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Advanced Auditing test cases

Name: Advanced Auditing test cases
SKU: doc_485035
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Author: Tilburgstudent

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Advanced Auditing

Instelling
Tilburg University (UVT)

All answers of the cases as discussed during Advanced Auditing. Additional Notes are included.

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Geupload op 9 december 2018
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Type Antwoorden
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Advanced Auditnn Summary)
Auditing & Assuanine S avie s (Iint ainntoinnl 3ad ditoin)
Eilifs in, M ssi a, Glov a & Panwit
Subject materr
- 1 – 9 & 17 – 20
- Certain paranraphs are not relevant will be indicated)
Gradinnr
60% Final writen exam)
20% AKZONOBEL Case)
20% ACL-tool case)
100%

Chnpt a 3:
3-16 r
A) Intenrity mananement, audit fees disputes and in partcular why would unicorn corporaton channe auditor?
B) Determine complexity and size in order to determine amount work, capacity, expertse and costs. Identfy
countries/locatons, identfy independence audit team, investnate relatons with banks/tax authorites/novernment.
Make sure you do not encounter risk such as noinn concern, usual business risk.
C) ISA 210  includes all elements of the ennanement leter!!!

3-20r
Scenario 1r
Based on the assumpton of a stable frm, where Internal Control is present. The benchmark in this answer is 21
million in proft before taxes. The ranne of materiality is put between 2 – 10% of proft before taxes.
E.n. IF 5% used  21 million * 5% = 1.05 million < 1.25 million Material
E.n. IF 10% used  21 million * 10%= 2.1 million > 1.25 million immaterial

We chose proft before taxes because it is a net-number which takes costs into account. In additon, the frm is proft
based where the shareholders are interested in the proft before taxes. Lastly, the percentane is based on the noton
how many users there are. If Murphy & Johnson is a private company, there are litle users of the fnancial statement
therefore a hinher percentane is warranted. However if Murphy & Johnson is a public frm, the percentane will be
lower!
1) Overall materiality:
Proft before taxr 5% * 21 million = 1.05 million
2) Performance materiality:
50% * 1.05 million = 525 K
3) Evaluaton of audit fndings:
The annrenate of individual fndinns was 1.25 million, based on which percentane was used, it is either material or
immaterial.  1.25 > 5%*21million) or 1.25 < 10%*21 million).

Scenario 2r
Based on the assumpton of a stable fund, where internal controls are present. The benchmark in this answer is 4.3
billion in total assets. The valuaton of assets also infuences the turnover of the frm. The ranne of materiality minht
be in between 0,25% - 0,5%.
E.n. if 0,25% 
E.n. if 0,50% 
It is important to consider that there are sinnifcant diferences between proft before tax <-> total assets <-> total
assets
Revenues 0.5 – 2%
Assets 0,25% - 0.5%
There are sinnifcant diferences between proft before tax <-> total assets <-> total revenues.
Questonable accuracy
1) Overall materiality:
0.5% * 4.3 billion = 20 million
2) Performance materiality:
50% * 20 million = 10 million
3) Evaluaton of audit fndings:
The audit evidence of 5.75 million misstatement < 10 million or 20 million therefore no issue.

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