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AUE4861 TEST 4 01 AUGUST 2023
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FOR EXCELLENCE AND QUALITY SERVICES!!AUE4861
TEST 4
01 AUGUST 2023
(a) Audit Differences 1 and 2 - Material Misstatements and Required Adjustments:
1. Audit Difference 1: Audit difference 1 pertains to Miozzo's arrears on customs and excise
levies and taxes owed to the South African Revenue Service (SARS) for the import of Italian
furniture, amounting to R8.6 million. This liability has not been recognized in the financial
statements. To assess whether it is a material misstatement, the auditor needs to consider
both quantitative and qualitative factors.
Quantitative Considerations: The materiality threshold for the audit was determined to be R3.5
million. The arrears of R8.6 million significantly exceed this threshold, which indicates that the
amount is quantitatively material.
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