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AUDIT EVIDENCE GROUP 8

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  GROUP 8 1. LOW SHI YING 10DAT19F1040 2. LEE PEI YING 10DAT19F1017 3. NUR ANIS ASFA BINTI JOHARI 10DAT19F1008 4. FITRI NUR ATIRAH BINTI ROSLI 10DAT19F1019 INTRODUCTION Audit evidence refers to information or data use or collects by auditors as part of their audit works so that they could conclude their opinion on whether or not financial statements are prepared in all material respect and accordance with the applicable financial reporting frameworks. Audit evidence is obtained by the auditor throughout all of the audit stages, including the planning stage, execution stage, and conclusion stages. And to gather this evidence, the auditors use many different technologies and procedures suitable for them. QUESTION 1 Describe how the auditor verifies the accuracy of the aged trial balance. ANSWER: The auditor verifies the accuracy of the aged trial balance using the following steps: A copy of the aged trial balance of accounts receivable is obtained from the client. Compared the total bala

AUDIT EVIDENCE BY GROUP 6

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  Welcome visitor! Thanks so much for stopping by. Here is something you probably want to check out : Audit evidence                                                    GROUP MEMBERS                                                                          NURHANI AMIRAH BINTI R.AZMI         (10DAT19F1062)                                                                          NUR IZZATI BINTI ABDUL RASHID       (10DAT19F1015)                                     NURUL AINASAFFIYA BINTI NAZELI   (10DAT19F1033)                                     VISALINI A/P MURUGAN                         (10DAT19F1038)            INTRODUCTION DEFINITION  : AUDIT PROCEDURES  Audit procedures are the processes, techniques, and methods that auditors perform to obtain audit evidence, enabling them to conclude the set audit objective and express their opinion. Sometimes we call audit procedures audit programs. These two terms are referring to the same thing. Auditors normally prepare audit procedures at the

AUDIT PROCESS

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  👇 WHAT IS PREPAID EXPENSES? PURCHASING PROCESS INTRODUCTION The purchasing process affects prepaid insurance and property, plant, andequipment transactions because such transactions are subject to the control activities included in the purchasing process. For example, control activities in the purchasing process may provide assurance as to the proper authorization and recording of insurance policies. Question 1 How does the purchasing process affect prepaid insurance transaction? If a company prepays its expenses, it usually has the next 12 month to use up that asset. Businesses prepay their expenses all the time. For example, they often pay a year's worth of business insurance at once. They may also pay rent and interest expenses in advance. EXAMPLE: At the end of each month, your client's accounting personnel need to prepare a journal entry to book the expired portion of the prepaid expenses. For example if the company pays RM1200 for 12 months of insurance, the prepaid in

AUDIT EVIDENCE

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  Group 5: 1. Muhammad Yasir Bin Mohd Yurid (10DAT19F1082) 2. Muhammad Asyraf Bin Mohd Noor (10DAT19F1004) 3. Muhammad Alif Bin Abd Malek (10DAT19F1013) 4. Rossalinda Reeana Binti Rosli Raju (10DAT19F1080) 5. Siti Aishah Binti Hassan (10DAT19F1205 ) Introduction Evidence is used in all walks of life. For example, a police uses evidence to charge a person with a crim. The police gathers evidence using proper procedure during investigations to ensure that the evidence is relevant and competent in proving that the person commits the crime. In auditing, evidence is importance for an auditor to draw conclusion as to whether the financial statement, as a whole, are free from material misstatement. That is, the auditor in an audit engagement aims to obtain reasonable assurance from the work performed, so that the auditor can express an opinion on the financial statements and report accordingly. To gather the evidence on which audit opinion is based, the auditor shall establish an overal

AUDIT EVIDENCE

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  Group 7 Noor Quraitul Ain Binti Shamsul Rahman 10DAT19F1044 Nurul Hanis Binti Amat 10DAT19F1078 Razwani Ilyana Binti Muhammed Reydzal 10DAT19F1023 Siti Nur Shahida Binti Ismail 10DAT19F1203 Nur Adlina Bint Jamuddin 10DAT19F1002 1. What are two major controls of sales returns and allowances transactions? Internal control I nternal Controls are the set of systems put in place in order to ensure the accuracy of the financial information provided on the financial statements. The internal controls allow for confirmation which improves legitimacy and accuracy . Two major controls of sales returns and allowances transactions:- 1.  Each credit memorandum should be approved by someone other than the individual who initiated it. - Provides segregation of duties between access to the customer's record and authorization for issuing a credit memo 2. A credit for returned goods should be supported by a receiving document indicating that the goods have been returned. - Perform test of cont