Examination 2 Audit

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Uploaded: 12.08.2013
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Task number 1
Objective 1
The auditor is required to confirm the assessment of stocks. The cost of inventories 1000000 rubles.
Tolerable error - 5000 rubles., At the risk of the sample - 10%.
Determine the sample size provided:
1) the expected one mistake - the reliability factor of 3.84%;
2) the error is not expected - the reliability factor of 2.31%.

Task 2
When checking the auditor collected the following evidence:
1) an extract from the register of shareholders - to confirm the presence of shares owned by the client company;
2) an inventory of inventories on the results of the inventory carried out with the participation of the auditor;
3) cost-benefit analysis prepared by the employees.
Distribute the evidence obtained by the degree of their importance.

Task number 2
Objective 1
At entity invoices have considerable range in value - from 50,000 rubles. up to 1800000 rubles. The auditor decided to check all the documents to the cost of 1000000 rubles. (Materiality threshold) and higher. The rest of the documents are checked on a sample basis. To this end, the documents distributed at intervals of 2 COST:
Cost indicators, rub. The central importance of the value of the interval number of documents in the range of rank sum in the range, ths. Rub. Sample size
50000-400000 225000 225 50625
400000-1000000 700000 150 105000
Total - 80 375 155625
The auditor should be selected for verification documents from 80 375 units.
1. Please indicate by what method it is advisable to carry out the selection.
2. Determine the sample size for each interval.

Task 2
Calculate the level of importance for the company, "Octave" in accordance with auditing standards "Audit Materiality" with the help of the table:
Recommended system benchmarks and the procedure of finding the level of materiality
Name baseline value of the benchmark audited financial statements of the economic entity (thous. Rub.) Share (%) value is used to find the level of materiality (thous. Rub.)
Balance profit of the enterprise 5655 5 283
The gross volume of sales excluding VAT 2 280 858 5617
The balance sheet total 115 865 in February 2317
Shareholders' equity (total balance of section IV) 10 596 5955
The total cost of the enterprise 240861 2 4817



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