Exam (elaborations)

Exam (elaborations) AUE2602 Assignment 4B (COMPLETE ANSWERS) Semester 1 2024 - DUE 9 May 2024 • Course • Corporate Governance in Accountancy (AUE2602) • Institution • University Of South Africa (Unisa) • Book • Auditing Notes for South African Students AU

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AUE2602

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University Of South Africa

Book
Auditing Notes for South African Students

Exam (elaborations) AUE2602 Assignment 4B (COMPLETE ANSWERS) Semester 1 2024 - DUE 9 May 2024 • Course • Corporate Governance in Accountancy (AUE2602) • Institution • University Of South Africa (Unisa) • Book • Auditing Notes for South African Students AUE2602 Assignment 4B (COM...

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Uploaded on May 9, 2024
Number of pages 7
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

aue2602

Book Title:Auditing Notes for South African Students

Author(s):Robert David Charles Jackson, Warwick John Stent

Edition:2007
ISBN:9780958416863
Edition:Unknown

Institution
University of South Africa
Module
AUE2602

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Exam
(elaborations)AUE260
2 Assignment 4B
(COMPLETE
ANSWERS) Semester
1 2024 - DUE 9 May
2024• Course•
Corporate
Governance in
Accountancy
(AUE2602)
[School]
[Course title]

, Exam (elaborations)
AUE2602 Assignment 4B (COMPLETE ANSWERS)
Semester 1 2024 - DUE 9 May 2024
 Course
 Corporate Governance in Accountancy (AUE2602)
 Institution
 University Of South Africa (Unisa)
 Book
 Auditing Notes for South African Students

AUE2602 Assignment 4B (COMPLETE ANSWERS) Semester 1 2024 -
DUE 9 May 2024 ;100% TRUSTED workings, explanations and soluti ons.
for assistance Whats-App.......0743275643...........

BubblyFizz (Pty) Ltd is a renowned soda drink manufacturing company
recognised for its premium fizzy beverages. As an auditor conducting an
inventory cycle audit, you have been tasked with evaluating the company’s
internal controls. During a discussion with management, the following
information came to your attention: i. Mrs Pepsi is responsible for receiving
completed goods at the company warehouse. She checks the slip received
from the production section, compares it with the number of crates entering
the warehouse and signs it. She then updates the inventory records on the
company’s accounting system, Cloves-Accounting, by signing in with her
unique password. ii. The warehouse has four entry points, therefore
entering and exiting the warehouse are quick processes. Staff responsible
for filling orders can manage their task quickly by entering through sliding
doors and selecting the crates that they need from the shelves. iii. These
staff members then manually write down which stock they have taken from
the shelves on a list kept in the warehouse. This list is then totaled at the
end of the week, and the Cloves-Accounting system is updated
accordingly. iv. The Cloves-Accounting system is not updated in real time
because staff has not been trained to use the system and prefer not to
engage with the system unless it is absolutely necessary. v. When staff do
need to access the system, they use Mrs Pepsi’s password to gain access
to and update the necessary records. vi. Inventory counts take place once
a year, just before the year-end audit. There are no established procedures
for reconciling physical inventory counts with the inventory records in the
system. vii. Staff in the production department complain about insufficient
documentation of raw materials. viii. The company lacks consistency in its

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