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Auditing Notes

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Auditing Notes

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15 Pages Partial Study Notes > 2 Years old
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Auditing Notes
Topics this document covers:
Technology Finance Law Labor Business Entertainment Ethics Auditing Materiality Risk Internal control Audit evidence Audit risk Inherent risk Management assertions Inventory valuation Audit substantive test
This is a Partial Set of Study Notes

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Topics this document covers:
Technology Finance Law Labor Business Entertainment Ethics Auditing Materiality Risk Internal control Audit evidence Audit risk Inherent risk Management assertions Inventory valuation Audit substantive test
Sample Text:
Homework Question 1 1. Weaknesses in control system a. Segregation of duties Guard: collects money & issues/controls passes Cashier: access to cash no reconciliation too many people handling money b. Reconciliation c. Review/authorisation/check Cash always high inherent risk! d. Timeliness Most common weakness areas: SEGREGATION OF DUTIES RECONCILIATION REVIEW/AUTHORISATION/INDEPENDENT CHECK TIMELINESS Common areas of fraud: Sales Purchases collusion with suppliers Cash Cheques Wages bogus employees, falsified hours Homework Question 2 Cardsha...
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