Briefly explain the meaning of the term control procedures. (4 marks) What is the importance of...

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Briefly explain the meaning of the term "control procedures". (4 marks) What is the importance of segregation of duties as a control procedure? (4 marks) In carrying out an audit, the auditor appraises the tests and the system of internal control in order to ascertain that it is capable of processing transactions or determining the quantities and values completely and accurately. The auditor further carries out substantive tests in an attempt to ensure that the transactions, assets and liabilities recorded in the accounting records upon which the figures in the financial statements are based, are completely and accurately recorded. Required List and briefly explain the substantive tests the auditor would carry out to verify the values attributed to: ( (a) (b) (c) Trade and debtors in a company's financial statements. Trade creditors in a company's financial statements. (6 marks) (6 marks) (Total: 20 marks) QUESTION FIVE Briefly explain how an audit firm may use third party confirmations to provide evidence in relation to six difference balance sheet items. (12 marks) List two advantages and two disadvantages of using standardised audit programmes during audit assignments. (4 marks) Identify four factors that should be taken into consideration by an audit firm when allocating staff to audit assignments. (4 marks) Briefly explain the meaning of the term "control procedures". (4 marks) What is the importance of segregation of duties as a control procedure? (4 marks) In carrying out an audit, the auditor appraises the tests and the system of internal control in order to ascertain that it is capable of processing transactions or determining the quantities and values completely and accurately. The auditor further carries out substantive tests in an attempt to ensure that the transactions, assets and liabilities recorded in the accounting records upon which the figures in the financial statements are based, are completely and accurately recorded. Required List and briefly explain the substantive tests the auditor would carry out to verify the values attributed to: ( (a) (b) (c) Trade and debtors in a company's financial statements. Trade creditors in a company's financial statements. (6 marks) (6 marks) (Total: 20 marks) QUESTION FIVE Briefly explain how an audit firm may use third party confirmations to provide evidence in relation to six difference balance sheet items. (12 marks) List two advantages and two disadvantages of using standardised audit programmes during audit assignments. (4 marks) Identify four factors that should be taken into consideration by an audit firm when allocating staff to audit assignments. (4 marks)