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Question - You have been the auditor of MRC Trading Sdn Bhd for several years. During 2019, the company opened a new branch in Shah Alam. In verifying the fixed assets additions for the new branch, you uncovered an error in the invoice for the installation of new fixture Due to a clerical error, the supplier, Sung Carpentry Sdn Bhd, has sent an invoice for an amount that reads RM137,890 35 instead of the correct amount of RM173,890 35. The invoice was paid immediately and subsequent statement from Sung Carpentry showed that the account of MRC has been paid in full. Assume that the amount is material to the financial statements of MRC Trading for the year ended 31 December 2019.
Required -
a) What course of action would you take in this case?
b) Assuming that you are later appointed as the auditor of Sung Carpentry Sdn Bhd would you use your knowledge in the MRC audit to initiate a reopening of the MRCaccount?
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