- 15 Marks
AA – Nov 2014 – L2 – Q6 – Audit-Related Services
Outline the benefits of auditing partnership accounts, key audit considerations, and substantive procedures for partnership-owned schools.
Question
The audit of the accounts of a partnership is not statutorily required, but it is clear that various benefits would accrue to the firm if its accounts are voluntarily audited.
Required:
a. State FOUR reasons which may necessitate the audit of the accounts of a partnership. (4 Marks)
b. State FIVE important issues that you, as an auditor, would look into while auditing the books of a partnership. (5 Marks)
c. Suggest SIX substantive procedures that might be performed on the receipts of a school owned by a partnership. (6 Marks)
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