Answered step by step
Verified Expert Solution
Question
1 Approved Answer
?QUESTION 2 Part A During the year the following engagements needs to be performed by the internal audit function: A review on whether Sun -
?QUESTION Part ADuring the year the following engagements needs to be performed by the internal auditfunction:A review on whether Sunlook Ltd has compiled with the procedures, laws and regulationswhich will affect its operations.A review on whether the objectives and goals of Sunlook Ltd are relevant and consistentwith management's intent for the organisation.An assessment on whether the activities of Sunlook Ltd are performed economically,effectively, and efficiently.REQUIREDMarks ?Based on the information provided above, identify the different types ofengagement ?that you will perform during the year.Part BSunglasses can only be ordered online from Sunlook Ltd ?Individual buyers and certain storesorder from Sunlook Ltd ?An internal audit engagement is planned for the online orderingdepartment. Thea Jacobs is assigned as the senior internal auditor. Thea approached ThaboNdlovu regarding the audit activities that should be included in the internal audit engagement.She is unsure about the phases of the internal audit process in which the audit activitiesshould be conducted. Thea requests Thabo's assistance in allocating the audit activities belowto the correct phase in the internal audit process.Audit activities: ? Confirm the existence of the approved internal audit charter and whether the audit of theordering department forms part of the approved riskbased internal audit plan.Review the monthly reports to identify any orders that were not processed during the hour turnaround time and obtain reasons for the late processing of orders.Thabo Ndlovu reviews the internal audit program to ensure audit objectives and proceduresare correctly formulated.The internal auditor identified control deficiencies regarding the ordering department thatrequired immediate attention. These were discussed with the manager of the orderingdepartment.Inspect the policies and procedures that relate to the online ordering department to ensurethat they are approved by management. ?Discuss with management of the online ordering department the preliminary findings of theaudit. ?Inform the management of the online ordering department that an internal auditengagement has been scheduled in June ?for the audit period ?February ?to May ?Conduct a preliminary survey of the ordering department to gain an understanding of thecontrol environment and business processes in place. ?Confirm the existence of the approved internal audit charter and whether the audit of the ordering department forms part of the approved riskbased internal audit plan. ?Review the monthly reports to identify any orders that were not processed during the hour turnaround time and obtain reasons for the late processing of orders. ?Thabo Ndlovu reviews the internal audit program to ensure audit objectives and procedures are correctly formulated. ?The internal auditor identified control deficiencies regarding the ordering department thatrequired immediate attention. These were discussed with the manager of the ordering department.
?QUESTION
Part A
During the year the following engagements needs to be performed by the internal audit
function:
A review on whether Sunlook Ltd has compiled with the procedures, laws and regulations
which will affect its operations.
A review on whether the objectives and goals of Sunlook Ltd are relevant and consistent
with management's intent for the organisation.
An assessment on whether the activities of Sunlook Ltd are performed economically,
effectively, and efficiently.
REQUIRED
Marks
?Based on the information provided above, identify the different types of
engagement ?that you will perform during the year.
Part B
Sunglasses can only be ordered online from Sunlook Ltd ?Individual buyers and certain stores
order from Sunlook Ltd ?An internal audit engagement is planned for the online ordering
department. Thea Jacobs is assigned as the senior internal auditor. Thea approached Thabo
Ndlovu regarding the audit activities that should be included in the internal audit engagement.
She is unsure about the phases of the internal audit process in which the audit activities
should be conducted. Thea requests Thabo's assistance in allocating the audit activities below
to the correct phase in the internal audit process.
Audit activities:
? Confirm the existence of the approved internal audit charter and whether the audit of the
ordering department forms part of the approved riskbased internal audit plan.
Review the monthly reports to identify any orders that were not processed during the
hour turnaround time and obtain reasons for the late processing of orders.
Thabo Ndlovu reviews the internal audit program to ensure audit objectives and procedures
are correctly formulated.
The internal auditor identified control deficiencies regarding the ordering department that
required immediate attention. These were discussed with the manager of the ordering
department.Inspect the policies and procedures that relate to the online ordering department to ensure
that they are approved by management.
?Discuss with management of the online ordering department the preliminary findings of the
audit.
?Inform the management of the online ordering department that an internal audit
engagement has been scheduled in June ?for the audit period ?February ?to
May
?Conduct a preliminary survey of the ordering department to gain an understanding of the
control environment and business processes in place.
?Confirm the existence of the approved internal audit charter and whether the audit of the
ordering department forms part of the approved riskbased internal audit plan.
?Review the monthly reports to identify any orders that were not processed during the
hour turnaround time and obtain reasons for the late processing of orders.
?Thabo Ndlovu reviews the internal audit program to ensure audit objectives and procedures
are correctly formulated.
?The internal auditor identified control deficiencies regarding the ordering department that
required immediate attention. These were discussed with the manager of the ordering
department.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started