Exam (elaborations)
AUE2601 Assignment 4 Semester 2 2024
- Course
- Institution
The document contains Assignment question Together with answers Distinction Guaranteed 100% multiple Attempts done Whtsapp
[Show more]
2 reviews
By: delightmametja96 • 2 months ago
By: lekobamokgohloa • 7 months ago
Seller
Follow
ExpertAcademy
Reviews received
Content preview
5/15/24, 3:31 PM AUE2601-24-S1: Assessment 4 Dashboard Calendar
Dashboard / My courses / AUE2601-24-S1 / Welcome Message / Assessment 4
Assessment 4
592975
Attempts allowed: 2
This quiz opened at Wednesday, 15 May 2024, 8:00 AM
This quiz will close on Thursday, 16 May 2024, 11:00 PM.
To continue with this quiz attempt you must open your webcam, and it will take some of your pictures randomly during the quiz.
Time limit: 1 hour
Grading method: Highest grade
Summary of your previous attempts
Attempt State Grade / 30.00 Review
1 Finished 29.75 Not permitted
Submitted Wednesday, 15 May 2024, 2:57 PM
2 Finished 27.50
Submitted Wednesday, 15 May 2024, 3:31 PM
Your final grade for this quiz is 2 .75/30.00.
No more attempts are allowed
Back to the course
Jump to...
You are logged in as BUSISIWE MHLAMBISO (Log out)
AUE2601-24-S1
Data retention summary
https://cas.myexams.unisa.ac.za/mod/quiz/view.php?id=70782 1/2
,5/15/24, 2:36 PM Assessment 4 (page 1 of 10)
Dashboard Calendar
Dashboard / My courses / AUE2601-24-S1 / Welcome Message / Assessment 4
Question 1
Not yet answered
Marked out of 1.50
Which of the following statements are true regarding the system of internal control in less complex entities?
Note: There could be more than one correct answer. Select all correct options.
a. As part of the control environment in a less complex entity, management and the lower-level employees may be working
closely together so employees will frequently be exposed to how managers behave and conduct themselves.
b. Implementing control activities can be expensive and smaller entities may not have the necessary resources to put in more
effective but costly security controls.
c. The information system and related controls in the smaller entity are more likely to have a simple accounting system under the
charge of the accountant.
d. Risk committees, risk officers and formal risk assessments will form part of the risk assessment process.
Time left 0:45:12
https://cas.myexams.unisa.ac.za/mod/quiz/attempt.php?attempt=204196&cmid=70782 1/2
,5/15/24, 2:36 PM Assessment 4 (page 1 of 10)
Question 2
Not yet answered
Marked out of 1.50
Dashboard Calendar
Determining materiality involves the exercise of professional judgement. A percentage is often applied to a chosen benchmark as a
Dashboard / My courses / AUE2601-24-S1 / Welcome Message / Assessment 4
starting point in determining the materiality of the financial statements as a whole.
Which of the following factors affect the identification of the appropriate benchmark on which to calculate materiality?
1. The elements of the financial statements.
2. The relative volatility of the currency in which the entity’s financial statements are presented.
3. Whether there are items on which the attention of the users of the entity’s financial statements tend to be focused.
4. The entity’s ownership structure and the way it is financed.
Select the correct option
a.
2 and 3
b. 2, 3 and 4
c.
1, 3 and 4
d. 1, 2 and 3
Clear my choice
Jump to...
https://cas.myexams.unisa.ac.za/mod/quiz/attempt.php?attempt=204196&cmid=70782 2/2
, 5/15/24, 2:38 PM Assessment 4 (page 2 of 10)
Dashboard Calendar
Dashboard / My courses / AUE2601-24-S1 / Welcome Message / Assessment 4
Question 3
Not yet answered
Marked out of 1.50
The inventory balance in the financial statements is reflected as R2 800 000. The audit evidence obtained by the auditor indicates the
balance should be R2 300 000. The materiality calculated by the auditor for the audit of the financial statements is R250 000.
Which of the following statements is correct?
a. The misstatement of the inventory balance is clearly trivial and can be ignored by the auditor
b. The inventory balance is misstated in the financial statements and the misstatement amounts to R500 000
c. The inventory balance is accurately presented in the financial statements
d. The inventory balance is misstated in the financial statements and the misstatement amounts to R250 000
Clear my choice Time left 0:43:11
Question 4
Not yet answered
Marked out of 1.50
Which one of the following is not an inherent limitation of an audit?
a. The timeliness of financial reporting and the balance between benefit and cost
b. Audit evidence is usually persuasive, rather than conclusive
c. The audit fee may not cover the time spent on the audit and the work done to be able to obtain complete assurance
d. The nature of audit procedures
Clear my choice
Jump to...
https://cas.myexams.unisa.ac.za/mod/quiz/attempt.php?attempt=204196&cmid=70782&page=1 1/2
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 ExpertAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.72. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53068 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now