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The following scenario relates to questions 11–15

Viola Co is a manufacturer of shoes. You are an audit manager with Cello & Co and you are performing an overall review of the financial statements for the year ended 30 September 20X8 prior to the issue of the auditor’s report. Profit before tax for the year was $131·4m (20X7: $120·9m).

Analytical procedures

As part of your overall review, you have performed analytical procedures over the draft financial statements and have noted 

that the trade receivables collection period is lower than it was during the interim audit performed in July 20X8. You are aware that the credit controller of Viola Co left the company in August 20X8 and that the directors have said that, as a result, the company is experiencing difficulties in debt collection.

Disclosures

During the year, Viola Co revalued its head office and as part of your review, you are considering the detail which is disclosed in the property, plant and equipment note in the draft financial statements.

Uncorrected misstatements

Your review also includes an assessment of uncorrected misstatements. These have been recorded by the audit team as 

follows:

Faulty goods

The adjustment for faulty goods listed as an uncorrected misstatement above relates to an entire batch of shoes, which was produced on 12 September 20X8. The audit work concluded that the cost of this inventory exceeded its net realisable value 

by $2·9m. The directors dispute the audit team’s figures and believe that the realisable value of the inventory still exceeds its cost.

11 Which of the following would form part of the auditor’s overall review of the financial statements?

(1) Establishing whether the pre-conditions for an audit are present

(2) Assessing whether the information and explanations obtained during the audit are adequately reflected

(3) Performing a detailed review of the audit working papers to ensure the work has been properly performed

(4) Reviewing the adequacy of the disclosure of accounting policies

A 1 and 2

B 3 and 4

C 1 and 3

D 2 and 4

12 Which of the following is a valid explanation for the INCONSISTENCY between the results of the analytical procedures on trade receivables and the directors’ statement regarding debt collection problems?

A A change in sales mix towards high value products

B An increase in the proportion of cash sales since August 20X8

C An increase in the rate of sales tax in September 20X8

D Sales growth of 1% per month over the year

13 Which of the following details should be disclosed in respect of the revaluation of the head office if the auditor is to conclude that the disclosures are adequate?

(1) Effective date of the revaluation

(2) Name of the valuer

(3) The amount of the revaluation increase

(4) Carrying amount of the head office under the cost model

A 1, 2 and 3 only

B 1, 3 and 4 only

C 2, 3 and 4 only

D 1, 2, 3 and 4

14 Which of the uncorrected misstatements numbered (1), (2) and (3) by the audit team MUST be adjusted for if the auditor is to issue an unmodified audit opinion?

A Misstatements 2 and 3 only

B Misstatements 1 and 3 only

C Misstatements 1, 2 and 3

D Misstatement 2 only

15 All adjustments required by the auditors have been made to the financial statements with the exception of adjustment (4) relating to the faulty goods.

Which of the following correctly describes the effect of this matter on the auditor’s report?

A Unmodified opinion with no further disclosure

B Unmodified opinion with disclosure in an emphasis of matter paragraph

C Qualified opinion due to material misstatement

D Qualified opinion due to inability to obtain sufficient appropriate audit evidence

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