our audit firm, Kimani and Associates has been contracted by the government to audit the procurement system followed by the government. Required: i) Identify the likely risk areas that your firm may encounter in the audit.

a) An auditor should form an opinion on the adequacy of the accounting treatment of an inherent uncertainty disclosed in the financial statements of a company.

i) What is meant by the term “inherent uncertainty”? (2 marks)
ii) Explain the treatment of inherent uncertainties in the auditor’s report. (6 marks)

b) Summarise the principal contents of a statement of directors’ responsibilities to be included in financial statements. (8 marks)

c) Explain the steps an auditor should take if he concludes that the client has made a departure from an accounting standard in the preparation of the financial statements.
(4 marks)
(Total: 20 marks)






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