In the light of the partner's request concerning documentation, you are considering different options for recording the system.Which of the following recording methods most suits her requirements?
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1 .Cherry's internal audit department has provided you with details of the internal controls around the noncurrent assets cycle. The controls include the following:On receipt, each asset is assigned a unique serial number and this is recorded on the asset and in the non-current assets register.Which TWO of the following describe the MOST RELIABLE audit procedures which enable the auditor to assess whether this control is operating effectively?(1) Select a sample of capital additions on site, agree that a serial number is recorded on the asset and confirm it is included in the non-current assets register(2) Select a sample of assets recorded on the non-current assets register, confirm that it includes a serial number for each asset and agree the number to the physical asset(3) Inspect the non-current asset register and verify that there are no duplicated serial numbers(4) Observe the receipt of assets to confirm that serial numbers are assigned and recorded
A 1 and 3 B 2 and 3 C 1 and 4 D 2 and 4
2 .In relation to orders received through the website which of the following control objectives is met?
A Goods are sold to customers with good credit ratings. B The company is able to fulfil the orders. C Customers do not exceed credit limits. D Changes in customer data are authorised.
3 .Your audit junior has identified the following possible risks arising from the use of the printed order as a goods outward note and subsequent hand delivery to the invoicing department :(1) Orders are not fulfilled.(2) Goods are sent out but not invoiced.(3) Goods are invoiced but not sent out.(4) Wrong goods are sent to customers.Which of the above risks arise from the identified system deficiency?
A 1 and 2 B 2 and 3 C 2 and 4 D 1 and 3
4 .You are reviewing the audit plan for tests of controls over invoicing, which reads:(1) Observe the invoicing clerk to ensure that prices are checked to the official price list.(2) Review a sample of invoices to ensure their numerical sequence.(3) Review a sample of goods out notes to ensure they have been matched to sales invoices.(4) Review a sample of sales invoices to verify evidence that the calculations were checked before they were sent to customers.Which of the above procedures relate to the completeness assertion?
A 1 and 4 B 2 and 3 C 1 and 3 D 2 and 4
5 .Your audit junior is seeking to understand when deficiencies in internal control would be judged to be significant and therefore should be reported to those charged with governance.Which of the following factors would influence your judgement of whether the control deficiencies identified at Swan are significant?(1) The likelihood of material misstatement resulting(2) The fact that the system is new(3) The number of deficiencies identified(4) The fact that the deficiencies are associated with the sales system
A 1 and 3 B 2 and 4 C 1 and 2 D 3 and 4
7 .During the previous audit, the audit team had recommended SouthLea's management to ensure that any amendments to standing data on the wages system are reviewed by an authorised manager.Which of the following is a test of control designed to provide evidence that the recommended internal control is operating effectively?
A Review overtime lists for evidence of authorisation B Review the log of amendments to standing data for evidence of review C Perform a proof in total using the number of employees and average wage D Obtain printouts of employee wage rates and compare these to HR records
8 .Which of the following statements about the responsibilities of external and internal auditors with regards to fraud is NOT correct?
A The external auditor must maintain an attitude of professional scepticism throughout the audit recognising the possibility that a material misstatement due to fraud could exist. B The internal auditor must always consider the potential of management overriding controls and modify their audit proce...
9 .Which of the following recommendations are appropriate in increasing the independence of SouthLea's internal audit department?(1) The chief internal auditor should be appointed by the board of directors.(2) The chief internal auditor should report to the board of directors.(3) The finance director should decide on the scope of the internal audit work
A (1) and (2) only B (1) and (3) only C (2) and (3) only D (1), (2) and (3)
10 .You have been told by the finance director that the senior management team is looking to upgrade the company's computerised accounting system in a year's time. This is partly because the senior management team believes that due to the increasing size and complexity of the business, the company will need more robust general IT controls in the future.Which TWO of the following are general IT controls?
A Full testing procedures using test data when developing computer applications B One for one checking C Disaster recovery procedures D Hash totals
