ICAB PL Audit & Assurance case studies
ICAB PL Audit & Assurance · Put your knowledge to work in context.
The ICAB Professional Level Examination is part of the chartered accountancy qualification awarded by The Institute of Chartered Accountants of Bangladesh (ICAB), which describes itself as the National Professional Accounting Body in Bangladesh and as the regulatory body for the profession of accountants and connected matters. Candidates reach the Professional Level after the Certificate Level and progress afterwards to the Advanced Level, so the qualification is intended for students who have already built foundational knowledge of accounting, law and business and are now moving into the applied, judgement-heavy stage of training. The ICAB PL Audit & Assurance case studies are 5 cases and about 2,583 words.
1The Inventory Cut-Off That Nobody Owned
You are the audit senior on the December year-end audit of Fenwick Components Ltd, a manufacturer with £18m revenue. Inventory of £2.4m is material (10% of total assets) and the client's count is scheduled for 31 December at a single warehouse.
622 words, about 3 min2The Related Party That Wasn't Disclosed
You are the manager on the audit of Harrowgate Services Ltd, a private company with £9m turnover. During planning you note that the managing director's spouse owns 100% of a supplier, Pinnacle Facilities Ltd, which received £780k of payments in the year (8.7% of turnover).
521 words, about 3 min3The Confirmation That Came Back Different
You are auditing the receivables of Calder Trading Ltd, year-end 31 March, with receivables of £3.1m and revenue of £22m. You sent 40 positive confirmations covering £2.2m.
473 words, about 2 min4The Small Client With the Big Deadline
You are the engagement partner on the audit of a small charity, Riverbank Trust, with income of £450k. The audit is required by the charity's funding agreement.
494 words, about 2 min5The Journal Entry That Arrived Late
You are completing the audit of Marlowe Retail Ltd, year-end 31 December, with profit before tax of £1.2m and materiality of £60k. During the final review, you identify a manual journal posted on 30 December: Dr revenue £95k, Cr accrued income £95k, posted by the financial controller with the description 'reclass'.
473 words, about 2 min