Describe substantive procedures you should perform to obtain sufficient and appropriate audit evidence in relation to the above two matters

Describe substantive procedures you should perform to obtain sufficient and appropriate audit evidence in relation to the above two matters
4 Kyanite Pizzas Co (Kyanite) operates a large chain of fast food restaurants. You are an audit supervisor of Jasper & Co
and are currently preparing the audit programmes for the audit of Kyanite’s financial statements for the year ended
31 March 2016. You are reviewing the notes of last week’s meeting between the audit manager and finance director
where two material issues were discussed.
(i) Property, plant and equipment
In the past Kyanite has received negative press reports over the condition of its fast food restaurants, with
comments suggesting they are old fashioned and tired looking. Therefore during the year the company undertook
a full review of all its assets and carried out extensive refurbishments to the majority of its restaurants. This review
resulted in a significant amount of ageing fixtures and fittings being disposed of and a significant amount of
capital expenditure was invested in all remaining restaurants. (6 marks)
(ii) Equity
The refurbishment was financed via a share issue in April 2015 at a premium of $1·6 million. (4 marks)
Required:
Describe substantive procedures you should perform to obtain sufficient and appropriate audit evidence in
relation to the above two matters.
Note: The mark allocation is shown against each of the two matters above

 
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