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Aue3701 Assignment 1 (2021)
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Solutions to assignment 1 (2021) with explanations and references
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AUE3701 Assignment 1 (2021)UNIQUE NUMBER:703405
FOR ADDITIONAL ASSISTANCE WITH THIS
MODULE AND OTHER AUE/FAC/TAX/MAC
MODULES CALL/WHATSAPP 0676885479
No Answer Explanation of answer (the correct answer is explained, and a Reference
reason(s) is also provided why incorrect options are incorrect)
1 1 Control risk is the risk that a misstatement that occurs will not Study
be prevented, detected or corrected by the accounting and unit 3.2
internal control system. When general and application controls
are not functioning effectively, it means the control system will
not prevent, detect or correct misstatements, hence the control
risk will be high.
If control risk is high, the auditor cannot rely on test of control
and will therefore obtain audit evidence using a substantive
testing approach.
2 2 Refer to ISA 320. Study
1 Incorrect: ISA 320.11 unit 3.6
2 Correct: ISA 320.13
3 Incorrect: ISA 320.A3
4 Incorrect: ISA 320.5
, 3 1 Refer to ISA 300. Study
1 Correct: ISA 300.2. There are also other benefits resulting units 3.1
from adequate audit planning. These benefits are listed in ISA
300.2.
2 Incorrect: ISA 300.A14. If there is an increase in the assessed
risk of misstatement for an account balance and/or class of
transaction, various assertions may be affected. To obtain
sufficient, appropriate audit evidence regarding those
assertions, the audit team members responsible for auditing the
specific account balance and/or class of transaction should
increase their sample size. The audit engagement partner
and/or manager should also provide prompt direction and
supervision to the audit team members and conduct a more
detailed review of their work.
3 Incorrect: ISA 300.A2. Planning is a continual and iterative
process.
4 Incorrect: ISA 300.5. The engagement partner and other key
members should be involved in planning the audit.
4 4 Alternative 4 is correct. Before commencing fieldwork, the Study
auditor would establish an understanding with the client unit 3.7
regarding the services to be performed and the overall audit
strategy. The understanding may include arrangements
involving the conduct of the engagement, such as timing, client
assistance, and the availability of documents.
All the other alternatives occur at another point in time during
the audit.
5 4 The correct alternative for this question is 4. Please read ISA Study
200.A23-A27. Calculating and assessing the audit risk unit 1.1
components as lower, medium or higher is based on
professional judgment. After the auditor has performed the
audit the auditor will evaluate whether he has gathered
sufficient appropriate audit evidence to base the auditor’s
opinion on. To make this evaluation the auditor will use
professional judgment.
6 3 Refer to ISA 240. Study
1 Incorrect: ISA 240.43 unit 3.4
2 Incorrect: ISA 240.A16
3 Correct: ISA 240.A4 & A5
4 Incorrect: ISA 240.32
7.
8 4 Refer to ISA 315.A58 and A60. From these references it is Study
evident that options 1, 2 and 3 should not be considered when unit 3.2
obtaining an understanding of the client’s internal control.
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