,AUI3702 Assignment 2 (100% COMPLETE ESSAY
TYPE ANSWERS) Semester 1 2025 (218925) - DUE
7 April 2025 ;100 % TRUSTED workings, Expert
Solved, Explanations and Solutions.
MULTIPLE CHOICE,ASSURED EXCELLENCE
QUESTION MARKS The chief audit executive (CAE) decided that,
while you are busy assisting the procurement department, you
may as well perform the assurance audit of the procurement
function originally scheduled for later in the year. After
identifying the risks, you have compiled the following audit
objectives to include in your audit programme. I Validity: To
determine that only valid purchases are recorded. II
Completeness: To determine that all the goods received from
suppliers are recorded as purchases in the purchase journal. III
Valuation: To determine that the liability in respect of credit
purchases is recorded at the correct value. AUI3702/1/2025 IV
Cut-off: To determine that purchases accounted for in the
current period relate only to goods received in the current
period. REQUIRED MARKS 1.1 List six (6) planning steps you
would need to undertake to properly plan the internal audit of
the procurement cycle. 1.2 Describe two (2) audit procedures
for each of the audit objectives identified. (3) (12) Maximum 15
Marks QUESTION 2 10 MARKS The audit committee of the
South African Civil Aviation Authority has made a request to the
chief audit executive (CAE) to perform an internal audit of the
, tender committee, as it has been identified by the risk
department as being a high risk for the organisation. One of the
junior internal audit staff members has documented the
following information. • Determine that the tender committee
has an approved written charter or agreed upon procedures. •
Procedures: o Enquire from the secretary and chairperson of
the tender committee as to the existence of such a document.
Request the charter from the secretary and review. o Review
the minutes of board meetings as proof of the fact that the
charter has been approved. o Review the composition, purpose
and powers of the tender committee and ensure that it
complies with the charter requirements. • Results: o The
secretary and chairperson informed me that no such document
exists. The tender committee operates in a manner deemed
appropriate by the chairperson. o Upon review of the board
meeting minutes, it was noted that the board felt no charter
was necessary as the chairperson of the tender committee is
also the chief financial officer and would know what to do. o No
charter or agreed upon procedures exists. • No formal
approved document governs the operations and existence of
the tender committee. REQUIRED 2.1 List the steps the internal
auditor should follow when reporting on an audit engagement.
MARKS (2.5) 2.2 Analyse the information and compile an
internal audit finding based upon the requirements of the IIA
Global Standards pertaining to audit findings. (7.5) 3
TYPE ANSWERS) Semester 1 2025 (218925) - DUE
7 April 2025 ;100 % TRUSTED workings, Expert
Solved, Explanations and Solutions.
MULTIPLE CHOICE,ASSURED EXCELLENCE
QUESTION MARKS The chief audit executive (CAE) decided that,
while you are busy assisting the procurement department, you
may as well perform the assurance audit of the procurement
function originally scheduled for later in the year. After
identifying the risks, you have compiled the following audit
objectives to include in your audit programme. I Validity: To
determine that only valid purchases are recorded. II
Completeness: To determine that all the goods received from
suppliers are recorded as purchases in the purchase journal. III
Valuation: To determine that the liability in respect of credit
purchases is recorded at the correct value. AUI3702/1/2025 IV
Cut-off: To determine that purchases accounted for in the
current period relate only to goods received in the current
period. REQUIRED MARKS 1.1 List six (6) planning steps you
would need to undertake to properly plan the internal audit of
the procurement cycle. 1.2 Describe two (2) audit procedures
for each of the audit objectives identified. (3) (12) Maximum 15
Marks QUESTION 2 10 MARKS The audit committee of the
South African Civil Aviation Authority has made a request to the
chief audit executive (CAE) to perform an internal audit of the
, tender committee, as it has been identified by the risk
department as being a high risk for the organisation. One of the
junior internal audit staff members has documented the
following information. • Determine that the tender committee
has an approved written charter or agreed upon procedures. •
Procedures: o Enquire from the secretary and chairperson of
the tender committee as to the existence of such a document.
Request the charter from the secretary and review. o Review
the minutes of board meetings as proof of the fact that the
charter has been approved. o Review the composition, purpose
and powers of the tender committee and ensure that it
complies with the charter requirements. • Results: o The
secretary and chairperson informed me that no such document
exists. The tender committee operates in a manner deemed
appropriate by the chairperson. o Upon review of the board
meeting minutes, it was noted that the board felt no charter
was necessary as the chairperson of the tender committee is
also the chief financial officer and would know what to do. o No
charter or agreed upon procedures exists. • No formal
approved document governs the operations and existence of
the tender committee. REQUIRED 2.1 List the steps the internal
auditor should follow when reporting on an audit engagement.
MARKS (2.5) 2.2 Analyse the information and compile an
internal audit finding based upon the requirements of the IIA
Global Standards pertaining to audit findings. (7.5) 3
