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Audit evidence

05 / 03 / 2018 Assignment

This paper circulates around the core theme of Audit evidence together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 119. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

(1) Your audit assistant undertook a test of controls for 50 sales transactions. This test resulted in three errors. When planning the test, a tolerable error of 5 per cent had been established. The audit assistant’s working papers noted that none of the errors found were materials, either individually or in aggregate, and she therefore concluded that the controls were reliable.

(2) Your audit assistant’s working papers on the accounts payable testing contain the following notes and conclusion:

 

a) In order to test accounts payable, I selected all balances over $100,000 and vouched these to supporting invoices. The sample selected comprised $2,565,650 of total accounts payable of $5,168,000. One invoice for $102,500 had been incorrectly recorded on the accounts payable listing, as the goods were not actually received until after year end.

b) Given the error relates to only 4% of accounts payable tested, which would be a total error of $206,702 of the overall accounts payable balance, it is not material as this is less than the materiality level set for this audit and, therefore, no further work has been performed. I am satisfied that the accounts payable balance of Orange is fairly stated.

 



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