general

Question 1

What is the companies act checklist used for

Answer 1

To test for the classification of items in the financial statements.

Question 2

what is a control activities and examples

Answer 2

These are set by management to detect, correct and prevent errors,

Can be thinks like verification or authorisation.

Question 3

Are auditors required to report deficiencies in internal controls

Answer 3

Yes but not publicly in the FS. Unless the report is on internal controls

Question 4

What is customer remittance

Answer 4

Document from customer to supplier confirming a payment has been made.

Shows amount and invoice relating too.

Question 5

Is internal audit control environment

Answer 5

No it isn’t as not part of governance and management.

It is part of internal controls though.

Question 6

Is staffs attitude part of control environment

Answer 6

No, only managements and focuses on how that creates culture and attitudes.