Question 5c
Marking Guide
up to 1 markfor each element identified
up to 1 markper explanation
overall maximum of 6 marksfor identification
overall maximum of 6 marksfor explanation of elements
– opinion on all pages
– audit in accordance with most international standards on auditing
– maximum assurance, free from all misstatements
– responsibility to prevent and detect fraud and error
– we prepare financial statements
– procedures depend on availability and experience of team members
– we express opinion on effectiveness of internal controls
– did not evaluate overall presentation of financial statements
– considered reasonableness of new accounting estimates
– did not review accounting policies
– relied on work of independent expert
(12 marks)

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