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CT AUD339 APR2022 SS - Hahhahwhwhwhqhqhqhwhw
Hahhahwhwhwhqhqhqhwhw
Course
Auditing (AUD339)
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Universiti Teknologi MARA
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UNIVERSITI TEKNOLOGI MARA
COMMON TEST
ANSWER SCHEME
COURSE : AUDITING
COURSE CODE : AUD
EXAMINATION : APRIL 2022
QUESTION 1
a. State the authority that govern the accountancy profession in Malaysia and the
purpose of the establishments.
• Malaysia Institute of Accountant (MIA) √
• The Malaysian Institute of Accountants (MIA) is the national accountancy
body that regulates, develops, supports, and enhances the integrity, status,
and interests of the profession in Malaysia. √√
(3 marks)
b. List 1 standard issued by MIA related to audit profession and explain how the
standards helps the professional accountant in executing their duties and
responsibilities.
Malaysia Approved Standard of Auditing (MASA) √
• To regulate the accounting profession in Malaysia √
• To review accounting and related Practices for Malaysian Accountant √
• To issue guidelines for accountants
• To conduct research on the accounting professions
(3 marks)
c. In performing the duties as an auditor, the auditor provides reasonable assurance
rather than guarantee on the correctness of the financial statement.
• Agree. √
• Most audit evidence results from testing a sample of population √
• Accounting presentation enclose complete estimates, which involve
uncertainty & can be affected by future events √
• Fraud is extremely difficult / impossible to detect √
(4 marks)
(Total: 10 marks)
QUESTION 2
a. Briefly explain any THREE (3) differences between Internal and External Auditors.
Internal auditing External auditing
i Scope of audit By management √ Companies Act
2016 √
ii Detection of fraud Directly concerned
with prevention &
Incidentally
concerned with
d. Briefly explain the auditor’s roles in auditing company’s financial statements?
The main objective of financial statement audit is to obtain reasonable assurance
about whether the financial report as a whole is free from material misstatement,
whether due to fraud or error, √√ thereby enabling the auditor to express an opinion
on whether the financial report is prepared, in all material respects, in accordance
with an applicable financial reporting framework. √. The interest of the shareholders
will also be safeguarded by the auditor √
(4 marks)
(Total: 20 mark)
QUESTION 3
A. Auditor’s Statement - written letter attached to a company's financial statements that
expresses its opinion on a company's compliance with standard accounting
practices. The statement should be circulated to its member and signed by auditor. √
Approve company auditor – must be MIA member, possess professional accounting
background, have good character and competent, qualified person based on Section
263 √
(2 √ x 2 = 5 marks)
B.
i.
No Situation that Violated Reasons
1 Haris is appointed as the audit
partner at Ismail & Co √
He is not an approved company auditor
based on Section 263 √
2 Alisa the senior audit manager
is indebted to Semerbak for
more than RM 25,000 √
Auditor should not be indebted to the
company for more than RM25,000 based
on Section 264 √
3 Semerbak Bhd refused the
auditor to access the Fixed
Asset Registers √
Based on Section 266, auditor has the right
to access any books and records which he
deemed necessary to the audit. √
4 Ismail & Co resigned from
Semerbak Bhd by sending an
e-mail, with immediate
effective √
Based on Section 281, auditor need to
send a written of notice of resignation the
company √
(8√ x 1 mark = 8 marks)
No Situation Not Violated Reasons
1 Zaharah, the Senior Account
Executive was the auditor in
Ismail & CO √
She has left Ismail & Co for more that 12
months. Not violating Section 264. √
2 Semerbak Bhd refused to allow
Haris to attend the BOD meeting
Auditor only has the right to attend any
General Meeting. BOD meeting is not
included under Section 266 √
(4√ x 1 mark = 4 marks)
ii. According to Section 281 √ of the Companies Act 2016, an auditor may resign
his office by giving a notice of resignation √ to the company at the company's
registered office. The auditor's term of office shall come to an end after 21 days √
from which the notice given or from the date as may be specified in the notice.
(3√ x 1 mark = 3 marks)
(Total = 20 marks)
END OF SUGGESTED SOLUTION
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CT AUD339 APR2022 SS - Hahhahwhwhwhqhqhqhwhw
Course: Auditing (AUD339)
402 Documents
Students shared 402 documents in this course
University: Universiti Teknologi MARA
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CONFIDENTIAL
1
AC/APR2022/AUD339
© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
UNIVERSITI TEKNOLOGI MARA
COMMON TEST
ANSWER SCHEME
COURSE
:
AUDITING
COURSE CODE
:
AUD339
EXAMINATION
:
APRIL 2022
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