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Answer ALL questions. QUESTION 1 A. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements. This includes client acceptance and continuance and performing initial audit planning. Required: a. State the any THREE (3) reasons of audit planning. (3 marks) b. Explain briefly TWO (2) important factors in accepting prospective client. (2 marks) c. Assess any TWO (2) primary reasons for obtaining a good understanding of the client's industry and external environment. (3 marks) d. Determine the management assertions related to the specified balance-related audit objectives for the following sales transactions: i. The recorded sales are for amount of goods shipped and are correctly billed and recorded. ii. The sales transactions which include any returns and discounts are properly been recorded in the respective journals. (4 marks) B. The overall objective of audit documentation is to aid the auditor in providing reasonable assurance that an adequate audit was conducted in accordance with auditing standards. Required: a. Identify THREE (3) components of audit documentation. (3 marks) b. Determine the most appropriate types of audit working paper for the following items: i. Extracts or copies of company's documents such as agreements, contracts and statutory documents ii. Organization chart of every department in the company. iii. Audit planning memorandum, abstracts and copies of minutes of board of directors meeting. iv. Working trial balance with the pre and post audit adjustment figures. @ Hak Cipta Universiti Teknologi MARA CONFIDENTIAL