RSM 323 - Spring 2011 Midterm Exam - Case Marking Key

RSM 323 - Spring 2011 Midterm Exam - Case Marking Key - RSM...

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RSM 323 Midterm Exam Spring 2011 LH Case Marking Key Spring 2011 Total Marks Awarded Mark Page Reference PI #1 The candidate assesses the engagement planning issues as part of the audit planning memo. The candidate demonstrates competence in Assurance RC Conclude that risk of material misstatement on the FS is high citing the following reasons: 2 - relevant risk factor #1 with support (case facts that explain why this is a risk factor) 1 - relevant risk factor #2 with support (case facts that explain why this is a risk factor) 1 - relevant risk factor #3 with support (case facts that explain why this is a risk factor) 1 (may include cash-based, high control risk, first time client/audit etc.) AND Discusses materiality: - recommends an appropriate % (can be qualitatively i.e. "lower") with support (linked to users) 1 - recommends an appropriate base (linked to users) 2 OR Discusses approach: - concludes that control risk is high with support 2 - concludes that a substantive approach should be used 1 C Performs all of the above for Reaching Competent
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This note was uploaded on 04/28/2011 for the course RSM 323 taught by Professor Lisaharvey during the Spring '11 term at University of Toronto- Toronto.

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RSM 323 - Spring 2011 Midterm Exam - Case Marking Key - RSM...

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