Question
In: Accounting
The directors of Synergy Pty Ltd (Synergy) have provided its external audit firm with an oral...
The directors of Synergy Pty Ltd (Synergy) have provided its external audit firm with an oral representation confirming that the bank overdraft balances included within current liabilities are complete.
REQUIRED
- Describe the relevance and reliability of this oral representation as a source of evidence to confirm the completeness of the bank overdraft balances.
[Type Answer Here]
- Explain why the auditor is concerned particularly with completeness of bank overdraft. (1 mark)
[Type Answer Here]
Design an additional audit procedure for bank overdrafts. Explain how this procedure will address the concern identified in b) (i).
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The directors of Synergy Pty Ltd (Synergy) have provided its external audit firm with an oral...
The directors of Synergy Pty Ltd (Synergy) have provided its
external audit firm with an oral representation confirming that the
bank overdraft balances included within current liabilities are
complete.
REQUIRED
Describe the relevance and reliability of this oral
representation as a source of evidence to confirm the completeness
of the bank overdraft
balances.
Explain why the auditor is concerned particularly with
completeness of bank
overdraft.
ii. Design an additional audit procedure for bank overdrafts.
Explain how this procedure will address...
The directors of Synergy Pty Ltd (Synergy) have provided its external audit firm with an oral...
The directors of Synergy Pty Ltd (Synergy) have provided its
external audit firm with an oral representation confirming that the
bank overdraft balances included within current liabilities are
complete.
REQUIRED
Describe the relevance and reliability of this oral
representation as a source of evidence to confirm the completeness
of the bank overdraft balances.
[Type Answer Here]
Explain why the auditor is concerned particularly with
completeness of bank overdraft.
(1 mark)
[Type Answer
Here]
Design an additional audit...
The directors of Synergy Pty Ltd (Synergy) have provided its external audit firm with an oral...
The directors of Synergy Pty Ltd (Synergy) have provided its
external audit firm with an oral representation confirming that the
bank overdraft balances included within current liabilities are
complete.
REQUIRED
Describe the relevance and reliability of this oral
representation as a source of evidence to confirm the completeness
of the bank overdraft balances.
Explain why the auditor is concerned particularly with
completeness of bank overdraft.
Design an additional audit procedure for bank overdrafts.
Explain how this procedure will...
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Question 1 You are the audit senior on the audit of Big Pharma Pty Ltd, a...
Question 1
You are the audit senior on the audit of Big Pharma Pty Ltd, a
large manufacturing company, for the year ended 30 June 2019. It is
now 25 August, 2019 and you are reviewing the audit working papers
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You have been provided with the Balance Sheet and Income Statement for OSR Pty Ltd as...
You have been provided with the Balance Sheet and Income
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to prepare an analysis for the performance of OSR Pty Ltd:
OSR Pty Ltd
Account Balance
As at 30 June
2020
2019
Assets
$
$
Cash
$30,000
$19,200
Accounts receivable
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$44,100
Inventory
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$82,800
Property, plant and equipment
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$312,000
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$458,100
Liabilities
Accounts Payable
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$67,200
Mortgage payable
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$120,000
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