EXAMINATION : FINAL LEVEL

SUBJECT : AUDITING AND ASSURANCE SERVICES

CODE : C2

EXAMINATION DATE : TUESDAY, 31ST OCTOBER, 2023

TIME ALLOWED : THREE HOURS (9:00 A.M. - 12:00 NOON)

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GENERAL INSTRUCTIONS

1. There are TWO Sections in this paper. Sections A and B which comprise a total of SIX
questions.

2. Answer question ONE in Section A.

3. Answer ANY FOUR questions in Section B.

4. In total answer FIVE questions.

5. Marks are shown at the end of each question.

6. Presentation, clarity of expression, logic of arguments and the use of lucid English will be
taken into account in the assessment of candidates’ performance.

7. This question paper comprises 13 printed pages.

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Q&A, November 2023 36

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SECTION A
Compulsory question
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QUESTION 1

(a) Vigor Cola Co (Vigor) manufactures soft drinks such as cola, lemonade and others; its year-
end is 31st December 2022. You are the audit manager of Halaumiki and Co. and currently
planning the audit of Vigor. You attended the planning meeting with the engagement partner,
and finance director last week, and recorded the minutes from the meeting shown below. You
are reviewing these as part of the process of preparing the audit strategy.

Minutes of the planning meeting for Vigor.

Vigor’s trading results have been strong this year and the company is forecasting revenue of
TZS.340 million, which is an increase from the previous year. The company has invested
significantly in the cola and other soft drinks production processes at the factory. This resulted
in the expenditure of TZS.20 million on updating, repairing, and replacing a significant
amount of the machinery used in the production process.

As the level of production has increased, the company has expanded the number of
warehouses it uses to store inventory. It now utilizes 15 warehouses; some are owned by
Vigor and some are rented from third parties. There will be inventory counts taking place at
all 15 of these sites at the year-end.

A new accounting general ledger has been introduced at the beginning of the year, which the
old and new systems being run in parallel for a period of two months
As a result of the increase in revenue, Vigor has recently recruited a new credit controller to
chase outstanding receivables. The finance director thinks it is not necessary to continue to
maintain an allowance for receivables and so has released the opening allowance of TZS.3
million
In addition, Vigor has incurred an expenditure of TZS.18 million on developing a new brand
of soft drinks. The company started this process in January 2022 and is close to launching its
new product into the marketplace.
The finance director stated that there was a problem in November with the mixing of raw
materials within the production process, which resulted in a large batch of cola products
tasting differently. A number of these products were sold; however, due to complaints by
customers about the flavour, no further sales of these goods have been made. No adjustment
has been made to the valuation of the damaged inventory, which will still be held at a cost of
TZS.4 million at the year-end.
As in previous years, the management of Vigor is due to be paid a significant annual bonus
based on the value of year-end total assets.

Q&A, November 2023 37

 REQUIRED:

(i) Using the minutes provided above; describe six (6) audit risks, and explain the
auditor’s response to each risk, in planning the audit of Vigor Cola Co. (6 marks)
(ii) Describe the main areas, other than audit risks, that should be included within the audit
strategy document for Vigor Cola Co. and for each area provide an example relevant
to the audit. (4 marks)
(b) You are the Audit Manager of Hasko & Associates and you are planning the audit of Kongoro
Manufacturing Co, a listed company, which has been an audit client for four years and
specializes in manufacturing luxury mobile phones. During the planning stage of the audit,
you obtained the following information: The employees of Kongoro Manufacturing Co are
entitled to purchase mobile phones at a discount of 10%, which is not given to other customers.
The audit team has in previous years been offered the same level of discount as that offered
to staff. During the year, the financial controller of Kongoro Manufacturing Co. fell ill and
was unable to work. Hasko & Co. seconded a senior auditor to cover the Financial Controller
for a period of three months. The engagement partner recommended that the same Senior
Auditor be assigned to audit of the financial statements of Kongoro Manufacturing Co.
because he has good knowledge of the client. The fee income derived from Kongoro
Manufacturing Co. was boosted by this engagement and along with the audit and tax fee
accounted for 16% of the firm’s total income. From a review of the correspondence files, you
note that the engagement partner and the finance director have known each other socially for
many years and recently went on holiday together with their families. As a result of this
friendship, the engagement partner has not spoken to the client about the outstanding fee for
the previous year which has remained unpaid to date. The engagement partner stressed the
need that the audit team should use professional judgement and observe professional
skepticism during the audit of Kongoro Manufacturing Co in view of the absence of a financial
controller before the secondment of the senior auditor.

REQUIRED:

(i) Discuss the ethical threats that may affect the independence of Hasko & Co’s audit of
Kongoro Manufacturing Co. and suggest a suitable safeguard for each identified
threat. (6 marks)

(ii) Explain four (4) matters that the audit firm should consider prior to accepting a new
audit engagement. (4 marks)
(Total: 20 marks)

Q&A, November 2023 38

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SECTION B
There are FIVE questions. Answer ANY FOUR questions
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QUESTION 2
(a) You work as the Audit Manager for the Chuma & Associates. You are the client’s audit
manager, and Chuma & Associates are the auditors of Silas Ltd’s financial statements. Silas
Ltd is an agricultural enterprise whose primary activity is the raising of dairy animals. The
company owns a huge number of animals at its two (2) farms and two (2) types of dairy animals.
A local dairy company that uses tight quality control procedures to make sure that only milk
that meets its criteria is acquired. Dairy animals and milk that have not yet been delivered to
the dairy company make up Silas Ltd’s inventory at year’s end. Depending on when it was
made, batches of milk are stored in special tanks. Milk that does not meet the required standards
is priced lower, packaged, and sold by Silas Ltd under its brand name to neighbourhood
merchants.

Mangi Consultants are used by Silas Ltd to estimate value of the dairy animals at period’s end.
At Silas Ltd, quality control is also the responsibility of the production manager. He is in charge
of ensuring the quality of the milk produced, and at the end of the time, he assess the volumes
of milk that comply with the primary client’s quality control standards and those that do not.

REQUIRED:
(i) Distinguish an auditor expert from a management expert. (2 marks)
(ii) Evaluate the need for the services of Mangi Consultants in the audit of the financial
statements of Silas Ltd, stating the impact on the audit report of the use of the work of
Mangi Consultants. (4 marks)
(iii) Suggest four (4) factors that should be considered before deciding to use the services of
Mangi Consultants in the audit of the financial statements of Silas Ltd. (4 marks)

(b) ZAM Ltd. is a private company in the hospitality industry. Up until the current year, the
company was privately owned by Salim and his wife who jointly owned 100% of the shares.
In the current year, the dual decided to sell the company to a competitor who will own 75% of
the shares while they will retain a minority 10% interest. The remaining shares will be sold to
the public on the Dar es Salaam Stock Exchange.
ZAM Ltd. has a board of directors comprising Executive Directors who include Salim the Chief
Executive Officer and his wife, the Hotel Manager and the Finance Manager. The board of
directors determines the remuneration of the Executive Directors who currently are on five
year contracts with fixed salaries. The acquirers of ZAM Ltd have indicated that Salim will be
the first Board Chairman of the listed company and until a new Chief Executive Officer is
appointed he will also continue with his current role as Chief Executive Officer.
Arrangements to have the shares of ZAM Ltd. listed have reached an advanced stage and the
company will be required to meet the listing requirements including matters relating to
corporate governance.

Q&A, November 2023 39

 The new shareholders of ZAM Ltd. have approached your firm of Certified Accountants and
assistance with regards to promoting and dealing with the shares of ZAM Ltd. that will be
issued. They have further requested that your firm of Certified Accountants should evaluate
the adherence of ZAM Plc with the principles of corporate governance and where appropriate
make recommendations that should be considered in order to meet the listing requirements.
The new owners want your firm to review the current internal controls in ZAM Ltd. paying
particular attention to internal controls relating to cash, bank balances, procurement of
materials and inventory controls.

The following additional information has been provided:

The company runs a 100 rooms hotel Tulivu in Zanzibar with rooms ranging from single
rooms, double rooms and executive rooms. The daily rates per room vary depending on the
type of room. The company offers accommodation to visitors who pay cash for duration of
stay and payment is made on checking in for the rooms and at checking out for food,
refreshments and also provide a 40% rebate for rooms to its corporate customers. The rebates
have been extended to the audit team members for duration of the audit only.

The Tulivu hotel offers credit terms to some corporate customers who pay for services offered
at the end of each month. Currently the decision as to which customers should enjoy credit is
made by the hotel accountant. Credit customers deposit money directly into the bank account
of the hotel, the hotel currently does not have a receivable ledger and the hotel accountant
maintains a list of outstanding amounts from credit customers. Bank reconciliations are
prepared by the hotel accountant on a quarterly basis and are filed away for review by Salim
when he has the time to do so

The hotel employs a purchasing officer who is responsible for the procurement of all the hotel
requirements. There are stores under the responsibility of a stores officer whose main
responsibilities include custody and accounting for all stores and requirements of the hotel.

Your firm of Certified Accountants offers audit and non-audit services. In addition to
requesting your firm to perform the non-audit services above, the new owners of ZAM Ltd
have suggested to you that they would want your firm to officer external audit services of the
now ZAM Plc

REQUIRED:
Suggest three (3) each suitable controls in ZAM Ltd. relating to:
(i) Cash on hand
(ii) Bank balances and
(iii) The purchases and inventory systems (10 marks)
(Total: 20 marks)

Q&A, November 2023 40

QUESTION 3
(a) You work for the firm of auditors which is registered in the medium tier by the National Board
of Accountants and Auditors (NBAA). The firm has offices in Dar es Salaam, Arusha and
Mwanza. The largest client in terms of fee is Marumaru Ltd, a fast growing company through
its internal growth and acquisition of other companies in its industry.
Your firm has acted for this client since its incorporation 12 years ago and in addition to the
statutory audit, you also provide a range of non-audit services, including tax advices for the
company and its directors. Other consultancy which you provided to the same company is in
respect of Marumaru Ltd’s acquisition policy.
Earlier this year, the director of finance of Marumaru Ltd retired and was replaced by a former
member of your firm’s staff who had managed the audit of Marumaru Ltd for the recent
preceding four years.

REQUIRED:
Discuss the ethical and professional issues raised by the above situation and provide the
measures to mitigate those issues. (8 marks)
(b) You are provided with the following details of the non-current assets of Malipwani Limited a
company engaged in the manufacture and sale of timber boarding and timber products, such as
doors, window frames and furniture.
Cost Free hold land Plant & Motor vehicle Total
& buildings Machinery
TZS.’000’ TZS.’000’ TZS.’000’ TZS.’000’
Balance at 1st January 2022 100,000 274,940 76,000 450,940
Additions 50,000 195,200 20,000 265,200
Disposals (2,500) (61,460) (23,000) (86,960)
Balance at December 2022 147,500 408,680 73,000 629,180

Depreciation:
Balance at 1st January 2022 25,000 90,401 48,800 164,201
Charge 1,844 41,575 14,600 58,019
Disposals (938) (26,976) (21,400) (49,314)
Balance at December 2022 25,906 105,000 42,000 172,906

Net book value:

At 1st January 275,000 184,539 27,200 286,739
At 31st December 121,594 303,680 31,000 456,274
Profit less losses on disposal 48,438 26,734 200 21,904

The directors have entered into contracts for the purchase of plant and machinery amounting to
TZS.50,000,000. The directors have decided to purchase further plant and machinery
amounting to TZS.45,000,000 but contracts have not yet been placed for these.
The directors have decided that the freehold land and building should be revalued on an existing
use basis as at 31st December 2022.
Depreciation rates are:
Building: Over 40 years straight line.
Plant and machinery: From 7.5% to 15% straight line.
Motor vehicle: 20% straight line.

Q&A, November 2023 41

 REQUIRED:
Assume that you have been appointed to audit MaliPwani Limited for year ended 31st December
2022. As audit expert draft the procedures for audit on the following items under non-current
assets:
(i) Non-current assets additions during the year. (4 marks)
(ii) Non-current assets disposals during the year. (4 marks)
(iii) Non-current assets held at December 2021. 4 marks)
(Total: 20 marks)

QUESTION 4
(a) Large construction firm GLOBAL Construction Ltd is headquartered in Tanzania.
Development and building of houses are its primary pursuits. It has a yearly turnover of
TZS.55 billion and a TZS.7 billion profit before taxes.

You are the audit senior for the audit of GLOBAL Construction Ltd financial statements for
the year ended 31st December 2020. The following issues have been brought to your attention
during the completion stage of the audit in February 2021.
1. A major customer has gone into liquidation
Soon after the year ended, one of GLOBAL Construction Ltd’s most significant
commercial clients filed for bankruptcy. This consumer owes the business TZS.750
million as of the year’s end.
2. Claim for unfair dismissal
Mr. Chapombe, a firm construction worker, was let go in November 2020 after
showing up to work while intoxicated. In December 2020, Chapombe filed a lawsuit
alleging that the firm had fired him unfairly. His claim will probably not be accepted,
according to legal counsel for the corporation.
3. Vandals set fire to one of the company’s five large storage facilities in February 2021,
destroying building supplies worth TZS.100 million.

REQUIRED:
(i) ISA 560: Subsequent Events provides guidance on the responsibilities of auditors
regarding subsequent events.
With reference to the aforementioned scenario, briefly describe your duties as an
auditor with regard to matters that arise prior to the date of the auditor’s report, matters
that arise following the date of the auditor’s report but prior to the release of audited
financial statements, and matters that arise following the release of the financial
statements. (2 marks)
(ii) For each of the three subsequent events identified at GLOBAL Construction Ltd
mentioned above:
• Describe at least two audit procedures you will carry out on them. (2 marks)
• Explain whether the financial statements will need to be adjusted by GLOBAL
Construction Ltd and give your reasons. (6 marks)

Q&A, November 2023 42

(b) Local Association of Women Certified Accountants Club (LAWCA) was formed in 2015,
through contributions by women who worked for various audit firms in Tanzania, with on
accumulated fund of TZS.45 million. The money was used to acquire a small building and
machinery for producing clay products sold to customers in bulk. The accounts department
consists of a small number of accounts staff. Among other roles, they maintain a payables
ledger for suppliers of its raw materials. The aim of the LAWCA Club is to help disadvantaged
girls who drop out of school with scholarships to study programs of their choice at different
Colleges and Universities. Todate, LAWCA Club boasts of 115 members who pay annual
subscription fees and the accumulated fund has now exceeded TZS.700 million. A board of
management has been appointed to run the affairs on behalf of the LAWCA Club.
LAWCA Club has 45 customers of its products and 15 suppliers of the raw materials that it uses
in the production of clay products. The company management has been using a manual
accounting system to prepare financial statements and the newly appointed managing director
is concerned that there are a number of errors and suspected fraud that are reported to her office.
She called for a meeting at which she proposed that stringent internal controls should be put in
place and that LAWCA Club should introduce a computerized accounting system with suitable
general and application controls.
You work for an audit firm of Wajanja Associates and you have been appointed as an
engagement partner in charge of the audit of LAWCA Club. Your preliminary investigations
indicate that internal controls do exist but they are weak and you consider using both tests of
controls and substantive procedures during the audit.

REQUIRED:
(i) Explain the difference between general and application controls, giving two (2) examples
of each. (4 marks)
(ii) Explain three (3) key risk factors under inherent, control, and control environment to
consider during the audit of LAWCA Club. (3 marks)
(iii) Explain three (3) financial statement assertions relating to cash balances held at the bank
for LAWCA Club and for each assertion state the audit objective. (3 marks)
(Total: 20 marks)

QUESTION 5

(a) You are the Quality Review Partner of four clients who have been audited by your firm. The
work is at completion stage. The audit working papers are before you for your reviews with
the following observations and recommendations from audit manager of the respective clients;

(i) Aleje Co. Ltd. The audit findings indicate that there are material uncertainty relating
to going concern as the company incurred substantial operating losses for several years
and it is been adequately disclosed in the financial statements. You are further told that
the Municipal Council is expecting to support those companies operating in the same
industry as Alenje Co. Ltd and the directors are confident that they will succeed in
securing the support. The Audit Manager is proposing qualified audit option (except
for).

Q&A, November 2023 43

 (ii) Kivile Co. Ltd. The audit findings show that there were substantial transactions with
the related parties during the year. No disclosures were made in the financial statements,
although the directors have insisted that those transactions were at market rates.
Furthermore, no impairment of machinery was provided for the year, although the
machinery’s performance was below expected rate as it was on maintenance in some
months. The audit manager is proposing adverse audit option.
(iii) Kileo Co. Ltd. The company has been operating profitably over several years. It has
invested substantially in expansion to other areas of the country to strengthen its
operations, although no strategic or business plan which was prepared to guide the
investments in new areas. Likewise, the auditing further observed that the directors’
report shows the gross margin of 12% while the re-computation from the submitted
financial statements shows the gross margin of only 8%. The directors have been
informed, but they seem to be reluctant to reconcile the directors’ report and financial
statements. The audit manager is proposing the adverse audit opinion.
(iv) Janani Co Ltd. The company is operating with substantial profit over more than five
years. The directors are expecting the situation to remain the same in the current year
under review. However, the audit finding indicates that the realizable value of the
inventory just after the year end is below the cost value by 20%. The inventory is the
material item in the financial statements of Janani Co. Ltd. Directors were told to adjust
the value of inventory, but they are of the view that no adjustment is required as the
decrease in value of the inventory occurred after the year end. The audit manager has
drafted the management representations for the directors to sign, but they have declined
to do so. The audit manager is proposing the disclaimer of option.
REQUIRED:
Comment on the recommendations of the audit manager on the above clients and where
appropriate, suggest how the findings could be reported. (10 marks)

(b) You are the external auditor of KILACHA Line Motors Ltd, (KLM) a public limited company.
The company’s year-end is 31st March. The company was established 18 years ago to take
advantage of the increase in goods being transported by road. You have been the auditor since
the inception of the company. Many companies need to transport their product by road but
do not always have sufficient vehicle to do so. It therefore, hires vehicles to different
companies and had about 1,500 vehicles in total, consisting vans and lorries. The company
operates throughout in the East African region.
Occasionally, the vehicles break down or are involved in road traffic accidents. The company
has an arrangement with a monitoring organization to attend to such breakdowns or accidents
and to either transport the vehicle to the nearest depot. or, at the very least, to ensure that it is
not causing an obstruction or danger on the road.
If the vehicle is badly damaged or suffers a serious mechanical fault, it is Jomo’s job to inspect
the vehicle and to make decision either to have it repaired or written off and sold for the
residual value. Jomo is a qualified mechanic, with many years’ experience of working with
heavy goods vehicles and has excellent contract in the trade. In cases where he decides to
scrap the vehicle, he will usually dispose of it to a contract in fairly close proximity to where
is has broken down or seen crashed, since the cost of reporting such a vehicle over a long
distance is usually prohibitive. Such scrappages have to be approved in advance by the
insurance company if they result from an accident but not if they result from a mechanical
fault.

Q&A, November 2023 44

 The newly-appointed CEO of KLM has been receiving some statistics produced by the
company. She had noticed an apparent anomaly in relation to Jomo’s work. Up to about one
year ago, Jomo recommended scrapping about 15% of the vehicles he inspected, irrespective
of whether they had broken down or been involved in a an accident. However, in the last 12
months, he has recommended scrapping nearly 90% of broken-down vehicles, but only about
10% of the vehicles that were involved in accidents. The CEO is concerned that Jomo may
be involved in some kind of fraudulent or “irregular” activity.

The CEO has asked you, as external auditor, to conduct a discreet investigation to discover if
this is indeed the case and, if not, to produce a report that explains Jomo’s seemingly
anomalous behaviour.

REQUIRED:
(i) Analyse the matters to be taken into consideration before deciding whether or not to
accept this appointment in addition to continuing as auditor of KLM. (5 marks)
(ii) Evaluate the argument that it is impossible in this case to determine whether or not
Jomo has been dishonest in the past year to KLM. (5 marks)
(Total: 20 marks)

QUESTION 6
(a) You are the Engagement Partner with Futa Associates. You have been given the working papers
by Audit Manager. You are currently undertaking the cold reviewing of the audit file of Kako
Co Ltd a subsidiary of a listed overseas company. Kako Company deals with importation and
distribution of office furniture. These are manufactured by other members of the group.

During the review the following matters were brought to your attention:
(i) Minutes of the audit planning meeting which also decided on the staff to be allocated to
work are on the file. However, they were not signed by partner who chaired the meeting.
(ii) The company’s year-end is 31st December. The audit field work was completed on 15th
February and the financial statement together with the audit report were signed on 15 th
March. The subsequent events checklist was completed on 15th February.
(iii) The company was in need of financing. It approached the bank for overdraft, but it
seems that there is very little room of securing that facility. Apparently, no other
borrowing facilities are available.
(iv) There is a letter of support on file from the holding company dated 15 th April available
on the audit file.
(v) The materiality is calculated at TZS.60,000,000 which is in line with the audit firm’s
recommended procedures. This procedures were set by the partners two years ago.
(vi) The receivables circularization procedures and findings are in the audit file. The
receivables circularization was successful except for one non-reply from one receivable
amounting TZS.40,000,000.

Q&A, November 2023 45

 REQUIRED:
Comment on the quality of the audit of Kako Co. Ltd and describe the recommendations which
you would make to improve the quality. (4 marks)

(b) Msanii Ltd is a computer hardware specialist and has been trading for over ten years. Msanii
is the only hardware specialist listed on the Local Stock Exchange within ten years after
incorporation. The company is funded partly through overdrafts and loans and also by several
large shareholders. The year end is 31st December 2022. Msanii has experienced significant
growth in previous years. However, in the current year a new competitor, Hardware Specialist
Co has entered the market and through competitive pricing has gained considerable market
share from Msanii. One of Msanii large customer has stopped trading with them and has
moved his business to Hardware. In addition, a number of Msanii specialist developers have
left the company and joined Hardware. Msanii has found it difficult to replace these
employees due to the level of their skills and knowledge. Msanii has just received notification
that it main supplier who provides the company with specialist electrical equipment has ceased
trading. Msanii looking to develop products to differentiate itself from the rest of its
competitors. It has approached its shareholders to finance this development, however, they
declined to invest further in Msanii. Msanii loan is long term and it has met all repayments
on time. The overdraft has increased significantly over the year and the directors have
informed Auditor that the overdraft facility is due for renewal next month, and they are
confident it will be renewed. The directors have produced a cashflow forecast which shows
a significantly worsening position in the coming 12 months. They are confident that the new
products being developed is viable. Msanii has trading history of significant growth and they
believe it is unnecessary to make any disclosures in the financial statements regarding going
concern.

At the year-end Msanii received notification from one of its customers that the hardware
installed for the customers online ordering system has not been operating correctly. As a
result, the customer has lost significant revenue and has informed Msanii that they intend to
take legal action against them for loss of earnings. Msanii has investigated the problem in
past year end and discovered that other work in progress is similarly affected and inventory
should be written down. The finance director believes that as this misstatement was identified
after the year end, it can be amended in the 2022 financial statements.

REQUIRED:
(i) Describe any five (5) procedures the auditor of Msanii Ltd should undertake in relation
to uncorrected inventory misstatement identified above. (5 marks)
(ii) Identify any five (5) going concern audit procedures which should be performed for
Msanii Ltd. (5 marks)

(c) You are the audit manager in charge of the audit of Mateti company Ltd for the year ended
31st December 2020. The review of subsequent events disclosed the following items.

(i) On 3rd of January 2021, the government approved a plan for construction of a new bus
stand. The plan will result in the compulsory purchase of a portion of the land owned
by Mateti company Ltd. The construction will begin in late 2022. No estimates of
compensation award are available at this point.

Q&A, November 2023 46

 (ii) 4th January 2021, it emerged that the funds for TZS.100 million loan to the corporation
made by the company CEO, Mr. Kalong on 15th July 2020, were obtained by him from
a loan on his personal life assurance policy. The loan was recorded in the account,
“Loan from officers” Mr. Kalonga’s source of the fund was not disclosed in the
company records. The corporation pays the premium on the life assurance policy and
wife of the CEO is the beneficiary.

(iii) 7th January 2021, the mineral content of a shipment of ore en route on 31 st December
2020 was determined to be 72%. The shipment was recorded at year end at estimated
content of 50% by a debit to raw materials inventory and a credit to accounts payable
to the amount of TZS.824 million the final liability to the vendor is based on the actual
mineral content of the shipment.
(iv) 29th January 2021, it emerged that an individual trade receivable account of a material
amount is highly likely to remain unpaid as a result of unexpected bankruptcy was
declared after a series of internet-based spread-betting transactions went disastrously
wrong.

(v) 31st January 2021 as a result of reduced sales, production was curtailed in mid-January
and some workers were laid off. On 5th February 2021 all the remaining workers went
on strike. To date the strike is unsettled.

REQUIRED:
The items described above come to your attention prior to completion of your audit work on
15th February 2021. For each item (i) to (v) above:

Describe audit procedures, if any that would have brought the item to your attention and
indicate other sources of information that may have revealed the item.
(6 marks)
(Total: 20 marks)

_______________  ______________

Q&A, November 2023 47