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The Internal Audit Process: Test of Controls(AUI3702 Exam pack 2024)
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  • Course
  • AUI3702
  • Institution
  • University Of South Africa (Unisa)

The Internal Audit Process: Test of Controls(AUI3702 Exam pack 2024) Questions and 100% accurate answers with assurance that they are in the exam.

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  • November 8, 2023
  • 145
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • aui3702

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  • University of South Africa (Unisa)
  • AUI3702
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AUI3702 EXAM PACK
2023

QUESTIONS AND
ANSWERS
For assistance contact
Email:gabrielmusyoka940@gmail.com

,MAY/JUNE i2014


QUESTION i1
i MULTIPLE
CHOICE1-D
i i



2-A
3-A
4-C
5-D
6-D
7-D
8-B
9-C
10-B


QUESTION i2
2.1.
Weaknesses Controls
Overtime ihours iare inot iapproved iby Having ito iwork iovertime ishould ibe
isection ihead iof isupervisorsiand iapproved iby ithe isection ihead ior ithe

iemployees iwork iovertime ias ithe ifeel. isupervisors




The isecurity ipersonal iwho imans ithe Security ipersonnel ishould ibe ipresent iat
ientrance iis ionly iin iplace iduring ibusy iall itimes ito iensure ithat iemployeesiclocks

iperiods. ionly ionce iwith ithe iclock icard




There iis ino isegregation iof iduties ias There ishould ibe isegregation ion iduties iin
iApple iSmith inow ialmost ieverything iin ithe irespect ito iduties icarried iout iby iapple

idepartment smith iprobably ia isenior ipersonnel iwho
ireviews ithe iduties icarried iout iby ihim

The iclock icards iare inot imade iin iterms iof The ipersonnel idepartment ishould
iauthorized iemployee ilist iprepare ithe iclock icards iin iterms iof ithe

authorized iemployee ilist
No isegregation iof iduties Apple ismith ishould inot iperform iall ithe
iduties, ithere ishould ibe isegregation iof

iduties iin irespect ito iduties iperformed iby

apple ismith
There iare ino iindependentireconciliations Independent ireviews iand ichecks ion ithe
iand ireviews ion ithe iwork iperformed i by iwork iperformed iby iapple ismith ishould ibe

apple ismith iand ithere iare ionly irandom carried iout iregularly iand inot ion irandom

2
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,checks basis
Granny itree icashes ithe icheque, iprepares Segregation iof iduties iis imore iessential iat
ithe ipay ipackets iand iupdates ithe ithis i level ias ifraud ican ibe ifacilitated iby

iaccounting irecords ihaving ione iperson iperforming iall

functions
Employees iare inot irequired ito ipresent Employees iare irequired ito ipresent itheir
itheir iidentification iwhen icollecting itheir iidentificationiwhen icollecting itheir

payment payment
The itwo isenior ipersonnel iwho ihave The itwo isenior ipersonnel ishould ihave
iconducted ithe ipayment ihave inot ireconcile ithe iunclaimed iwages iwith ithe

reconciled ithe iunclaimed iwages iwith ithe ri egister
iregister




Question i3
3.1 iExplain istep iby istep ihow iyou iwould iselect ia isample
Establish ithe iobjectives iof ithe isampling iplan
i



-define ithe iextent iand icompositioniof ithe ipopulation
-select ia isampling imethod
-determine ithe isample isize ito ibe itaken
-evaluate iand ireport iresults


Calculate isample isize


Sample isize i= itotal ivalue iof ipopulation
J,Factor
= i500 i000
10869,6 i= i46.10
Calculationiof iJ iFactor
= iprecision
Reliabilityifactor
i



=(0,05 ix i500 i000)
2.3
=10869,6


Sample iinterval i= itotal ivalue iof iPP
Sample isize
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, 500 i000
46,10
=10845,99


Ratio ianalysis iwill ibe iused iby ian iauditor iwhen iperformingianalytical
iprocedures.During
i ithe iperformance istage ian iauditor iwhen iauditing

itransactions iand iaccount ibalances, ifor idifferent iclasses iof itransactions



NB iAnalytical iprocedures iare iclassified ias isubstantive iprocedures.


Calculate ithe ifollowing iratios
36.1 iInventory iturnover irate i/ratio i= icost isales
Average iinvent
=21 i000/1100 i000 i+ i100000 i= i20
There iis ia iremarkable iimprovement


36.3. iGross iprofit iRatio
2014
i



Gross iprofit
Sale iX i100
i



=28 i000 i000 i– i21 i000 i000 ix i100
28 i000 i000
=25%


2013
25 i500 i000 i– i18700 i000 iX100
25 i500 i000
=26,67%
The igross iprofit ipercentage ideteriorated iduring ithe icurrent iyear ithis iis iattributable ito
ia idecline iin isales iin irelation ito iincrease iin icost i of isales.




Q37 iThe ishort icomings ion ithe iworking iPaper

4
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