ISA 505

black and white people bar men

Audit and assurance revision question (NBAA, B3, NOV 2018)

(a)  Explain why is it important that an auditor should send a letter of engagement prior to undertaking an audit work.

(b)  Briefly describe the main contents of a letter of engagement.

(c)   Publicity  by  individual  professional  accountants  in  public  practice  in  non- advertising environment is  acceptable  under certain conditions as  provided for under the IFAC’s International Ethics Standards Board … Read the rest

Revision question on audit evidence (NBAA,B3,NOV 2018)

(a)    In accordance with ISA 501: Audit Evidence – Specific Considerations for Selected Items, outline what an auditor should do:

(i)    To obtain sufficient appropriate audit evidence regarding the existence and condition of inventory where inventory is material to the financial statements.

(ii)   Where physical inventory counting is conducted at a date other than the date of the financial statementsRead the rest