Reference no: EM133497187
Question: Your firm is the auditor of Global Foods Ltd., which supplies a wide range of imported foods to supermarkets and stores from two large depots in Nairobi. The company employs 300 people and has a turnover of Sh.3 billion. The accounts department uses a mainframe computer for all the accounting records except for stock control, which is maintained manually on a card system at each depot. Deliveries are made to customers by the company?s own fleet of lorries and vans. After ascertaining and recording the system of internal control you have decided that you wish to place reliance on the controls in many areas. The results of your substantive tests on the system of controls on purchase and stocks reveal that:
1. Out of 100 purchase invoices selected for inspection, 2 could not be found and 2 were not initiated as checked and approved for payment.
2. Out of 120 stock cards inspected, 4 contained insurance where the delivered quantity had been altered by a significant amount.
3. One supplier is regularly paid before supplies are delivered on the basis of proforma invoices which are processed through the purchase ledger system on receipt so as to initiate the necessary payments. No other exceptions were noted.
Required:
a) Specify what further procedures you would adopt in order to be able to reach a conclusion on whether the company?s system of control can be relied upon, indicating what factors you would consider in reaching your conclusion.
b) State the reasons why you would report to management, significant weaknesses in internal control and the principal limitations on the use of such a report.
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