AUE1501 Exam pack

AUE1501 Oct/Nov 2016 Memo


INSTITUTION: UNISA
COLLEGE NAME: UNICALCULUS
TITLE: AUE 1501 Oct-Nov 2016
QUESTION 1

1. C
2. D
3. A
4. A
5. A
6. C
7. C
8. A
9. D
10. B
11. B
12. C

QUESTION 2

1. A
2. A
3. D
4. B
5. B
6. D
7. D
8. E
9. D
10. D

QUESTION 3

INTERNAL AUDITOR EXTERNAL AUDITOR
 Obtain a mandate from management/  Obtain a mandate through legislation.
the audit committee.  Perform an external attestation function
 Perform a management function (auditing function).
 Are contracted by the company they are  Work for an independent audit firm.
working with.  Function independently from the
 Function independently in the organization.
organisation but remain part of it.  Report to the shareholders
 Report to management (including the  External audit works primarily with those
audit committee). financial systems that have a bearing on
 Internal audit covers all the the financial accounts.
organisation’s operations.  External audit tends to be a year-end
 Internal audit per forms audits process, even though some testing may