ACCA Noter Answer Paper F8 2 6int 2004 dec q
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(v) Substantive procedures tracing entries in the financial statements back to supporting schedules, entries in the ledgers, control accounts and daybooks through to
The objective of the internal audit department is to check the accuracy of the inventory count to ensure that the physical goods inventory is correctly stated on the inventory
– Review the financial status of Green Co during the audit to identify other indicators of a going concern problem such as failure to repay loans or decrease in sales.. –
List the substantive audit procedures that you should undertake in the audit of current liabilities of Metcalf Co for the year ended 31 March 2007.. For each procedure, explain
'Sufficient' audit evidence means 'enough' evidence to enable the auditor to form his opinion.. What is 'enough' is a matter of
(ii) The decrease in value of inventory took place after the end of the reporting period but before the financial statements and the audit report were signed. The auditor is
To ensure independence, the scope of work of the internal audit department should be decided by the chief internal auditor, perhaps with the assistance of an audit committee..
Audit documentation is available from the previous year’s audit, including internal control questionnaires and audit programmes for the despatch and sales system.. The audit
