(1) The control environment:: is the overall attitude, awareness and actions of directors and management regarding the internal control system and its, importance in the entity.
(2) Risk assessment process: this is risk management in the entity which is a component of inherent, control and detection risks i.e. AR = IR X CR X DR
(3) Information system i.e. financial reporting which entails reporting of timely, accurate and complete information.
(4) Control procedures which are those policies and procedures in addition to the control environment which management has established to achieve the entity‘s specific objectives.
(5) Monitoring of controls: intend to see that I.C.S is operating as intended and whether any modifications are necessary e.g. supervision, evaluation etc.
Wilfykil answered the question on February 22, 2019 at 10:07
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In the context of the Companies Act (Cap. 486), state the rights of an auditor
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February 22, 2019
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February 22, 2019
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Date posted:
February 22, 2019
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February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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Outline the audit work you would undertake to obtain reasonable assurance that the following items appearing in the balance sheet of Ujuzi Ltd. are not...
(Solved)
Outline the audit work you would undertake to obtain reasonable assurance that the following items appearing in the balance sheet of Ujuzi Ltd. are not materially misstated:
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Date posted:
February 22, 2019
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Answers (1)
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(Solved)
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Date posted:
February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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(Solved)
List the main control features one would expect to find in the following activities related to the buying function in an organization:
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Date posted:
February 22, 2019
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Answers (1)
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Clearly outline the statutory responsibilities of an external auditor in relation to the audit of a company‘s financial statements
(Solved)
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Date posted:
February 22, 2019
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(Solved)
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Date posted:
February 22, 2019
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Identify five sections in which information technology can be used to enhance the administration procedures and controls over an audit
(Solved)
Identify five sections in which information technology can be used to enhance the administration procedures and controls over an audit
Date posted:
February 22, 2019
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Answers (1)
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Identify five audit benefits that could be derived from using Computer Assisted Audit Techniques (CAATs) when carrying out testing of computer records
(Solved)
Identify five audit benefits that could be derived from using Computer Assisted Audit Techniques (CAATs) when carrying out testing of computer records
Date posted:
February 22, 2019
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Answers (1)
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Briefly explain the types of audit opinion that would normally arise from a limitation in the scope of audit.
(Solved)
Briefly explain the types of audit opinion that would normally arise from a limitation in the scope of audit.
Date posted:
February 22, 2019
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Answers (1)
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Explain the factors that external auditors should consider in determining whether the financial statements of a limited company show a true and fair view
(Solved)
Explain the factors that external auditors should consider in determining whether the financial statements of a limited company show a true and fair view
Date posted:
February 22, 2019
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Answers (1)
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Auditors may be liable to shareholders and other parties who may have relied on the financial statements upon which the auditors have expressed an opinion....
(Solved)
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could be liable in the tort of negligence if they failed that duty.
Required:
(a) With reference to the external audit assignment, explain the meaning if the term ―duty of care
(b) Briefly explain the auditors‘ general responsibility. With regard to the prevention and detection of fraud and errors.
(c) State and briefly explain five possible measures that auditing firms should take in order to avoid legal actions for negligence against them.
Date posted:
February 22, 2019
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Answers (1)