Review Chapter 3: Audit On Financial Statement (PSP_DAT5BJune2020)

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Chapter 3: Audit On Financial Statement






Group Member :

1)Intan Sahira Uzma Binti Norizan (10DAT18F1116)
2)Siti Nuraisyah Binti Mad Khalid (10DAT18F1118)
3)Nur Syahirah Binti Suhaimi (10DAT18F1018)
4)Lelothane A/P Mohan (10DAT18F1094)
5)Muhamad Syahmi Bin Ibrahim (10DAT18F1041)





Our Discussion In This Chapter at Facebook :








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https://app.conceptboard.com/board/n0e6-6xsp-arch-i832-p52m




Youtube for more information :


https://www.youtube.com/watch?v=t0fxxJyRS4k








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Question :

1. What is the purpose of auditing the expenditure?
2. Give us two type of audit test for expenditure components.
3. List down five audit assertions.
4. What is the purpose of cash and bank balances evidence?
5. State the purpose of audit on investment?
6. What is the purpose of auditing trade receivables?
7. What is the risk assessment procedures on inventories and work in progress?






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Comments

Anonymous said…
1. To ensure that the transaction pertaining to a period are recorded in the period
2. Test of control and Subtantive test
3. - Existence
- Completeness
- Accuracy
- Cut-off
- Classification
4. Consists of comfirmation of bank balances and other matters from the client's
bankers at the period end
5. To conduct of manage an investment audit with confidence
6. The receiveable exist and then amounts are collectible
7. - Understanding the entity to identify inherent risks
- Obtaining an understanding of internal controls over inventory
- Assessing risks of material misstatements
- Designing futher audit procedures
Anonymous said…
Group 4

1. To ensure that the transaction pertaining to a period are recorded in the period
2. Test of control and Subtantive test
3. - Existence
- Completeness
- Accuracy
- Cut-off
- Classification
4. Consists of comfirmation of bank balances and other matters from the client's
bankers at the period end
5. To conduct of manage an investment audit with confidence
6. The receiveable exist and then amounts are collectible
7. - Understanding the entity to identify inherent risks
- Obtaining an understanding of internal controls over inventory
- Assessing risks of material misstatements
- Designing futher audit procedures
Unknown said…
Group 8 DAT5B

1.Audit objective for purchases are
concerned with obtaining sufficient
audit evidence for the transaction.
All purchases are recorded and not
understand and the purchases are
genuine.

2.-Test of control
-Substantive test

3.-Occurance
-Completeness
-Existence
-Accurancy
-Classification

4.Verify that the cash balance and
deposit are accurate and verify that
cash disbursements are promptly
recorded in the proper amount.

5.To conduct or manage an investment
audit with confidence. To make sure
the various types of investments are
not materially misstated and to
detect fraud and control investment
risk.

6.The receivables exist and the amount
are collectible. Provision for
doubtful debts are adequately
provided for the receivable that
have become a bad debt or are
doubtful in term of their
collectability.

7.-Understanding the entity to
identify inherent risks
-Obtaining an understanding of
internal controls over inventory.
-Assessing risks of material
misstatement.
-Designing futher audit procedures.
Anonymous said…
Group 6
1. To ensure that there are no fraud
2. Test of control and subtantive test
3. -Completness
- Accurancy
- classification
- Cut-off
- Occurrence
4. Verify that the cash and bank balanc and deposits are accurate
5. . To conduct of manage an investment audit with confidence
6. -The receivables exist and the amounts are collectible
-
- Consider whether the revenue recognition policy is appropriate.
7. Obtaining an understanding of internal controls over inventory
- Assessing risks of material misstatement.
Fiona Haslinda said…
Group 7

1. To ensure that the transaction pertaining to a period are recorded in the period
2. Test of control and Subtantive test
3. - Existence
- Completeness
- Accuracy
- Cut-off
- Classification
4. Consists of comfirmation of bank balances and other matters from the client's
bankers at the period end
5. To conduct of manage an investment audit with confidence
6. The receiveable exist and then amounts are collectible
7. - Understanding the entity to identify inherent risks
- Obtaining an understanding of internal controls over inventory

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