Mac Hart Corporation Case Summary
Read the case study below and answer All the questions.
QUESTION ONE
Mac Hart Corporation is a large engineering company with ten manufacturing units throughout the country. The manufacturing process is capital intensive and the company holds a wide variety of plant and equipment.
The finance director is responsible for the preparation of a detailed non-current assets budget annually, which is based on a five-year budget approved by the board of directors after consultation with the audit committee. This annual budget, which is also approved by the board, is held on computer file and is the authority for the issue of a purchase order.
When the item of plant and equipment is delivered to the company, a pre-numbered goods received note (GRN) is prepared, a copy of which is sent
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Traditionally the company has maintained an inventory provision based on 1% of the inventory value but management feels that as inventory is being reviewed more regularly it no longer needs this provision.
In May 2014 JPSB had a dispute with its finance director and he immediately left the company. The company has temporarily asked the financial controller to take over the role while they recruit a permanent replacement.
The old financial director had notified JPSB that he intends to sue for unfair dismissal. The company is not proposing to make any provision or disclosures regarding this matter as they are confident that the claim has no merit.
Required:
(a) Identify and explain the audit risks identified at the planning stage of the audit of JPSB.
(b) Explain the importance of assessing risks at the planning stage of an
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