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Task to perform

Outcome

Mark

$1$

Prepare a process description of the inventory and warehouse cycle. Your process description should consider the following areas:

$-$ Receipting of raw materials

$-$ Storing of raw materials

$-$ Transferring inventory

$-$ Updating of inventory records $($financial section included$)$

Visio flow chart and$/$ or narrative description of the process

$10$

$2$

Identify $3$ Risks and Controls associated with the inventory and warehouse cycle. Compile a Risk and Control Matrix. Refer to Appendix A for the required format to use.

Risk and Control Matrix $($use the required format in Appendix A$)$

$15$

$3$

Prepare an Audit Program for your audit engagement to test the controls to determine adequacy and effectiveness. Your audit program should have at least $3$ different audit procedures

Audit program

$9$

$4$

Compile a working paper that contains all the relevant information that should be included in a working paper. In your design and compilation of the working paper, ensure that it includes all the elements of a working paper.

$-$ You should compile at least $2$ different working papers.

$-$ One working paper pertaining to application controls testing and

$-$ One working paper pertaining to general controls testing.

Working paper

$16$

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