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An assurance engagement is an evaluation or measurement of a subject matter by a professional accountant that is the responsibility of another party, against identified suitable criteria to express a conclusion that provides the intended user with a level of assurance about that subject. Both audit and review work are assurance engagements.
Required:
Describe FIVE differences between an audit and a review engagement.
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ISA 501 – Audit Evidence – Specific Considerations for Selected Items deals with three specific items that may be contained within a set of general-purpose financial statements and for which the auditor may need to obtain sufficient appropriate audit evidence. It deals with specific considerations for inventory, litigation and claims, and segment information.
Required:
i) What should an auditor do to obtain sufficient appropriate audit evidence regarding the existence and condition of inventory where inventory is material to the financial statements? (2 marks)
ii) What should an auditor do when physical inventory counting is conducted on a date other than the date of the financial statements? (2 marks)
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An Internal Auditor is part of the management Internal Control System. However, it is possible to list the other work that internal auditors might do under the following broad heading:
• Value for money audit
• Best value Audit
Required:
Explain the differences between Value for money audit and Best value audit.
(5 marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
An assurance engagement is an evaluation or measurement of a subject matter by a professional accountant that is the responsibility of another party, against identified suitable criteria to express a conclusion that provides the intended user with a level of assurance about that subject. Both audit and review work are assurance engagements.
Required:
Describe FIVE differences between an audit and a review engagement.
Find Related Questions by Tags, levels, etc.
ISA 501 – Audit Evidence – Specific Considerations for Selected Items deals with three specific items that may be contained within a set of general-purpose financial statements and for which the auditor may need to obtain sufficient appropriate audit evidence. It deals with specific considerations for inventory, litigation and claims, and segment information.
Required:
i) What should an auditor do to obtain sufficient appropriate audit evidence regarding the existence and condition of inventory where inventory is material to the financial statements? (2 marks)
ii) What should an auditor do when physical inventory counting is conducted on a date other than the date of the financial statements? (2 marks)
Find Related Questions by Tags, levels, etc.
An Internal Auditor is part of the management Internal Control System. However, it is possible to list the other work that internal auditors might do under the following broad heading:
• Value for money audit
• Best value Audit
Required:
Explain the differences between Value for money audit and Best value audit.
(5 marks)
Find Related Questions by Tags, levels, etc.
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