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Lesson#16

ASSIGNMENT

ASSIGNMENT


Match each term or phrase on the left with the best description on the right. Descriptions may be used
once, more than once, or not at all.
1. Control environment. (a) Accounting system.
2. Management's philosophy (b) Adequate documents and record.
3. Functioning of the audit committee. (c) Control procedures.
4. Identify and record all valid transactions. (d) Element of the internal control structure.
5. Permit proper classification of transactions. (e) Factor that affect control environment.
6. Segregation of duties. (f) Financial statement assertion.
7. Adequate documents and records. (g) Independent check on performance.
8. Pre-numbered receiving reports (h) internal controls objective.
9. Preparation of reliable financial reports.
10. Reconciliation

ANSWER


1. (d) 2. (e) 3. (g) 4. (h) 5. (a)
6. (c) 7. (a) 8. (c) 9. (h) 10. (c)
Fill in the blanks by selecting the most appropriate word/phrase:
1.

Members

can appoint the auditors if they are not appointed by the

Directors

within 60 days of
incorporation.
i) SECP, directors, the company, members
ii) Directors, members, SECP, the company
2. The part of the

Statutory

Report which relates to the

Receipt and Payments

is required to be
certified by the auditors.
i) First extraordinary general meeting, statutory report, Annual General Meeting, First AGM
ii) Receipts and Payments, Financial Statements, Balance Sheet, Income Statement

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