A Verification Agent for ZoMi Ltd - Report Writing Management Assignment Help

Assignment Task:

QUESTION 1:

You have been appointed as a verification agent for ZoMi Ltd. The company does not have audited financial statements and have provided you with management accounts for the previous 12 months. a) Explain whether, how and why your approach to the verification engagement will be different when using management accounts rather than audited financial statements during the - planning, - execution and - reporting phase. (20) 

b) The entity’s turnover as per the statement of comprehensive income is R50 million. Explain what you will include in your verification plan to verify the entity’s turnover. Please refer to the source documents to be used and the direction of testing. (10) 

QUESTION 2:

You have been appointed as the manager on a verification engagement. You know that the client has an internal audit department. Will this knowledge have any impact on your engagement planning? Please explain. 

QUESTION 3:

Accrual accounting is one of the underlying assumptions of preparing a set of financial statements in accordance with International Financial Reporting Standards (IFRS). Explain your understanding of the above statement and whether this has any implication for a team verifying a client’s BBBEE status.

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