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Exam (elaborations) AUE1501 - Introduction To Auditing (AUE1501) Past Exam Papers and Solutions from NOV2017-NOV2020 R99,00   Add to cart

Exam (elaborations)

Exam (elaborations) AUE1501 - Introduction To Auditing (AUE1501) Past Exam Papers and Solutions from NOV2017-NOV2020

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Exam (elaborations) AUE1501 - Introduction To Auditing (AUE1501)

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  • June 8, 2021
  • 29
  • 2020/2021
  • Exam (elaborations)
  • Questions & answers
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EXAMINATION PACK
AUE1501
PAST EXAM PAPERS & SOLUTIONS
Nov 2017-Nov 2020




AUE1501 www.tutorialscampus.co.za +27 (71) 224 5255

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AUE1501
October/November 2017

Questions Answers

1 C. State owned company
2 A. Sole proprietorship
3 C. Control Activity
4 D. Establish
5 D. both must be independent
6 B. Objectivity
PRINCIPLES
Internal auditors are expected to apply and uphold the following principles:
Integrity
The integrity of internal auditors establishes trust and thus provides the basis for
reliance on their judgment.
Objectivity
Internal auditors exhibit the highest level of professional objectivity in gathering, evaluating
and communicating information about the activity or process being
examined. Internal auditors make a balanced assessment of all the relevant in forming
judgments.
Confidentiality
Internal auditors respect the value and ownership of information they receive and
do not disclose information without appropriate authority unless there is a legal
or professional obligation to do so.
Competency
Internal auditors apply the knowledge, skills and experience needed in the performance of
internal audit services.

RULES OF CONDUCT

Integrity

Internal auditors
 Shall perform their work with honesty, diligence, and responsibility.
 Shall observe the law and make disclosures expected by the law and the profession.
 Shall not knowingly be a party to any illegal activity, or engage in acts that
are discreditable to the profession of internal auditing or to the organization.
 Shall respect and contribute to the legitimate and ethical objectives of the
organization.


AUE1501 www.tutorialscampus.co.za +27 (71) 224 5255

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Objectivity

Internal auditors

 Shall not participate in any activity or relationship that may impair or be presumed
to impair their unbiased assessment. This participation includes the organisation.
 Shall not accept anything that may impair or be presumed to impair their
professional judgment.
 Shall disclose all material facts known to them that, if not disclosed, may distort
the reporting of activities under review.


Confidentiality

Internal auditors

 Shall be prudent in the use and protection of information acquired in the course
of their duties.
 Shall not use information for any personal gain or in any manner that would
be contrary to the law or detrimental to the legitimate and ethical objectives
of the organisation.

7 A. Cut-off

Assertions
Assertions about classes of transactions and events and related disclosures

 Occurrence – transactions about events that have been recorded or disclosed, have
occurred, and such transactions and events pertain to the entity.
 Completeness – all transactions and events that should have been recorded have
been
recorded, and all related disclosures which should have been included in the
financial
statements, have been included.
 Accuracy – amounts and other data relating to recorded transactions and events
have
been recorded appropriately, and related disclosures have been appropriately
measured and described.
 Cut-off– transactions and events have been recorded in the correct accounting
period.
 Classification – transactions and events have been recorded in the proper accounts.
 Presentation– transactions and events are appropriately aggregated or
disaggregated
and clearly described, and related disclosures are relevant and understandable in the
context of the requirements of the applicable financial reporting framework.
8 D.Accuracy
9 B. Materiality risk

Control risk is the risk that a misstatement that could occur in an account balance or class
of transactions that could be material, either individually or when aggregated with

AUE1501 www.tutorialscampus.co.za +27 (71) 224 5255

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