This report covers the test of controls and the audit procedures as per New Zealand Auditing standards being implemented by the company in different circumstances and how the internal control of the company plays an effective role in the proper management of the company. It covers three case studies and for each one of them the requisite test of control, the substantive procedure to be employed and the inefficiencies in the internal control have been pointed out.

ACTY 7209 ADVANCED AUDITING Part B- Audit Procedures

This assignment is part of the ACTY 7209 Advanced Auditing course and focuses on conducting tests of control for Brown Co, a medium-sized manufacturing company.

Report on audit procedures and internal controls in different scenarios with case studies and recommendations.

Advanced Auditing Assignment - Test of Control and Substantive Procedures

This assignment presents an internal audit report focusing on the inventory management system of Sohar Company. The report highlights key findings regarding deficiencies in internal controls related to the purchasing and disposal of non-current assets.  Specific issues include the selection of count staff solely from stores, unsigned count sheets, and the lack of pre-numbered inventory count sheets. The report concludes by emphasizing the crucial role of effective inventory management controls in ensuring accurate financial reporting.

Inventory Management Internal Control Review

This report discusses the audit of Green Machine Ltd. and highlights the key audit assertions and substantive audit procedures to be employed. It also covers the communication of key audit matters in the auditor's report. The report includes the requirement of ASA 701 Communicating Key Audit Matters in the Auditor’s Report, the rationale behind the same and if the above matters are KAM.

Audit Assignment: Key Audit Assertions and Procedures

This article covers various aspects of auditing, including audit risk, substantive audit procedures, control measures, test data, CAATs, and analytical procedures. It also provides case studies and examples to help readers understand the concepts better.

Hartpury University and Hartpury College

Audit

This assignment examines the role of auditors in identifying and mitigating fraud risk factors within organizations. It explores scenarios where management might engage in fraudulent activities, such as installing a new system without proper verification, leading to potential inventory valuation issues. The document emphasizes the auditor's responsibility to scrutinize financial records, challenge management assertions, and establish appropriate controls to minimize fraud risks.

Finance

Data Science and Big Data

Political Science

Auditing Fraud Risk Factors

This assignment examines the potential for fraud within companies, highlighting two specific areas of concern: a lack of clear authority structures that can lead to fraudulent activities by employees, and the management's hasty installation of a new IT system without proper research or due diligence. The document emphasizes the importance of auditors in mitigating these risks through strategies like surprise checks, expert opinions, cost-benefit analysis of new systems, and reconciliation of financial records. It also discusses the auditor's role in modifying audit reports to reflect discrepancies and potential material misstatements.

Fraud Risk Mitigation Strategies

This assignment covers four case studies on audit and assurance, internal control weaknesses, audit opinion, and appropriate actions for auditors. It includes a discussion and analysis of each case, along with references.

Advanced Auditing Assignment - Test of Control and Substantive Procedures

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Inventory Management Internal Control Review

Audit Assignment: Key Audit Assertions and Procedures

Audit

Auditing Fraud Risk Factors

Fraud Risk Mitigation Strategies

Auditing and Assurance Assignment

Advanced Auditing Assignment - Test of Control and Substantive Procedures

End of preview

Inventory Management Internal Control Reviewlg...

Audit Assignment: Key Audit Assertions and Procedureslg...

Auditlg...

Auditing Fraud Risk Factorslg...

Fraud Risk Mitigation Strategieslg...

Auditing and Assurance Assignmentlg...

Inventory Management Internal Control Review

Audit Assignment: Key Audit Assertions and Procedures

Audit

Auditing Fraud Risk Factors

Fraud Risk Mitigation Strategies

Auditing and Assurance Assignment