Auditing 2nd Year (GEAR271)
North-West University (NWU)
Here are the best resources to pass Auditing 2nd Year (GEAR271). Find Auditing 2nd Year (GEAR271) study guides, notes, assignments, and much more.
Summary
Introduction to internal control and corporate governance
NewScanned 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.
Chloetanner
Summary
Revenue and reciepts cycle (controls)
PopularNature 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.
Chloetanner
Package deal
Auditing 2nd year Summaries
NewAuditing notes for 2nd year. Applies to GEAR/EAGR271. Consists of 18 study units/chapters
Chloetanner
Summary
Payroll and Personnel Cycle (Procedures)
NewExplanation of overall risk within the payroll and personnel cycle and the relevant assertions relating to salaries and wages as well as fraudulent financial reporting and misappropriations of assets. Test of controls audit procedures, and analytical and substantive audit procedures.
Chloetanner
Summary
Planning the Audit
NewSteps to planning the audit: 1. Planning the audit at the overall financial statement level 2. Determine the overall audit response 3. Detail planning of each material classes of transactions, account balance and disclosure 4. Audit plan for each separate account
Chloetanner
Summary
Responsibilities, functions and qualities of the auditor and levels of assurance
NewObjectives 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
Chloetanner
Summary
Information Technology (IT) application controls
NewKey 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.
Chloetanner
Summary
Bank and cash cycles (controls)
NewNature 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.
Chloetanner
Summary
Payroll and Personnel Cycle
NewNature 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.
Chloetanner
Summary
Acquisitions and payments cycle
NewNature 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.
Chloetanner