100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
AUI3702 EXAM PACK 2023 $2.50   Add to cart

Exam (elaborations)

AUI3702 EXAM PACK 2023

 8 views  0 purchase
  • Course
  • Institution

AUI3702 EXAM PACK 2023 AUI3702 EXAM PACK 2023 AUI3702 EXAM PACK 2023

Preview 4 out of 47  pages

  • March 13, 2023
  • 47
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
avatar-seller
AUI3702 EXAM
PACK 2023


Contact:
@ TestbanksNotesAssignmentsAndExamspack
sGuru


+254742508812, +254727097655.

rom400eezy@gmail.com

,QUESTION 2

2.1)
Combined assurance is a manner in which the company sets itself up to adequately addresses the
significant risk which the company faces. It can be provided by
 Internal assurance providers‟ e.g. internal audit, finance function. The focus will be on
enabling an effective internal control environment and supporting the integrity of
information used for internal decision making by management, the board and its
committees.
 External assurance provider‟s e.g. external audit, industrial regulators. The focus will be
on supporting the integrity of external reports, the internal audit and the finance function.
2.2)

a) Try to enter an employee in the master file with a valid income tax number and without
identity number and confirm if the entry is not going to be successful.

In the master file using chats do a walk through the whole population to indentify if they is no
entry with an empty income tax number and identify number held, if so follow up with
management.

b) Select a sample of program change form and inspect the signature of CAE for evidence of
approval

c) Select a sample of employees and ask them to gain access to the company local area network
using correct user ID and wrong password and confirm if they are restricted access.

Try to gain access to the company LAN using fictions user ID and password and confirm if
access is denied.
d) On a surprise bases, visit the company to observe if the factory manager is doing on screen
report and files it is evidence of review

Select a sample of employees from the company and some should be late and some should be
absent.


MR. BLESSING K 0742 523 282 blekufakwenyika@gmail.com 0742 523 282

,Follow through to the on screen print out and confirm if all the employees in your sample who
were absent and late from work were included in the report with their names and sections which
they are designated.

On month end select a sample of employees,


- Try to load their wages and salaries on a different terminal and approved by two
authorized personnel and confirm if it is unsuccessful.
- Try to load their wages and salaries on correct one terminal and approved by one
authorized personnel and confirm if it unsuccessful.
- Try to load their wages and salaries on a correct terminal and approved by two
authorized personnel and confirm if it is successful.
Test the computer literacy and computer skills of existing employees on the payroll section by
giving them a short exam. Check if supporting evidence (copy of certificates) is available for
current employees if they fail the exam set by the auditor.


g) Inspect if :


 Changes to pay rates, promotions to higher employment grades and any other changes in
service conditions were decided upon by the personnel department/wage committee and
were made after due consultation with interested parties, for example the union
representatives and consideration of relevant laws and regulations, e.g. overtime, pay
rates, minimum wage regulations.
 All changes are documented and authorized by the authorizing body such as wage
committee.
 All amendments to employees details are sequenced in the payroll amendment forms
which should be cross-referenced to the supporting documentation and authorized by a
the personnel manager.
h) Obtain a sample of monthly director‟s minutes and inspect the details discussed to confirm
details.


MR. BLESSING K 0742 523 282 blekufakwenyika@gmail.com 0742 523 282

, QUESTION 3

3.1) Five components of internal control as per the COSO framework are

- Control environment

- Control activities

- Risk assessment

- Information and communication

- Monitoring

3.2) Weakness in the above acquisitions and payments cycle includes the following;

Ordering of goods

 Orders written on a piece of paper made by the order clerk to the buyer may be lost since
information on a hard copy may be lost easily.
 Footwear Limited may lose sales due to insufficient stock if there are immediate
variations in demand since orders are made on how the customers buy their current stock.
 Expensive and poor quality stock items may be bought since the buyer only consider
availability of stock items on suppliers when placing orders.

Receiving of goods

 There is risk of theft upon the receipt of goods since there is no security controls such as
security person on the receiving section.
 Poor segregation of duties in the acquisition and payment cycle. The delivered stock
items are received by the order clerks or buyers who initiated purchase orders.
 There may be discrepancies between physical goods transferred by warehouse clerk and
items listed on the goods received note since the warehouse clerk is not comparing the
two before making a transfer.


MR. BLESSING K 0742 523 282 blekufakwenyika@gmail.com 0742 523 282

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TestbanksNotesAssignmentsAndExampacksGuru. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.50. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81633 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$2.50
  • (0)
  Add to cart