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UFE 2013 - Day 3 Q1 - ETS (AO#2 - A - Critique + Procedures (Directed but…
UFE 2013 - Day 3 Q1 - ETS
AO#1 - FR (Directed and Expected)
Revenue Recognition (IFRS 15)
Multiple Deliverables (poor)
Timing - Maintenance (Expected)
Timing - Servers (Well)
Convertible Debt (IAS 32) (Expected)
Inventory (IAS 2) - >50% Addressed
Deferred Income Tax (IAS 12) (Difficult and < 50%)
AO#2 - A - Critique + Procedures (Directed but Struggled)
Cash (OK - weak Step 3)
AR (Weak Step 3)
Inventory (Weak Step 3)
Completeness
Valuation
Existence
Accuracy
Convertible Debt (Weak Step 3)
Deferred Income Taxes (<50% But Good)
New Line of Business (Yes)
Assess IT (A) - (Directed and Struggled)
Access Control Assessment
Private and Confidential Files
File Amendments
Payroll Testing
Purchasing Testing
Overall Audit Implications