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CAF-8-Autumn-2024 (1)

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Esha Khan
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20 views2 pages

CAF-8-Autumn-2024 (1)

Uploaded by

Esha Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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AUDIT AND ASSURANCE

Summary of Marking Key


Certificate in Accounting and Finance – Autumn 2024

Note regarding marking scheme:


The marking scheme is given as a guide. Markers also award marks for alternative approaches to
a question and relevant/well-reasoned comments/explanations. Moreover, the available marks in
answer may exceed the total marks of a question.

Mark(s)
A.1 (a) ▪ Discussing the reason for determination of benchmark to calculate
materiality 2.0
▪ Calculation of materiality 1.0

(b) ▪ Discussion on calculating revised materiality 4.0


▪ Calculation of revised materiality 2.0

A.2 ▪ 0.5 mark for identification of each inherent and control risk 2.0
▪ 01 mark for explanation of each inherent and control risk 4.0

A.3 (a) 01 mark for evaluating each matter 3.0

(b) 01 mark for each audit procedure 10.0

A.4 ▪ Up to 01 mark for identification and explanation of irrelevant audit procedure 3.0
▪ 01 mark for each additional audit procedure 10.0

A.5 01 mark for each control 9.0

A.6 (a) ▪ 0.5 mark for identifying each threat and the fundamental principle 2.5
▪ Up to 01 mark for explanation of each threat to the fundamental principles 4.5

(b) ▪ 0.5 mark for identifying each threat and the fundamental principle 3.0
▪ Up to 01 mark for explanation of each threat to the fundamental principles 5.0

A.7 (a) ▪ Analyzing the scenario 1.0


▪ Determining the materiality of the misstatement 2.0
▪ Discussing the reporting implication 2.0

(b) ▪ Analyzing the scenario 1.0


▪ Determining the materiality of the misstatement 2.0
▪ Discussing the reporting implication 2.0

(c) ▪ Analyzing the scenario 1.0


▪ Determining the materiality of the misstatement 1.0
▪ Discussing the reporting implication 3.0

Page 1 of 2
AUDIT AND ASSURANCE
Summary of Marking Key
Certificate in Accounting and Finance – Autumn 2024

Mark(s)
A.8 (a) 01 mark for stating each problem 5.0

(b) 01 mark for discussing each type of comparison for analytical procedures 4.0

(c) 01 mark for each audit procedure 6.0

(d) 01 mark for each inquiry for identifying the risk of material misstatement due to
fraud 5.0

(THE END)

Page 2 of 2

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