Flashcards
AUE2602 Semester 2 Assessment 3 2023 Questions and Answers
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Which one of the following alternatives correctly describes some of the duties of the audit committee in terms of the Companies Act?
a.
The audit committee should nominate for appointment the internal auditor of a company. The audit committee should also determine the fees and terms of engagement for audit committee members.
b.
The audit committee should ensure that the appointment of the company secretary complies with the Companies Act and the Auditing Profession Act.
c.
The audit committee should determine the nature and extent of any non-audit services that the auditor may provide and pre-approve any agreement with the auditor for the provision of these services.
d.
The audit committee should prepare a report to be included in the financial statements which, inter alia, describes how the auditor performed its functions and states whether the audit committee was independent of the company.
Which one of the following alternatives correctly describes some of the duties of the audit committe...
The audit committee should determine the nature and extent of any non-audit services that the auditor may provide and pre-approve any agreement with the auditor for the provision of these services.
A company requires assistance with the program checks that will ensure compliance with the requirements below regarding the accuracy and completeness of the online input of sales invoice data
The following is a list of requirements for the company’s tax invoices:
1. Sales invoices should be issued only to clients with a valid account number
2. The minimum number of a specific item that may be purchased is one and the maximum number is 20
3. The percentage of VAT on the invoice should be 15%
4. Invoices should be issued in number sequences
Which ONE of the following alternatives is correct in matching the invoice requirements described in (1) to (4) with the correct programme check?
A company requires assistance with the program checks that will ensure compliance with the requireme...
1 Check digit
2 Range check
3 Limit check
4 Sequence check
Which ONE of the following control activities is an example of isolation of responsibility?
Select one:
a.
The order clerk in the sales department of a company should issue the internal sales order (ISO), the warehouse clerk should perform the picking of the goods on the order in the warehouse and the dispatch clerk should dispatch the goods for the delivery to the customer.
b.
The company’s production foreman should sign the schedule of overtime before he or she hands it to the wages clerk for it to be calculated and paid.
c.
An independent employee should regularly reconcile the debtor’s ledger with the debtors control account in the general ledger.
d.
Access to the inventory warehouse should be controlled by means of a turnstile gate and a security guard checking goods leaving the warehouse.
Which ONE of the following control activities is an example of isolation of responsibility?
Select ...
b.
The company’s production foreman should sign the schedule of overtime before he or she hands it to the wages clerk for it to be calculated and paid.
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