Mantra Company The audit of a material provision was performed by the audit junior as the audit manager was too busy finishing off work for the previous client on which they had been working. Nuna Company The planning section of the file has not been completed. The audit procedures performed were copied over from the previous year’s file and the same approach and sample sizes have been used to conduct this year’s audit. You are required to: Describe the quality control issues arising from each of the findings

Question

Mantra Company

The audit of a material provision was performed by the audit junior as the audit manager

was too busy finishing off work for the previous client on which they had been working.

Nuna Company

The planning section of the file has not been completed. The audit procedures performed

were copied over from the previous year’s file and the same approach and sample sizes

have been used to conduct this year’s audit.

You are required to:

Describe the quality control issues arising from each of the findings.

Expert Answer

1 Rating

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.
Tagged in

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Carmen Co. can further process Product J to produce Product D. Product J is currently selling for $2...

A: Differential cost of producing Product D = Cost of product D - Cost of product  J where, Cost of pro...

Q: Gutierrez Company reported net income of $193,200 for 2020. Gutierrez also reported depreciation exp...

A: Cash flows from operating activities: Cash flows from operating activities is a section of cash flow...

Q: Show the calculation of the following activity ratios: (1) the receivables turnover ratio, (2) the i...

A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and me...

Q: what is accounting

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,...

Q: Othello Manufacturing incurred OMR 117,000 of direct labor and OMR 11,000 of indirect labor. The pro...

A: Direct labor is directly transferred to Work in process by debiting Work in process and crediting Di...

Q: The correction of a material error discovered in a year subsequent to the year the error was made is...

A: A prior period adjustment is the correction of an accounting error that occurred in the past and was...

Q: What does it mean for CHS to securitize its receivables?

A:  

Q: Giant Ltd acquired 80 percent share capital of Expert Ltd. On 1 July 2018 for a cost of $1,600,000. ...

A: Click to see the answer

Q: Alex is a carpenter who purchased a vacant block of land in Sydney on 1 October 1980. On 1 September...

A: Click to see the answer