Exam (elaborations)
AUI3702 Assignment 2 (ESSAY TYPE) Semester 1 2025 - DUE 7 April 2025
AUI3702 Assignment 2 (ESSAY TYPE) Semester 1 2025 - DUE 7 April 2025
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[TYPE THE COMPANY NAME]AUI3702
Assignment 2
(COMPLETE
ANSWERS) Semester
1 2025 - DUE 7 April
2025
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[Type the abstract of the document here. The abstract is typically a short summary of the contents of
the document. Type the abstract of the document here. The abstract is typically a short summary of
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, Exam (elaborations)
AUI3702 Assignment 2 (ESSAY TYPE)
Semester 1 2025 - DUE 7 April 2025
Course
The Internal Audit Process: Test of Controls (AUI3702)
Institution
University Of South Africa
Book
Internal Control Audit and Compliance
The Internal Audit Process: Test of Controls - AUI3702 Assignment 2 (100%
COMPLETE ESSAY TYPE ANSWERS) Semester 1 2025 (218925) - DUE 7 April
2025 ;100 % TRUSTED workings, Expert Solved, Explanations and
Solutions.....
QUESTION MARKS The chief audit executive (CAE) decided that, while you
are busy assisting the procurement department, you may as well perform
the assurance audit of the procurement function originally scheduled for
later in the year. After identifying the risks, you have compiled the following
audit objectives to include in your audit programme. I Validity: To determine
that only valid purchases are recorded. II Completeness: To determine that
all the goods received from suppliers are recorded as purchases in the
purchase journal. III Valuation: To determine that the liability in respect of
credit purchases is recorded at the correct value. AUI3702/1/2025 IV Cut-off:
To determine that purchases accounted for in the current period relate only
to goods received in the current period. REQUIRED MARKS 1.1 List six (6)
planning steps you would need to undertake to properly plan the internal
audit of the procurement cycle.
Understand the Procurement Process: Gain a comprehensive understanding of the
procurement function, including the policies, procedures, and key controls in place. This
involves reviewing relevant documentation and talking to procurement staff.
Identify and Assess Risks: Identify the key risks associated with the procurement process,
such as fraud, errors in recording transactions, non-compliance with regulations, and inaccurate
financial reporting. Assess the impact and likelihood of these risks to prioritize audit focus areas.
Set Audit Objectives and Scope: Based on the risks identified, define clear audit objectives
(e.g., validity, completeness, valuation, and cut-off). Determine the scope of the audit, including
, which areas of the procurement function will be reviewed (e.g., purchase orders, goods receipts,
invoice processing).
Develop an Audit Programme: Create a detailed audit programme outlining specific audit
procedures to achieve the defined objectives. This includes designing tests to verify the accuracy
of records, completeness of transactions, and compliance with internal policies.
Allocate Resources and Define the Audit Team: Determine the resources needed to complete
the audit (e.g., time, personnel, expertise). Allocate roles and responsibilities within the audit
team, ensuring that auditors have the necessary knowledge and skills to assess the procurement
cycle.
Establish a Timeline and Milestones: Develop a timeline for the audit, outlining key
milestones such as fieldwork, testing, and reporting. Set deadlines for each stage of the audit to
ensure that the audit is completed efficiently and on schedule.
1. Understand the Procurement Process and Risks
Review Policies and Procedures: Examine the organization's procurement policies,
approval limits, and vendor selection processes.
Identify Key Risks: Assess risks such as unauthorized purchases, duplicate payments,
fraud, or supplier favoritism.
Examine Past Audit Reports: Look at previous audit findings to identify recurring
issues or areas needing improvement.
2. Define Audit Scope and Objectives
Determine the Scope: Specify which aspects of procurement will be audited (e.g.,
purchase orders, supplier payments, contract compliance).
Align with Organizational Needs: Ensure the audit covers critical areas such as policy
compliance, efficiency, and risk mitigation.
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