Week 9 - NCA - Completeness

Question 1

What is the first procedure to check for completeness regarding non-current assets - land and buildings?

Answer 1

Auditor enquires whether all land and buildings are recored in the financial statements
Evidence - management verbal representation

Question 2

What is the second procedure to check for completeness regarding non-current assets - land and buildings?

Answer 2

Perform analytical review procedures to identify unusual change
Evidence - Auditor produced document and review

Question 3

What is the third procedure to check for completeness regarding non-current assets - land and buildings?

Answer 3

Inspect board minute meetings to identify potential acquisitions/disposals
Evidence - Client produced meeting minutes

Question 4

What is the fourth procedure to check for completeness regarding non-current assets - land and buildings?

Answer 4

Confirm that the asset register agrees to the nominal ledger - reconcile them
Evidence - Asset register

Question 5

What should you always do?

Answer 5

Inspect board meeting minutes - this is where key discussions happen