AUE2602EXAMPACK
ASPECTS OF INTERNAL CONTROLS AND CORPORATE GOVERNANCE-AUE2602
Contents
STUDY NOTES ........ ............................................................................................................. 3
HOW TO EARN MARKS ..... ................................................
May 2014 References ........................................................................................................ 33
Exam Paper ....................................................................................................................... 36
Nov 2013 Memo References ............................................................................................. 45
,Question papers are attached on separate sheets, and some
are also accessible on myunisa.
, STUDY NOTES
Introduction
Students often ask where internal control and controls in a computerized environment fit into the audit
process.
In terms of ISA 315 (par 5 and 6), auditors are required to perform risk assessment procedures. These
procedures are performed to obtain an understanding of the entity and its environment (including
internal control) sufficient to identify and assess risks of material misstatement, whether due to fraud
or error.
When the auditor identifies and assesses the risks of material misstatement, it should be done
at:
(i) the financial statement level;
AND
(ii) the assertion level for classes of transactions, account balances and disclosures.
This provides a basis for designing and performing further audit procedures.
ISA 315 (par 26) highlights the following for this purpose:
• identification of risks (through the process of obtaining an understanding of the entity
and its
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