Question: Within the audit process one of the most important aspects is the compilation of evidence. It must be substantiated in accordance with the laws and
Within the audit process one of the most important aspects is the compilation of evidence. It must be substantiated in accordance with the laws and regulations applicable to the entity to be audited. As part of this documentation process evidence, certain procedures are carried out so that it has weight in the audit documentation process and an opinion can be issued. Then, There are several situations that may arise in an audit process. Please read them carefully and indicate what type of evidence you collected in order to support the audit process and determine if the processes are are performing in accordance with applicable rules and regulations.
Please elaborate on your answers to defend your position. Take into consideration that the evidence collected and the audit results are up to you.
1. You are in charge of auditing a company's payroll process. In addition to payroll disbursements to employees must audit the payroll quarterly related to this process. Indicate what evidence you would evaluate to determine if the process is being done in accordance with regulations applicable.
2. A supermarket chain hires you to audit the inventory of its stores. Please indicate what evidence and what processes you would use to collect the evidence and determine if the processes are doing according to what established.
3. XYZ Credit Union contracts with you to perform a audit on the evaluation of internal controls of the flow of transactions made by cashiers. How can you identify the deficiencies and how you would improve the processes.
4. You are assigned an audit where you must investigate transactions of a Hospital that according to preliminary information indicates that it is overbilling health services of their patients to an insurer. What type of evaluation and What evidence would you collect to determine the hospital is performing the allegations.
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