Exam (elaborations)
AUE2602 Assignment 4A Semester 1 2024 - DUE 9 May 2024
- Course
- Institution
AUE2602 Assignment 4A Semester 1 2024 - DUE 9 May 2024 QUESTIONS AND ANSWERS
[Show more]
Seller
Follow
jpapaya
Reviews received
Content preview
AUE2602 ASSIGNMENT4A SEMESTER 1 2024 -
DUE 9 MAY 2024
[Company address]
, AUE2602 Assignment 4A Semester 1 2024 - DUE 9 May
2024
ShoeCraft (Pty) Ltd is a reputable shoe manufacturing company known for its
high-quality footwear. As an auditor conducting an inventory cycle audit, you
have been tasked with evaluating ShoeCraft's internal controls. During your
review, you note the following:
1. Mrs Nike is responsible for receiving completed goods at the companys
warehouse. She checks the slip received from the production section,
compares it with the number of boxes entering the warehouse and signs it. She
then updates the inventory records on the company’s accounting system,
Thyme-Accounting, by signing in with her unique password.
2. The warehouse has four entry points, therefore entering and exiting the
warehouse are quick processes.
3. Staff responsible for filling orders can manage their task quickly by
entering through sliding doors and selecting the boxes that they need from the
shelves.
4. These staff members then manually write down which stock they have
taken from the selves on a list kept in the warehouse.
5. This list is then totaled at the end of the week and the Thyme-Accounting
system is updated accordingly.
6. The Thyme-Accounting system is not updated in real timebecause staff has
not been trained to use the system, and prefer not to engage with the system
unless it is absolutely necessary.
7. When staff do need to access the system, they use Mrs Nike’s password to
gain access to and update the necessary records.
8. Inventory counts take place once a year, just before the year-end audit.
9. There are no established procedures for reconciling physical inventory
counts with the inventory records in the system.
10. The company lacks consistency in its inventory valuation methods. This is
due to a disagreement between two of its diretors, Miss Adidas and Mr Puma.
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 jpapaya. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.11. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now