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Determine the treatment required in the financial statements

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Question -

George Blewett is the engagement partner for the financial report audit of Play Equipment Ltd for the year ended 30 June 2019. The following material events or transactions have come to George's attention before he is scheduled to issue his report on 31 August 2019.

On 22 July 2019, the directors became aware of broken glass found in their pre-packaged sandpits. This product had only been on sale for two weeks and had been purchased directly from the manufacturer, Sandpit Ltd, an unrelated company in Thailand, one week prior to being introduced to the public

(a) Identify audit procedures that should have brought the item to the auditor's attention.

(b) Determine the treatment required in the financial statements for the year ended 30 June 2019.

Reference no: EM132435795

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