Summary
Summary Aue3761 exam 2024 solutions
- Course
- The Audit Process
- Institution
- University Of South Africa (Unisa)
Aue3761 exam 2024 solutions
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Aue3761 exam 2024, 1.
*i) Revenue (5 marks)*
1. Risk: Inaccurate revenue recognition due to complex contractual arrangements.
Assertion: Occurrence (Revenue is earned and receivable).
2. Risk: Overstated revenue from advertising contracts due to estimated viewership.
Assertion: Measurement (Accuracy of revenue amount).
3. Risk: Understated revenue from pay-per-view events due to unrecorded transactions.
Assertion: Completeness (All revenue transactions are recorded).
4. Risk: Incorrect allocation of revenue between subscription and advertising.
Assertion: Classification (Revenue is properly classified).
5. Risk: Inadequate disclosure of revenue streams and related party transactions.
Assertion: Presentation and Disclosure (Revenue is properly presented and disclosed).
*ii) Trade and other receivables (8 marks)*
1. Risk: Overstated trade receivables due to inadequate allowance for credit losses.
Assertion: Valuation (Trade receivables are valued accurately).
2. Risk: Understated allowance for credit losses due to inadequate assessment of debtor
creditworthiness.
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