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Essay / Research Paper Abstract
This 3 page paper looks at how tests may be designed to test the controls and robustness of systems used within a firm being audited. The processes of inventory management and the warehouse lifecycle as well as cash control are considered.
Page Count:
3 pages (~225 words per page)
File: TS14_TEapolloa.rtf
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Unformatted sample text from the term paper:
no material differences to the actual results. In order to undertake this there needs to be an assessment with the use of tests to assess the controls. Looking at
inventory management and the warehousing system as well as cash control there are a range of different audit tests that can be undertaken. In an idea world the audit would
be able to assess 100% of all the transactions that took place and track the use of the inventory from the time it entered the warehouse cycle to the time
it leaves that cycle. However, this is not feasible, so it is necessary to look at the use of sampling. The use
of a random sampling process will allow the auditor to track particular transaction from start to finish to ensure that there is accurate recording and a paperwork trail and to
assess any weaknesses in the processes and procedures that are used during that cycle. The processes themselves used can also be assessed with observation and results compared to the
questionnaires that were used to assess the processes For example, it may have been answered that the order pad was kept in a secure location, but observations may indicate this
is not always the case. In addition to this observation, such as the scanning of documents that have been utilized, may also prove useful control. Analytical review procedures should also
be utilized in testing the processes and controls of the inventory warehousing cycle. This will involve comparing the records that the organization has with relevant reports, and crosschecking that they
are all in agreement. The reports may be utilized to assess the expected levels of inventory at different locations and then test the levels with a physical count of the
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