• The company should employ an internal check system which means the work of one
clerk is checked by another more senior.
• Awarding employees reasonable salaries commensurate with their qualifications and
experience which wit raise their morale at work.
• Employ qualified staff.
• The company should institute an internal audit department.
• Encouraging staff to take their annual leave periodically so that their performance can be
assessed.
• Encourage staff transfer and rotation of duties at a surprise moment to minimise errors.
• The management should use periodic reviews of what has taken place in anyone given
area.
• Use of computers to minimise errors.
Kavungya answered the question on May 14, 2019 at 13:19
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Highlight four types of fraud that could occur in an accounting and internal control system over
purchases and payable
(Solved)
Highlight four types of fraud that could occur in an accounting and internal control system over
purchases and payable
Date posted:
May 14, 2019
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Answers (1)
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List the circumstances that indicate the presence of errors, irregularities and frauds in an entity
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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.
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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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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With reference to above-statement, briefly explain the limitations inherent in an internal control
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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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Answers (1)
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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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Answers (1)
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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.
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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)
a) Explain the effectiveness of the following controls in preventing fraud in an organisation
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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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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)
State five controls of fixed assets in an organisation.
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
of a continuing client.
b) Define the following audit risks:
i. Inherent risk:
ii. Control risk.
c) Briefly describe the procedure an auditor could use to assess the risks in (b above in the
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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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Explain three reasons that could lead to the failure of an audit planning process.
(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)