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Problem:
You are an auditor of a company which operates three large departmental stores at Grand Bay, Port Louis and Tamarin.
You are preparing your audit plan and you are planning to carry out detailed audit tests on a rotational basis. You consider that all departments within the stores should be covered over a period of 3 years but that more attention should be given to those where the "audit risk" demands it.
You are required to detail the factors which you would consider in order to evaluate the audit risk faced by each department.
Business Risk Analysis Business risk can be analyzed between external and internal risks: External risks: Changing legislation (e.g. minimum wage) Changing inter
Procedures in computing the work of the expert The auditor must obtain reasonable assurance that the expert's work constitutes appropriate audit evidence in support of the fina
Normal audit risk Indications that an audit is a normal risk audit are: (1) The client having management and staff who are competent and have integrity; (2) Where the client h
B. The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code ha
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde
main areas contained in a private audit
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
1. Demonstrate knowledge of the current tax, auditing and accounting issues that concern governmental and not-for-profit entities 2. Explain the difference between various funds (
Examples of Liabilities Examples of those liabilities are: a) Claims by employees for injury at work such should be covered through workman's compensation; b) Claims thr
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