Show the formula used and your calculation with reference to the numbers in the embedded financial statements

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Imagine that you are a part of the audit team for MOROIL (Mauritius Oil Refineries LTD) business.  The other member of the team is a junior called Anna. Your task is to perform a set of practical audit related activities that require application of your knowledge of how audits are planned and performed and to comment, explain or critically evaluate what you have done and the reasons you have done it. Detail instructions follow below.

Document your work in your own words with nothing copied word for word/quoted directly from the ISAs.

Provide reference to the source from where you obtained the financial statements.

There are some planning activities to complete such as deciding on how you will calculate planning materiality.

Audit work to be carried out and documented:

Task 1:

Calculate planning materiality for the audit. Show the formula used and your calculation with reference to the numbers in the embedded financial statements.                      

Explain why you have chosen the approach of calculating materiality you have gone for.

(guidance on calculating materiality, appropriate basis and factors that impact the choice is in ISA 320 Materiality in planning and performing an audit)    

Attachments:

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