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1.
What should be included in an engagement letter? (Several choices may be correct.)
| The applicable financial reporting framework to be used for the statements |
| Scope and timing of the audit |
| Overview of the responsibilities of management |
| The overall audit opinion |
| Overview of the auditor’s responsibility for the preparation of the financial statements |
2.How might an organisation decide the frequency of auditing activities?
3.FRS 110 paragraph 22 requires non-controlling interest in the consolidated statement of financial position to be presented within equity, separately from the owners of the parent. The now-superseded FRS 27 (2003) required minority interest to be presented separately from liabilities and parent shareholders’ equity.
Discuss the implications of the change in the requirement of the accounting standard
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