Question: Course Name : INTERNAL AUDITING AND RISK MANAGEMENT Assignment 2 (15%) A. Chapter 5 Think about the sales and cash receipts process of a womens

Course Name : "INTERNAL AUDITING AND RISK MANAGEMENT"

Assignment 2 (15%)

A. Chapter 5 Think about the sales and cash receipts process of a womens clothing store where you shop. a. What are the key objectives of this process? b. What are the key risks that threaten the achievement of those objectives? Key risks are those that have the highest significance (that is, combination of impact and likelihood). c. Identify and map the major activities of the process in the order in which they occur. d. Based on your review of the major activities, which of the risks identified in b. likely have the greatest inherent significance?

B. Chapter 10

1. What does reasonable assurance mean? Why do internal auditors provide reasonable assurance rather than absolute assurance? 2. What is the difference between vouching and tracing? Discuss and give example.

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