Your audit client AMP is a major Australian Wealth Asset Management company based in the Melbourne CBD,
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Question:
Issue 1: Initial audit testing revealed several instances where AMP agents sold life insurance policies to customers, but they were not paid their 20% commission on the sales, as the commission rate was omitted when then sales were processed.
Issue 2: Initial audit testing revealed that over 400,000+ customers received interest rates applied to their mortgage loans well above the current 2.29% variable rate.
For each the above 2 issues identified in your audit, identify automated input controls would be MOST likely to have prevented the issues?
Related Book For
Intermediate Accounting Volume 1
ISBN: 9781260306743
7th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod Dick
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