Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6. You are the manager responsible for the audit of Teladan, a manufacturing company in Bagan Lepal. You are reviewing the audit work which has

image text in transcribed
image text in transcribed
6. You are the manager responsible for the audit of Teladan, a manufacturing company in Bagan Lepal. You are reviewing the audit work which has been completed on a number of material balances and transactions for capital expenditure and payroll. A summary of the work which has been performed is given below and in each case the description of the audit work indicates the full extent of the audit procedures carried out by the audit team. Capital expenditure When auditing the company's capital expenditure, the audit team selected a material transaction to test and found that key internal controls over capital expenditure were not operating effectively. Authorisation had not been obtained for an order placed for several vehicles, and appropriate segregation of duties over initiating and processing the transaction was not maintained The audit team noted details of the internal control deficiencies and updated the systems notes on the permanent audit file to reflect the deficiencies. The audit work completed on this order was to agree the purchase of the vehicles to purchase invoices and to the cash book and bank statement. The rest of the audit work on capital expenditure was completed in accordance with the audit programme Payroll The payroll function is outsourced to Judi & Partners, an outsourcer who processes all of Teladan's salary expenses. The payroll expenses recognised in the financial statements have been traced back to year-end reports issued by Judi and Partners. The audit team has had no direct contact with Judi and Partners as the year-end reports were sent to Teladan's finance director who then passed them to the audit team. Teladan employs a few casual workers who are paid in cash at the end of each month and are not entered into the payroll system. The audit team has agreed the cash payment made back to the petty cash records and the amounts involved are considered immaterial. Required: (a) Comment on the sufficiency and appropriateness of the audit evidence obtained for (1) Capital expenditure [15 marks] (II) Payroll [15 marks] (b) Recommend further audit procedures to be performed by the audit team for (1) Capital expenditure [10 marks) (11) Payroll [10 marks]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting For Managerial Planning Decision Making And Control

Authors: Woody Liao, Andrew Schiff, Stacy Kline

6th Edition

1516551702, 9781516551705

More Books

Students also viewed these Accounting questions

Question

Recognize the features of practical performance appraisal forms

Answered: 1 week ago