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Question 1 Given the following scenarios, assess the control effectiveness of the client's system and explain how the audit plan would be affected. (i) The internal auditor is helping with a lot of clerical work. She is assigned to help marketing job most of the time. (ii) Company does not have concrete policy on credit sales approval. The sales personnel are given the autonomy to approve credit sales. (iii) There is no database of suppliers available in the purchasing department. Purchasers select suppliers at their discretion. (iv) There were problems with the end of year cut-off; often accruals were omitted and were recorded only at the insistence of the auditor. (v) The company used a system of budgets and standards but appeared to pay little attention to deviation unless they were large. Present your answers in the following structure:

Question 1 Given the following scenarios, assess the control effectiveness of the client's system and explain how the audit plan would be affected. (i) The internal auditor is helping with a lot of clerical work. She is assigned to help marketing job most of the time. (ii) Company does not have concrete policy on credit sales approval. The sales personnel are given the autonomy to approve credit sales. (iii) There is no database of suppliers available in the purchasing department. Purchasers select suppliers at their discretion. (iv) There were problems with the end of year cut-off; often accruals were omitted and were recorded only at the insistence of the auditor. (v) The company used a system of budgets and standards but appeared to pay little attention to deviation unless they were large. Present your answers in the following structure:

Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
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Question 1 Given the following scenarios, assess the control effectiveness of the client's system and explain how the audit plan would be affected. (i) The internal auditor is helping with a lot of clerical work. She is assigned to help marketing job most of the time. (ii) Company does not have concrete policy on credit sales approval. The sales personnel are given the autonomy to approve credit sales. (iii) There is no database of suppliers available in the purchasing department. Purchasers select suppliers at their discretion. (iv) There were problems with the end of year cut-off; often accruals were omitted and were recorded only at the insistence of the auditor. (v) The company used a system of budgets and standards but appeared to pay little attention to deviation unless they were large. Present your answers in the following structure: No. (i) (ii) Control Effectiveness/Reasons How audit planning will be affected
Transcribed Image Text:Question 1 Given the following scenarios, assess the control effectiveness of the client's system and explain how the audit plan would be affected. (i) The internal auditor is helping with a lot of clerical work. She is assigned to help marketing job most of the time. (ii) Company does not have concrete policy on credit sales approval. The sales personnel are given the autonomy to approve credit sales. (iii) There is no database of suppliers available in the purchasing department. Purchasers select suppliers at their discretion. (iv) There were problems with the end of year cut-off; often accruals were omitted and were recorded only at the insistence of the auditor. (v) The company used a system of budgets and standards but appeared to pay little attention to deviation unless they were large. Present your answers in the following structure: No. (i) (ii) Control Effectiveness/Reasons How audit planning will be affected
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