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AUE2602 ASSIGNMENT 6 2024
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AUE2602 ASSIGNMENT 6 2024
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1. UNISA2. 2024
3. UE2602-24-S1
4. Welcome Message
5. Assessment 6
QUIZ
Assessment 6
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Question 1
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You obtain the following payroll information from the payroll manager regarding the payment of petrol attendants. Fuel attendants
are paid on a monthly basis by means of an electronic funds transfer (EFT) for the standard hours and overtime hours worked in the
previous month. The overtime report is run by Mrs Thabane, the payroll administrator, and sent to the service station manager for
authorisation if overtime hours exceed 25% of standard hours. Mr Ram, the payroll manager, analyses the payroll of each service
station on a monthly basis and prepares a variance report for the finance manager, Ms Nkosi.
Which one of the following controls should be implemented to ensure the proper approval of the payroll payment by EFT?
Select one:
a. Mr Ram reviews, amends and then uploads the payroll file on the system for authorisation. Once he is satisfied that it is
reasonable, he authorises the payment.
b. Mrs Thabane prepares the payroll file and uploads it on the system which releases a message for Mr Ram to authorise the
payment.
c. Mr Ram and Ms Nkosi review the payroll file for any amendments, Mr Ram then uploads the file for authorisation, and Ms Nkosi
authorises the payment.
d. Ms Nkosi receives the payroll file along with the supporting documentation. Once she is satisfied with the payroll, she uploads
the payroll file and authorises the payment.
Clear my choice
,Question 3
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All sales are made on credit. The following control takes place in a company’s warehousing function:
Picker to initial the picking slip for each item picked and identify on the picking slip items that cannot be supplied.
Which one of the following risks will be mitigated best by the above-mentioned control?
Select one:
a. Theft may be facilitated by uncontrolled despatch.
b. Inaccurate and incomplete delivery notes may be made out.
c. Warehouse clerk having to check goods picked to picking slip.
d. Valid picking slip may not be acted upon.
Clear my choice
Question 4
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Starlight Wholesalers Ltd is a manufacturer of branded sneakers for retail stores. The audit senior has requested that you attend the
year-end inventory count.
At the year-end inventory count you observe that the warehouse controller accepts the number of items counted and amends the
perpetual inventory records based on the count sheets to reflect the items on hand at the end of the count.
Which one of the following alternatives describes the main risk that exists as a result of the above-mentioned actions of the
warehouse controller’s conduct during the inventory count?
Select one:
a. Transfers are recorded that did not take place.
b. Inventory shortages, including theft, are concealed.
c. There is unauthorised requisitioning of materials.
d. There could be misplacement of inventory items.
Clear my choice
,Question 17
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Puma service station makes electronic funds transfers to pay their suppliers. The following is a procedure in the system description of
supplier payments.
Ms Nkosi, the finance manager, performs a review of the supplier statement reconciliations and ensures that valid reasons and supporting
documentation are provided for all reconciling items.
Which one of the following alternatives best describes the control objective(s) achieved by the above-mentioned procedure?
Select one:
a. occurrence and accuracy of payments
b. classification of payments
c. cut-off of payments
d. accuracy and completeness of payments
Clear my choice
Question 18
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In order for a non-executive director to be classified as independent he/she must satisfy a number of requirements.
Which ONE of the following is an applicable requirement?
Select one:
a. He/she was the senior external audit manager during the audit performed for the last financial year.
b. At no stage should he/she have been the CEO of the company.
c. He/she is a significant professional advisor to the company.
d. He/she must not receive remuneration that is based on the company’s profits for the financial year.
Clear my choice
, Question 1
Complete
Mark 2.00 out of 2.00
The chair of the governing body should be ...
Select one:
a. an independent non-executive director
b. the CEO of the company, or an independent non-executive director who reports to the CEO.
c. the CEO of the company.
d. a previously disadvantaged person.
Question 2
Complete
Mark 2.00 out of 2.00
Which ONE of the following control activities is an example of isolation of responsibility?
Select one:
a. The order clerk in the sales department of a company should issue the internal sales order (ISO), the warehouse clerk should perform
the picking of the goods on the order in the warehouse and the dispatch clerk should dispatch the goods for the delivery to the
customer.
b. The company’s production foreman should sign the schedule of overtime before he or she hands it to the wages clerk for it to be
calculated and paid.
c. An independent employee should regularly reconcile the debtor’s ledger with the debtors control account in the general ledger.
d. Access to the inventory warehouse should be controlled by means of a turnstile gate and a security guard checking goods leaving the
warehouse.
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