AUI3702

QUESTIONS AND ANSWERS

AUI3702 Topic 1: IPPF requirements and guidance for performing tests of controls Code of ethics & The rules of conduct The purpose of the IIA Code of Ethics is to promote an ethical culture in the internal audit profession. Internal auditors should strive to comply with these principles to earn the trust of those who rely on their services.  Integrity o Perform work with honesty, diligence and responsibility o Observe the law and make disclosures expected by law or the profession o No...

AUI3702 EXAM PACK periods. only once with the clock card There is no segregation of duties as Apple Smith now almost everything in the department There should be segregation on duties in respect to duties carried out by apple smith probably a senior personnel who reviews the duties carried out by him The clock cards are not made in terms of authorized employee list The personnel department should prepare the clock cards in terms of the authorized employee list No segregation of dut...

QUESTION 1 MCQ 1-D 2-A 3-A 4-C 5-D 6-D 7-D 8-B 9-C 10-B QUESTION 2 2.1. Weaknesses Controls Overtime hours are not approved by section head of supervisors and employees work overtime as the feel. Having to work overtime should be approved by the section head or the supervisors The security personal who mans the entrance is only in place during busy Security personnel should be present at all times to ensure that employees clocks AUI3702_JUN 2014_JUNE 2018-EXAM PACK. AUI...

-omitting long-term liabilities -understating /omitting provisions /allowance -omitting or inadequately disclosing contingent liabilities Overstating assets -creating unjustified reserves with a corresponding increase in fixed assets -overstating propery ,plant and equip by inclu fictious assets -ovestating fixed assets by understating depreciation -overstating investments in listed and /or private companies NB.. Understand diff business cycles and know the risks and controls of each cyc...