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Posted: January 31st, 2022

Comment (Identify) and evaluate internal controls applied by the chosen company during theaudit procedures to identify

Evaluation process
ACCT6003 – Evaluation process three
Martie’s steering -check checklist
1) Comment (Identify) and evaluate internal controls applied by the chosen company during the
audit procedures to identify the working effectiveness of controls. Give two examples of internal
controls applied by the chosen company.
Please refer to week Eight tutorial recording
a. Identify Internal controls
Chapter 6 – gaining understanding of consumer’s system of internal controls (ASA315)
Entity stage controls
Refer to process 2 Half B Query 5 : power /weak spot of two internal controls
• Management atmosphere of your company – see chapter 6.three.1
• Entity danger evaluation course of – see chapter 6.three.2 – look in Company
annual report for danger evaluation course of, potential separate committee?
• IT / Computerised techniques controls – see chapter 6.three.three
• Monitoring controls – see chapter 6.three.5
o Internal audit division
o Separate audit committee
Transaction Stage controls
Management actions – see chapter 6.three.three and
– Bodily controls ( lock & key or safety guards handbook controls)
– Efficiency opinions ( handbook – IT -Dependent)
– Segregation of incompatible duties ( IT dependent or Automated
Software management)
– IT techniques – (IT dependent or Automated common entry or
utility(software program) controls together with edit, validation, interface controls
b. Evaluate means evaluate if the internal controls are
• Entity stage or transaction stage
Instance : Look if separate internal audit committee . division … if sure, then
sturdy controls, if doesn’t exist then not weak or non-existent management
See textbook ch 6.6

Handbook = Bodily control- a very IT unbiased like bodily lock & key

Handbook = IT Dependent = Senior supervisor efficiency / exception/variance report
Automated management – Basic entry and Software controls
Instance : Look if separate internal audit committee . division … if sure,
then sturdy controls, if doesn’t exist then not weak or non-existent management
2) Study the strategies of testing controls that must be applied by the auditing agency. Given
an instance for every method recognized.
Refer tutorial week Eight : Methods of testing controls & week 9 Marties slides – revision for further
examples – DON’T COPY (Enquiry, Commentary, Re-Efficiency, Inspection for Internal
Chapter Eight – part Eight.2
Week 11 slide
three) Decide related substantive testing for THREE (three) accounts chosen from stability
sheet accounts of the chosen company, equivalent to money, commerce receivables, stock,
property, plant and tools (PPE), intangible property, goodwill, funding, mortgage,
payables, provisions, leases, long-term liabilities, fairness, revaluation surplus, deferred tax
property, deferred tax liabilities. You need to identify the goals, substantive assessments of
transactions and account balances for every account recognized. Refer to related ASAs or
different sources.
See tutorial slides for Week 10
See chapter 10
If utilizing Stock be sure to differentiate between producer beneath or retailer like
Maggie Beer
EXAMPLE Query three : Instance utilizing Maggie Beer Holdings Ltd
1st Stability Sheet Account : Stock
For Maggie Beer Stock includes of
– Retail stock (Bought and bought at the next promoting Worth)
Stability sheet observe for Stock : observe 9 web page51
Aims for Auditing Stock account stability
See Textbook chapter 10.Four.1 – please DON’T COPY AND PAST FROM TEXTBOOK … YOU

Assertions to be
examined Goal / motive to check that assertion
Existence (E) Stock being an asset, it’s vulnerable or in danger to be overstated.
This audit proof is gathered to acquire cheap assurance that every one
stock recorded in the accounting data and common ledger
account OF $three 500 000 bodily exists
Stock is perishable (cheese, milk and so forth) thus should nonetheless “exist” and be
saleable to be included in the stock valuation
Valuation &
accuracy (v ) To check that the stock has been valued in accordance to the accounting
coverage FIFO as acknowledged in that accounting observe and that it’s being valued
at the decrease of price and internet realisable worth (market worth) All
stock that has been broken or is out of date as the stock is
consumable (milk, cheese) has been written down to zero worth
Completeness (C ) All precise bodily stock ahs been recorded in the accounting
data, together with bought stock that in in transit (on the highway)
to Maggie Beer that has been bought Free on Board transport (
possession f stock transfers to purchaser as it’s shipped as a result of purchaser
pays for freight)
• If the phrases are FOB transport level, the items in transit are
the property of the purchaser
• If the phrases are FOB vacation spot, the items in transit are the
property of the vendor
Proper and obligation
(R&O) Maggie Beer is authorized proper to all stock and is freed from liens, securities,
Classification (C)
Presentation (P) Stock has been correctly categorised as present and disclosed per the
accounting requirements
(If manufacturing enterprise, then have to be categorised as Uncooked supplies,
Work in Progress and Completed items)
Aims for Auditing transactions associated to stock being Price of Gross sales

Completeness of
bills All bills associated to buy of stock recorded in accounting
Accuracy Bills (buy of stock recorded at right amount
Reduce-off Bills recorded in appropriate accounting interval
Substantive check of account balances – See chapter 10 – desk 10.9
– Be sure to present: Analytical evaluation sort check
– Take a look at of element for all the assertions( objectoves recognized) to be examined as recognized
in Aims
– Bear in mind to reference to ASA or AASB
– (Write your check of particulars and in bracket point out which assertion is being examined,
keep in mind it have to be related to your company
– For Stock – at all times to “Attend / observe bodily inventory depend & refer to ASA501
para Four-Eight
Substantive Analytical Evaluation for stock
i. Carry out stock turnover ratios to assess if stock is gradual shifting and enquire of
administration if stock wants to be impaired for gradual shifting / out of date gadgets
Substantive check of element for stock ( stability)
i. Attend the purchasers bodily stock depend at yr finish and
i. Evaluate managements depend directions and observe that these have been
adopted ASA501.Four(a)
ii. Examine the bodily stock while attending the depend to confirm existence and
figuring out out of date, broken or ageing stock (valuation) ASA501.A6
iii. Carry out stock check counts by
1. Hint from inventory depend sheet / bodily stock variety of unit to the
common ledger stock account recorded variety of items for
completeness ASA501.A7
2. Vouch pattern of stock gadgets from common ledger stock account to
bodily stock on the ground for existence ASA501.
iv. Enquire about methodology of stock valuation (FIFO or Weighted common) and
agree to accounting coverage disclosure per Stock observe IN annual report
v. Hint pattern of stock bodily gadgets again to provider invoices(FIFO) and
agree / recalculate the per unit price value based mostly on FIFO methodology of valuation
vi. Enquire how out of date stock is recognized and recalculate Stock write down
(impairments) valuation
vii. Evaluation minute of assembly for proof of stock pledged or held as safety
for loans which might affect proper or possession of stock (Rights and
Substantive check of transactions – See chapter 10 – desk 10.Eight
Buying of Stock (Price of Gross sales)
Testing for Reduce-off
i. Enquire of administration if all internally generated paperwork are sequentially prenumbered and request final paperwork to be processed at yr finish:
a. Final internal stock buy order quantity earlier than yr finish cut-off and inventory
b. Final buyer bill and supply observe of stock bought earlier than yr finish.

ii. Hint final supply paperwork per cut-off numbers to stock common ledger to guarantee
ultimate transactions processing in the accounting data for completeness


ACCT6003 – ACCT6003 – ACCT6003 – ACCT6003 – ACCT6003

Martie’s recommendation – a test checklist

1) Focus on (identify) and evaluate the internal controls used by the chosen group during the

Audit strategies are used to decide the operational efficacy of controls. Please present two examples of internal

controls used by the chosen company

Please see the tutorial recording from week Eight for additional info.

a. Decide internal controls

Chapter 6 – acquiring a grasp of the consumer’s internal management system (ASA315)

Controls at the entity stage

Refer to Half B of Activity 2. Query 5: What are the strengths and weaknesses of two internal controls?

• Your company’s management atmosphere – see Chapter 6.three.1

• Course of for assessing entity danger – see Chapter 6.three.2 – look in Company

Annual danger evaluation course of report, perhaps separate committee?

• Controls for info expertise and computerized techniques – see Chapter 6.three.three

• Controls for monitoring – see Chapter 6.three.5

o Internal examination

Check Price Discount

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