For each of the following 2 Processes
1. Purchasing Processes
2. Payroll Processes
I. Explain the flow of transactions in a given transaction process
II. Identifying what can go wrong from initiating the transaction to the
recording in the general ledger, and link what can go wrong to assertions
III. Explain the how to Assess if controls exist to mitigate what can go wrong
IV. Identifying relevant controls, and explain how to perform tests of controls,
and evaluating results
V. Explain how to report internal control weaknesses to those charged with
governance of the entity.
VI. Explain How to Determine an audit strategy at the assertion level
VII. Identifying relevant assertion and the substantive Procedures to be
performed for such assertion
For each of the following account balances
1. Cash and cash equivalents.
2. Inventory
3. Property, Plant, and Equipment
4. Financing Activities
5 Long term debt
6. Equity
I. Explain How to determine an audit strategy at the assertion level
II. Identifying relevant assertion Substantive Procedures to be performed