- Improved physical asset accountability and risk management;
- Access for managers to an information system covering all their assets;
- The provision of a firm baseline for improved asset management;
- The capacity for a planned asset maintenance, repair and replacement programme;
- Assistance in the calculation of capital charges;
Kavungya answered the question on May 14, 2019 at 13:31
-
Discuss five assertions that an auditor should consider during the conduct of substantive
procedures in an audit
(Solved)
Discuss five assertions that an auditor should consider during the conduct of substantive
procedures in an audit
Date posted:
May 14, 2019
.
Answers (1)
-
a) Outline six stages of an accounts receivable circularization
b) ISA 500 'Audit Evidence-Revised' provides the methods which the auditor could use
while collecting audit evidence. Using...
(Solved)
a) Outline six stages of an accounts receivable circularization
b) ISA 500 'Audit Evidence-Revised' provides the methods which the auditor could use
while collecting audit evidence. Using relevant examples, examine seven methods of
collecting audit evidence
Date posted:
May 14, 2019
.
Answers (1)
-
a) List four reasons for preparing audit working papers
b) Identify four types of information you would expect to -find in the following:-
i. Permanent audit file
ii....
(Solved)
a) List four reasons for preparing audit working papers
b) Identify four types of information you would expect to -find in the following:-
i. Permanent audit file
ii. Current audit file
Date posted:
May 14, 2019
.
Answers (1)
-
The appropriateness of audit evidence is concerned with relevance and reliability
Required;-
Explain any three considerations that an auditor uses to assess the reliability of any piece...
(Solved)
The appropriateness of audit evidence is concerned with relevance and reliability
Required;-
Explain any three considerations that an auditor uses to assess the reliability of any piece of audit
evidence
Date posted:
May 14, 2019
.
Answers (1)
-
a) Explain six limitations of gathering audit evidence.
b) Summarise three considerations that must be made for the external auditor to rely on the
work of the...
(Solved)
a) Explain six limitations of gathering audit evidence.
b) Summarise three considerations that must be made for the external auditor to rely on the
work of the internal auditor.
c) In view of the financial reporting framework, explain five considerations that the auditor
should make when forming an opinion.
Date posted:
May 14, 2019
.
Answers (1)
-
a) Standardisation of working papers refers to a predetermined Format of presenting and
documenting audit findings.
With reference to the above statement, discuss three advantages and three...
(Solved)
a) Standardisation of working papers refers to a predetermined Format of presenting and
documenting audit findings.
With reference to the above statement, discuss three advantages and three disadvantages
of standardized working papers.
b) Explain Four factors that could influence the acceptance of evidence obtained from a
third party.
Date posted:
May 14, 2019
.
Answers (1)
-
An auditor should perform procedures to obtain information that is used to identify the risks of
material misstatement due to fraud".
Highlight the audit procedures you would...
(Solved)
An auditor should perform procedures to obtain information that is used to identify the risks of
material misstatement due to fraud".
Highlight the audit procedures you would carry out to detect the following types of fraud:
i. The motor vehicle of an employee is covered through the insurance scheme of the
company's motor vehicles.
ii. The motor vehicle of an employee is repaired using the company's funds and the amount
appears as an expense in the accounting records.
Date posted:
May 14, 2019
.
Answers (1)
-
Distinguish between errors and frauds.
(Solved)
Distinguish between errors and frauds.
Date posted:
May 14, 2019
.
Answers (1)
-
List two techniques that could be used by a firm to minimize errors.
(Solved)
List two techniques that could be used by a firm to minimize errors.
Date posted:
May 14, 2019
.
Answers (1)
-
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
.
Answers (1)
-
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
.
Answers (1)
-
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
.
Answers (1)
-
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
identified in (a) above.
c) Identify three examples of discrepancies in the accounting records that could indicate
the possibility of fraud.
Date posted:
May 14, 2019
.
Answers (1)
-
The opening statement of ISA 315 paragraph 64 notes that "internal control no matter how well
designed and operated, can provide an entity with only reasonable...
(Solved)
The opening statement of ISA 315 paragraph 64 notes that "internal control no matter how well
designed and operated, can provide an entity with only reasonable assurance about achieving the
entity's financial reporting objectives. The likelihood of achievement is affected by limitations
inherent to internal control".
With reference to above-statement, briefly explain the limitations inherent in an internal control
system.
Date posted:
May 14, 2019
.
Answers (1)
-
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
Ltd.
Date posted:
May 14, 2019
.
Answers (1)
-
Describe the audit procedures you would carry out when auditing a charity organisations:
i) Cash donations
ii) Non-cash donations
(Solved)
Describe the audit procedures you would carry out when auditing a charity organisations:
i) Cash donations
ii) Non-cash donations
Date posted:
May 14, 2019
.
Answers (1)
-
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
.
Answers (1)
-
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
.
Answers (1)
-
a) Explain the effectiveness of the following controls in preventing fraud in an organisation
i. Segregation of duties.
ii. Physical controls.
b) Outline a suitable internal control system...
(Solved)
a) Explain the effectiveness of the following controls in preventing fraud in an organisation
i. Segregation of duties.
ii. Physical controls.
b) Outline a suitable internal control system for wage payments
Date posted:
May 14, 2019
.
Answers (1)
-
Summarise four measures that a company could put in place for safeguarding its cash
balances
(Solved)
Summarise four measures that a company could put in place for safeguarding its cash
balances
Date posted:
May 14, 2019
.
Answers (1)