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QUESTION 4 Organizations are all seeking opportunities to automate and remove mundane routine tasks....

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Accounting

QUESTION 4
Organizations are all seeking opportunities to automate and remove mundane routine tasks.
Your audit client, RockingSocks (Pty) Ltd is the largest sock manufacturer in the southern
hemisphere and has recently implemented an automated bank reconciliation system.
CFO, Thabo Ramba, discussed the new tool with you and mentioned that the tool had been a real
game changer, having made a significant difference in their work schedule.
FACULTY OF COMMERCE, MANAGEMENT AND LAW
OLD CURRICULUM MODULES
YOU ARE REQUIRED TO:
(a) Explain the benefits of implementing a bank reconciliation system and thereby automating
the reconciliation process.
(b Briefly explain outomated bank reconciliations.
(c) Briefly explain the IT general and automated application controls that you will consider
testing.
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