Paper: P1 Auditing
P1 - Auditing Analysis of Exam Papers August 2017 Ques 1 20 Marks
Ques 2 20 Marks
Teleco Ltd
ISA 315 Audit Risk Assessment Audit Rotation (Benefits and Drawbacks)
Shopan Ltd
Benefits from Using a Computer Based Accounting System Risk from Using a Computer Based Accounting System for an Entity’s Internal Controls Audit Software Non Current Asset Register Audit Procedures on Non Current Assets
Ques 3 20 Marks
Doctor Ltd
Ques 4 20 Marks Ques 5 20 Marks
Kelly Ltd
Audit of Smaller Entities ISA 505 External Confirmations Audit of Bank
Ques 6 20 Marks
Contact Ltd
Purchases Internal Control System
Ques 7 20 Marks
Construction Ltd
Substantive Audit Procedures for Completeness and Valuation Assertions as applied to “Irrecoverable Debts, Trade Creditors”, 1
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
April 2017 Ques 1 20 Marks
Precious Stones
Ques 2 20 Marks
Boyle Hotels Ltd
Ques 3 20 Marks
Enrio Ltd
Ques 4 20 Marks
Broga
Ques 5 20 Marks
Screws Ltd
“Accruals” and “Legal Provision” Circularisation of Trade Creditors
Audit of Inventory Count Use of Auditor’s Expert Audit of Accuracy Assertion for inventory of Jewellery
Internal Controls over Cash Sales Control Activities over Sales Income – reliance and suggested improvements Audit of Going Concern including the Auditor’s responsibility
Audit of Trade Receivables Receivables Circularisation Audit Risks relating to Trade Receivables Financial Statement Assertions in relation to Payroll 2
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 6 20 Marks Ques 7 20 Marks
August 2016 Ques 1 20 Marks
Murphy & Co.
Byrne Co
Audit Sampling Suggest Tests of Control in relation to Payroll Expense
Auditor Ethics
Hot/Cold Reviews Audit Reporting
Control Objectives for Sales & Trade Receivable System Internal Control weaknesses and Recommended Improvements for Sales and Trade Receivables System.
Ques 2 20 Marks
Carrol Ltd
Ques 3 20 Marks Ques 4 20 Marks
Gezara Ltd Bath Ltd
Ques 5 20 Marks
Audit of Bank Reconciliation Audit Procedures for Window Dressing Control Activities in respect of Petty Cash Audit Planning Reliance on Internal Audit Resignation and Removal of Auditor Working Papers Audit of Going Concern Impact of Going 3
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 6 20 Marks
Flaxen Manufacturing Ltd
Ques 7 20 Marks
April 2016 Ques 1 20 Marks
Fuel Nation Co.
Ques 2 20 Marks
AKXL Garage Ltd
Concern on Audit Report Audit procedures to search for Unrecorded Liabilities Wages Systems Controls Techniques to Verify Existence of Employees Confidentiality Audit Trail Uses and Problems of Computer Audit Software General Controls and Application Controls
Analytical Procedures Analytical Procedures for Revenue and Profit Substantive Procedures for Valuation of Inventory and Completeness of Payables Substantive Procedures to confirm client Bank Loan
Assessment of Inherent Risk at both the Entity Level and Account 4
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 3 20 Marks
Wogan Ltd.
Ques 4 20 Marks
Ques 5 20 Marks
Ques 6 20 Marks
Chopin Ltd.
Ques 7 20 Marks
Hiko Plant & Machinery Hire Company
Balance/class of transaction level Internal Controls Audit of Going Concern. Work Programme for Audit of Property, Plant & Equipment “Cost” of Property, Plant & Equipment per IAS 16 Substantive Audit Procedures to Verify Existence of Property, Plant & Equipment Audit Strategy Document Procedures to Gain an Understanding of an Entity on a First Time Audit. Materiality Non Statistical Sampling and Statistical Sampling Random, Systematic, Block and Monetary Unit Sampling Positive and Negative Circularisation of Receivables Audit of Year End Inventory Reasons for High Inherent Risk applying to Plant & Machinery Income. Explanation of Audit Risk and its 5
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
August 2015 Ques 1 20 Marks
Mystery Ltd
Ques 2 20 Marks
Intransglobal Ltd
Ques 3 20 Marks
Ques 4 20 Marks
Hamilton Computers Ltd
components Audit Evidence
Strengths of Purchases and Payables Control System Tests of Control Auditor Objectives Legal Rights of Auditors Audit Evidence Required (Breach of Loan Covenants and Financial Asset Investment) with Potential Impact on Audit Report Checks to be Performed Prior to Signing the Audit Report Emphasis of Matter Paragraph ISA 210 – Agreeing the Terms of Audit Engagements ISA 260 – Communications with those charged with Governance Key Objectives of the Audit of new Accounting IT system Identification of Key Risks and Controls Benefits of Using Computer Assisted 6
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 5 20 Marks
Irish Bus Tours
Ques 6 20 Marks
Corner Stores Ltd
Ques 7 20 Marks
Audit Techniques (CAAT’s) Benefits of Planning an Audit Responsibilities of New and Previous Auditors when Client is Changing Auditors. Factors an Auditor should consider before accepting a New engagement or Continuing an existing engagement Materiality Analytical Procedures Analytical Procedures for Audit of Revenue and Profit Substantive Procedures for Valuation of Inventory and Completeness of Payables Substantive Procedures to confirm client Bank Loan
Threats to Auditor Independence Matters to consider when initiating a formal or informal conflict resolution process Setting Client Fees
7 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
April 2015 Ques 1 20 Marks
Ques 2 20 Marks
Shabrey
Internal Control Deficiencies in Sales & Receivables System
La Nua Ltd
Evaluation of Ethical Threats Suggested Safeguards Benefits of an Audit Committee Audit Reporting
Ques 3 20 Marks Ques 4 20 Marks
Comptprog Ltd.
Net Plc.
Ques 5 20 Marks
Coffeextra
Ques 6 20 Marks
Ques 7 20 Marks
Control Environment Auditor reliance on an Internal Control System Audit of Trade Payables and Accruals Fraud and Error: Auditors responsibilities and Directors responsibilities Audit of Fraud
Audit Engagement Letter 6 Methods of Obtaining Audit Evidence Substantive Analytical Procedures
8 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
August 2014 Ques 1 20 Marks
Tupeloos
Ques 2 20 Marks
Jobe Fabrications
Ques 3 20 Marks
Ques 4 20 Marks
Ques 5 20 Marks
Kieko
Gardboyne Plc
Auditor Ethics Provision of Non Audit Services Actions open to Auditor when being threatened with removal by the directors
Internal Control Deficiencies in Purchasing System
General Controls and Application Controls in a Computerised Information System
Benefits of Using CAATS Planning the Audit of a Client involved in E Commerce
Audit of Inventory
Client Screening Procedures
Audit Engagement Letter – Purpose and Contents
Considerations in Deciding on Type of Audit Report Modification
Audit Reporting for 3 Scenarios 9
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 6 20 Marks
Harrison Ltd
Ques 2 20 Marks Ques 3 20 Marks
Audit of Bank Reconciliation
Bank Confirmation Letter Management Representations
Ques 7 20 Marks
April 2014 Ques 1 20 Marks
Direct Confirmation of Receivables
Confirmation of Inventory Held by 3rd Parties
Nemo
Audit of Non Current Assets
Augustus Ltd
Audit of Inventory
Derry Ltd
Audit Planning Substantive Testing of Payroll Auditor Rotation (Advantages and Disadvantages)
Ques 4 20 Marks
IC Ltd
Internal Audit Audit Committee
Ques 5 20 Marks
Lisa & Co
Purchases – Internal Control Substantive Testing of Purchases
10 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 6 20 Marks
Kildangan Co
4 Examples of External Confirmations
Audit of Going Concern Audit Reporting and Going Concern Threats to Auditor Independence and Safeguards Audit Sampling
Ques 7 20 Marks
CHC Hotels Co
August 2013 Ques 1 20 Marks
Turnlock Bakery Ltd
Internal Control - Non Current Assets
Ques 2 20 Marks
Fitness Ltd
Ques 3 20 Marks
Big Agenda Ltd
Materiality Audit of Revenue Audit Reporting Audit of Bank Reconciliation Bank reconciliation as Internal Control Bank Statements as Audit Evidence
Ques 4 20 Marks
Ques 5 20 Marks
Payroll Solvers
Audit of Payroll Substantive Testing of Payroll
Letter of Representation
11 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 6 20 Marks
Violet & Co
Ques 7 20 Marks
Auditor Ethics Role of Audit Committee
Audit Software – Uses and Problems Monitoring Controls and Application Controls
April 2013 Ques 1 20 Marks
Ormond Ltd
Audit of Non Current Assets
Ques 2 20 Marks
Style Limited
Management Letter/Report to Those Charged with Governance Audit Completion Procedures Impact of Outstanding Audit Issues on Audit Report Prepare Summary of Uncorrected Misstatements with Correcting Journals where required Audit Planning Self Interest Threat Sample Selection Methods
Ques 3 20 Marks
Sonner Plc
12 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Factors Affecting Sample Size
Ques 4 20 Marks
Super Duper Ltd
ISA 560 – Subsequents Events Review
Ques 5 20 Marks
Staples Ltd
Critique of Audit Work Performed on Prepayments Items Included in Permanent Audit File Importance of Recording Evidence collected During Audit
Ques 6 20 Marks
Body First Ltd
Identification of Audit Risks Audit Response to Audit Risks Identified Materiality
Fast Transport Plc
Auditor Ethics
Natural Work Ltd
Wages System – Control Objectives Weaknesses & Suggested Improvements in Wages System Substantive Analytical Procedures Sample Selection Method Selection of Accounts
Ques 7 20 Marks
Aug 2012 Ques 1 20 Marks
Ques 2 20 Marks
Somersetts Limited
13 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 3 20 Marks Ques 4 20 Marks
Mr Collins
Ques 5 20 Marks
Too Old Ltd
Ques 6 20 Marks
Barfunkel Ltd
Ques 7 20 Marks
Receiveable Balances for Circulisation Calculation of Projected Error Auditor Independence Impact of Stock Exchange Listing on Audit Role and Benefit of Having an Internal Audit Function Role of Audit Committee for Internal & External Auditors Non Current Asset Register Errors in Non Current Asset Note Provided Audit of Non Current Assets for Completeness, Existence and Valuation
Use of CAAT’s to audit Sales and Receiveables
Audit Reporting
Sales Control Weaknesses Audit Risk Audit Procedures for Sales Auditor Ethics
April 2012 Ques 1 20 Marks
Letsvillage Ltd
Ques 2
Authentic Goods Plc
14 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
20 Marks Ques 3 20 Marks Ques 4 20 Marks
Davieson Ltd
Subsequent Events Review
Strongfield Ltd
Perpetual Inventory Count v Year End Inventory Count Audit of Year End Inventory Journal Entry Relating to Inventory Audit of Trade Payables Use of CAAT’s for Audit of Trade Payables Audit Risk Model and Impact on Audit Strategy Inherent Risk at Financial Statement Level and Account Balance Level
Ques 5 20 Marks
Savalone Ltd
Ques 6 20 Marks
Ques 7 20 Marks
Jennison Foods Plc
Contents of Matters for Attention of Partner Working Paper Audit Reporting
August 2011 Ques 1 20 Marks
Glaswo Ltd
Ques 2 20 Marks Ques 3 20 Marks
Turnvale Ltd
Inventory - Assertions Audit Procedures for Assertions Selected
IAS 320 Materiality Mini Case Studies – Materiality Impact 6 Types of Audit Report
15 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 4 20 Marks
CashCow Ltd
Scenarios –Impact on Audit Report
Audit of Bank Reconciliation Bank Confirmation Letter Test of Transaction v Test of Balances Sampling Risk Cut Off Testing on Purchases & Accounts Payable 4 Follow Up Procedures in the event of Non Response to an accounts receivable confirmation Items to be Included in an Audit Working Paper Define Going Concern & Auditors Responsibilities Going Concern Audit Procedures Review Engagement
Ques 5 20 Marks
Ques 6 20 Marks
Cosmo Chemicals Ltd
Ques 7 20 Marks
Fedal Ltd
Role of Internal Audit Function re Fraud & Error External Auditor Responsibilities for Fraud & Error Additional Role for Internal Auditor within Fedal
16 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
April 2011 Ques 1 20 Marks
Ques 2 20 Marks
Sonny Days Ltd
Payroll System – Control Weaknesses & Recommendations
Trading Lite Ltd
“Sufficient & Appropriate” audit evidence – explain Accounts Payable – Substantive Testing Scenarios - Additional Audit Procedures/ Audit Reporting Unmodified Audit Report – Implications Of Audit Engagement Letter Auditor Ethics ISA 520 – Analytical Procedures Preliminary Analytical Review Audit Strategy ISA 620 – Using the work of an Expert Substantive Audit of Plant & Machinery Non Current Asset Register
Ques 3 20 Marks
Ques 4 20 Marks Ques 5 20 Marks
Highbrow Ltd
Turning Round
Ques 6 20 Marks
Runtime Manufacturing Ltd
Ques 7 20 Marks
ISA 610 – Using the Work of Internal Auditors Internal v External Auditors
17 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
August 2010 Ques 1 20 Marks
Made In Marble
Inventory Count Risk Based Audit
Ques 2 20 Marks
The Wine Tavern
Ques 3 20 Marks
Ireland Convention Bureau
Permanent Audit File Assertions Substantive Audit Procedures on Loan How Computerised Accounting System Improves the Internal Control System Inherent & Control Risks 4 Factors Affecting Auditor Use of CAAT’s
Ques 4 20 Marks
Soothing Baby Products
Ques 5 20 Marks
Digital Select
Ques 6 20 Marks
Lost Get it Returned
Ques 7
Wright & Partners
Sampling Risk Advantages of Statistical Sampling Receiveables Confirmation
6 Basic Elements of an Auditors Report Errors in Extract Overall Review Audit Stage Overall Audit Strategy 5 documents to show compliance with ISA Flowcharts & ICE to document an Internal Control System Threats to Auditor 18
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
20 Marks
Independence Client Screening Procedures 3 Items from Previous Auditor
April 2010 Ques 1 20 Marks
Lofty Lifts
Ques 2 20 Marks
Dolmen Design Jewellery
Ques 3 20 Marks
Haughey Line Transport
Ques 4 20 Marks
Cleanly Cheaply Supplies
Internal Control Weaknesses 5 Audit Procedures Purchases/Payables System 4 Assertions – Bank 4 Risks – Bank 4 Audit Procedures – Bank Non existent deposit in transit Importance to confirm all bank accounts 6 Risks of IT to Internal Control Auditing Around the Computer 5 Audit Tests on Receivables using CAAT’s Inventory Ratio Calculation Reasons for Ratio Changes (Trend Analysis) 4 Audit Procedures Prior to Inventory Count Define Materiality 19
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 5 20 Marks Ques 6 20 Marks
Munster Tyres Galway Meat Company
Ques 7 20 Marks
Red Coil
August 2009 Ques 1 20 Marks
Ellen
Ques 2 20 Marks
Oasis Ltd
Ques 3 20 Marks
Villarose Hotel Ltd
Audit Reporting Subsequent Events Audit Planning New & Previous Auditor – Responsibilities Client Screening Procedures Understanding the Client Integrity, Objectivity, Independence Ethical Issues Going Concern
Inherent Risk Inherent Risk/Control Risk Factors Affecting Audit Strategy Trade Payables – Assertions Trade Paybales Confirmation Trade Payables – Substantive Procedures 5 Audit Procedures – Bank Rec Bank Statements as Audit Evidence Auditing Around the Computer
20 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 4 20 Marks
Dublin Plc
Ques 5 20 Marks
Samson
Ques 6 20 Marks
Revive Plc
Ques 7 20 Marks
Angly Plc
April 2009 Ques 1 20 Marks
Ques 2
WW Plc
ETU Plc
Trade Receivables Audit – Matters to Clear Haphazard, Systematic, Random – Compare Sampling Methods
Directors & Auditors Responsibilities Auditor Judgements Inherent Limitations Facing Auditors Work Audit of Inventory Substantive Procedures for Completeness & Existence of Inventory Online Sales System – Risks & Controls Auditor Removal by Directors “Opinion Shopping” APB Ethical Standards Provision of Non Audit Services Auditor Rotation
Importance of Obtaining an Understanding of the Entity Control Environment 4 Control Activities
Audit of Tangible Non 21
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
20 Marks
Ques 3 20 Marks
Audit Manager
Ques 4 20 Marks
Training Officer
Ques 5 20 Marks
KS Plc
Ques 6 20 Marks
Choo Plc
Current Assets 10 Substantive Audit Procedures for Tangible Non Current Assets – 2 Marks Presentation of Audit Programme!! Audit Trail 5 Uses of Computer Audit Software 4 Problems of Computer Audit Software General & Application Controls – 1 Example of Each Presentation of Memo – 2 Marks!! Auditing Procedures Persuasiveness of Audit Evidence 4 Methods of Gathering Audit Evidence & 2 examples of Audit Evidence Gathered Through Each Method Bank Rec as a Control Procedure Bank Confirmation Letter v Positive Confirmation of Trade Receivables Impact where client will not sign Bank Letter Online Information Access - Risks 5 Auditing Procedures 22
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 7 20 Marks
CPA
for Slow Moving/Obsolete Goods 5 Controls for Computerised Inventory System
Quality Control Engagement Quality Review Purposes of Audit Working Papers Permanent Audit File
August 2008 Ques 1 20 Marks
Brot Plc
Flowcharts/ICE, ICEQ Internal Control Objectives for Sales/Receivables/ Cash Collection System 4 Weaknesses From Case Study Sales/Receivables/ Cash Collection System
Ques 2 20 Marks
Hedges Plc
2 Assertions for PPE PPE Audit
Ques 3 20 Marks
Sparks Ltd
Pilot Running & Parallel Running – Computer Systems 23
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 4 20 Marks
Shapes Plc
Stages of Implementation of Inventory Control System
Business Risk Components of Business Risk Provision v Contingent Liability Directors Request – Matters to Consider
Ques 5 20 Marks
Nesta Ltd
Ques 6 20 Marks
Software Industry
Ques 7 20 Marks
Felicity & Frank
Revaluations – Impact on Audit Report Inventory Count Impact on Audit Report Provision for Refunds - Impact on Audit Report Letter of Representation Directors Refusal to Sign Letter of Representation Legal Implications of Letter of Representation
Ethical Guidance on Advertising Client Screening Procedures Accepting an Engagement
24 Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
April 2008 Ques 1 20 Marks
Nesda Products Ltd
Ques 2 20 Marks
Cuckoo’s Nest
Ques 3 20 Marks
Cockburn Manufacturing Plc
Ques 4 20 Marks
Roman Bells Plc
Control Environment 2 Other Components of Internal Control 3 Internal Control Weaknesses from Case Study
Reliability of Computer Inventory Records 6 Matters re Inventory Count Audit Tests on Sales and Purchases Cut Off Audit Work to Ensure Correct Updating of Computer Inventory Records Auditing Around the Computer Test Data & Audit Software Application of Test Data to Case Study Audit Procedures to Prevent Unauthorised Data Entry Define Max Risk, Expected No of Errors, TER Calculation of Sample Size “Over Auditing” / Sampling 2 Advantages of Statistical Sampling 25
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 5 20 Marks
Ques 6 20 Marks
Holly Plc
Ques 7 20 Marks
August 2007 Ques 1 20 Marks
Ciara Casey
Ethical Difficulties
Heather Island Cheese
4 Internal Control Weaknesses Personnel & Payroll Cycle Internal Controls Audit Risk Equation
Ques 2 20 Marks
Types of Modified Audit Reports Audit Opinion based on Case Studies Time Taken to Complete Audit Engagement Letter Audit Fees /Audit Efficiency & Effectiveness
Custom Business Travel
Trade Receivables – Assertions Sampling & Testing Defienicies Ethical Breaches 26
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 3 20 Marks
Celtic Office Supply & Equipment
Ques 4 20 Marks
Preferred Hotels and Resorts
Ques 5 20 Marks
Very Flash Motorcycles
Ques 6 20 Marks
Sea King Yachts
Ques 7 20 Marks
Quasar Car Radios
Application Controls in a Computerised Environment Back Up Controls Documenting Internal Controls CAATS General Controls 5 Audit Procedures Share Capital, Revaluation Reserve Audit Approach to Payroll Charges, Audit of Comparative Figures
Subsequent Events Substantive Audit Procedures on contingent liabilities “True & Fair View” Audit Risk Equation Define Business Risk Factors Affecting Reliability of Audit Evidence Completeness of Consulting Fees 5 Competencies from the Audit Engagement Team
Relationship between Directors, Auditors and Shareholders in respect of books of account 4 Features of proper books of account 27
Lecturer: Colm Foley Email:
[email protected]
Paper: P1 Auditing
Ques 4 20 Marks
Quality Home Living
Implications for Directors over failure to maintain proper books of account
Sampling Risk Monetary Unit Sampling Inventory Count – Substantive Tests/ Desirable Controls
Ques 5 20 Marks
Fashion Lady
Ques 6 20 Marks
Monaghan Fine Whiskeys
Ques 7 20 Marks
Born to Be Wild Motorcylces
Materiality Overall Review Stage of Audit 4 Matters in Overall Audit Strategy Reappointment of Auditor 5 Competencies from Audit Team Review of Audit Working Papers
Threats to Auditor Independence Items on Permanent Audit File
28 Lecturer: Colm Foley Email:
[email protected]
