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accounting systems and internal controls
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accounting systems and internal controls
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,Module title: Assurance
Week number: 1 2 3 4 5 6
Session number: 1 2 3 4 5
Session title: The accounting systems and internal controls continues
Aims & Objectives
To gain knowledge and understanding of the purchases accounting system
To identify the relevant internal controls to mitigate risk
To identify tests of internal controls
To apply internal controls to activities
Introduction
In this session, we will look at the purchases system and the internal controls associated with
it. For, example, the purchase ordering controls and the risk associated with it, such as
ordering goods for personal use; the goods received note and invoicing controls and the
associated risks such as receiving goods from suppliers not at competitive prices. We will also
consider how the auditor or assurance provider, test the controls are in place and operating
efficiently and effectively.
You will be required to do the selective worked examples and interactive questions in the
(ICAEW, 2019) Assurance Study Manual and Question Bank to give you a more
comprehensive application of the topics covered in the course pages.
At this level of your degree, it is expected that in addition to the course pages and tutor
support provided, you must carry out academic research work to give a wider knowledge and
understanding of the subjects covered in these course pages.
We will also provide a number of activities for you to attempt, in order to test your
knowledge and understanding from case studies and short questions.
Discussion Question
The internal control system of a company is part of the auditor’s audit plan to test the
[2]
, controls for efficiency and effectiveness.
Carry out research work on the internal controls expected to be found for recording sales and
cash sales.
Once you have done your research, share your ideas with your peers in the Discussion
Forum.
Time allowed for this activity: 1 hour
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