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AUI3702 ASSIGNMENT 3 SOLUTIONS 2021 SEMESTER 1 AND 2
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AUI3702 ASSIGNMENT 3 SOLUTIONS 2021 SEMESTER 1 AND 2
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AUI3702 ASSIGNMENT 3 SOLUTIONS 2021 SEMESTER 1 AND 2QUESTION 1
QUESTION (26 marks)
You are an internal auditor employed by Airwolf Limited. The core business of Airwolf
Limited is the manufacturing and repairing of fighter aircraft, small passenger planes and
helicopters. The company’s clients are the South African Air Force and other small airline
companies. Past poor economic conditions have had a very negative impact on the sales of
aircraft and helicopters. This has forced Airwolf Limited to drastically decrease the prices of
their aircraft. The rationalisation of the South African Air Force has also negatively impacted
the industry. The repairs of all aircraft and helicopters, however, remain very profitable. One
of the most important processes related to the repairs of the aircraft, is the procurement of the
right spares at the right quantity, price and quality at the right time.
You are busy planning the audit engagement of the acquisition and expenditure business
process/cycle and have already completed a walk-through test to obtain an understanding of
the processes. You documented the acquisition of spares as follows:
Acquisition system – spares
Approximately 70% of the spares are imported from the United States of America
(USA) and Germany and the rest from local suppliers.
The computer provides a daily printout of all inventory items that have dropped
below the minimum inventory levels.
The chief store manager, Mr Nkosinathi, issues requisitions for the items that
appear on the above printout. These pre-numbered requisitions are then sent
through to the purchase department where the chief buyer, Ms Tuge, approves
each requisition and completes an order for each. The order gets the same number
as the requisition.
Goods that are imported from Germany sometimes take as long as 90 days from
the order date to arrive at Airwolf Limited. To save time, Mr Nkosinathi
sometimes authorises the requisitions himself and issues order forms for spares
that are imported from Germany.
Contracts, which are negotiated at the beginning of the year, exist for all spares
imported.
, Local spares are purchased from the supplier identified as being the cheapest at the
beginning of the year. For the next two years, orders will then be placed with this
supplier.
As soon as the spares are received, Mr Nkosinathi compares them against the order
to ensure that the correct quantities and items have been delivered. If he is
satisfied, he issues a goods received note (GRN) for the items and signs it. The
inventory items are then locked up in a receiving store and the inventory records
are updated.
If certain spares must be returned to the supplier, Mr Nkosinathi notes this in his
diary only.
As soon as the supplier’s invoice is received, Miss Putter, the creditor’s clerk,
compares the invoice to the order form and the GRN to ensure that the invoice is
correct regarding quantity, type, price and calculations. She initials the invoice if
she is satisfied. She then files it in alphabetical order, together with the relevant
order and GRN.
Miss Putter also maintains a list of goods received for which no invoice has been
received yet. She phones the suppliers weekly to enquire about the outstanding
invoices.
It is Miss Putter’s duty to maintain the purchasing journal, creditor’s ledger, and
creditor’s control accounts. At the end of every day she updates the purchasing
journal with the invoices received for the day.
As soon as she receives the creditor’s statements from the suppliers at the end of
the month, she compares the statements with the individual creditors’ accounts. If
she is satisfied that they are correct, she prepares an electronic fund transfer (EFT)
requisition for each statement and sends them, together with all the accompanying
documents, to Mr Johannes, one of the accountants.
Mr Johannes then goes through all the supporting documentation and approves the
EFT requisitions and captures the EFT payments on the banking system. Mr
Johannes and Mr Osman, the chief accountant, provide the final approval of EFT
payments on the banking system by each entering a password. The authorised EFT
requisitions are then sent back to Ms Putter who files it at the end of the week.
It is Mr Johannes’s duty to supervise the acquisition system and to ensure that it
functions as described.
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