audit assingment
Storyboard Text
- Alex entered the firm physically and started giving the engagement letter for Hazim to sign.
- Engagement letter
- Alex started his audit job starting by physical examination to verify that the assets actually exist and to determine the quality and quantity of the assets.
- Alex found out about the quantities.
- Ehh, the quantities of household goods is not the same as stated in the ledger cards. I need confirmation from third parties.
- 1231223234345456678
- Alex sends confirmation to third parties (suppliers and buyers) to confirm whether the stated account balance is correct or not.
- Suppliers
- Buyers
- Ohh Yes, it's true. Inventories unbalanced due to omission records of the accountant.
- Alex receiving confirmation
- Reportabc 123abc 123abc 123abc 123
- Reportabc 12abc 123abc3
- This could be, either control risk is exposure due to lack of personnel with accounting qualifications or inherent risk according to complex transactions which are difficult to understand by an accountant or else, detection risk was exposed as I had poor experience in this industry.
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