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QUESTION:
(a) The auditor should get relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom:
(i) What do you understand by the term "audit evidence" and state what it comprises?
(ii) State and describe FOUR factors that influence the reliability of evidence.
(iii) List and illustrate FOUR factors that will influence the auditor?s judgement regarding the sufficiency of the evidence obtained.
(b) The auditor has a responsibility to design audit procedures to get sufficient and appropriate evidence.
(i) State and explain FOUR procedures for obtaining evidence and;
(ii) For each procedure, explain an example relevant to the audit of purchases and other expenses.
Action if Management Refuses to provide Representations Whether management rejects to provide a representation which the auditor considers compulsory, this constitutes a scope
Indications of inapplicability of Going Concern Unfortunately, Insolvency is a development industry as the economy suffers a down turn and consequently for a majority of enter
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
Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer. (a) Materiality is used only at the planning stage of the
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Principles of Auditors Procedures i. The financial statements should be prepared on the source of conditions existing on the balance sheet date. ii. The material post balance
should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge
Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri
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