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You are the partner in charge of the audit of Drugs4U Ltd, a company which develops, manufactures and sells to the a trade market a wide range of drugs which promote healthy living. The financial year end is 31st December and you are currently reviewing the notes of the planning meeting held between the Finance Director, your audit manager and yourself in November. The company has had a successful year so far with turnover already exceeding HK$500M.A new accounting package has been introduced by the company. It was developed by the ex IT director who left following an argument with the finance director over the lack of testing of the new software - it was not run in parallel at all due to time and cost. It has been running for under a month and the finance director has not recruited a new IT director because he considers that they are not necessary within the company. He has better things to do.New shares have been issued to fund a new drug called Argaiv which it is hoped will revolutionise exercise routines worldwide. These totalled HK$10M at nominal / face value and the company received HK$20M from this. The development costs for Argaiv and other products exceed HK$50M and the finance director proposes to capitalise this amount. A HK$75M bank loan has also been taken out - with the security on the loan being the land and buildings which the company owns outright at Sizewell in the United Kingdom. However the land has been suspected of being contaminated with a radioactive metal - the source of which is as yet unknown.Required:1) Explain what is meant by 'audit risk' using, as your starting point, the diagram used during teaching and applying it to the above scenario.2) Identify the factors to be considered and audit work to be undertaken when planning the audit.
Detail work on stocks - Audit of Current Assets Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these includ
Presentation and Disclosure - Audit Process Specific presentation involves presentation in accordance along with the suitable IFRS/IAS or International Accounting Standards.
Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi
how EDP audit is carried out
Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli
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
For each threat explain how it might be avoided.
I need a 5 schedules like the sample on the attachment please follow the Instructions you will see in the instructions attachments 4 companies and you have to choose 5th one by yo
Furniture, Fixtures and Disposal of Non-Current Assets Furniture, fixtures and fittings The only matter here to note is the depreciation of fittings and fixtures. Since
auditor is a watch dog not a blood hound
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