Flinders Ltd has been a client of MRG Partners for many years. You are an audit senior
Question:
Flinders Ltd has been a client of MRG Partners for many years. You are an audit senior and have been assigned to the Flinders audit for the first time for the financial year end 30 June 2017. During March 2017 you are completing the risk assessment for PPE, which is one of Flinders’ most material accounts.
You are also aware that Flinders has made a large investment in a new manufacturing process to place itself in a more competitive position. Your analytical procedures indicate an increase in acquisitions of PPE.
Required
(a) What is the key assertion at risk for the PPE additions? Why is it at risk? Explain.
(b) Identify the relevant substantive tests of details that would be appropriate to address the assertion at risk identified in (a) above.
(c) How would your answers to the previous questions change if the PPE additions have been manufactured in-house by Flinders’ engineers and toolmakers, rather than purchased?
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a Key Assertion The key assertion at risk for PPE Property Plant and Equipment additions is the completeness assertion Why at Risk The risk arises bec...View the full answer
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