(ii) Identify and explain the principal audit procedures to be performed on the valuation of the investment
properties. (6 marks)
(b) Identify and explain the financial statement risks to be taken into account in planning the final audit.(12 marks)
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(c) Explain the extent to which you should plan to place reliance on analytical procedures as audit evidence.(6 marks)
(d) Briefly describe the principal audit work to be performed in respect of the carrying amount of the followingitems in the balance sheet:(i) trade receivables; and (3 marks)
(b) Illustrate how you might use analytical procedures to provide audit evidence and reduce the level of detailedsubstantive procedures. (7 marks)
(c) Briefly describe the principal audit work to be performed in respect of the carrying amount of the followingitems in the balance sheet:(i) development expenditure on the Fox model; (3 marks)
(c) Explain the possible impact of RBG outsourcing its internal audit services on the audit of the financialstatements by Grey & Co. (4 marks)
(ii) Briefly explain the implications of Parr & Co’s audit opinion for your audit opinion on the consolidatedfinancial statements of Cleeves Co for the year ended 30 September 2006. (3 marks)
