(a) Platforms
It is not necessary to use an auditor's expert to audit the useful lives of the platforms as there are many other available sources of evidence. Relevant procedures include:
(i) Obtaining weather reports to see whether management's determination of useful lives is consistent with them
(ii) Comparing budgeted oil against actual oil extracted (if the budget was optimistic, so might the useful life be)
(iii) Reviewing published industry comparators (such as Shell and BP). If the useful lives of their platforms as published in financial statements are significantly different, discuss with management why that might be
(iv) Considering whether management's determination of useful lives in the past has been proved accurate
(b) It is not necessary to use an auditor's expert, as the question states that a 'simple' test is available.
The auditors should confirm that the company will be making use of this test during the inventory count to separate the inventory. The auditor should reperform the test on a sample of 'brass' and 'copper' as counted to ensure it has been separated correctly.
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