Question 1 Question 9 The Glossary in the framework to the Auditing Standards defines Internal Control as "the process designed, implemented and maintained by those charged with governance, management and other personnel to providereasonable assurance about thechievement of an entity's objectives with regard to reliability of financial reporting, effectiveness and efficiency ofoperations, and compliance with applicable laws and regulations. The term "controls" How can we achieve the accuracy objective in a fixed assets (NCA) system? refers to any aspects of one or more of the components of internal Control. In your own words, briefly state the benefits derived from a sound system of internal control. Question 10 Question 2 Compliance testing relates to gathering evidence about a client's accounting system. In your own words, describe the terms "risk assessment", "business risk" and "audit risk". What four things are done in this gathering of evidence? Identify the major features of the risk associated with each term. Question 11 Question 3 Design a series of compliance tests for the following business functions: Using your own words, define 'Internal Control'. a) Accounts Receivable, Question 4 b) Accounts Payable. What is the difference between error and fraud? Question 5 Question 12 Provide examples of five ways an organisation can prevent and deter fraud. List and explain, in your own words, the stages of a detailed internal control review. Question 6 Question 13 Often companies have both Internal Auditors and External Auditors. Briefly explain Who should adherence to ethical standards apply to, and what is the value and purpose of professional codes of ethics? a) How do the two differ? b) Do you think it is necessary to have both? Question 7 Why are policy and procedure manuals important? Question 8 Who should, and who should not, reconcile a Company's bank accounts? Why