Question 3a c
Marking Guide
a) Audit risks 10 marks. 0.5 for identifying risk area, 1 for explanation of risk and 1 for stating how to resolve. Maximum 2.5 for each area.
rotation of audit partner | |
| preparation of financial statements | |
| attendance at social event | |
| unpaid taxation fee | |
| inheritance | |
| other relevant points (each) | |
| maximum marks | 10 |
b) Communication with audit committee 4 marks. 1 each point.
independence from board | 1 |
| time to review audit work | 1 |
| check auditor recommendations implemented | 1 |
| review work of internal auditor (efficiency, etc.) | 1 |
| other relevant points (each) | 1 |
| maximum marks | 4 |