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M10EFA: Auditing and Assurance. Class Notes/Presentation

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M10EFA: Auditing and AssuranceTest of controls and the systemse.g. the sales, the purchases, inventory, cash, the payroll systems etc. IC is a PROCESS designed and effected by people to provide reasonable assuranc ...

M10EFA: Auditing and AssuranceTest of controls and the systemse.g. the sales, the purchases, inventory, cash, the payroll systems etc. IC is a PROCESS designed and effected by people to provide reasonable assurance aimed at achievement of organizational objectives related to Auditors assessing/testing Internal Control Systems: Are controls implemented? Are controls effective? Testing can include: Observation of control activities in operation (e.g. Inventory count; how, how consistently, by whom) Inspection of documents recording the performance of the control (e.g. Checking for an authorising signature) Inquiries about Internal controls Tests of Controls I The tests of control in the sales system revolve around the three component parts of the system: Sales System: Control objectives Sales System: Controls What auditors do Ordering and granting of credit Dispatches and invoices Recording of and accounting for sales & cash receipt Recording of and accounting for sales & cash receipt The Inventory System Control objectives - why do we need the controls? Recording Authorisation and recording of movements Inventory System: Control objectives (Cont’d) Recording Segregation of duties (custody and recording) Reception, checking and recording of goods inwards Protection of inventory Precautions against theft, misuse and deterioration Security over inventory held by third party and third party inventory held by entity Tests of controls (what auditors do) Inventory movements Lecture question/tutorial Controls over cash receipts and payments to prevent theft and fraud The Cash System - Controls The Cash System – Test of Controls The Cash System – Test of Controls (Cont’d) The Payroll System- Control objectives Items to test correct amounts paid to Inland Revenue and other external organisations. appropriate amounts recovered from external organisations. total payroll authorised. adequate security over cash transmissions. payroll totals correctly posted to accounts. segregation of duties

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