- Employing qualified staff in technical areas.
- Regular training of staff
- Surprise checks or automatic checks on items prone to errors such as cash and routine
balancing of entries.
- Automatic transfers and rotation of duties which is supposed to 'cut continuity off any
error perpetrated.
- Closer supervision over staff managing sensitive jobs..
- Periodic reviews by the management on a surprise basis.
- Use of mechanised accounting systems- in particular in those areas prone to frauds and
- Regular reconciliation
- Giving compulsory leave errors.
Kavungya answered the question on May 14, 2019 at 13:15
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a) Explain the potential errors that could occur in the processing of sales transactions.
b) Highlight four preventive measures that could be put in place for...
(Solved)
a) Explain the potential errors that could occur in the processing of sales transactions.
b) Highlight four preventive measures that could be put in place for the areas you have
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c) Identify three examples of discrepancies in the accounting records that could indicate
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Date posted:
May 14, 2019
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Answers (1)
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The opening statement of ISA 315 paragraph 64 notes that "internal control no matter how well
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(Solved)
The opening statement of ISA 315 paragraph 64 notes that "internal control no matter how well
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Date posted:
May 14, 2019
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Answers (1)
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The risk of fraud in the sales systems of XYZ Ltd. has been assessed as higher than normal.
Briefly describe how the assessment would influence your...
(Solved)
The risk of fraud in the sales systems of XYZ Ltd. has been assessed as higher than normal.
Briefly describe how the assessment would influence your work as an external auditor of XYZ
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Date posted:
May 14, 2019
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Describe the audit procedures you would carry out when auditing a charity organisations:
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Describe the audit procedures you would carry out when auditing a charity organisations:
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Date posted:
May 14, 2019
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The auditor has a duty to certify the amount of stock in the financial statement.
Outline the auditor's duties before stocktaking in a manufacturing enterprise.
(Solved)
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Date posted:
May 14, 2019
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Answers (1)
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(Solved)
Highlight seven limitations of an internal control system in an organisation.
Date posted:
May 14, 2019
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Answers (1)
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a) Explain the effectiveness of the following controls in preventing fraud in an organisation
i. Segregation of duties.
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b) Outline a suitable internal control system...
(Solved)
a) Explain the effectiveness of the following controls in preventing fraud in an organisation
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b) Outline a suitable internal control system for wage payments
Date posted:
May 14, 2019
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Answers (1)
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Summarise four measures that a company could put in place for safeguarding its cash
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(Solved)
Summarise four measures that a company could put in place for safeguarding its cash
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Date posted:
May 14, 2019
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Answers (1)
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(Solved)
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Date posted:
May 14, 2019
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Answers (1)
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Describe three cut-off procedures the auditor would perform on inventory at the period end.
Assume that inventory is a material amount in the financial statements.
(Solved)
Describe three cut-off procedures the auditor would perform on inventory at the period end.
Assume that inventory is a material amount in the financial statements.
Date posted:
May 14, 2019
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Answers (1)
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For each of the following assets, suggest seven internal control procedures that the owner of a
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(Solved)
For each of the following assets, suggest seven internal control procedures that the owner of a
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Date posted:
May 14, 2019
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Answers (1)
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Explain four characteristics of a small entity that make it difficult for the auditor to rely on the
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(Solved)
Explain four characteristics of a small entity that make it difficult for the auditor to rely on the
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Date posted:
May 14, 2019
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Answers (1)
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a) Outline six matters that should be checked while vouching a sales invoice.
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(Solved)
a) Outline six matters that should be checked while vouching a sales invoice.
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Date posted:
May 14, 2019
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Answers (1)
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a) Explain the matters that an auditor should consider during the planning stage °Ian audit
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b) Define the following audit risks:
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(Solved)
a) Explain the matters that an auditor should consider during the planning stage °Ian audit
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b) Define the following audit risks:
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Date posted:
May 14, 2019
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Answers (1)
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Outline four challenges that an audit firm might face in planning an audit.
(Solved)
Outline four challenges that an audit firm might face in planning an audit.
Date posted:
May 14, 2019
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Answers (1)
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Explain how the external auditor reduces audit time by relying on the work of the client's internal
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(Solved)
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Date posted:
May 14, 2019
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Answers (1)
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Date posted:
May 14, 2019
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Answers (1)
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(Solved)
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Date posted:
May 14, 2019
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Answers (1)
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Explain the importance of audit planning.
(Solved)
Explain the importance of audit planning.
Date posted:
May 14, 2019
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Answers (1)
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Describe eight benefits of audit documentation.
(Solved)
Describe eight benefits of audit documentation.
Date posted:
May 14, 2019
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Answers (1)