Exam (elaborations)
AUI2601 - Internal Auditing: Theory and Principles
- Institution
- University Of South Africa (Unisa)
EXAM ANSWERS FOR THE 2020 S2 EXAMINATION AND FORMAT OF WHAT TO EXPECT IN THE EXAM
[Show more]
Seller
Follow
Content preview
Internal Auditing: Theory & Principles – AUI2601Oct/Nov 2020 | Semester 2
21 October 2020
Megan Geweld
Student number: 41211510
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Question 1
1.1 C
1.2 B
1.3 D
1.4 C
1.5 D
1.6 B
1.7 C
1.8 D
1.9 A
1.10 B
Question 2
2.1 These are the steps to be followed in planning process:
Obtain background information of audit area.
Identify the engagement objectives to be achieved.
Consider the audit risk.
Determine the allocation of the engagement resources.
Compile the detailed engagement programme for the audit.
2.2 Controls:
(1) Directive
(2) Preventative
(3) Detective
(4) Preventative
(5) Preventative
(6) Preventative
, 2.3
Control
number Audit Procedure(a) Audit Evidence (b)
Observe the process or procedure
1 being followed to record payments Occurrence of the transactions
Inspect a copy of the previous bank Existence of reconciliations
reconciliation and confirm whether performed by the Accountant also
2 same is signed by the supervisor. signed off by the Supervisor.
Arrange to observe an instance
where wages are being payed out Evidence of whether employees
to see if the employees do provide are providing proof of
identification and sign identification and wage
acknowledgement of receipt of acknowledgement receipt in the
3 wage in the Payroll register. payroll register.
The Auditor gathers evidence of
Inspect a sample of a signed whether or not exception reports
4 exception report. are being reviewed as stipulated.
Inspect a sample of Cheque Auditer ascertains whether the
signatories and confirm if it is cheque signatories are stamped or
crossed or cancelled it being used crossed to avoid the possibility of
5 for payment again. duplicate or double payments.
Observe when employees are
entering the place of work that they Auditer gather evidence that
are in fact accessing the workplace around the existence and
by scanning finger at the biometric effectiveness of the control in
6 scanner. question.
2.4 The purpose of audit working papers are as follows:
They aid planning performance and review of engagements
Provide the principle support for engagement results.
Support the accuracy and completeness of the work performed
Question 3
3.1
Attribute standard – Standards that address the characteristics of organisations and parties performing internal audit
activities
Here are the examples of such standards
Nature of the work
Engagement planning
Performing the engagement
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller megangeweld. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R99,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
50064 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now