1. UNISA
2. 2024
3. UE2602-24-S1
4. Welcome Message
5. Assessment 6
QUIZ
Assessment 6
Open course index
Open block drawer
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Question 1
Not yet answered
Marked out of 2.00
You obtain the following payroll information from the payroll manager regarding the payment of petrol attendants. Fuel attendants
are paid on a monthly basis by means of an electronic funds transfer (EFT) for the standard hours and overtime hours worked in the
previous month. The overtime report is run by Mrs Thabane, the payroll administrator, and sent to the service station manager for
authorisation if overtime hours exceed 25% of standard hours. Mr Ram, the payroll manager, analyses the payroll of each service
station on a monthly basis and prepares a variance report for the finance manager, Ms Nkosi.
Which one of the following controls should be implemented to ensure the proper approval of the payroll payment by EFT?
Select one:
a. Mr Ram reviews, amends and then uploads the payroll file on the system for authorisation. Once he is satisfied that it is
reasonable, he authorises the payment.
b. Mrs Thabane prepares the payroll file and uploads it on the system which releases a message for Mr Ram to authorise the
payment.
c. Mr Ram and Ms Nkosi review the payroll file for any amendments, Mr Ram then uploads the file for authorisation, and Ms Nkosi
authorises the payment.
d. Ms Nkosi receives the payroll file along with the supporting documentation. Once she is satisfied with the payroll, she uploads
the payroll file and authorises the payment.
Clear my choice
,Question 3
Not yet answered
Marked out of 2.00
All sales are made on credit. The following control takes place in a company’s warehousing function:
Picker to initial the picking slip for each item picked and identify on the picking slip items that cannot be supplied.
Which one of the following risks will be mitigated best by the above-mentioned control?
Select one:
a. Theft may be facilitated by uncontrolled despatch.
b. Inaccurate and incomplete delivery notes may be made out.
c. Warehouse clerk having to check goods picked to picking slip.
d. Valid picking slip may not be acted upon.
Clear my choice
Question 4
Not yet answered
Marked out of 2.00
Starlight Wholesalers Ltd is a manufacturer of branded sneakers for retail stores. The audit senior has requested that you attend the
year-end inventory count.
At the year-end inventory count you observe that the warehouse controller accepts the number of items counted and amends the
perpetual inventory records based on the count sheets to reflect the items on hand at the end of the count.
Which one of the following alternatives describes the main risk that exists as a result of the above-mentioned actions of the
warehouse controller’s conduct during the inventory count?
Select one:
a. Transfers are recorded that did not take place.
b. Inventory shortages, including theft, are concealed.
c. There is unauthorised requisitioning of materials.
d. There could be misplacement of inventory items.
Clear my choice
,Question 17
Not yet answered
Marked out of 2.00
Puma service station makes electronic funds transfers to pay their suppliers. The following is a procedure in the system description of
supplier payments.
Ms Nkosi, the finance manager, performs a review of the supplier statement reconciliations and ensures that valid reasons and supporting
documentation are provided for all reconciling items.
Which one of the following alternatives best describes the control objective(s) achieved by the above-mentioned procedure?
Select one:
a. occurrence and accuracy of payments
b. classification of payments
c. cut-off of payments
d. accuracy and completeness of payments
Clear my choice
Question 18
Not yet answered
Marked out of 2.00
In order for a non-executive director to be classified as independent he/she must satisfy a number of requirements.
Which ONE of the following is an applicable requirement?
Select one:
a. He/she was the senior external audit manager during the audit performed for the last financial year.
b. At no stage should he/she have been the CEO of the company.
c. He/she is a significant professional advisor to the company.
d. He/she must not receive remuneration that is based on the company’s profits for the financial year.
Clear my choice
,Question 1
Complete
Mark 2.00 out of 2.00
The chair of the governing body should be ...
Select one:
a. an independent non-executive director
b. the CEO of the company, or an independent non-executive director who reports to the CEO.
c. the CEO of the company.
d. a previously disadvantaged person.
Question 2
Complete
Mark 2.00 out of 2.00
Which ONE of the following control activities is an example of isolation of responsibility?
Select one:
a. The order clerk in the sales department of a company should issue the internal sales order (ISO), the warehouse clerk should perform
the picking of the goods on the order in the warehouse and the dispatch clerk should dispatch the goods for the delivery to the
customer.
b. The company’s production foreman should sign the schedule of overtime before he or she hands it to the wages clerk for it to be
calculated and paid.
c. An independent employee should regularly reconcile the debtor’s ledger with the debtors control account in the general ledger.
d. Access to the inventory warehouse should be controlled by means of a turnstile gate and a security guard checking goods leaving the
warehouse.
,Question 3
Complete
Mark 2.00 out of 2.00
MENU
Select the alternative which best completes the following statement:
The term “computerised environment” refers to any particular, unique combination of …
Select one:
a. data centres housing servers, routers, modems and so forth.
b. computerised business cycles.
c. general and application controls.
d. hardware, software and personnel.
Question 4
Complete
Mark 2.00 out of 2.00
Select the correct alternative to complete the following sentence:
The chair of the governing body should….
Select one:
a. also be the chair of the remuneration committee.
b. be a member of the nomination committee.
c. be a member of the audit committee.
d. also be the chief executive officer of the company.
Question 5
Complete
Mark 2.00 out of 2.00
Who is ultimately responsible for ensuring that the entity complies with the applicable laws and regulations?
Select one:
a. the audit committee
b. the risk committee
c. all the personnel of the company
d. the governing body
,Question 6
Complete
Mark 2.00 out of 2.00
MENU
Which ONE of the following statements is false?
According to section 94 of the Companies Act...
Select one:
a. One of the duties of the audit committee is to appoint the external auditors.
b. Each member of the audit committee should be a director of the company.
c. The audit committee should comprise of at least three members.
d. Any vacancy on the audit committee must be filled by the board within 40 days.
Question 7
Complete
Mark 2.00 out of 2.00
Choose the correct option below regarding the Companies Act requirements concerning the appointment of an audit committee.
a. The audit committee must consist of at least five (5) members.
b. The directors must appoint the audit committee at each annual general meeting.
c. The majority of the members of the audit committee must be directors of the company.
d. None of the options are correct.
Question 8
Complete
Mark 2.00 out of 2.00
Which ONE of the following alternatives is not an input application control to ensure accuracy in a computerised environment?
Select one:
a. Alpha-numeric format checks
b. Sign checks
c. Reasonableness and limit tests
d. Access control
,Question 9
Complete
Mark 2.00 out of 2.00
MENU
Mambo Ltd’s chief financial officer, Mr Lou, recently resigned, and the company urgently needs to find a replacement. The memorandum of
incorporation (MOI) of the company requires that each director of the company holds a tertiary degree related to business management or
accounting.
Consider the suitability of each of the following candidates to be appointed as director and select the correct option below, indicating which
candidate/s may be appointed, in terms of the Companies Act.
Ms Monica – An unrehabilitated insolvent who holds an MBA (master’s in business administration)
Ms Erica – She has previously been removed from office due to misconduct which involved dishonesty. She completed her honours degree
in accounting.
Ms Rita – She has recently been declared delinquent by a court. She holds a bachelor’s degree in accounting.
Ms Tina – She has been convicted for petty theft and opted for imprisonment after she was unable to pay a fine that the court imposed on
her. She holds a bachelor’s degree in accounting.
Ms Sandra – A rehabilitated insolvent. She holds a bachelor’s degree in cultural sciences.
Bega (Pty) Ltd – An accounting firm, of which all the directors hold a bachelor’s degree in accounting.
a. Only Ms Tina may be appointed.
b. Only Bega (Pty) Ltd may be appointed
c. Only Bega (Pty) Ltd may be appointed.
d. Only Ms Sandra may be appointed.
Question 10
Complete
Mark 2.00 out of 2.00
Which ONE of these is not a benefit that could be realised through good governance according to the King IV Report?
Select one:
a. Maximise short term profits.
b. Effective control
c. Legitimacy.
d. Ethical culture.
, Dashboard Calendar
Dashboard / My courses / AUE2602-24-S1 / Welcome Message / Assessment 6
Question 1
Not yet answered
Marked out of 2
Starlight Wholesalers Ltd is a manufacturer of branded sneakers for retail stores. The audit senior has requested that you attend the
year-end inventory count.
At the year-end inventory count you observe that the warehouse controller walks through the warehouse and inspects that all sections
are counted. He further selects items at random for counting and supervises count teams recounting items where there are
discrepancies.
Which one of the following statements reflects the most correct impact of the above-mentioned observation on the inventory count?
Select one:
a. The warehouse controller can be confident that all items of inventory in the warehouse were counted and exists.
b. The warehouse controller can be confident that any differences from the physical count and perpetual records are due to theft.
c. The warehouse controller can be confident that the damaged or obsolete inventory has been identified.
d. The warehouse controller can be confident that all count sheets were accurately completed.
Clear my choice
,Dashboard / My courses / AUE2602-24-S1 / Welcome Message / Assessment 6
Question 2
Not yet answered
Marked out of 2
Dashboard Calendar
You are the audit senior assigned to the audit of TeleBuz Limited (TeleBuz), an airtime wholesale company based in Johannesburg.
You obtain an understanding of the process followed by the company to pay their suppliers. TeleBuz purchases airtime in bulk from the
different network providers in South Africa and also purchases printing paper in bulk upon which its clients print their airtime vouchers.
TeleBuz has an airtime management system in which their purchases of airtime vouchers from the different networks are housed as well
as where their clients can download the stock they wish to purchase for printing.
The sales manager is the only person with write access to the airtime management system to set the pre-order levels for stock. He also
determines which personnel receive notifications once stock reaches reorder levels. Only the sales manager and the finance director
receive these notifications for stock to be ordered. Once the reorder level has been reached, the sales manager will place the order for
stock with the different networks. The order is then approved by the finance director.
Which one of the following alternatives is the major control risk based on the process for the ordering of stock at TeleBuz?
Select one:
a. The sales manager places the orders with the different networks for the stock.
b. There is a lack of segregation of duties.
c. The sales manager has write access to the airtime management system to set the reorder levels.
d. Only the sales manager and finance director receive the notifications once stock reaches the reorder levels.
Clear my choice
, Question 3
Answer saved
Marked out of 2
Which ONE of the following alternatives will not lead to the financial director being held liable for contravention of the standards of
director’s conduct in terms of the Companies Act 71 of 2008?
Select one:
a. failing to act in good faith and for a proper purpose
b. failing to inform the board of all the environmental law changes
c. failing to act in the best interest of the company
d. failing to disclose to the board a personal financial interest
Clear my choice
Question 4
Answer saved
Marked out of 2
The chairperson of the board of directors of a large public company must be ... .
Select one:
a. an independent non-executive director
b. the CEO of the company
c. the CEO of the company, or an independent non-executive director who reports to the CEO
d. a previously disadvantaged person
Clear my choice
2. 2024
3. UE2602-24-S1
4. Welcome Message
5. Assessment 6
QUIZ
Assessment 6
Open course index
Open block drawer
Back
Question 1
Not yet answered
Marked out of 2.00
You obtain the following payroll information from the payroll manager regarding the payment of petrol attendants. Fuel attendants
are paid on a monthly basis by means of an electronic funds transfer (EFT) for the standard hours and overtime hours worked in the
previous month. The overtime report is run by Mrs Thabane, the payroll administrator, and sent to the service station manager for
authorisation if overtime hours exceed 25% of standard hours. Mr Ram, the payroll manager, analyses the payroll of each service
station on a monthly basis and prepares a variance report for the finance manager, Ms Nkosi.
Which one of the following controls should be implemented to ensure the proper approval of the payroll payment by EFT?
Select one:
a. Mr Ram reviews, amends and then uploads the payroll file on the system for authorisation. Once he is satisfied that it is
reasonable, he authorises the payment.
b. Mrs Thabane prepares the payroll file and uploads it on the system which releases a message for Mr Ram to authorise the
payment.
c. Mr Ram and Ms Nkosi review the payroll file for any amendments, Mr Ram then uploads the file for authorisation, and Ms Nkosi
authorises the payment.
d. Ms Nkosi receives the payroll file along with the supporting documentation. Once she is satisfied with the payroll, she uploads
the payroll file and authorises the payment.
Clear my choice
,Question 3
Not yet answered
Marked out of 2.00
All sales are made on credit. The following control takes place in a company’s warehousing function:
Picker to initial the picking slip for each item picked and identify on the picking slip items that cannot be supplied.
Which one of the following risks will be mitigated best by the above-mentioned control?
Select one:
a. Theft may be facilitated by uncontrolled despatch.
b. Inaccurate and incomplete delivery notes may be made out.
c. Warehouse clerk having to check goods picked to picking slip.
d. Valid picking slip may not be acted upon.
Clear my choice
Question 4
Not yet answered
Marked out of 2.00
Starlight Wholesalers Ltd is a manufacturer of branded sneakers for retail stores. The audit senior has requested that you attend the
year-end inventory count.
At the year-end inventory count you observe that the warehouse controller accepts the number of items counted and amends the
perpetual inventory records based on the count sheets to reflect the items on hand at the end of the count.
Which one of the following alternatives describes the main risk that exists as a result of the above-mentioned actions of the
warehouse controller’s conduct during the inventory count?
Select one:
a. Transfers are recorded that did not take place.
b. Inventory shortages, including theft, are concealed.
c. There is unauthorised requisitioning of materials.
d. There could be misplacement of inventory items.
Clear my choice
,Question 17
Not yet answered
Marked out of 2.00
Puma service station makes electronic funds transfers to pay their suppliers. The following is a procedure in the system description of
supplier payments.
Ms Nkosi, the finance manager, performs a review of the supplier statement reconciliations and ensures that valid reasons and supporting
documentation are provided for all reconciling items.
Which one of the following alternatives best describes the control objective(s) achieved by the above-mentioned procedure?
Select one:
a. occurrence and accuracy of payments
b. classification of payments
c. cut-off of payments
d. accuracy and completeness of payments
Clear my choice
Question 18
Not yet answered
Marked out of 2.00
In order for a non-executive director to be classified as independent he/she must satisfy a number of requirements.
Which ONE of the following is an applicable requirement?
Select one:
a. He/she was the senior external audit manager during the audit performed for the last financial year.
b. At no stage should he/she have been the CEO of the company.
c. He/she is a significant professional advisor to the company.
d. He/she must not receive remuneration that is based on the company’s profits for the financial year.
Clear my choice
,Question 1
Complete
Mark 2.00 out of 2.00
The chair of the governing body should be ...
Select one:
a. an independent non-executive director
b. the CEO of the company, or an independent non-executive director who reports to the CEO.
c. the CEO of the company.
d. a previously disadvantaged person.
Question 2
Complete
Mark 2.00 out of 2.00
Which ONE of the following control activities is an example of isolation of responsibility?
Select one:
a. The order clerk in the sales department of a company should issue the internal sales order (ISO), the warehouse clerk should perform
the picking of the goods on the order in the warehouse and the dispatch clerk should dispatch the goods for the delivery to the
customer.
b. The company’s production foreman should sign the schedule of overtime before he or she hands it to the wages clerk for it to be
calculated and paid.
c. An independent employee should regularly reconcile the debtor’s ledger with the debtors control account in the general ledger.
d. Access to the inventory warehouse should be controlled by means of a turnstile gate and a security guard checking goods leaving the
warehouse.
,Question 3
Complete
Mark 2.00 out of 2.00
MENU
Select the alternative which best completes the following statement:
The term “computerised environment” refers to any particular, unique combination of …
Select one:
a. data centres housing servers, routers, modems and so forth.
b. computerised business cycles.
c. general and application controls.
d. hardware, software and personnel.
Question 4
Complete
Mark 2.00 out of 2.00
Select the correct alternative to complete the following sentence:
The chair of the governing body should….
Select one:
a. also be the chair of the remuneration committee.
b. be a member of the nomination committee.
c. be a member of the audit committee.
d. also be the chief executive officer of the company.
Question 5
Complete
Mark 2.00 out of 2.00
Who is ultimately responsible for ensuring that the entity complies with the applicable laws and regulations?
Select one:
a. the audit committee
b. the risk committee
c. all the personnel of the company
d. the governing body
,Question 6
Complete
Mark 2.00 out of 2.00
MENU
Which ONE of the following statements is false?
According to section 94 of the Companies Act...
Select one:
a. One of the duties of the audit committee is to appoint the external auditors.
b. Each member of the audit committee should be a director of the company.
c. The audit committee should comprise of at least three members.
d. Any vacancy on the audit committee must be filled by the board within 40 days.
Question 7
Complete
Mark 2.00 out of 2.00
Choose the correct option below regarding the Companies Act requirements concerning the appointment of an audit committee.
a. The audit committee must consist of at least five (5) members.
b. The directors must appoint the audit committee at each annual general meeting.
c. The majority of the members of the audit committee must be directors of the company.
d. None of the options are correct.
Question 8
Complete
Mark 2.00 out of 2.00
Which ONE of the following alternatives is not an input application control to ensure accuracy in a computerised environment?
Select one:
a. Alpha-numeric format checks
b. Sign checks
c. Reasonableness and limit tests
d. Access control
,Question 9
Complete
Mark 2.00 out of 2.00
MENU
Mambo Ltd’s chief financial officer, Mr Lou, recently resigned, and the company urgently needs to find a replacement. The memorandum of
incorporation (MOI) of the company requires that each director of the company holds a tertiary degree related to business management or
accounting.
Consider the suitability of each of the following candidates to be appointed as director and select the correct option below, indicating which
candidate/s may be appointed, in terms of the Companies Act.
Ms Monica – An unrehabilitated insolvent who holds an MBA (master’s in business administration)
Ms Erica – She has previously been removed from office due to misconduct which involved dishonesty. She completed her honours degree
in accounting.
Ms Rita – She has recently been declared delinquent by a court. She holds a bachelor’s degree in accounting.
Ms Tina – She has been convicted for petty theft and opted for imprisonment after she was unable to pay a fine that the court imposed on
her. She holds a bachelor’s degree in accounting.
Ms Sandra – A rehabilitated insolvent. She holds a bachelor’s degree in cultural sciences.
Bega (Pty) Ltd – An accounting firm, of which all the directors hold a bachelor’s degree in accounting.
a. Only Ms Tina may be appointed.
b. Only Bega (Pty) Ltd may be appointed
c. Only Bega (Pty) Ltd may be appointed.
d. Only Ms Sandra may be appointed.
Question 10
Complete
Mark 2.00 out of 2.00
Which ONE of these is not a benefit that could be realised through good governance according to the King IV Report?
Select one:
a. Maximise short term profits.
b. Effective control
c. Legitimacy.
d. Ethical culture.
, Dashboard Calendar
Dashboard / My courses / AUE2602-24-S1 / Welcome Message / Assessment 6
Question 1
Not yet answered
Marked out of 2
Starlight Wholesalers Ltd is a manufacturer of branded sneakers for retail stores. The audit senior has requested that you attend the
year-end inventory count.
At the year-end inventory count you observe that the warehouse controller walks through the warehouse and inspects that all sections
are counted. He further selects items at random for counting and supervises count teams recounting items where there are
discrepancies.
Which one of the following statements reflects the most correct impact of the above-mentioned observation on the inventory count?
Select one:
a. The warehouse controller can be confident that all items of inventory in the warehouse were counted and exists.
b. The warehouse controller can be confident that any differences from the physical count and perpetual records are due to theft.
c. The warehouse controller can be confident that the damaged or obsolete inventory has been identified.
d. The warehouse controller can be confident that all count sheets were accurately completed.
Clear my choice
,Dashboard / My courses / AUE2602-24-S1 / Welcome Message / Assessment 6
Question 2
Not yet answered
Marked out of 2
Dashboard Calendar
You are the audit senior assigned to the audit of TeleBuz Limited (TeleBuz), an airtime wholesale company based in Johannesburg.
You obtain an understanding of the process followed by the company to pay their suppliers. TeleBuz purchases airtime in bulk from the
different network providers in South Africa and also purchases printing paper in bulk upon which its clients print their airtime vouchers.
TeleBuz has an airtime management system in which their purchases of airtime vouchers from the different networks are housed as well
as where their clients can download the stock they wish to purchase for printing.
The sales manager is the only person with write access to the airtime management system to set the pre-order levels for stock. He also
determines which personnel receive notifications once stock reaches reorder levels. Only the sales manager and the finance director
receive these notifications for stock to be ordered. Once the reorder level has been reached, the sales manager will place the order for
stock with the different networks. The order is then approved by the finance director.
Which one of the following alternatives is the major control risk based on the process for the ordering of stock at TeleBuz?
Select one:
a. The sales manager places the orders with the different networks for the stock.
b. There is a lack of segregation of duties.
c. The sales manager has write access to the airtime management system to set the reorder levels.
d. Only the sales manager and finance director receive the notifications once stock reaches the reorder levels.
Clear my choice
, Question 3
Answer saved
Marked out of 2
Which ONE of the following alternatives will not lead to the financial director being held liable for contravention of the standards of
director’s conduct in terms of the Companies Act 71 of 2008?
Select one:
a. failing to act in good faith and for a proper purpose
b. failing to inform the board of all the environmental law changes
c. failing to act in the best interest of the company
d. failing to disclose to the board a personal financial interest
Clear my choice
Question 4
Answer saved
Marked out of 2
The chairperson of the board of directors of a large public company must be ... .
Select one:
a. an independent non-executive director
b. the CEO of the company
c. the CEO of the company, or an independent non-executive director who reports to the CEO
d. a previously disadvantaged person
Clear my choice
