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Aue2601 Assignment 3 Semester 1 2024
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Assessment 3
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Attempts allowed: 2
This quiz opened at Monday, 6 May 2024, 8:00 AM
This quiz will close on Tuesday, 7 May 2024, 11:00 PM.
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Time limit: 45 mins
Grading method: Highest grade
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2 Finished 30.00
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AUE2601-24-S1
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Question 1
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Even though management may put controls in place at a business, these controls and policies sometimes do not provide absolute
assurance that the risks that threaten the objectives of the business will be adequately responded to due to the following reasons:
1. Management’s usual requirement is that the cost of internal control exceeds the expected benefit to be derived (cost/benefit).
2. Judgement errors on the nature and extent of the controls implemented and the risk assumed.
3. The tendency for internal controls to be directed at non-routine transactions rather than routine transactions.
4. The potential for human error due to carelessness, distraction, mistakes of judgement and the misunderstanding of instructions.
5. The possibility of circumvention of internal controls through the collusion of a member of management, or an employee, with
parties outside or inside the company.
Which option correctly indicates the limitations of internal controls?
a.
1, 2, 3, 4 and 5
b. 1 and 5
c.
1, 3 and 4 Time left 0:33:00
d. 1, 3 and 4
Clear my choice
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, 5/6/24, 11:20 AM Assessment 3 (page 1 of 8)
Question 2
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Which option describes a test of control performed by the auditor?
Dashboard / My courses / AUE2601-24-S1 / Welcome Message / Assessment 3
a. The auditor agrees the amount of revenue per the sales invoice to the entry in the accounting records
b. The auditor counts the number of a stock item in the warehouse and traces the number to the stock listing
c. The auditor sends an external confirmation request to a debtor to confirm the amount owed to the entity
d. The auditor inspects how the accounting manager reviews the bank reconciliation, agrees the amounts to the external bank
statements and verifies the supporting documentation for the reconciling items included in the reconciliation before signing
the reconciliation as proof of the review
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