14-Muscat audit firm is conducting audit for Suhail Bahwan Group since 15 days. Muscat audit firm needs more time to continue the audit because of the size and profile of Bahwan group. The audit firm extended their audit for another 5 days. At the end of audit, the auditors discussed few things in an exit meeting, except: a-Their questions and concerns b-Corrective action plans for the audit issues identified c-Audit results with the management d-The new processes and documentation

14-Muscat audit firm is conducting audit for Suhail Bahwan Group since 15 days. Muscat audit firm needs more time to continue the audit because of the size and profile of Bahwan group. The audit firm extended their audit for another 5 days. At the end of audit, the auditors discussed few things in an exit meeting, except: a-Their questions and concerns b-Corrective action plans for the audit issues identified c-Audit results with the management d-The new processes and documentation

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter7: Planning The Audit: Identifying, Assessing, And Responding To The Risk Of Material Misstatement

Section: Chapter Questions

Problem 19RQSC

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Muscat audit firm is conducting audit for Suhail Bahwan Group since 15 days. Muscat audit firm needs more time to continue the audit because of the size and profile of Bahwan group. The audit firm extended their audit for another 5 days. At the end of audit, the auditors discussed few things in an exit meeting, except: Their questions and concerns Corrective action plans for the audit issues identified The new processes and documentation Audit results with the management
Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. identify which of the following is related to their audit process. O a. Discussing corrective action plan O b. Identifying the risk Oc Conduct interviews O d. Create audit procedure and plan
Fast plz Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. Identify which of the following is related to their audit process. Conduct interviews Discussing corrective action plan Create audit procedure and plan Identifying the risk
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You are the audit manager at KPMG & Coopers a medium-sized audit firm undertaking the audit forthe year ended 30 June 2018 of Vesta Tech Ltd, an electronic component manufacturer located inSydney. During the planning stage of the audit you discovered that one of Vesta Tech Ltd’s majorsuppliers went bankrupt one month ago, causing major product shortages. To overcome the problem,Jonathon Marshall, the husband of the finance director, Nimat Marshall provided electroniccomponents to Vesta Tech Ltd through his private company. There is no formal agreement in placewith Jonathon Marshall, however, the goods are being provided at competitive prices. You areconcerned about the electronic components that Jonathon Marshall’s company is supplying, becausehis products are new to the market and you have heard some of Vesta Tech Ltd’s staff complainingthat they are of poor quality.The board has informed you that although sales have been strong this year, Vesta Tech Ltd hassuffered significant…
You are the audit manager at KPMG & Coopers a medium-sized audit firm undertaking the audit forthe year ended 30 June 2018 of Vesta Tech Ltd, an electronic component manufacturer located inSydney. During the planning stage of the audit you discovered that one of Vesta Tech Ltd’s majorsuppliers went bankrupt one month ago, causing major product shortages. To overcome the problem,Jonathon Marshall, the husband of the finance director, Nimat Marshall provided electroniccomponents to Vesta Tech Ltd through his private company. There is no formal agreement in placewith Jonathon Marshall, however, the goods are being provided at competitive prices. You areconcerned about the electronic components that Jonathon Marshall’s company is supplying, becausehis products are new to the market and you have heard some of Vesta Tech Ltd’s staff complainingthat they are of poor quality.The board has informed you that although sales have been strong this year, Vesta Tech Ltd hassuffered significant…
Audit and Assurance - Effects of post-balance sheet events 8. Your firm is auditing the financial statement of ABCD Sdn Bhd for the year ended 30 September 2021. The plan is to complete the field work and sign the auditor report on 3o November 2021. You are asked to determine whether any events and transactions have occurred after 30 September 2021 that may affect the 2021 financial statements. Required: Identify the general types of subsequent events would require your consideration and evaluation. Discuss auditing procedures should you consider performing to gather evidence concerning subsequent event.
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