Implications of findings

Generally up to 1½ marks each (good) implication

Specific finding ideas
 • relevant ISAs
 (a) APs mandatory at planning stage (520)
 (e) subsequent events (560)
 • materiality (ISA 320)
 (b) non-current assets 17%
 (c) receivables 58%
 (d) inventory 2.4%
 (e) prior period error 12.5%
 • inappropriate procedures?
 inventory ‘roll back’ (immaterial)
 • inappropriate timing
 external confirmations (ISA 505) – too late?

QC at audit firm level ideas/Conclusions
 • professional behaviour
 • skills and competence
 • assignment/delegation
 • consultation
 • acceptance of clients
 • monitoring

(a) max 4
 (b) max 4
 (c) max 4
 (d) max 3
 (e) max 5
 Professional skills max 4