Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

huhuhuhu You are the engagement partner of Go Get It Chartered Accountants, a medium-sized firm. You recently acquired a new client Miles Bhd (Miles), an

image text in transcribedhuhuhuhu

You are the engagement partner of Go Get It Chartered Accountants, a medium-sized firm. You recently acquired a new client Miles Bhd (Miles), an automobile manufacturer in Malaysia. The initial assessment of the control risk was assessed as low. The interim audit was completed on 30 June 2020 During the review of the outstanding matters raised during the final audit, you note that the CEO Mr Clean, has invested million in constructing a research facility to explore research on electric and fuel cell vehicles to advocate sustainability practices within the organisation The RM6 miliona es capitalised seats in construction in the Statement of Financial Position for the year ended 31 31 December 2020 Due to hewy rains, the supplier invoices together with the details of the timesheets relating to the direct labour costs of RM 25 million were destroyed by flooding at the facility on July 2020. Miles research facility is located in an aree prone to heavy monsoon raing, and that the profit before to Wa RM $4.0 million for the year ended 31 December 2020 Required (a) Explain why the auditor will undertake substantive procedures to address the concern by the engagement partner regarding the loss of suppliers involces and timesheets (b) Design eight (B) substantive procedures that will be undertaken to address the concern by the engagement partner regarding the loss of supplies invoices and timesheets (el Assuming at you were unable to undertake the substantive procedures in parte discuss the implications of the loss of supplier rices and cost of direct labour here on the aud report for the year ended 31 December 2020 15+ 16 +13 - Total - 34 marks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

what is a technology plan

Answered: 1 week ago