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CASE STUDY

READ THE "REQUIRED" PART ON PAGES $10$ CONTINUING.

BACKGROUND INFORMATION

You are a trainee accountant at the audit firm ABC Incorporated, a registered firm of auditors who are newly appointed as the auditor for Tracking$-$your$-$Vehicle $($TV$)$ Ltd for the $2022$ financial year end audit. TV is a South African incorporated public company, listed on the Johannesburg regional offices around with their head office situated in Waterfall Park, Midrand, and several centralised accounting departh Africa. TV$\text{'}$s head office houses executive management, a individually managed and compnt and the company's only warehouse. Regional offices are not as set out by management. TV has a fill decisions, internal controls and quality requirements financial reporting framework. The engagement year end of $30$ November and uses IFRS as its ment letter was signed on $1$ August $2022.$

of vehicles using the state$-$of$-$art vehicloring and recovery. TV monitors and tracks the behaviour in China. These devices allow TV to de tracking devices that are imported from a single supplier incidents of hijacking to retrieve the car ort hijacking and deploy armed personnel to respond to $2001.$ TV$\text{'}$s flagship service offering is a subescue the customer. TV has been in existence since tracking and recovery services for a period of cription that includes a tracking device and vehicle subscription revenue is recognised using IFRS $15$ months. Revenue from contracts including

Section $1$: Planning of the audit

Section $1\mathrm{.}1$: Introductory meeting between the management of TV and the audit team

The management of TV held an introductory meeting on $10$ August $2022$ with the engagement partner Mr Troy CA$($SA$),$ audit manager Ms Naidoo $($CA$)($SA$)$ and yourself. See the meeting slides and speaker notes of the presentation done by TV$\text{'}$s Chief Financial Officer $($CFO$),Mr$ Slide $1$:

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