• False charges from suppliers.
• Submission of false invoices
• Re-presentation of supporting documents.
• If the employee who draws the cheques is also responsible for the dispatch of the cheques
to the payees altering names and amounts can be an easy exercise to carry out.
• Not using suppliers' statements with caution.
Kavungya answered the question on May 14, 2019 at 13:18
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List the circumstances that indicate the presence of errors, irregularities and frauds in an entity
(Solved)
List the circumstances that indicate the presence of errors, irregularities and frauds in an entity
Date posted:
May 14, 2019
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Answers (1)
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Propose three ways in which a company might prevent or minimise accounting errors.
(Solved)
Propose three ways in which a company might prevent or minimise accounting errors.
Date posted:
May 14, 2019
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Answers (1)
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a) Explain the potential errors that could occur in the processing of sales transactions.
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(Solved)
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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)
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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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(Solved)
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)
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.
Date posted:
May 14, 2019
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Answers (1)
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Highlight seven limitations of an internal control system in an organisation.
(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
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(Solved)
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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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State five controls of fixed assets in an organisation.
(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)
Explain how the external auditor reduces audit time by relying on the work of the client's internal
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Date posted:
May 14, 2019
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Answers (1)
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(Solved)
Explain three reasons that could lead to the failure of an audit planning process.
Date posted:
May 14, 2019
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Answers (1)
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Summarize six advantages of the business risk approach in auditing.
(Solved)
Summarize six advantages of the business risk approach in auditing.
Date posted:
May 14, 2019
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Answers (1)