Playful Ltd manufactures childrens toys. It prides itself on being an innovative company, regularly developing new products.
Question:
Playful Ltd manufactures children’s toys. It prides itself on being an innovative company, regularly developing new products. At the end of 19X8, it has 30 different lines in stock. Green & Co., Playful’s auditors, are currently planning the audit approach for the year ending 30 September 19X8.................................
QUESTIONS FOR DISCUSSION
1. Explain what features of Playful’s debtors and stock in 19X8 make them particularly risky. Suggest what audit tests Green & Co. might perform in order to address those risks.
2. Frank’s letter is a criticism of risk-based auditing. How far are his criticisms justified?
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