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You have been assigned to carry out a stock take in a company. Your Audit Supervisor has given you with an audit programme.
As part of a briefing session to your juniors, you are required to explain the specific audit objective of each of the tests below and to which assertion does it relate.
(a) Observe client physical inventory count
(i) make test count.
(ii) look for indications of slow moving , damage or obsolete inventory.
(iii) account for all inventory tags and count sheets used in making inventory count.
(b) Test clerical accuracy of inventory listing
(i) Recalculate extensions and footing.
(ii) Trace test count to listing.
(iii) Vouch items on listing to inventory tags and count sheet
Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o
Forms of evidence a) Observation: is usually witnessing internal control and book-keeping procedures. It includes attendance at wages pay out. Observation of stock-take, open
General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a
example of it security policies in Hardware
Fitri, a sole proprietor in pulic practice, plans to establish a separate department that will provide internal audit service to his audit clients.
Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development. Illustra
Reliability - Sources of evidence Reliability of audit evidence is influenced through its nature and its source and since it is dependent upon the specific circumstances, we c
Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence
Permanent Audit File The permanent audit file might involve, inter alia: a) A copy of the enterprise's statutes or statutory documents and other legal governing the enterpr
How do internal auditors add to the credibility of financial statements?
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