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Fundamentals of Auditing

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Fundamentals of Auditing ­ACC 311
VU
Lesson 16
ASSIGNMENT
Match each term or phrase on the left with the best description on the right. Descriptions may be used
once, more than once, or not at all.
1. Control environment.
(a)
Accounting system.
2. Management's philosophy
(b)
Adequate documents and record.
3. Functioning of the audit committee.
(c)
Control procedures.
4. Identify and record all valid transactions.
(d)
Element of the internal control structure.
5. Permit proper classification of transactions.
(e)
Factor that affect control environment.
6. Segregation of duties.
(f)
Financial statement assertion.
7. Adequate documents and records.
(g)
Independent check on performance.
8. Pre-numbered receiving reports
(h)
internal controls objective.
9. Preparation of reliable financial reports.
10. Reconciliation
ANSWER
1. (d)
2. (e)
3. (g)
4. (h)
5. (a)
6. (c)
7. (a)
8. (c)
9. (h)
10. (c)
Fill in the blanks by selecting the most appropriate word/phrase:
1. Members can appoint the auditors if they are not appointed by the Directors within 60 days of
incorporation.
i)
SECP, directors, the company, members
ii)
Directors, members, SECP, the company
2. The part of the Statutory Report which relates to the Receipt and Payments is required to be
certified by the auditors.
i)
First extraordinary general meeting, statutory report, Annual General Meeting, First AGM
ii)
Receipts and Payments, Financial Statements, Balance Sheet, Income Statement
57
Table of Contents:
  1. AN INTRODUCTION
  2. AUDITORSí REPORT
  3. Advantages and Disadvantages of Auditing
  4. OBJECTIVE AND GENERAL PRINCIPLES GOVERNING AN AUDIT OF FINANCIAL STATEMENTS
  5. What is Reasonable Assurance
  6. LEGAL CONSIDERATION REGARDING AUDITING
  7. Appointment, Duties, Rights and Liabilities of Auditor
  8. LIABILITIES OF AN AUDITOR
  9. BOOKS OF ACCOUNT & FINANCIAL STATEMENTS
  10. Contents of Balance Sheet
  11. ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT
  12. Business Operations
  13. Risk Assessment Procedures & Sources of Information
  14. Measurement and Review of the Entityís Financial Performance
  15. Definition & Components of Internal Control
  16. Auditing ASSIGNMENT
  17. Benefits of Internal Control to the entity
  18. Flow Charts and Internal Control Questionnaires
  19. Construction of an ICQ
  20. Audit evidence through Audit Procedures
  21. SUBSTANTIVE PROCEDURES
  22. Concept of Audit Evidence
  23. SUFFICIENT APPROPRIATE AUDIT EVIDENCE AND TESTING THE SALES SYSTEM
  24. Control Procedures over Sales and Debtors
  25. Control Procedures over Purchases and Payables
  26. TESTING THE PURCHASES SYSTEM
  27. TESTING THE PAYROLL SYSTEM
  28. TESTING THE CASH SYSTEM
  29. Controls over Banking of Receipts
  30. Control Procedures over Inventory
  31. TESTING THE NON-CURRENT ASSETS
  32. VERIFICATION APPROACH OF AUDIT
  33. VERIFICATION OF ASSETS
  34. LETTER OF REPRESENTATION VERIFICATION OF LIABILITIES
  35. VERIFICATION OF EQUITY
  36. VERIFICATION OF BANK BALANCES
  37. VERIFICATION OF STOCK-IN-TRADE AND STORE & SPARES
  38. AUDIT SAMPLING
  39. STATISTICAL SAMPLING
  40. CONSIDERING THE WORK OF INTERNAL AUDITING
  41. AUDIT PLANNING
  42. PLANNING AN AUDIT OF FINANCIAL STATEMENTS
  43. Audits of Small Entities
  44. AUDITORíS REPORT ON A COMPLETE SET OF GENERAL PURPOSE FINANCIALSTATEMENTS
  45. MODIFIED AUDITORíS REPORT