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QUESTIONS
PART A
Since 4X Heavy Ltd is a new client of KCA outline the steps that you would initially undertake as part of taking on this client.
PART B
Based on the facts specific to 4X Heavy Ltd:
(a) Identify the audit inherent risk and rate the risk as low, medium or high.(b) Identify the audits control risk(c) Evaluate control and inherent risk(d) Determine overall audit strategy
PART C
a) Identify 2 key account balances that are at highest risk of misstatementb) Explain why these are the highest riskc) Design 4 substantive audit tests to carry out the work performed on each of the identified 2 key account balances.d) For each of the 4 substantive audit test designed identify the key assertion it addresses.
PART D
(a) Based on the above make 4 recommendations to management on completion of audit.
1 if you were given complete authority how would you propose that generally accepted accounting principles gaap should
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