Qdc1 Study Guide

* All team members will have assigned task and be responsible for their portion of network security and to make sure all devices are secure.

The auditor must assess the transactions for how much of a risk factor is involved. When reviewing these transactions, auditor must be able to review the internal controls of the company’s accounting personnel. The segregation of duties is associated with the safeguarding of an organization 's assets and the topic known as internal control. An example of the segregation of duties would be a company 's requirement that the bank statement for its checking

The 4 stages of the audit are 1) Planning and risk assessment, 2) Test of internal controls, 3) Substantive tests procedures, and 4) Finalization.

* From the e-Activity, choose one (1) of the eight (8) steps in the Clarified Auditing Standards–Learning and Implementation Plan. Based on the step you have chosen, analyze support for the action plan proposed, and make at least two (2) recommendations that would improve support of the action plan.

Clear responsibilities and roles, the structure of the team, job descriptions, competencies, accountabilities, resources, tools and equipment should all be provided. Problem solving, communicating, managing conflicts, tasks, planning meetings, performance evaluation, managing change and decision making should follow clear procedures ensuring effective team working. Positive relationships, mutual respect and trust, continuing support and inclusion, valuing diversity and listening to feedback can overcome challenges to effective team performance. A strong credible leader with clear expectations can also overcome challenges to an effective team.

Moreover, the auditor should preform test for effectiveness of internal controls. He may interview management by asking questions on the process of the transactions and operational activities. He may discuss with management the process of some transactions from beginning to end and then test it by using sample testing. Also he/she should make sure that there is proper control of activities; policies and procedures for adequate segregation of duties are met.

Stage 4: Audit Completion - At this stage, the audit team compiles a report to Smackey’s management as regards

1. Reduce extreme poverty and hunger by halve relative to 1990 - creating skills for youth which will in turn reduce unemployment, reduction of unemployment from 36% to below 5%. 2. Achieve universal primary education - Education is an escape from poverty we need to ensure that every child born is provided with proper basic education to enable them to grow and develop into responsible citizens. 3. Develop a global partnership for development - Join forces with world organisations like AU to market our countries resources and attract foreign investments. 4. Improve maternal health , including reducing maternal mortality by 3 quarters relative to 1990- Providing good quality health care prior to birth increases the chances of a healthy birth process and postnatal care to both mother and child.

Steps such as interviews you may have conducted, transactional testing, document reviews, the timeframe under review, research you might have done, and anything else to investigate the issue.

Any wet linen must be washed by soapy warm water and drayed in the sun

3. The third stage is Fieldwork. During this stage, the auditor should observe firsthand how the company operates. They need to check out all the areas that are less effective to the welfare of the company’s finances. In the case of Smackey, the auditor would note about all the returned dog food from their specialty line that is just sitting on the loading dock. They also noticed that the dog food is being thrown out and then taken back and loaded into Henry’s trunk (possible misappropriation).

Assuming that the end result is an unqualified audit report, outline the primary responsibilities of the audit firm after it issues the report in question.

Auditors should plan the audit so that the engagement is conducted in an effective manner.

Organizing is identifying what jobs need to be done, and hiring the qualified people to do them.

An audit procedure is the detailed instruction for the collection of a type of audit evidence that is to be obtained at some time during the audit .Audit procedures often incorporate sample size, items to select, and timing in to the procedure .Audit objectives are achieved through the use of appropriate procedures.