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Stages of the audit process: 1. Preliminary engagement services 2. Planning the audit and materiality 3. Overall audit response 4. Detailed audit plan 5. Obtaining audit evidence 6. Evaluate and conclude

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• 2 pages •
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North-West University • Auditing 2nd Year
Auditing 2nd year Summaries • By Chloetanner

Responsibilities, functions and qualities of the auditor and levels of assurance

Objectives if an audit - reasonable assurance, material misstatement and inherent limitations of an audit. Professional scepticism attitude of auditor. Concept of audit risk and audit opinion. Public Interest score theory and calculations. Reasonable assurance engagement and ISAE, ISA, ISRS

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• 6 pages •
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North-West University • Auditing 2nd Year
Auditing 2nd year Summaries • By Chloetanner

The auditor: Professional and ethical responsibilities

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SAICA Code - threats to fundamental ethical principles. Part 1, Part 3, Par 4A. Safeguards recommended.

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• 25 pages •
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North-West University • Auditing 2nd Year
Auditing 2nd year Summaries • By Chloetanner

Information Technology (IT) application controls

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Key differences between computerised environment and manual system. Concepts involving general controls and application controls. Input controls - user related, documentation, screen aids. Masterfile controls- user related controls, documentation, screen aids. Batch controls for Debtors Masterfile.

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• 5 pages •
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North-West University • Auditing 2nd Year
Auditing 2nd year Summaries • By Chloetanner

Bank and cash cycles (controls)

Nature of bank and cash cycles with typical understanding. Functions within the cycle including risks, documents, parties involved and control objectives. Functions being Receipts, cash sales, payment preparation and payout, deductions. EFT payments risks and controls.

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• 10 pages •
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North-West University • Auditing 2nd Year
Auditing 2nd year Summaries • By Chloetanner

Payroll and Personnel Cycle

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Nature and Purpose of Payroll and Personnel Cycle and typical understanding. Business risk and control objectives with internal control. Personnel Cycle (Human Resource), timekeeping, payment preparation, deductions: payment contributions. Documents involved, parties responsible, risks and control objectives.

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• 9 pages •
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North-West University • Auditing 2nd Year
Auditing 2nd year Summaries • By Chloetanner

Acquisitions and payments cycle

Nature and purpose of the Acquisitions and payments cycle and typical understanding. Main activities, with risk, objectives, documents and people responsible. Request of goods, ordering of goods, warehouse receiving, payment preparation, actual recording.

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• 6 pages •
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North-West University • Auditing 2nd Year
Auditing 2nd year Summaries • By Chloetanner

Revenue and reciepts cycle (controls)

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Nature and purpose of revenue and recipets cycle and typical understanding. Functions of each department with risk, documents, people responsible and manual controls. Control objectives. Manual system of controls. Recieve customer order, authorisation, picking, warehouse, invoicing, recording of sales, reciepts, recording of reciepts.

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• 13 pages •
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North-West University • Auditing 2nd Year
Auditing 2nd year Summaries • By Chloetanner

Introduction to internal control and corporate governance

Scanned PDF notes using Auditing Notes textbook. The study unit covers concepts such as internal control, risk assessment, information system, accounting system, control activities, corporate governance, business risk. Basic understanding of different aspects of the internal control system and the impact of the system not operating properly. Describe the purpose of corporate governance. The relationship between risk and governance and controls used to mitigate risk.

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• 6 pages •
by Chloetanner •
uploaded 2026