Explain using appropriate examples management’s assertions for the acquisition and expenditure process. Comment on which assertion is the most important and explain why this is so.

Explain using appropriate examples management’s assertions for the acquisition
and expenditure process. Comment on which assertion is the most important and
explain why this is so.

During the course of study of The Principles of Auditing, you have come across
many phrases such as ‘Management Assertion’, ‘Professional Skepticism’, and
‘Reasonable Assurance’ etc.
Required:
(a) Explain using appropriate examples management’s assertions for the acquisition
and expenditure process. Comment on which assertion is the most important and
explain why this is so.
(15 marks)
(b) The scope of work is not so well defined in external auditing compared to internal
auditing. External auditors need to assess the strengths of the system of internal
control in place in their clients’ companies before deciding on the scope of work to
be carried out. Describe some of the key controls for the acquisition and
expenditure process.
(10 marks )
[Total: 25 marks]


 

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