Exam (elaborations)
AUI3702 ASSIGNMENT 2 SOLUTIONS 2023 SEMESTER 2
- Course
- Institution
AUI3702 ASSIGNMENT 2 SOLUTIONS 2023 SEMESTER 2
[Show more]
Seller
Follow
hiltontutorials
Reviews received
Content preview
AUI3702 ASSIGNMENT 2 SOLUTIONS 2022 SEMESTER 2QUESTION 1
Komes Ltd, a medium-sized retailer of solar lights, has implemented the following control
activities to mitigate the risks they face in the various business cycles:
a) To gain access to the warehouse, warehouse employees must place their thumb on a
biometric reader. If the thumbprint is authorised, the turnstile is activated to gain access to the
warehouse.
b) Inventory cycle counts are conducted on different sections of the warehouse at the end of
every month.
c) To process monthly payments to creditors by electronic funds transfer, both the financial
accountant and the financial director must enter their unique passwords before the payment
will be transferred.
d) The purchase application software will not produce a purchase order unless the order is made
out to a supplier on the approved supplier masterfile.
REQUIRED
Compile the risk that is mitigated by each of the above control activities (a-d). (6)
Solution
a) The risk that unauthorised personnel might have access to the warehouse
b) The risk that theft of inventory might go undetected
c) The risk that unauthorised personnel other than the financial accountant and the
financial director might process monthly payments to creditors by electronic funds transfer
d) The risk that orders might be processed for unapproved suppliers
QUESTION 2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller hiltontutorials. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.59. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62555 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now