Auditing

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Auditing

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auditing accounting

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Auditing

Assume you are the partner in charge of audit quality in your firm. There are five audit partners in the firm and you have reviewed the completed audit files of one client for each audit partner. In each case, an unmodified audit opinion was issued. You found the following:Client A: faced severe cashflow problems just before the end of the financial year but the financial statements had been drawn up on the going concern basis. The directors had been in...
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Morning Delight Company manufactures cereals and operates five factories, six warehouses and five distribution depots in major cities in Ghana. The audit for the year ended 31 December 2019 is almost complete and the financial statements and auditor’s report are due to be signed shortly. Profit before taxation is Ghc 11.6 million. The following events have occurred subsequent to the year-end and no amendments or disclosure have been made in the financial statements.Event 1 – Fire OutbreakOn 2 February 2020,...

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Your auditing team have been assigned to perform a review of client’s inventory containing electric machine, parts, and raw materials used in making the machine.a. What inquiries and analytical procedures should the auditor perform?b. What will the auditor do if these procedures do not support the client’s inventory values or disclosures?c. How would your level of professional skepticism differ depending on whether you are performing a review versus an audit engagement?d. What are the differences between a review versus an...
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Why do auditors seek to perform some Computer-Assisted Audit Techniques (CAAT) on a surprise basis (if possible)?2. Artfluent is a gallery specializing in selling original paintings by up-and-coming artists. The medium used by the artists is watercolor which is rarer than other mediums since it is the most difficult to use. Due to the rarity of these works, a very active market exists for them. Several representatives from Artfluent travel across the country to sell the works and to discover...
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Your firm, Adam & Co, was approached by Sky Limited (“the company”) to act as its newindependent auditor for the year ending 31 December 2020.As an audit partner of the firm you have met with the management of Sky Limited to discuss theaudit appointment. During the meeting, you were told that the company would like to appointyour firm as the new auditor because of the larger size and better firm reputation as compared withthe current auditor. You were also told...

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Explain the steps or procedures the hospital and the auditors will go through from the beginning till the audit activity ends.
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During the course of the audit of Datexx, you wish to achieve a low level of audit risk on an engagement. Inherent risk related this portion of the audit is considered at the maximum. While obtaining an understanding of this portion of the internal control structure of Datexx, you have determined that it appears to be very strong. Nonetheless, due to the large number of transactions involved, the auditors have chosen not to test controls in the area.Describe the scope...
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Explain the circumstances under which the standard audit report will be expanded.Identify and briefly describe any additional paragraphs which may arise as a result of expanding the audit report.

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Auditing

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