f8习题sep 2021 to june 2022米粒儿宝典

真题必刷清 必做客观 真题必刷清 必做客观 PartAAuditframeworkand Chapter1Statutoryauditandother Chapter2Corporate Chapter3Internal Chapter5Acceptingaudit PartBPlanningandrisk Chapter6Auditstrategy,auditplanningand Chapter7Riskassessmentandresponsestoassessed PartCInternal Chapter8Internal PartDAudit Chapter10Substantive Chapter11Introductiontoaudit Chapter12Auditsampling,automatedtoolsandtechniquesandusingworkof PartEReviewand Chapter14Auditreviewand Chapter15 必考主观 March/June2019 September201616 March/June2019 March/June2018 March/June2016 SpecimenExamSeptember2016 综合题 Mar/ March/June2016 SpecimenExamSeptember2016 综合题 Mar/Jul2020Scenario Substantive December2020Scenario 2021MarjunScenario Trade Mar/Jul2020Scenario September/December September/December Exceptionof Sep/Dec2019Scenario Additionand Mar/Jun2020-Scenario3 March/June2018 September/December Trade March/June2017 Payroll- March/June2017 BankMarch/June2017 Payroll- March/June2017 Bank 2020Scenario3 Mar/Jun2021Scenario 2020SepdecScenario3 Sep/Dec2017 Mar/Jun2020Scenario SpecimenExamDecember2014 Salestax March/June2019 Dec2020examScenario1-纯文 2021JunScenario September/December SpecimenExamSeptember2016 September/December Mar/Jun2021Scenario Other Pre-dec21MockQ23 选考主观 Subsequent December2014Q4December2014Q4 Non-adjusting March/June2019 September/December March/June2019 Ethical March/June2017 其他常考的主观题及名词解 ExplainwhyitisimportanttocommunicatethroughouttheauditwithTWCG?(2分 MatterstobecommunicatedtoTCWG(4分 Defineauditriskandcomponentsofauditrisk(4分 Preconditionsfortheaudit(3分 Issuesbeforeacceptingauditappointment(4分 Defineandexplainmaterialityandperformancemateriality（4分 Auditor’sresponsibilityinpreventionanddetectionof Interimandfinalaudit(3分 Fourmatterstodeterminewhetheradeficiencyininternalcontrolissignificant?(4分 ComponentsofInternalControl（5分 Purposeandcontentofengagement IdentifywhataKAMisandexplainhowtheauditordeterminesandcommunicatesKAM.(5分 Narrativenote,flowchartsand Benefitofassessmentriskofthe Therelationshipofstrategyand Explainthebenefitsofauditplanning(4分-任写4点 Stepsinundertakingapositivereceivablesconfirmation/circularization(4分 Usingtheworkof Usingtheworkofinternal Usingtheworkofserviceorganization(3分 Auditor’sresponsibilityofgoing Management’sresponsibilityofgoing Overall(Final)reviewofthefinancial 1/1/真题必刷清主观题必刷真天2/循题视√Sep/Dec2019-Scenario真题必刷清主观题必刷真天2/循题视√Sep/Dec2019-Scenario2a)b)-Sep/Dec2017-Q16c)-Mar/Jun2018-Q16a)b)-KeycontrolMar/Jun2021-Scenario1b)c)-KeycontrolSep/Dec2018-17√Mar/Jun2016-SpecimenExamSeptember2016块练Mar/Jun2020-Scenario√inventory&Mar/Jun2017-Q18Sale,Mar/Jun2019-Q16SpecimenExam-Sep2016-Q17√Payroll,Sep/Dec2020-Scenarioprocedures-建议刷题时间天3/科内题Revenue-提前确认问December2020ScenarioValuationofMar/Jun2020-Scenario3Exceptionofprocedures-建议刷题时间天3/科内题Revenue-提前确认问December2020ScenarioValuationofMar/Jun2020-Scenario3ExceptionofSep/Dec2018-Q18InventoryandMar/Jun2019-Q18ValuationofSpecimenExamSep2016-Q18b)PPEadditionandMar/Jun2020-Scenario3PPE-Mar/Jun2018-Q18PPE-SpecimenExamSep2016-Q18b)IntangibleMar/Jun2019-Q18Mar/Jun2018-Q18Mar/Jun2018-Q18Mar/Jun2017-Q17March/June2021-ScenarioSep/Dec2020-Scenario3B)Mar/Jun2020-Scenario3Mar/Jun2017-Q17BankBank2020Scenario3Sep2016–Q17a)CompletenessofMar/Jun2017-Q17purchasesandotherSep/Dec2017-Q16SalestaxSalestaxMar/Jun2019-Q18AuditRisk-建议刷题时间（4天考前演练题目-建议考前3天完Pre-dec214/考试级知识题必考主AuditRisk-建议刷题时间（4天考前演练题目-建议考前3天完Pre-dec214/考试级知识题必考主GoingSep/Dec2018-Q18Mar/Jun2021Scenario3OtherPre-dec21MockQ23Sep/Dec2017-Q18SpecimenExam-Sep2016-Q18Mar/Jun2020-Scenario3-Mar/Jun2018-Q18选考主Non-adjustedMar/Jun2019Q18Dec2014Q4GoingAuditSep/Dec2015Sep2016Q17Sep/Dec2018-Q18了Mar/Jun2019-Q16Ethical知识题视AuditMar/Jun2021-ScenarioDec2020examScenarioSep/Dec2018Q16ab)cMar/Jun2017-Q16Mar/Jun2020Scenario1c√Mar/Jun2019-Q17√Sep/Dec2019-Scenario1必做客观PartAAudit必做客观PartAAuditframeworkandChapter1StatutoryauditandotherJune2018Examiner’sReviewofForecastlimited5/BPP(2021)BPP(2021)Q1-6/77/1D错误错误1D错误错误错误2题目的信息是外审对卫生制度的合规性的责任，由于卫生制度对财报属于间接影响（indirecteffect），故审只需执行specificauditprocedures（特定的审计程序）即348/99/Chapter2CorporateChapter2CorporateJuneSolution：C其他题目合并放在2（考试一般也是CG和IA合并为一个案例选择题10/Chapter3InternalDecemberChapter3InternalDecember2014December201411/1)Internalauditorsshouldnot1)Internalauditorsshouldnotreporttothefinancedirectorsbutshouldtoauditcommittee,June2015A（CPAACCACExternalauditorsshouldreporttoDIfoutsourceinternalauditorscanbeindependentofthecompany12/1313/December2016December2016Q1-5(Corporategovernance&internal14/1515/11and1)正2Compromises11and1)正2CompromisesNEDindependence,NED’sremunerationshouldbesetamountbasedontime为了保证NED的独立性，NED的工资必须与业绩没有关系（ED的工资可以与业绩挂钩），3Auditcommittee,MariaMarquez;MoreseniorstaffwithauditFinancedirectorChiefexecutiveAuditcommitteePaulBelling已经负责设计现有的系统了，在担任内审会出现self-review 4Avalueformoney5Designingandimplementinginternalcontrolprocedurestoaddress16/BPPQ16-20BPPQ16-20(Corporategovernance&Internal17/1617至少每三年重新选一次，且董事会整体至少1/21617至少每三年重新选一次，且董事会整体至少1/2的18192018/即使有内审部门协助，BOD依旧是预防和发现错误和舞弊的最终负责人。（The即使有内审部门协助，BOD依旧是预防和发现错误和舞弊的最终负责人。（Thedirectorsareresponsiblethepreventionanddetectionoffraudanderrors,theinternalauditfunctionmayassistthedirectorsinthedirectorsretaintheultimate19/Chapter4December2014Chapter4December20141)4Solution:属于Obligatory，无需匿名20/March2018Examiner’sMarch2018Examiner’s1）错误codesofprofessionalethics是原则性的（principles）而不是具体指示性的21/Ethics案例BPP（2021）Q11-11FromaEthics案例BPP（2021）Q11-11Fromareviewoftheinformationabove,yourauditassistanthashighlightedsomeoftheriskstoindependenceinrespectoftheauditofMrDaywouldlikehisdaughterZoetobepartoftheauditAuditteamtobeofferedaballoonTaxfeetobebasedonapercentageoftaxFirmtorepresentStarkinadisputewiththetaxWhichofthefollowingoptionsbestidentifiesthevalidthreatstoindependenceandallocatesthethreattothemostappropriatecategory?1)2)2)3)1)3)22/23/23/11B2）收到对方的好处self-interest收费按节税的百分比收取self-11B2）收到对方的好处self-interest收费按节税的百分比收取self-代表客户处理纳税纠纷12除非礼物很小，否则都不能收取，不然可能会引起self-interest1315错误错误如果是criminalactivity， 24/BPP(2021)BPP(2021)Q21-25/2626/213）连续两年客户总收费超过15%-self-interest&intimation4）审计费用逾期-self-213）连续两年客户总收费超过15%-self-interest&intimation4）审计费用逾期-self-22A2427/28/11影响Professionalcompetence，但无法使用之前的合伙人，因为之前的合伙人已经超过71211影响Professionalcompetence，但无法使用之前的合伙人，因为之前的合伙人已经超过712 影响familiarity，因为会跟公司老同事过度亲密，故应将newauditmanager*从客户跳至事务所会影响self-review131429/SpecimenExamSeptemberSpecimenExamSeptember2016Q1-30/1收入超过15%-事务所会因为害怕失去客户而变得不客观-Self-interestand27过71收入超过15%-事务所会因为害怕失去客户而变得不客观-Self-interestand27过7331/32/3333/1D客户有拖欠的是服务费而不是审计费，所以对审计意见不会形成相应的intimidationthreat题目没有特殊说明时，一般认为ITsecurityserviceiii)self-interest2Brian1D客户有拖欠的是服务费而不是审计费，所以对审计意见不会形成相应的intimidationthreat题目没有特殊说明时，一般认为ITsecurityserviceiii)self-interest2BrianSmith已经担任客户的税务服务，再做审计会引起self-CassieDixon跟客户有一定的关系，但由于已经是5PeteRusso工资服务的同时再做审计会引起self-综上所述，CassieDixon3 事务所做内审，而案例中并未说AlanMarshlow辞职，故AlanMarshlow作为公司合伙人（审计工作）(41)34/5Disclose5DisclosethistothosechargedwithArrangeforareviewtobeconducted,eitherbyanexternalprofessionalaccountantorbyabody（Preorpostissuancereview35/Chapter5Chapter536/PartBPlanningandrisk6PartBPlanningandrisk637/38/BPP(2021) BPP(2021) B错误PM应低于而不是高于 D39/ChapterBPPChapterBPPQ51-40/515251525341/541）正确可以询问有关其他客户的信息，以推测是否出现goingconcern2）错误无法通过询证函得到合同是否延展的信息（该项目正在投标中涉及到保密性）541）正确可以询问有关其他客户的信息，以推测是否出现goingconcern2）错误无法通过询证函得到合同是否延展的信息（该项目正在投标中涉及到保密性）展的可能性（243）正确可以了解相关的借款信 55Mason存货中有$2m的飞机，现Mason42/PartCInternalChapter8PartCInternalChapter8InternalDecember201443/PartDAuditChapter10SubstantivePartDAuditChapter10SubstantiveBenefitsofSpecimenExamSeptember2016Sample44/6TimeSpecimenExamSeptember201645/6TimeSpecimenExamSeptember201645/Willow金额一致-NofurtherauditproceduresCedarMapleCashintransit（关键点是是否年后才收到款）-Agreetopostyear-endcashreceiptcashLaurelIndispute(DiscussedwithmanagementtoidentifywhetheradownisOak进一步跟进函证-followthisupwithanotherletteroraphoneTime2Time2LilyCo,Payableledgerbalance<Statementbalance, C错误46/D错误函证没有意义，因为函证的金额跟statement3D错误函证没有意义，因为函证的金额跟statement347/8848/9 9 2）一张156,403的发票作为贷方通知单（退货申请）被寄给了Poole3）在收到货物之前收到了一张156,40349/各种跟认定相关的程Revenue&TradeDecember各种跟认定相关的程Revenue&TradeDecember2014December2016151)and50/March2017Examiner’sANRVBMarch2017Examiner’sANRVB宝石需求上涨，不太会出现CDJune201551/ABCSpecimenExamSeptember2016ABCSpecimenExamSeptember2016如有，应该记录在PPE名下，以防止低估-52/复核的是否授权审批复核的是否授权审批53/July2020Examiner’sABJuly2020Examiner’sABC如有，应该记录在PPE名下，以防止低估-D54/AA2021Marjunexaminer'sThefollowingscenariorelatestoquestions1AA2021Marjunexaminer'sThefollowingscenariorelatestoquestions1-Itis1July20X5.YouareanauditsupervisoratYork&CoandyouareinvolvedintheauditLancasterCofortheyearended31May20X5.ThecompanyownsasignificantamountofcurrentassetsincludinganumberofAdditions,disposalandLancasterCodepreciatesitsproperties,onthestraight-linebasis,atarateof5%perannum.draftdepreciationchargeonbuildingsfor20X5is$2mcomparedwith$1.7minOn31May20X5,PropertyAwassoldforsalesproceedsequalto40%pertyinitiallycost$6mandhadbeenownedanddepreciatedforsevenTheauditprogrammeincludesthefollowingteststobecarriedoutinrelationtoadditionsduringthe Agreeasampleofadditionsrecordedinthenon-currentassetregistertothecashbookpurchaseinvoiceensuringthatthepurchasedateisaccurateanditisrecordedatthe ComparetotalbudgetedadditionstoactualadditionsintheyearandinvestigatecorroborateanysignificantOn31May20X5,thedirectorshadallofthecompany’sremainingbuildingsrevaluedbyanexpert.InthedetailedauditapproachitstatesthatYork&Cowillrelyonthisvaluationaspartthecurrentyearaudit55/1WhichTWOofthefollowingauditprocedureswouldtestforOVERSTATEMENTofCo'snon-current1WhichTWOofthefollowingauditprocedureswouldtestforOVERSTATEMENTofCo'snon-currentAgreedisposalsrecordedinthenon-currentassetregistertocashbookandsalesPhysicallyinspectasampleofassetsselectedfromthenon-currentassetInspectasampleofassetsfoundatalocationandagreetothenon-currentassetInspecttheconditionofassetsheldtodeterminetheneedforany2Whichofthefollowingassertionsaretestedbytheproceduresincludedintheprogrammefor(1)(2)(3)(4)Accuracy,valuationandA.1and3B.2and4C.1,3and4D.1,2,3and3Youarenowconsideringsubstantiveauditproceduresfordepreciationacrossallcategoriesnon-currentassetsheldbyLancasterWhichTWOofthefollowingaresubstantiveauditproceduresfortestingReviewthenon-currentassetregistertoensurethatallassetsareassignedausefulPerformaproofintotalforthedepreciationchargeof$2mincludedinthestatementsandinvestigateanysignificant56/ReviewtheboardminutesforevidenceofapprovalofusefulDiscusswithmanagementthereasonsReviewtheboardminutesforevidenceofapprovalofusefulDiscusswithmanagementthereasonsforthe$300,000differenceinthecurrentdepreciationcomparedtotheprior4RecalculatetheexpectedlossondisposalofPropertyA,givingyouranswertoONE$ 5Inrespectoftherevaluation,whichTWOofthefollowingstatementsregardingrelianceonexternalexpertareInlinewithISA620UsingtheWorkofanAuditor'sExpert,reliancecanonlybeplacedanexpertappointedbyYork&ObtainingthevaluationreportwouldconstitutesufficientandappropriateevidencethecarryingamountoftheReferencetotheworkoftheexternalexpertshouldnotbeincludedintheauditor'sTheobjectivityofthevaluermustbeassessedbeforeplacingrelianceonthe1BA该程序对于处置记录而言，属于高估，但处置是固定资产的抵减项，故对于固定资产而言序属于低估，故错B从固定资产台账到实地盘点，从账本身到源头，属于高估，故正C从实地到固定资产台账，属于从账外到账本身，属于完整性测试，故用于检查低估，故错D检查固定资产的状况以确定是否有减值迹象（减值属于固定资产账面金额的抵减项），有助于止固定资产账面金额高估，故正57/21）固定资产台账追溯到原始单据有助于确定存在性2）将实际金额与预算对比有助于发现高估(Existence)，低21）固定资产台账追溯到原始单据有助于确定存在性2）将实际金额与预算对比有助于发现高估(Existence)，低估(Completeness)或金额出错valuationandallocation)，但无法检查出分类错报（比如金额记入固定资产还是损益表3AC属于TOC不45CA B评估报告只能对评估后价值而不是账面价值提供充分适当的证据C外部专家的工作不可以包含在审计报告中（Chapter12内容）D在使用外部专家工作前，审计师需要对外部专家的工作进行评估正确12内容58/CashAccumulatedLossof6-2.4-PPE(InitialAACTrade59/客户告知公司早关账3天，这时导致最后3天的发票（293031）记录在公司第二年的账上A所有客户告知公司早关账3天，这时导致最后3天的发票（293031）记录在公司第二年的账上A所有29-31B CDDecember2016114)Wagesandsalariesaccountedforrelatedtothecurrentyearended30April1)工资在损益表里合理分类-2）牵扯到计算和调整，属于 60/4）记录的工资与本年相关，属于cut-December2017Examiner’s题目问的是:“以下哪些程序不是对Co4）记录的工资与本年相关，属于cut-December2017Examiner’s题目问的是:“以下哪些程序不是对Co工资暂估进行低估测试（完整性测试ABCD计算抵扣金额，属于valuation（不属于完整性程序July2020Examiner’s61/查看approval（授权审批）属于TOC62/Chapter11IntroductionReliabilityofSpecimenChapter11IntroductionReliabilityofSpecimenExamSeptember2016ACD询问董事会也属于内部证据，但可信度比A63/December20168December20168December201664/ DifferenttypesofJuneARe-BC65/B3)Confirmation-B3)Confirmation-4)Reperformance-66/StagesofanalyticalJune2015StagesofanalyticalJune20154)可以发现异常的交易3）4）都属于RiskProofinDecember201667/131368/69/期 69/期 利$-SpecimenExamSeptember2016当月全额计折1购买的折旧，则5月开始计提折旧，前4SpecimenExamSeptember2016当月全额计折1购买的折旧，则5月开始计提折旧，前4提，则20X4年需要折旧的月数=12-470/Chargeforthe1520exercise15rowing10crossJune2015ABCJune2015ABCTOCSPDecember2016141)从工资追溯到财报，完整性测试-3）今年与去年的工资进行比较-Trendanalysis-71/TOC检查内控-是对过程的SP检查结果（从存在，完整，金额准确方面入手4（Proofintotal）Analytical4（Proofintotal）Analytical由于公司速动比率变低，所以很有可能需要依赖overdraft（信贷额度72/TPdays=TP/Costof应付账款天数由45TPdays=TP/Costof应付账款天数由4568ABCD73/TRdays=TR/creditTradereceivablecollectionTRdays=TR/creditTradereceivablecollectionperiodislowerthaninterimauditlowerABCD74/March2018Examiner’sMarch2018Examiner’sOpeningbalanceProductioncost故，这种此消彼长的关系是的75/Chapter12workofChapter12workof4 D错误76/ABCauditABCauditDecember2014DTestdata,auditUsingtheworkof1377/December2018Examiner’sDecember2018Examiner’s78/PartEReviewandChapterPartEReviewandChapter14Auditreviewand121）错误2）错误79/Sep/DecSep/Dec2020Examiner’s80/Sept/DecSept/Dec2020Examiner’s改财报，故选D81/SpecimenExamDecemberJuneSpecimenExamDecemberJune201582/83/AuditproceduresofsubsequentAuditproceduresofsubsequent7884/SpecimenExamSeptember2016SpecimenExamSeptember201685/Sep/Dec2020Examiner’sSolution:BSep/Dec2020Examiner’sSolution:BABCD86/EffecttoSpecimenExamEffecttoSpecimenExamSeptember201687/Going时June2019Examiner’sGoing时June2019Examiner’s报告截止日期为December20X4，故持续经营应结束于December88/December2014June2018December2014June2018Examiner’s89/ConditionsmaycastdoubtaboutthegoingConditionsmaycastdoubtaboutthegoingDecember201662)3）收入的1/3Impacttoauditor’s90/Solution:anunmodified,amaterialuncertaintyrelatingSolution:anunmodified,amaterialuncertaintyrelatingtogoing虽然公司持续经营有重大不确定性，但是公司已经合理披露，故应给与 1qualifiedordisclaimer2)adverse91/日Sept/Dec2020日Sept/Dec2020Examiner’sWhatisincludedinwrittenMarch2020Examiner’sA正确管理者声明应报告管理者职责（确保财报的完整性B错误该项内容为审计的免责条款应包含在业务约定书92/D正确D正确December201493/Finalreview(OverallWhatauditorsdoinFinalreview(OverallWhatauditorsdoinfinal111）Precondition94/March2020Examiner’sSolutionBMarch2020Examiner’sSolutionBA错误B正确使用分析性程序DE95/题目中询问的是：“以下哪些复核题目中询问的是：“以下哪些复核内容可以确保证据能支撑审计意见。和的June2015Final96/Chapter15BasicMarchChapter15BasicMarch2017Examiner’sOthermattersparagraphMarch2019Examiner's97/KAMvsBKAMC错误KAMvsBKAMC错误D错误不是所有重要的事项，是在重要里面挑一些最重大的SpecimenExamDecember2unqualifiedaudit3)unmodifiedopinionmodified98/OtherMarch2019Examiner's审计师只对财报负责，所以只要财报没有问题就可以给unqualifiedopinion（UnmodifiedOtherMarch2019Examiner's审计师只对财报负责，所以只要财报没有问题就可以给unqualifiedopinion（UnmodifiedChairmanreportAudit99/有错误，但是没有超过重要性水平(150,000/6,500,000=2%＜5%ofprofit,Specimen有错误，但是没有超过重要性水平(150,000/6,500,000=2%＜5%ofprofit,SpecimenExamSeptember2016 100/December2018Examiner’sDecember2018Examiner’s101/Sep/Dec2020Examiner’s102/OutcomeOutcome1:Qualified,Outcome2:Unmodifiedwithemphasisof103/必考主观ControlSales必考主观ControlSales(b)InrespectoftheinternalcontrolsofFreesia(i)IdentifyandexplainThree(ii)Recommendacontroltoaddresseachofthesedeficiencies;(iii)DescribeaTESTOFCONTROLtheexternalauditorsshouldperformtoassessifeachofthesecontrols,implemented,isoperatingeffectivelytoreducetheidentifiedNote:PrepareyouranswerusingthreecolumnsheadedControldeficiency,Controlrecommendationandofcontrolrespectively.Thetotalmarkswillbesplitequallybetweeneachpart.(9104/105105/106/ControlTestof106/ControlTestofCustomercreditlimitsareset0.5分）,whoarenotsufficientlyseniorenoughandiftheysetlimitstoohigh,leadingtoirrecoverabledebts,ortoolow,leadingtoalossofsales（说影响0.5分）.CreditlimitsshouldbesetbyseniormemberofthesalesdepartmentTheselimitsshouldberegularlyreviewedbyaForasampleofnewacceptedintheyear,reviewtheauthorizationofthecreditlimit,andensurethatthiswasperformedbyaresponsible行内控测试1分）Customerordersaregivenabasedonthesalesperson’sownidentificationnumber,whichmaynotsequential,thiswillmayresultmissingordersandlossofcustomerSalesordersshouldsequentiallynumbered.Onaregularbasis,asequencecheckofordersshouldbeundertakentoidentifyanymissingorders.Inspectafileofsalessenttothewarehousetoensuretheyarefiledinnumericalorder.LilyShah,afinanceclerk,responsibleforcashreceipts,updatingthesalesledger.Thereisalackofsegregationofduties,whichmayincreasetheriskoffraud.Thekeyrolesofpostingreceiptsandupdatingthesalesledgershouldbesplitbetweenundertaketherolesofprocessingofbankreceiptsandupdatingofthecashbookandsalesledger.September201616September201616107/108/ControlControlNewcustomers’creditworthiness108/ControlControlNewcustomers’creditworthinessisassessedbyawhosetsthecreditlimit,whichisauthorisedbythesalesdirector.Thesalesstaffhavesalestargets,sotheymaysellproductstopoorcredittomeetthetargetofsales,thiscouldresultinsalesbeingmadetopoorcreditrisks.Newcustomersshouldbeassessedbyindependentofficerandthenauthorisedbythesalesdirector.Salesstaffhavediscretiontograntsalesdiscountscustomersofupto10%.Thiscouldresultinalossofrevenueastheymayawardunrealisticdiscountssimplytomeetsalestargets,thiscouldresultinunauthoriseddiscountsallowed.Alldiscountstobegrantedtoshouldbeauthorisedinadvancebyaresponsibleofficial,suchasthesalesdirector.Salesstaffareabletomakechangestothecustomerdatafile.Thereisariskthattheseamendmentscouldbemadeincorrectlyresultinginalossofsalesrevenueoroverchargingofcustomers.Inaddition,thesalesstaffarenotseniorenoughtobegivenaccesstochangingmasterfiledataasthiscouldincreasetheriskoffraud.Salesstaffshouldnotbeabletoaccessmasterdatafiletomakeamendments.Anysuchamendmentstomasterfiledatashouldberestrictedsothatonlysupervisorsandabovecanmakechanges.Inventoryavailabilitydoesnotappeartobecheckedbysalespersonatthetimetheorderisplaced.Thiswillleadtounfulfilledordersandcustomerdissatisfaction,whichwouldimpactthecompany’sreputation.PriortothesalespersonfinalisingthetheinventorysystemshouldbecheckedinorderforanaccurateassessmentoftheavailabilityofgoodstobenotifiedtoCustomerordersaregivenanumberbasedontheperson’sownidentification(ID)number.Thesenumbersarenotsequential,whichmaynotsequential,thismayresultmissingordersandlossofcustomergoodwill.Salesordersshouldbenumbered.Onaregularbasis,asequencecheckofordersshouldbeundertakentoidentifyanymissingorders.ThesalespersonemailsthewarehousedespatchteamthecustomerIDandthesalesorderdetails,ratherthanacopyofthesalesorderitself,andapicklistisgeneratedfromThereisariskthatincorrectorinsufficientdetailsmayberecordedbythesalespersonandthiscouldresultinincorrectThepicklistshouldbegeneratedfromoriginalorderformandthewarehouseteamshouldcheckcorrectquantitiesandqualityofgoodsbeingdespatched.109/ordersbeing109/ordersbeingdespatched,resultinginalossofgoodwillandOncetheorderistaken,thesalespersonemailsthedepartment,butthefinancedepartmentshouldonlyraiseafterthegoodsaredespatchedtocustomers,otherwise,revenuewillberecognizedearlier.WarehousedepartmentshouldgiveGDNfinancedepartment,andfinancedepartmentshouldmatchedtooriginalsalesorderandthenraiseinvoices.Thesalespersonisgivenresponsibilitytochasedirectlyforpaymentonceaninvoiceisoutstandingfor90days.Thisisconsiderablyinexcessofthecompany’scredittermsof30dayswhichwillleadtopoorcashflow.Acreditcontrollershouldbeappointeditshouldbetheirrole,ratherthanthesalesperson,tochaseanyoutstandingsalesinvoiceswhicharenomorethan30daysold.110/111/ControlControlTestofForbooks111/ControlControlTestofForbooksoutofstock,managerstoldcustomerstoorderbooksfromotherstoresdirectlyorvisitthecompanywebsite,assomecustomermayforgettodothis,itcouldcausethecompanylosingsalesordersAninter-branchsystemshouldbewithinter-branchinventoryformsbeingcompletedforstoretransfer.Ateachstores,inspectasamplecompletedinter-branchinventoryformsforconfirmationthecontrolPurchaseordersbelow$1000areItispossibleforclerkto$1000anditcouldcausethecompanytopaymorecost.authorizedbyaresponsibleofficialbeforeissuedtoInspectasampleofordersforevidenceofGRNsaresenttothedepartmenteverytwomonths;thiscouldresultindelayofpaymenttosuppliersandalsorecordedliabilitiesbeingunderstated.AllGRNsshouldbesenttheaccountdepartmentsonamoreregularbasis,suchasEnquireoftheaccountsclerkthefrequencyofwhenGRNsarereceivedtoassessiftheyarebeingsentpromptly.ThepurchaseorderingclerkOliveralsoprocessingthepayment,thisislackofsegregationofdutiesandtheriskoffraudisincreased.Therolesoforderingandprocessingofshouldbeallocatedtoseparatemembersofstaff.Observethestaffsofandpayment,toensurethereissegregationofduties.Thefinancedirectorisgiventheamountofthepaymentlist.Withoutlookingatthedetailofthepaymentslistandsupportingdocumentation,thereisariskthatsupplierscouldbebeingpaidanincorrectamount,ortofictitiousThefinancedirectorauthorizethedetailsratherthanthesummary.AndsheshouldagreetheamountstobepaidtoandreviewingsupplierInspectasampleofpaymentevidencetheyhavebeenauthorizedbydetails.112/112/Duetostaffshortageinthedepartment,supplierThismayresultinerrorsanderrorscan’tbeidentifiedinatimelymanner.Allbankaccountsshouldreconciledatleastmonthlyandbereviewedbyaresponsibleofficial.ensurethattheyarebeingperformedonaregularbasisandarereviewedbyaresponsible(b)Inrespectof(b)InrespectoftheinternalcontrolsofFreesia(i)IdentifyandexplainTWO(ii)Recommendacontroltoaddresseachofthesedeficiencies;(iii)DescribeaTESTOFCONTROLtheexternalauditorsshouldperformtoassessifeachofthesecontrols,implemented,isoperatingeffectivelytoreducetheidentifiedNote:PrepareyouranswerusingthreecolumnsheadedControldeficiency,Controlrecommendationandofcontrolrespectively.Thetotalmarkswillbesplitequallybetweeneach(6113/114/ControlControl114/ControlControlTestofGRNsareonlysenttothedepartment.Failingtosendacopytothepurchaseorderingdepartmentmeansthatitisnotpossibletomonitorthelevelofunfulfilledorders.ThiscouldresultinasignificantlevelofunfulfilledordersleadingtorepeatedTheGRNshouldbecreatedthreepartswithonecopyoftheGRNbeingsenttotheorderingdepartment.ThesecondcopyshouldbeheldatthewarehouseandthethirdsenttothefinanceReviewthefileofcopyGRNsbythepurchaseorderingdepartmentandreviewforevidencethatthesearematchedtoordersandflaggedasCamillaBrown,theledgerclerk,onlyutilisesdocumentcountcontrolswheninputtinginvoicesintothecontrolscanconfirmthecompletenessofinput.However,theydonotverifytheaccuracyorvalidityofinput.insteadinputtheinvoicesinbatchesandapplyapplicationcontrols,suchascontroltotals,ratherthanjustcompletenesscheckstoensurebothcompletenessandaccuracyovertheinputofpurchaseinvoices.Observetheinputtingofinvoicesandidentifywhatapplicationcontrolsareutilisedbytheclerk.115/116/ControlControlProductionsupervisorsdeterminetheamountof116/ControlControlProductionsupervisorsdeterminetheamountofdiscretionarybonustobepaidtoemployees,theymaypayextrabonusestofriendsorfamilymembers,resultinginadditionalpayrollcosts.Thebonusshouldbedeterminedbyresponsibleofficial,suchastheproductiondirectorandshouldbeformulatedbasedonawrittenpolicy.ThewagescalculationsaregeneratedbythepayrollAseniormemberofthepayrollteamKeyTestofRaspberryCohasaseparatehumanresources(HR)whichisresponsibleforsettingupallnewemployees.HavingasegregationofrolesbetweenhumanresourcesandpayrolldepartmentsreducestheriskoffictitiousReviewthejobdescriptionsofandHRtoconfirmthesplitofresponsibilitieswithregardstosettingupnewjoiners.Pre-printedformsarecompletedbyHRforallnewandincludesassignmentofauniqueemployeeTheuseofpre-printedformsensuresthatalljoinerwillbeSelectasampleofnewaddedtothepayrol,reviewthejoinerformsfortheevidentofpre-printed.Thequarterlyproductionbonusisinputbyaclerkintopayrollsystem,thenthebonusischeckedandsignedbyseniorclerk.ThisreducestheriskofinputerrorsresultinginObtainlistingsofquarterlypaymentsandreviewforevidenceofsignaturebytheseniorclerkwhochecksforinputerrors.Theclockinandoutprocessissupervisedbysecuritystaffhoursaday.ThiscanpreventoneindividualclockinginmultipleObservetheuseofclockcardsemployeeswhenenteringthepowerOnaquarterlybasis,exceptionreportsofchangestostandingdataareproducedandreviewedbythepayrolldirector.Thisensuresthatanyunauthorisedamendmentstostandingdataareidentifiedandresolvedonatimelybasis.Selectasampleofquarterlyreportsandreviewforevidenceofreviewandfollowupofanyunexpectedchangesbythepayrolldirector.Thepaypacketsarepreparedbytwomembersofstaffwithpreparingandonecheckingthepaypacketsandthisisevidencedbyeachstaffmembersigningtheweeklylisting.Thisensuresthereissegregationofdutieswhichpreventsfraudanderrorsnotbeingidentified.Observethepreparationofthepacketsensuringthattwomembersofstaffareinvolvedandthatpaypacketsarecheckedforaccuracy.117/andtherearenochecks117/andtherearenochecksIfthesystemerrors,thiscouldresultinwagesbeingoverorundercalculated,leadingtoanadditionalpayrollcostorlossofemployeegoodwill.recalculatethegrosstonetpayworkingsforsampleofemployeestoensureitsStudentloandeductionformsarecompletedbyemployeesandpaymentsaremadedirectlytothethirdpartyuntiltheemployeenotifiesHRthattheloanhasbeenrepaidinfull.Sinceemployeesareunlikelytobecloselymonitoringpayments,thereistheriskthatoverpaymentsmaybemade.Thepayrolldepartmentshouldmaintainschedule,byemployee,ofpaymentsmadetothirdpartiesandreconcileregularly.Holidayrequestformsarerequiredtobecompletedauthorisedbyrelevantlinemanagers,however,thisdoesnotalwaysoccur.Thiscouldresultinemployeestakingunauthorisedleaveandresultinanoverpaymentofwages.Employeesshouldtakeholidayonlyaftercompletedtheholidayrequestformandauthorisedbyrelevantlinemanagers.Theseniorpayrollmanagerreviewsthebanktransferpriortoauthorisingthepaymentsandalsoamendsthepayrollrecordsforanychangesrequired.Thereisalackofsegregationofdutiesand