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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.
For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a
importance of debtors circularisation
Valuation - Detailed Audit of Stock IAS 2 prescribes such stock be priced at the lower of price and net realizable price, It is up to the auditor to ensure that net realizable
Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Handbook section CAS 315 lists management assertions embod
e 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 has bee
the reliabity of audit evidence defers with source is that true
Identify and explain FIVE risks to independence arising in carrying out your audit
What are the engagement procedures of auditing
IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments. Corresponding IAS 36, 'impai
phases of operational auditing reports
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