In the mock and past exams, in the "risk/control/test of control" or "audit risk/auditor's response" type of questions, there are a few examples where the risk we are expected to find is a business risk more than a risk of misstatement. For example: some of the mocks have "the website is not linked to inventory system, so customers may place orders for goods that are not in stock which will result in missed sales and loss of customer goodwill" - well that is too bad for the business, but as an external auditor I don't really care, as it doesn't affect the FS. (unless having to manually process these unfulfillable orders brings a higher probability of errors in recording refunds or recognising revenue for example, but that's not in the mock answer) Also some times in the exam we are asked for 4 substantive procedures (substantive in capitals), but one of the model answers is actually a test of control (e.g. inspect board minutes to check significant NCA purchases were approved by board)
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In the mock and past exams, in the "risk/control/test of control" or "audit risk/auditor's response" type of questions, there are a few examples where the risk we are expected to find is a business risk more than a risk of misstatement.
For example: some of the mocks have "the website is not linked to inventory system, so customers may place orders for goods that are not in stock which will result in missed sales and loss of customer goodwill" - well that is too bad for the business, but as an external auditor I don't really care, as it doesn't affect the FS.
(unless having to manually process these unfulfillable orders brings a higher probability of errors in recording refunds or recognising revenue for example, but that's not in the mock answer)
Also some times in the exam we are asked for 4 substantive procedures (substantive in capitals), but one of the model answers is actually a test of control (e.g. inspect board minutes to check significant NCA purchases were approved by board)
Thank you. Helpful
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Hello, thank you so much for your efforts!
I would like to know where can I find this lecturer full videos. Thanks in advance.
They are all on our free website. www.opentuition.com
@@opentuition Thank you. But I noticed that there are 2 lecturers for AA, and Im looking for this lecturer on this video.
@@Fifou699 Sorry but the AA lectures indexed on our website are the only ones available.
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