i. Weak .internal control systems and other forms of controls.
ii. Inexperience personnel in departments like finance and stores
iii. Questionable management integrity
iv. Lack of internal audit departments
v. Dishonest employees within the organization
vi. Poor recording of transactions in the entity
vii. Presence of ghost workers within the organization November 2012 Question Seven C
Kavungya answered the question on May 14, 2019 at 13:17
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ii. Irregularities
iii. Frauds November 2013 Question Seven A(Solved)
With the use of suitable examples, explain the following;
i. Errors
ii. Irregularities
iii. Frauds November 2013 Question Seven A
Date posted: May 14, 2019. Answers (1)
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Date posted: May 14, 2019. Answers (1)
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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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c) Identify three examples of discrepancies in the accounting records that could indicate
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Date posted: May 14, 2019. 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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entity's financial reporting objectives. The likelihood of achievement is affected by limitations
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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. Answers (1)
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Briefly describe how the assessment would influence your...(Solved)
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Date posted: May 14, 2019. Answers (1)
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Outline the auditor's duties before stocktaking in a manufacturing enterprise.(Solved)
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Date posted: May 14, 2019. Answers (1)
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Highlight seven limitations of an internal control system in an organisation.
Date posted: May 14, 2019. Answers (1)
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i. Segregation of duties.
ii. Physical controls.
b) Outline a suitable internal control system...(Solved)
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ii. Physical controls.
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Date posted: May 14, 2019. Answers (1)
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State five controls of fixed assets in an organisation.
Date posted: May 14, 2019. Answers (1)
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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.
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Date posted: May 14, 2019. Answers (1)
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Explain how the establishment Fan internal audit functions in a large manufacturing company
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Date posted: May 14, 2019. 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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Date posted: May 14, 2019. Answers (1)
- 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. Answers (1)
- Explain the internal controls necessary in each of the following areas:
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(ii) Purchases.
(iii) Cash.(Solved)
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Date posted: May 14, 2019. Answers (1)
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b) As the audit assistant in XYZ Ltd., identify six procedures that you...(Solved)
a) Outline six matters that should be checked while vouching a sales invoice.
b) As the audit assistant in XYZ Ltd., identify six procedures that you would carry out to
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With reference to the above statement, discuss four inherent limitations of accounting and
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Date posted: May 14, 2019. Answers (1)
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(b) Explain five actions that an auditor should take if the internal control system is found to...(Solved)
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Date posted: May 14, 2019. Answers (1)
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b) Define the following audit risks:
i. Inherent risk:
ii....(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:
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. Answers (1)
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Outline four challenges that an audit firm might face in planning an audit.
Date posted: May 14, 2019. Answers (1)