Auditing. Please use own sentences Company : WINE TALK SDN .BHD System : PURCHASE CYCLE SYSTEM Based on the given title above you required to explain 6 (six) of the weekness and recommendation of the company and explain (6) six elements of test of control and substantive test with explaination Reference : Article , FRS, Auditing standard , Company Act 2016.

Q: Which of the following accurately describes a characteristic of key audit matters (KAMs)? a. KAMS…

A: Key Audit Matters (KAMs) are significant matters in the audit of financial statements, and they…

Q: Select all that are prepared by management and included in the company's Form 10-K tiled with the

A: Form 10-k is the report which is prepared by management of public company and filed with SEC. It…

Q: Auditing Sales/Revenue Transactions When an auditor needs to obtain an understanding of the overall…

A: Management Assertions: For financial records and disclosures to be accurate and suitable, assertions…

Q: Auditing . Please use own sentences Briefly discuss and explain substantive test under Purchase…

A: Audit: An Audit is a systematic examination of books of accounts. It is done by a professional…

Q: Auditing Sales/Revenue Transactions When an auditor needs to obtain an understanding of the overall…

A: Management is the management of an institution, whether it be a corporation, a semi, or a federal…

Q: Research the topic "data analytics". After completing the research: Describe the understanding of…

A: Data analytics has emerged as a disruptive force in a variety of industries, including accounting,…

Q: 16- Segmenting the audit by dividing classes of transactions and account balances that are closely…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Using the following table as a guide, describe for each function   A risk (an event or action that…

A: For each function, we can identify a risk and a control that can address the risk. For example, in…

Q: Audit programs

A: Auditing means the exercise of audit procedures to collect the evidence that enables the auditor to…

Q: List three relevant facts about Apollo Shoes that you think might have an impact on the financial…

A: Step 1: Identify High Inventory LevelsHigh inventory levels at year-end could lead to several audit…

Q: (ii.) List the category of assertions (3 assertions) along with the element of financial statement…

A: 1. Transactions level assertions  2.Account Balance Assertions  3.Presentation and Disclosure…

Q: Discuss the importance and purposes of audits in an organisation. Identify the possible Reporting…

A: Audits play a pivotal role in ensuring the reliability and integrity of financial information in…

Q: Question 3 ( Audit planning is a vital area of the audit primarily conducted at the beginning of…

A: An auditor is appointed to check the accuracy of the financial statement.

Q: To determine the client’s planned amount and timing of production of a product, the auditor reviews…

A: The process that accounts the conversion of raw materials to work-in-progress to finished goods…

Q: ________________involves checking the arithmetical accuracy of a source of document and accounting…

A: Audit evidence is the information and data so collected by the auditor in order to obtain the…

Q: Explain the role of audit report in company.

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: written management representations, audit completion memorandum, The management letter after…

A: Audit is the term which is defined as the independent examination of the entity financial…

Q: o ensure the application of the improvement clause 10-1, what are the evidences that you want to…

A: Solution- Internal audit requirement for the company to get certified to ISO 9001-2015 for the…

Q: Explain 5 audit procedures in obtaining evidence to test the management assertion for inventories of…

A: Inventories are the current assets that reporting in the entity Balance sheet at the end of the…

Q: y issues that affect going concern and/or raise issues and explain the audit steps

A: The financial statements are prepared with an assumption that the entity is a going concern in…

Q: Auditing. Please write use own sentence List ( 6 ) six Elements of Test of Control and Substantive…

A:

Q: data analytics can be used during an external audit

A: Data analytics means the analysis of a set of data to find out trends and variations.

Q: List the directors’ duties with regard to the going concern basis.

A: The concept of a going concern is a fundamental accounting principle. It implies that a company will…

Q: (7) ( ) When the auditor want to know the change of cost-allocated method of several products, which…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: breifly discuss about the financial balance sheet and income statement reports of the company. why…

A: The process of making tactical, strategic, and operational decisions that impact the movement of…

Q: An auditor verify entries in the An example of acquisitions journal by examining supporting vendors…

A: Vouching is nothing but verification of journal entries in the books of account by examining the…

Q: ng. Please use own sentence based on company wine talk sdn bhd 1) Explain (6) six elements of test…

A: As per Auditing standards a quality control system: It is implemented by firms to ensure their work…

Q: Auditing. Please use own sentences Company : WINE TALK SDN .BHD System : PURCHASE CYCLE SYSTEM…

A: An audit procedure which tests the effectiveness of a control that are used by a client or customer…

Q: Why are internal controls important in an organization? Provide specific benefits.

A: Internal controls help a company function more effectively and efficiently by taking into account…

Q: he four main principles underlying the financial statements audit preparation are purpose,…

A: Financial statment are very necessary for paying income taxes and also giving knowledge to the…

Q: Description on the importance of audit in an organisation. Discussion on the purpose of the…

A: Audit- Audit is the process of verifying and inspecting all books of accounts made by the…

Q: Assume that you are an auditor of a company. Explain any THREE categories of assertions that you…

A: The name of the company is Amazon and it belongs to the e-commerce industry. Following are the three…

Q: Become familiar with the several kinds of reports that go along with a company's financial…

A: Definition: PCAOB (Public Company Accounting Oversight Board): An independent auditor, sometimes…

Q: ents to ensure tha d in the sales reve en shipped. This

A: The right answer is option b completeness

Q: The following are data that an auditor needs to gather to obtain knowledge about the business of…

A: To conduct the audit of the business, auditor should evaluate the books of accounts and registers of…