Review Question

Procurement and Audit notes revision

1. Discuss the concept of going concern in procurement audit.
2. Explain the factors which would indicate that the going concern assumption of the business entity is threatened.
3. Discuss the five audit procedures in going concern
4. Outline five external auditor responsibilities in relation to the going concern status of companies going concern
5. What are the circumstances in which audit reports can be issued where the going concern status of a company is called into question?
6. List five importance of a letter of representation
7. Outline five contents of the letter of representation.
8. Explain five performance audit objective.
9. Discuss the Performance audit process.
10. List five contents of a performance audit report.
11. Discuss the five stages of risk management process.

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