to calculate (the amount to be claimed) but HOW to determine unit cost? and HOW to find the quantity? (This is the focus of the published answer.)
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