Accounting-Audting Assignment Example | Topics and Well Written Essays - 500 words

Accounting-Audting - Assignment ExampleSecondly, the committee has the powers to influence appropriate actions against fraud which help governance in terms of ethics establishment. Thirdly, they enhance both internal and external analyze functions as internal auditors report to them and they have the ability of monitoring external auditors activities1.According to ISA (400) the failure of tests of control on the preliminary assessment about control risk has the effect of derailed effectiveness of the specific control, this result into ineffectiveness of the audit conducted according to the audit plan1.There are a variety of the sales system weaknesses derail the sales performance. They include first Need for approval, the document and those handling them need to be approved at each stage which has never been the case in this system. Secondly, thither is the likelihood that the parties involved in the deal may be emotionally involved hence derailing prospective focus that would re sult into loss of control1. Thirdly, there is self limiting in the manner in which the records of sales are collected and unfairly allocated this is in the case where the driver handles all the invoices with the management remaining with none. Fourth, the buy cycle is not quite validatory to the sales system since apart from simply making payments of deliveries they do nothing else to assist in the audit process therefore the buyers do not at in each way required to support the selling process. Fifth, the sales system in question is quite insensitive to the critical issues that revolve somewhat money whether payment or receipt1. Within the entire sales department there is actually non among the salespeople who mentions any issue around budget in terms of whether there is a prospect likely to pay the product offered by John limited or not.The existence for assertion for inventory is verified exploitation numerous processes among which is