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  • The Audit Process
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Summary Aue3761 exam 2024 solutions

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Aue3761 exam 2024 solutions

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Aue3761 exam 2024

, 1.



*i) Revenue (5 marks)*



1. Risk: Inaccurate revenue recognition due to complex contractual arrangements.

Assertion: Occurrence (Revenue is earned and receivable).



2. Risk: Overstated revenue from advertising contracts due to estimated viewership.

Assertion: Measurement (Accuracy of revenue amount).



3. Risk: Understated revenue from pay-per-view events due to unrecorded transactions.

Assertion: Completeness (All revenue transactions are recorded).



4. Risk: Incorrect allocation of revenue between subscription and advertising.

Assertion: Classification (Revenue is properly classified).



5. Risk: Inadequate disclosure of revenue streams and related party transactions.

Assertion: Presentation and Disclosure (Revenue is properly presented and disclosed).



*ii) Trade and other receivables (8 marks)*



1. Risk: Overstated trade receivables due to inadequate allowance for credit losses.

Assertion: Valuation (Trade receivables are valued accurately).



2. Risk: Understated allowance for credit losses due to inadequate assessment of debtor
creditworthiness.

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