Второе задание по аудиту "стоит" 10 марок и должно быть выполнено за 1,8*10 = 18 минут. Традиционно во втором задании необходимо показать теоретические знания.
Question 2 part a)
State SIX items that could be included in engagement letter. (3 marks, 1,8*3 = 5minutes, 0.5 mark per point)
- objective of an audit of financial statements
- management's responsibilities for the financial statements
- the scope of an audit with reference to appropriate legislation
- the auditor may not discover all material errors
- the form of a report of the results of engagement
- basic fee and billing arrangement
Question 2 part b)
State and briefly explain four types of audit evidence that can be obtained by auditor (4 marks, 1,8*4= 7 minutes, 0.5 mark for stating the type and 0.5 mark for explanation).
AEIOU
Analytical procedures
evaluation of financial information by a study the relationships between financial and non-financial data
Enquiry
seeking information from knowlegeable persons within the company or outside of it
Inspection
examining of documents, records and assets
Observation
looking at a process which is performing by others (invenory count)
RecalcUlation
check the mathematical accuracy of documents or records
Question 2 part c)
State three ways in which auditor's report may be modified and briefly explain the use of each modification
(3 marks, 1,8*3 = 5minutes, 0.5 mark for the type of report and 0.5 mark for explanation)
Emphasis of matter paragraph
used when the auditor wishes to draw attention to an important item in the financial statements. This is not affecting the unqualified auditor's opinion
Qualification - limitation of scope
used when the auditor cannot obtain sufficient appropriate evidences if there are restrictions of scope of the audit or the lack of evidenced
Qualification - disagreement
used when the aditor disagrees with the amount or disclosure of an item in the financial statements
Question 2 part a)
State SIX items that could be included in engagement letter. (3 marks, 1,8*3 = 5minutes, 0.5 mark per point)
- objective of an audit of financial statements
- management's responsibilities for the financial statements
- the scope of an audit with reference to appropriate legislation
- the auditor may not discover all material errors
- the form of a report of the results of engagement
- basic fee and billing arrangement
Question 2 part b)
State and briefly explain four types of audit evidence that can be obtained by auditor (4 marks, 1,8*4= 7 minutes, 0.5 mark for stating the type and 0.5 mark for explanation).
AEIOU
Analytical procedures
evaluation of financial information by a study the relationships between financial and non-financial data
Enquiry
seeking information from knowlegeable persons within the company or outside of it
Inspection
examining of documents, records and assets
Observation
looking at a process which is performing by others (invenory count)
RecalcUlation
check the mathematical accuracy of documents or records
Question 2 part c)
State three ways in which auditor's report may be modified and briefly explain the use of each modification
(3 marks, 1,8*3 = 5minutes, 0.5 mark for the type of report and 0.5 mark for explanation)
Emphasis of matter paragraph
used when the auditor wishes to draw attention to an important item in the financial statements. This is not affecting the unqualified auditor's opinion
Qualification - limitation of scope
used when the auditor cannot obtain sufficient appropriate evidences if there are restrictions of scope of the audit or the lack of evidenced
Qualification - disagreement
used when the aditor disagrees with the amount or disclosure of an item in the financial statements
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