Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

problem 1: UTM Bar Chocolates limited employs 10 salespeople in the Mauritius, each with a defined geographical area to cover.  Each and every salesperson is supplied with a new car, changed every 4 years. At the end of each week, each sales person submits a claim on a pre-printed form for expenditures with supporting vouchers. Expenses are on petrol, repairs and servicing of the car, lunches and entertaining. Each claim is scrutinized by Mr. Jones who is the chief accountant of company. He confirms that the claims are supported by vouchers. He clears any inconsistencies with the salespeople concerned and make out cheques for signature by two directors of the company. The net amount paid out for salesperson’s expenditures by the company throughout the year ended 30 June 2008 was Rs. 3,200,000. The company made a profit in that year of Rs. 15 million.

Required:

a) Describe the shortcomings of this system and propose ways of enhancing the system.

b) describe tests of control and list the test of control which the auditor would perform on this system.

c) describe the substantive procedures that the auditor would function on the item salesmen’s expenses.

problem 2: Internal control for purchase system comprise control objectives, control procedures and test of control.

a) What are the control objectives for the purchase of goods by a business?

b) What are the substantive tests to be applied on the purchase?

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M96912

Have any Question? 


Related Questions in Auditing

Questionnbspinstructions this assignment is to be submitted

Question:  Instructions: This assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook. It is the responsibility of the student who is submitting the work, to ...

Assignment audit assurance and compliancebullthis

ASSIGNMENT: Audit, Assurance and Compliance • This assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook. • It is the responsibility of the student who is s ...

Background informationthis assignment is based on the

Background information This assignment is based on the Professional Application Question 2.37 in your e-text. Fellowes and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of c ...

Assignment audit planning and controlit is common industry

Assignment: Audit Planning and Control It is common industry knowledge that an audit plan provides the specific guidelines auditors must follow when conducting an external audit. External public accounting firms conduct ...

Auditor rotationread the article house counts on honor

Auditor Rotation Read the article, "House Counts on Honor Amongst Thieves: Votes Against Mandatory Auditor Rotation." Based on the information presented in the article, discuss the following: Article link: http://www.for ...

Assignment question 1impulse pty ltd impulse is an

Assignment Question ( 1) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

Objectivesthis assignment is designed to assess students

OBJECTIVES This assignment is designed to assess students' ability to: - Produce a concise detailed report about the importance of information security audit policy and its components - To have excellent understanding re ...

Audit assurance and compliance assignmentquestion 1

Audit, Assurance and Compliance Assignment Question 1 - Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since ...

Internal essaywhile there is no minimum length i anticipate

Internal Essay While there is no minimum length, I anticipate one to two pages (single spaced, Times New Roman 12 font) for each question. I would look for clear and well-argued submissions showing your depth of knowledg ...

Assignment question 1impulse pty ltd impulse is an

Assignment Question ( 1) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen