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（a) （i) Defi ne a ‘test of control’ and a ‘substantive procedure’; （2 marks) （ii) State ON

(a) (i) Defi ne a ‘test of control’ and a ‘substantive procedure’; (2 marks)

(ii) State ONE test of control and ONE substantive procedure in relation to sales invoicing. (2 marks)

(b) Shiny Happy Windows Co (SHW) is a window cleaning company. Customers’ windows are cleaned monthly, the window cleaner then posts a stamped addressed envelope for payment through the customer’s front door.

SHW has a large number of receivable balances and these customers pay by cheque or cash, which is received in the stamped addressed envelopes in the post. The following procedures are applied to the cash received cycle:

1. A junior clerk from the accounts department opens the post and if any cheques or cash have been sent, she records the receipts in the cash received log and then places all the monies into the locked small cash box.

2. The contents of the cash box are counted each day and every few days these sums are banked by which ever member of the fi nance team is available.

3. The cashier records the details of the cash received log into the cash receipts day book and also updates the sales ledger.

4. Usually on a monthly basis the cashier performs a bank reconciliation, which he then fi les, if he misses a month then he catches this up in the following month’s reconciliation.

Required:

For the cash cycle of SHW:

(i) Identify and explain THREE defi ciencies in the system; (3 marks)

(ii) Suggest controls to address each of these defi ciencies; and (3 marks)

(iii) List tests of controls the auditor of SHW would perform. to assess if the controls are operating effectively. (3 marks)

(c) Describe substantive procedures an auditor would perform. in verifying a company’s bank balance. (7 marks)

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第1题

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(ii) a unilateral offer. (2 marks)

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第2题

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第3题

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第4题

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第5题

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第6题

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第7题

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第8题

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第9题

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第10题

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