5. You are assigned to carry out the audit of the financialstatement of Gremm...

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Accounting

5. You are assigned to carry out the audit of the financialstatement of Gremm Chemical Products Ltd for
the year ended 30 June 2017. You discover that two of the auditworking paper files from the preceding
year’s audit is missing. The preceding year’s audit was carried outby Bale Clarke, who has already left
the firm. You are concerned as you do not have much knowledge aboutthe chemical products and this is
only the second audit assignment for which you areresponsible.
You consult your manager and ask to be given more time to completethe audit.
Required:
a) Discuss two significance of audit quality control.

b) Do you think it is adequate just to ask for more time? Why orwhy not?

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4.3 Ratings (660 Votes)

1throughout the audit engagement the engagement partner remain alertfor noncompliance with relevant ethical requirement by members of the engagement teamif matters come to the engagement See Answer

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In: Accounting5. You are assigned to carry out the audit of the financialstatement of Gremm Chemical...5. You are assigned to carry out the audit of the financialstatement of Gremm Chemical Products Ltd forthe year ended 30 June 2017. You discover that two of the auditworking paper files from the precedingyear’s audit is missing. The preceding year’s audit was carried outby Bale Clarke, who has already leftthe firm. You are concerned as you do not have much knowledge aboutthe chemical products and this isonly the second audit assignment for which you areresponsible.You consult your manager and ask to be given more time to completethe audit.Required:a) Discuss two significance of audit quality control.b) Do you think it is adequate just to ask for more time? Why orwhy not?