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
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Account Balance
As at 30 June
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2019
Assets
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$
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Accounts receivable
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Inventory
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