Assignment-Fundamentals of Auditing, Exercises of Auditing

Download Assignment-Fundamentals of Auditing and more Exercises Auditing in PDF only on Docsity! Lesson 16 ASSIGNMENT Match each term or phrase on the left with the best description on the right. Descriptions may be used once, more than once, or not at all. 1. Control environment. (a) Accounting system. 2. Management's philosophy (b) Adequate documents and record. 3. Functioning of the audit committee. (c) Control procedures. 4. Identify and record all valid transactions. (d) Element of the internal control structure. 5. Permit proper classification of transactions. (e) Factor that affect control environment. 6. Segregation of duties. (f) Financial statement assertion. 7. Adequate documents and records. (g) Independent check on performance. 8. Pre-numbered receiving reports (h) internal controls objective. 9. Preparation of reliable financial reports. 10. Reconciliation ANSWER 1. (d) 2. (e) 3. (g) 4. (h) 5. (a) 6. (c) 7. (a) 8. (c) 9. (h) 10. (c) Fill in the blanks by selecting the most appropriate word/phrase: 1. Members can appoint the auditors if they are not appointed by the Directors within 60 days of incorporation. i) SECP, directors, the company, members ii) Directors, members, SECP, the company 2. The part of the Statutory Report which relates to the Receipt and Payments is required to be certified by the auditors. i) First extraordinary general meeting, statutory report, Annual General Meeting, First AGM ii) Receipts and Payments, Financial Statements, Balance Sheet, Income Statement docsity.com