- 1 Marks
AAA – Nov 2011 – L3 – SAII – Q3 – Audit Reporting
Responsibility for audit conduct and opinion expression in financial statements.
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- 4 Marks
AA – Nov 2023 – L2 – Q4a – Audit Failure and Expectation Gap, Audit and Assurance Evidence
This question distinguishes between fraud and error in the audit of financial statements.
Question
ISA 240: The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, distinguishes fraud from error and provides significant guidance on the auditor’s responsibilities to consider fraud in an audit of financial statements.
Required:
Distinguish between fraud and error giving an example of each.
(4 marks)
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- Tags: Audit Responsibility, Error, Financial Statements, Fraud, ISA 240
- Level: Level 2
- Topic: Audit and Assurance Evidence, Audit Failure and Expectation Gap
- Series: NOV 2023
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- 5 Marks
AAA – April 2022 – L3 – Q5b(ii) – Professional responsibility and liability
Explain the auditor's responsibility in relation to a reorganization that occurred after the year-end.
Question
Asogli recently announced its plans to reorganize its business operations. This will involve closing some units, retraining some existing staff, and disposing of some surplus assets. These plans were agreed upon at a board meeting in October and announced to their shareholders on 29 October 2020. Asogli is proposing to make a reorganization provision in the financial statements.
Required: Assume that the reorganization occurred on 15 November 2020, what will be the responsibility of the auditor in line with auditing standards? (5 marks)
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- Tags: Audit Responsibility, ISA 560, Reorganization, Subsequent Events
- Level: Level 3
- Topic: Professional responsibility and liability
- Series: APR 2022
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- 1 Marks
AAA – Nov 2011 – L3 – SAII – Q3 – Audit Reporting
Responsibility for audit conduct and opinion expression in financial statements.
Find Related Questions by Tags, levels, etc.
Report an error
- 4 Marks
AA – Nov 2023 – L2 – Q4a – Audit Failure and Expectation Gap, Audit and Assurance Evidence
This question distinguishes between fraud and error in the audit of financial statements.
Question
ISA 240: The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, distinguishes fraud from error and provides significant guidance on the auditor’s responsibilities to consider fraud in an audit of financial statements.
Required:
Distinguish between fraud and error giving an example of each.
(4 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Audit Responsibility, Error, Financial Statements, Fraud, ISA 240
- Level: Level 2
- Topic: Audit and Assurance Evidence, Audit Failure and Expectation Gap
- Series: NOV 2023
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- 5 Marks
AAA – April 2022 – L3 – Q5b(ii) – Professional responsibility and liability
Explain the auditor's responsibility in relation to a reorganization that occurred after the year-end.
Question
Asogli recently announced its plans to reorganize its business operations. This will involve closing some units, retraining some existing staff, and disposing of some surplus assets. These plans were agreed upon at a board meeting in October and announced to their shareholders on 29 October 2020. Asogli is proposing to make a reorganization provision in the financial statements.
Required: Assume that the reorganization occurred on 15 November 2020, what will be the responsibility of the auditor in line with auditing standards? (5 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Audit Responsibility, ISA 560, Reorganization, Subsequent Events
- Level: Level 3
- Topic: Professional responsibility and liability
- Series: APR 2022
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