ACCT30004 Suggested Solution - Week 8_2-2015

ACCT30004 Suggested Solution - Week 8_2-2015 - ACCT30004...

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Tute Solution Week 8_2 2015.Docx Updated – 1 September 2015 1 ACCT30004 Auditing and Assurance Services Suggested Solutions and Advice Week 8 Advice Students should continue to develop good answering techniques. Moving towards Module 3, the focus moves to the audit procedures used to obtain sufficient appropriate audit evidence. This tutorial begins the bringing together of the need for evidence regarding the potential material misstatements. You should continue developing a quality approach to answering questions that you will continue to advance during the rest of the semester. Part of this approach should be ensuring two things: 1. That your answers show a logical progression towards the final conclusions 2. That your answers are specific to the situation presented As noted previously, many students are used to giving ‘factual’ standardised answers to questions, you should develop a consistent approach towards questions, but answers need to specifically address the situation presented and the issues raised in the circumstances given. I think it is very important to remember that the opinion which the auditor expresses comes from the sum of the evidence which they have gathered. The gathering of evidence is done via the audit procedures. Often it is helpful to use the Audit Risk Model and the preliminary evaluation of Control Risk (ie. how the audit strategy is determined), as a basis for determining what audit procedures are to be used. You also need to have a clear understanding of the financial statement assertions at this stage of the semester. They will be used many times in the future and we will assume that you understand them.
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Tute Solution Week 8_2 2015.Docx Updated – 1 September 2015 2 Suggested Solutions 10.27 Miningwell Ltd
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  • MrTrevorTonkin
  • sufficient appropriate audit, appropriate audit evidence, Tute Solution

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