You are an audit partner with Henry Lim & Associates. Your client Oakwood Ltd has<\/p>
requested that you:<\/p>
(i)<\/p>
Attend stocktakes in remote locations identified by the client to observe that the staff<\/p>
are complying with stocktake instructions.<\/p>
(ii)<\/p>
Check whether the annual schedule of bonuses paid to senior management has been<\/p>
calculated correctly by checking the figures used in the calculations to the<\/p>
company's audited financial statements.<\/p>
(iii)<\/p>
Perform analytical procedures and enquiries of management to ascertain whether the<\/p>
half-yearly financial statements present a true and fair view and provide a written<\/p>
opinion addressed to management.<\/p>
(iv)<\/p>
Prepare a report providing a written opinion addressed to a government department<\/p>
indicating whether Oakwood has complied with the legal obligations of a<\/p>
government grant.<\/p>
(v)<\/p>
Provide an oral (verbal) report to Oakwood's creditors that the company does not<\/p>
have financial difficulties.<\/p>
Required:<\/strong><\/p> (a)<\/p> For each of the services (i) to (iv) above, indicate if it is an assurance engagement.<\/p> Explain your answers briefly.<\/p> <\/p> <\/p> (b)<\/p> Describe the FIVE (5) <\/strong>elements of an assurance engagement.<\/p>",
"transcribed_text": "",
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"question_posted": "2024-06-28 08:26:20",
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