For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange ( ABACUS REAL ESTATE ). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020.

 PART 3 Identify or assume TWO (2) high level/detective internal controls and propose a control test for each control in ANY of the following processes. * Cash receipt and payment * Sales and accounts receivables * Purchase and accounts payables * Inventory and Cost of goods sold * Payrolls * Non-current assets and Depreciation 

Part 4 Question Design FIVE (5) substantive procedures for the transactions and balances discussed in question (3) and justify why you select these substantive procedures for the following scenarios: 1. Your proposed tests of controls in question (3) PASSED. 2. Your proposed tests of controls in question (3) FAILED.

Answer rating: 100% (QA)

Part3 defectiveness in internal control and test of control cash receipts and payment defective internal control test of control same clerk or staff doing or having the resposibility of recording paym... View the full answer