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+--- Thread: Audit Questions.... (/showthread.php?tid=4685)
Audit Questions.... - wk_pk - 08-12-2007
Assalam O Alaikum Dear Friends....
Please can somebody gimme the answers to following questions....
Q- List atleast six audit procedures to specifically address the enhanced risk of completeness of revenue duly mentioning the risk addressed by each of such procedures?
Q- While reviewing the published financial statements of a listed co audited by you, it was found that a note to the fin statements as contained in the signed copy available in ur working paper is missing. the amount involved in the note was not material.
Discuss the auditor's responsibility in such case?
Q- The financial position Sameer ltd dec 31,2007
* Current Liabilities over current assets are Rs. 200 million
* Carrying value of property, plant and eqpt is 600 million
* long term borrowing 700 million.
you are the senior incharge of the audit engagemnt for this client n hav expressed ur opinion on the company's abilty to continue as going concern. the managemnt shared with u its five year plan. You are satisfied that the asumptions used in preparation of the plan are appropriate and reasonable but the ability to obtain further borrowing.management is wiiling to give disclosures of its five year plan in the financial statements.
Explain n discuss the above situation to ur partner along with ur suggestions with regard to type of audit report tht shud b issued?
waiting for reply soon..
Thanx....
Waqas Kodvavi