During the external audit on the financial statement of ZZ (Pty) Ltd for the year ended...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During the external audit on the financial statement of ZZ (Pty) Ltd for the year ended 30 June 2023, you have been assigned the salaries and wages and the non-current liabilities sections. 2.2 2.1 Detail the methods you would apply to obtain audit evidence on the assigned sections. (10) Explain how you would categorise the audit evidence that you obtained into levels of reliability. 2.3 (10) The audit manager decided to assign an additional component to your workload. During the scope discussion, you realised that a close family member is a supplier directly benefitting from this additional component. Discuss, with examples, the threats that should be assessed by the audit team during any audit engagement. (20) During the external audit on the financial statement of ZZ (Pty) Ltd for the year ended 30 June 2023, you have been assigned the salaries and wages and the non-current liabilities sections. 2.2 2.1 Detail the methods you would apply to obtain audit evidence on the assigned sections. (10) Explain how you would categorise the audit evidence that you obtained into levels of reliability. 2.3 (10) The audit manager decided to assign an additional component to your workload. During the scope discussion, you realised that a close family member is a supplier directly benefitting from this additional component. Discuss, with examples, the threats that should be assessed by the audit team during any audit engagement. (20)
Expert Answer:
Answer rating: 100% (QA)
21 Detail the methods you would apply to obtain audit evidence on the assigned sections Here are some of the methods you could apply to obtain audit evidence on the assigned sections Salaries and wage... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
An eco-friendly apparel brand is launching a new line of sustainable clothing. What research methods would they use to identify their target market, and how would this information be presented in...
-
You have been assigned to the audit of the financial statements of Office Moving and Storage Limited (OMS) for its year ending December 31, 20X2. The company started 10 years ago and is in the...
-
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
-
Analiza can paint a room in 3 hours. Leoben can do it for 2 hours. Walter can do the painting job in 5 hours. If all them worked together, how long will it take them to paint the room?
-
In your opinion, did the Dell Inc. board of directors act in the best interests of the Dell shareholders? Cite examples to support your position.
-
A non-dividend-paying stock is currently priced at $48.15 per share. A futures contract maturing in five months has a price of $48.56 and the risk free rate is 4 percent. Describe how you could make...
-
A statistics teacher claims that, on the average, 20% of her students get a grade of A, 35% get a B, 25% get a C, 10% get a D, and 10% get an F. The grades of a random sample of 100 students were...
-
What is block ownership? How does it affect corporate governance?
-
Citing a failure to comply with state regulations regarding the registration of corporations, State subpoenas Nonprofit Environmental Organization demanding a list of its members. Nonprofit...
-
Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers. Students will have the opportunity to establish payroll records and to...
-
1. How do you interpret Netflix's adjustment for accrued expressions and other liabilities (198,183) in its operating cash flows? 2. How do you interpret Netflix's adjustment for deferred revenue...
-
In the figure, the particles have charges q1 = -92 = 200 nC and 93-94 = 95 nC, and distance a = 4.6 cm. What are the (a) x and (b) y components of the net electrostatic force on particle 3? a x
-
How do power dynamics manifest within complex organizational structures, including formal hierarchies, informal networks, and intergroup relations, and what implications do these dynamics have for...
-
How do multifunctional teams effectively navigate the intricate interplay between autonomy and alignment, striking a delicate balance between individual autonomy and collective cohesion, while...
-
How do communication breakdowns, fueled by cognitive biases and perceptual distortions, exacerbate conflicts and impede constructive dialogue and problem-solving efforts, and what role do active...
-
Answer the following questions. 1. 2. A company has an inventory of 1,050 assorted parts for a line of missiles that has been discontinued. The inventory cost is $73,000. The parts can be either (a)...
-
Consider the vectors Which pairs (if any) of these vectors are (a) Are perpendicular? = 2 i + j - k, d = i + j + 3k, (Enter none or a pair or list of pairs, e.g., if d is perpendicular to b and c,...
-
Discrete sample spaces: suppose there are N cable cars in San Francisco, numbered sequentially from 1 to N. You see a cable car at random; it is numbered 203. You wish to estimate N. (See Goodman,...
-
In the 2012 tax year, Michelle paid the following amounts relating to her 2010 tax return: Tax deficiency..........................................$5,000 Negligence...
-
Lisa Sizemore, a taxpayer in the 10-15 percent tax bracket, purchased stock as an investment on July 11, 2011. She sold the stock on July 9, 2012, 2 days before qualifying for the long-term holding...
-
Your supervisor has asked you to research the following situation concerning Owen and Lisa Cordoncillo. Owen and Lisa are brother and sister. In May 2012, Owen and Lisa exchange business pickup...
-
To determine an optimum sample size when sampling methods are used in a substantive test, all of the following factors must be considered except the a. Variation in the population. b. Risk levels the...
-
Which of the following sample planning factors would influence the sample size for a substantive test of details for a specific account? Expected amount of misstatements No Measure of tolerable...
-
The relationship between the sampling risk of incorrect acceptance and the sample size of substantive tests is a. Inverse. b. Positive. c. Indeterminate. d. None of the above.
Study smarter with the SolutionInn App