Reference no: EM132525173
Question - You are undertaking the preliminary review of the audit file of Overland Submarines Limited (OSL). You are particularly concerned to ensure that sufficient appropriate audit evidence has been obtained for all material assertions. As you review the file, you note that reliance has been placed on the following evidence in auditing management's assertions:
i. Term Loans: A confirmation letter provided by the lender, and sent, in the first instance, to OSL.
ii. Inventory Valuation: Comparison with the latest wholesale price list provided by OSL's three suppliers.
iii. Accounts Payable: Supplier statements, received by OSL, and reconciled to OSL's creditor ledger balances.
iv. Repairs and Maintenance: A letter, signed by the Managing Director of OSL, confirming that all repairs and maintenance had been appropriately expensed and any capital expenditure had been appropriately capitalised.
v. GST Payable: confirmed by reference to the year-end GST return, and subsequent statement from the IRD.
REQUIRED - For each of the examples given above (i.e., i. to v.), comment on the quality of the audit evidence provided. Where you consider the evidence to be deficient, suggest how the quality of audit evidence might be improved.
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