u a AdingRequiredreview of the working papers to verify the trade accounts payable balance at year-end andthat the amount is not understated.Describe the substantive audit procedures that you should expect to find during your ONSI Discuss the meaning of 'sufficient approprate audit evidence.2 Describe the sources of audit evidence and levels of reliability3 Distinguish the different types of audit proeedures that might be used by auditors toobtain audit evidence.4 Discuss the different categories of audit procedures and how they are being categorized.s Explain the relationship between specific audit objectives and management anertions.CASE 6Your firm was recently appointed as the auditor of Eccah Sdn Bhd, a company manufacturingand supplying engines to the car industry, The company manufactures made-to-order carengines for its regular customers and has good relationships with its local suppliers. Thecompany has a December year-end and uses a computerized accounting system. You haveheen assigned to review the audit working papers of the company.Extract from the company's financial statements as at 31 December 2016:20162015RMRMTrade payables 9,350,000 12,345,000Information of the trade payables has been highlighted for your attention during filereview:(a) Raw materials are purchased from local suppliers, most of whom are paid via chequeswithin three months.(b) Some suppliers require a contract to be drawn between the company and the suppliersthat specifies the terms and references of credit given to the company.(c) The inventory count was conducted on 31 December, during which it was noted thatthe last good received notes number was XYZ123.d) A listing of all the trade payables at both the current and previous year-ends wasincluded in the audit working papers.e) A listing of all the trade receivables was not included in the audit working papers.The credit department comprises three staff the credit manager and two other staffmembers.

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I Discuss the meaning of sufficient approprate audit evidence 2 Describe the sources of audir

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

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

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