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You are the auditor in charge of the audit of financial statement of AB company for the year ended on december 31, 2016. AB is a join stock company that has many shareholders

MIDTERM ASSIGNMENT CLASS AUDITING INTAKE 57 DEADLINE: Nov 297\" 2017 You are the Auditor in charge of the audit of Financial Statements of AB Company for the year ended on December 31, 2016. AB is a joint stock company that has many shareholders. Its business is to trade petrol. AB has 10 warehouses in 10 provinces and a chain of store in almost northern provinces. At each warehouse, there is one storekeeper who is responsible for receiving and issuing petrol as well as looking after petrol in the warehouse. Unauthorised access to warehouses is prevented. With large warehouses, one store-keeper is insufcient to ensure the time of delivery as well as the correctness in quantity and quality of petrol received and supplied. AB has operated for more than 10 years but has never upgraded its petrol containing facilities. At the year end, physical count is done with 10 warehouses, the" differences between the physical opunt results and the inventory balances Will be. (taunted :as operating expenses. AB. has entail fahhed the standard loss. of petrol The -- T .- 34mm lin$009 _== 73 333 33 343 Gross Prot 11, 781 _1211, 34343 14343 _ 13233 12333 _