Certified Accounting Technician Examination Advanced Level Implementing Audit Procedures (International Stream) Monday 14 June 2010 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A – ALL TEN questions are compulsory and MUST be attempted Section B – ALL FOUR questions are compulsory and MUST be attempted Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may
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resources in order to appropriate the benefit of their innovation. In nature, SMEs do not require a statutory audit may still want some degree of independent assurance to increase the credibility of their statements, in which case a review can be an ideal solution. Additionally, since the work effort involved in performing a review engagement is generally less than that in conducting an audit, a review should be a more cost-effective option. Last but not least,
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understand those responsibilities. There should also be separation of duties, this will limit fraud and promote accuracy of the accounting records. No one person should be responsible for every aspect of a job. This will cause mistakes to happen. Audits are also a very important internal control procedure so are documents, and electronic devices. What is The Sarbanes-Oxley Act? The Sarbanes-Oxley Act was passed by congress in 2002 with the aim of preventing an assortment of ills related to corporate
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from the deal”). • En Selamat and BOD. Recommendations: • Establish a clear set of policies and procedures within the company. • Develop a whistle blowing policy. • Ensure the independency of the management team. • Conduct internal audit or investigation activities. • Ms Choy: To persuade BOD that the issues in the company can lead to a deterioration of the company’s performance, esp. financially. 4. Internal control • EncikSelamat → had responded to unrelated tasks to
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internal control a. What is internal control? Internal control is a process, effected by an entity’s board of directors, management and other personnel, designated to provide reasonable assurance regarding the achievement of objectives in the following three categories: * Reliability of financial reporting * Effectiveness and efficiencies of operations * Compliance with applicable laws and regulations Internal control is design to achieve management objectives in three categories
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a friendly, non-threatening way and ascertained that she did not come from a wealthy background. Also, the auditor should have vouched invoices related to the costs of goods sold, and inquired of the audit committee about their review of credit card statements, internal control procedures. The audit committee should have been reviewing monthly financial statements, bank
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significance generally attached by the business man to the functions of the auditor and his reports. These functions, and the scope of these reports, have in the past been definitely related to the character of and changes in business activity. Audits and reviews are basically procedures performed on the financial statements of a company, for the purpose of determining whether the financial statements include any material misstatements. Misstatements are essentially wrong numbers due to numerical
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Cost Audit Cost Audit in EDP environment When planning the cost audit, the cost auditor should consider an appropriate combination of manual and computer-assisted audit techniques (CAATs). In determining whether to use CAATs, he should take into account: i) His computer knowledge, expertise and experience. ii) Availability of CAATs and suitable computer facilities. iii) Impracticability iv) Effectiveness and efficiency. v) Timing. In an EDP environment, the control
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ascertaining the control systems are summarized as follows: * Examining previous audit work, * Client’s own documentation of the system, * Interviews with client’s staff, * Tracing transactions, * Examining client’s documents, * Observation of procedures. a. Examining previous audit work: The audit work should provide a record of the previous audit and how the system operates. Any change in the audit work should be documented for updating. b. Clients own documentation of
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reporting according to the auditing decisions of __ Auditing Firm. ___ Auditing Firm has performed the audit in agreement with the rules and regulations normally accepted accounting principles put forth by the Financial Accounting Standards Board and the Government Accounting Standards Board. The rules and regulations of each standard board want __ Auditing Firm to prepare effectively and carry out the audit to establish reasonable assurance of the financial statements. The financial statements must demonstrate
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