Summary Notes

AUE1501 Oct/Nov 2016 Memo


INSTITUTION: UNISA
COLLEGE NAME: UNICALCULUS
TITLE: AUE 1501 Oct-Nov 2016
QUESTION 1

1. C
2. D
3. A
4. A
5. A
6. C
7. C
8. A
9. D
10. B
11. B
12. C

QUESTION 2

1. A
2. A
3. D
4. B
5. B
6. D
7. D
8. E
9. D
10. D

QUESTION 3

INTERNAL AUDITOR EXTERNAL AUDITOR
• Obtain a mandate from management/ • Obtain a mandate through legislation.
the audit committee. • Perform an external attestation function
• Perform a management function (auditing function).
• Are contracted by the company they are • Work for an independent audit firm.
working with. • Function independently from the
• Function independently in the organization.
organisation but remain part of it. • Report to the shareholders
• Report to management (including the • External audit works primarily with those
audit committee). financial systems that have a bearing on
• Internal audit covers all the the financial accounts.
organisation’s operations.