Audit implications

Generally up to 1½ marks for each implication assessed and 1 mark for each impact on the financial 
statements identified:

Current assets:

– Material by nature but not material in monetary terms 
– Identification of related party transaction 
– Disclosure in notes to financial statements inadequate – implication for opinion
– Interest should have been accrued 
– Recommended procedures (1 mark each)

Maximum marks 15